Section 263 Revision not permissible if Section 80P deduction allowable: ITAT Pune

Janata Grahak Madhyawarti Vs PCIT-4 (ITAT Pune) Facts of the Case: The assessee, a co-operative society involved in the business of wholesale supply of consumer goods, filed its return declaring income of ₹5,50,400. The return was processed under section 143(1) of the Income Tax Act. The Assessing Officer later disallowed a deduction of ₹34,58,980 claimed under section 80P(2)(d), on the ground that the income was from interest on fixed deposits and savings accounts with a co-operative bank. Legal Issue: Whether the assessee is eligible for deduction under section 80P(2)(d) in respect of ...