https://www.taxtmi.com/caselaws?id=779085 ITAT, Pune (AT) allowed the appeal, holding PCIT erroneously assumed jurisdiction under s.263. The AO had addressed the Chapter VIA deduction query and accepted the assessee's compliance, so no revision was warranted. The Tribunal upheld allowance of deduction under s.80P(2)(d) for interest on investments with cooperative banks, following consistent precedents and noting the AO's plausible view. Provisioning of expenses (added back to net profit) was also held allowable for deduction under s.80P(2)(a)(i) because increased net profit of a cooperative society remains eligible. en-us Tue, 23 Sep 2025 00:00:00 +0530 Sat, 27 Sep 2025 08:34:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=779085 ITAT, Pune (AT) allowed the appeal, holding PCIT erroneously assumed jurisdiction under s.263. The AO had addressed the Chapter VIA deduction query and accepted the assessee's compliance, so no revision was warranted. The Tribunal upheld allowance of deduction under s.80P(2)(d) for interest on investments with cooperative banks, following consistent precedents and noting the AO's plausible view. Provisioning of expenses (added back to net profit) was also held allowable for deduction under s.80P(2)(a)(i) because increased net profit of a cooperative society remains eligible. Case-Laws Income Tax Tue, 23 Sep 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=779085