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The Tribunal held that interest earned from deposits with co-operative banks qualifies for deduction under section 80P. Such interest does not lose its character as business income of an eligible co-operative society.
The issue was whether revision under Section 263 was valid when the AO allowed Section 80P deduction after enquiry. The tribunal held that a plausible and correct view cannot be revised.
The Tribunal held that revision under Section 263 is invalid where the Assessing Officer has conducted enquiries and adopted a plausible view. Mere disagreement by the Commissioner does not render the assessment order erroneous.
The issue was whether interest earned from co-operative banks qualifies for deduction under section 80P(2)(d). The Tribunal held that co-operative banks are co-operative societies for this provision, making the interest fully deductible.
ITAT Pune held that deduction under section 80P of the Income Tax Act admissible on interest income received by co-operative society from deposits with co-operative banks and nationalized banks. Accordingly, appeal of the assessee is allowed.
The issue was whether deduction under section 80P could be allowed when the return was filed beyond the due date. The Tribunal held that non-compliance with section 80AC made the assessment erroneous, justifying revision under section 263.
The Tribunal held that interest from bank fixed deposits lacked a direct nexus with credit facilities. Deduction under Section 80P was denied as investment income dominated.
The Tribunal held that deduction under section 80P cannot be allowed without a timely return but restored the matter to enable condonation under the CBDT circular.
The Tribunal upheld the statutory bar on late-filed returns but restored the matter to allow the assessee to seek condonation under the CBDT circular.
The Tribunal held that interest income earned by a co-operative society from deposits with co-operative banks is eligible for deduction under Section 80P(2)(d), subject to verification of amounts.
