Section 263 Invalid Where AO Adopted Plausible Section 80P View

Vishnu Vilas Vs ITO (ITAT Bangalore) Section 263 Cannot Be Invoked Where AO Took a Plausible View on Section 80P Deduction – ITAT Bangalore Quashes PCIT Revision The Bangalore ITAT allowed the appeal of a Souharda Co-operative Society and quashed the revision order passed by the PCIT under section 263 for AY 2020-21. The PCIT had revised the scrutiny assessment on the ground that interest earned by the assessee from co-operative banks and commercial banks should have been taxed as “Income from Other Sources” under section 56 and consequently disallowed deduction under section 80P(2)(a)(i...