https://www.taxtmi.com/caselaws?id=786895 Revisional jurisdiction under section 263 was justified where the Assessing Officer did not examine the source and character of revolving funds provided by the State Government; interest earned on short-term fixed deposits of those government-provided funds placed in commercial banks was characterised as income from other sources rather than income incidental to cooperative marketing activities, and thus not deductible under section 80P(2)(a)(iii) and (iv). Precedents cited for the assessee were distinguished on facts where the AO had considered similar issues, and the assessment was directed to be reopened for fresh consideration. en-us Thu, 19 Feb 2026 00:00:00 +0530 Sat, 21 Feb 2026 09:29:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=786895 Revisional jurisdiction under section 263 was justified where the Assessing Officer did not examine the source and character of revolving funds provided by the State Government; interest earned on short-term fixed deposits of those government-provided funds placed in commercial banks was characterised as income from other sources rather than income incidental to cooperative marketing activities, and thus not deductible under section 80P(2)(a)(iii) and (iv). Precedents cited for the assessee were distinguished on facts where the AO had considered similar issues, and the assessment was directed to be reopened for fresh consideration. Case-Laws Income Tax Thu, 19 Feb 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=786895