Revision u/s. 263 of Income Tax Act quashed as AO took plausible view

Adarsha Souharda Sahakari Niyamit Vs PCIT (ITAT Bangalore) ITAT Bangalore held that revisionary power u/s. 263 of the Income Tax Act is not justifiable since AO took plausible view of treating the interest chargeable u/s 28 of the Act being attributable to the business & allowed the deduction claimed u/s 80P(2)(a)(i) of the Act. Accordingly, appeal is allowed. Facts- The assessee is a co- operative society registered under the Karnataka Co-operative Society Act, 1959 and it was converted to a Souharda Co-operative under the Karnataka Souharda Sahakari Act,1997 & accordingly now govern...