https://www.taxtmi.com/caselaws?id=465576 The dominant issue was whether revision under s.263 could be sustained on the ground that (i) interest earned by a co-operative society on deposits with a co-operative bank was ineligible for deduction under s.80P(2)(a)(i) due to s.80P(4). Relying on coordinate bench precedent holding that such society is not a "co-operative bank" and s.80P(4) does not apply, the deduction under s.80P(2) was held allowable, negating the revision on this aspect. The second issue was whether provision for NPA could be disallowed under s.37(1); following coordinate bench precedent allowing such claim on similar facts, the basis for revision failed. Consequently, the s.263 proceedings were quashed and the appeal was allowed. en-us Thu, 31 Jul 2025 00:00:00 +0530 Wed, 31 Dec 2025 13:57:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=465576 The dominant issue was whether revision under s.263 could be sustained on the ground that (i) interest earned by a co-operative society on deposits with a co-operative bank was ineligible for deduction under s.80P(2)(a)(i) due to s.80P(4). Relying on coordinate bench precedent holding that such society is not a "co-operative bank" and s.80P(4) does not apply, the deduction under s.80P(2) was held allowable, negating the revision on this aspect. The second issue was whether provision for NPA could be disallowed under s.37(1); following coordinate bench precedent allowing such claim on similar facts, the basis for revision failed. Consequently, the s.263 proceedings were quashed and the appeal was allowed. Case-Laws Income Tax Thu, 31 Jul 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=465576