Section 263 Quashed as AO Took a Plausible View on 80P Deduction

Pujya Sharanabasaveshwara Pattina Souharda Sahakari Sangha Ni Vs ITO (ITAT Bangalore) Section 263 Quashed: AO’s Plausible View on 80P Deduction Cannot Be Branded Erroneous The Bangalore ITAT “B” Bench, in Pujya Sharanabasaveshwara Pattina Souharda Sahakari Sangha Niyamita v. ITO (ITA No.1180/Bang/2025, AY 2020-21; order dated 29.12.2025), has quashed the revisionary order passed u/s 263 by the PCIT, holding that the assessment order allowing deduction u/s 80P(2)(a)(i) was neither erroneous nor prejudicial to the interests of the Revenue. The Assessee, a members’ credit co-operative soc...