https://www.taxtmi.com/caselaws?id=465549 The dominant issue was whether the CIT validly invoked revisionary jurisdiction under s.263 to deny s.80P(2)(a) deduction on interest income earned by a co-operative credit society from deposits/investments with permitted banks/co-operative banks. Relying on HC authority that such interest retains the character of business income from providing credit facilities and remains eligible for s.80P deduction, and on the principle that where two legally possible views exist the AO's adoption of one plausible view is not "erroneous" or "prejudicial to the interests of the Revenue," the Tribunal held s.263 could not be sustained. The revision order was set aside and the assessee's appeal was allowed. en-us Wed, 18 Jun 2025 00:00:00 +0530 Tue, 30 Dec 2025 12:39:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=465549 The dominant issue was whether the CIT validly invoked revisionary jurisdiction under s.263 to deny s.80P(2)(a) deduction on interest income earned by a co-operative credit society from deposits/investments with permitted banks/co-operative banks. Relying on HC authority that such interest retains the character of business income from providing credit facilities and remains eligible for s.80P deduction, and on the principle that where two legally possible views exist the AO's adoption of one plausible view is not "erroneous" or "prejudicial to the interests of the Revenue," the Tribunal held s.263 could not be sustained. The revision order was set aside and the assessee's appeal was allowed. Case-Laws Income Tax Wed, 18 Jun 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=465549