https://www.taxtmi.com/caselaws?id=464570 ITAT Ahmedabad (AT) allowed the taxpayer's appeal, quashing the Pr. CIT's revision under section 263. The Tribunal held the issue not res integra and followed jurisdictional HC precedents that interest earned by a credit co-operative society on deposits with co-operative banks is deductible under section 80P(2)(d). The Pr. CIT's contention that the AO failed to inquire was rejected; subsequent HC modification relied on by the Pr. CIT did not alter the consistent tribunal and HC view, rendering the revision unsustainable. en-us Tue, 05 Nov 2024 00:00:00 +0530 Fri, 31 Oct 2025 18:17:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=464570 ITAT Ahmedabad (AT) allowed the taxpayer's appeal, quashing the Pr. CIT's revision under section 263. The Tribunal held the issue not res integra and followed jurisdictional HC precedents that interest earned by a credit co-operative society on deposits with co-operative banks is deductible under section 80P(2)(d). The Pr. CIT's contention that the AO failed to inquire was rejected; subsequent HC modification relied on by the Pr. CIT did not alter the consistent tribunal and HC view, rendering the revision unsustainable. Case-Laws Income Tax Tue, 05 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=464570