https://www.taxtmi.com/caselaws?id=462832 ITAT Pune allowed the assessee's claim for deduction under Section 80P(2)(a)(i) on interest income from deposits with co-operative banks. The tribunal relied on precedent from The Rena Sahakari Sakhar Karkhana Ltd case, which permitted similar deductions under Section 80P(2)(d) for interest earned on investments/deposits with co-operative banks. The Principal CIT had erroneously exercised revisional jurisdiction under Section 263 to disallow the deduction. The tribunal held that the Principal CIT's action was without merit given the established precedent allowing such deductions for co-operative society assessees. The Revenue's appeal was dismissed, confirming the assessee's entitlement to the deduction on interest income from co-operative bank deposits. en-us Wed, 31 Jul 2024 00:00:00 +0530 Fri, 18 Jul 2025 12:07:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=462832 ITAT Pune allowed the assessee's claim for deduction under Section 80P(2)(a)(i) on interest income from deposits with co-operative banks. The tribunal relied on precedent from The Rena Sahakari Sakhar Karkhana Ltd case, which permitted similar deductions under Section 80P(2)(d) for interest earned on investments/deposits with co-operative banks. The Principal CIT had erroneously exercised revisional jurisdiction under Section 263 to disallow the deduction. The tribunal held that the Principal CIT's action was without merit given the established precedent allowing such deductions for co-operative society assessees. The Revenue's appeal was dismissed, confirming the assessee's entitlement to the deduction on interest income from co-operative bank deposits. Case-Laws Income Tax Wed, 31 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=462832