https://www.taxtmi.com/highlights?id=96558 Revision proceedings under section 263 were held impermissible because the Assessing Officer conducted due enquiries and took a plausible view in restricting a deduction claimed under section 80P(2)(d) to profits from credit facilities to members. The AO verified accounts, investments and supporting details and disallowed the portion of the claim after application of mind; the superior officer's disagreement alone did not satisfy the twin conditions required to invoke revision u/s 263. Result: revision power not exercisable and the AO's assessment view is sustained in favour of the assessee. en-us Tue, 03 Feb 2026 10:07:42 +0530 Tue, 03 Feb 2026 10:07:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=96558 Revision proceedings under section 263 were held impermissible because the Assessing Officer conducted due enquiries and took a plausible view in restricting a deduction claimed under section 80P(2)(d) to profits from credit facilities to members. The AO verified accounts, investments and supporting details and disallowed the portion of the claim after application of mind; the superior officer's disagreement alone did not satisfy the twin conditions required to invoke revision u/s 263. Result: revision power not exercisable and the AO's assessment view is sustained in favour of the assessee. Highlights Income Tax Tue, 03 Feb 2026 10:07:42 +0530 https://www.taxtmi.com/highlights?id=96558