Section 80P Deduction Cannot Be Withdrawn Through Section 154: ITAT Says Debatable Issues Are Beyond Rectification Powers

ITO Vs Karavali Credit Co-operative Society (ITAT Bangalore) U/s 80P Deduction Cannot Be Withdrawn Through Section 154: ITAT Says Debatable Issues Are Beyond Rectification Powers In a significant ruling for co-operative credit societies, the Bangalore ITAT held that the Assessing Officer cannot invoke Section 154 to withdraw deduction under Section 80P merely because of a different interpretation of judicial precedents on interest income earned from bank deposits. The Tribunal upheld the CIT(A)’s order deleting the rectification made by the AO. The assessee, Karavali Credit Co-operative Soci...