Deduction for interest and dividends from co-operative banks u/s80P-AO's allowance upheld; s.263 revision denied, appeal allowed

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....Deduction claimed for interest and dividend income from co-operative banks was examined on the basis that the assessing officer conducted specific enquiries, verified records and adopted a plausible, debatable view; therefore the exercise was not an erroneous exercise of jurisdiction warranting revision under the revisionary jurisdiction. The earlier consistent finding favourable to the assessee supported the AO's conclusion and, notwithstanding potential prejudice to revenue, revision under the revisionary jurisdiction was denied and the appeal allowed for the assessee.....