ITAT Pune Quashes Section 263 Revision; Upholds 80P Deduction on Bank Interest

Dharmaveer Sambhaji Nagari Sahakari Pat Maryadit Vs PCIT (ITAT Pune) Revision Under Section 263 Quashed – ITAT Pune Upholds 80P Deduction on Bank Interest and Bars PCIT from Substituting His View The Pune Bench of the ITAT allowed the assessee-society’s appeal and quashed the revisionary order passed u/s 263, holding that the Principal CIT had wrongly assumed jurisdiction by merely substituting his opinion for a plausible view already taken by the Assessing Officer. The assessee, a co-operative credit society, had claimed deduction of ₹51.98 lakhs u/s 80P. During limited scrutiny, the AO...