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2023 (6) TMI 1314 - AT - Income TaxRevision u/s 263 by CIT - addition u/s 80P - interest income earned on the investment of surplus money - HELD THAT:- As decided in Lokmangal Nagri Sahakari Path Sanstha Maryadit [2022 (12) TMI 355 - ITAT PUNE] error in the assessment order should be one that it is not debatable or plausible view. In a case where the Assessing Officer examined the claim, took one of the plausible views, the assessment order cannot be termed as an ‚erroneous‛. In the present case, we find that admittedly the interest income was earned from the cooperative banks, the cooperative bank is also a specie of cooperative society, therefore, the interest income earned by the cooperative society from the cooperative banks qualifies for deduction u/s 80(P)(2)(d) of the Act. Such interest also qualifies for exemption u/s 80P(2)(a)(i) as held by the Co-ordinate Bench of Pune Tribunal in the case of Nashik Road Nagari Sahkari Patsanstha Limited [2021 (12) TMI 1259 - ITAT PUNE] Therefore, it cannot be said that the assessment order is erroneous or prejudicial to the interests of the revenue. Therefore, we are of the considered opinion that the order of revision passed by the Ld. PCIT u/s 263 of the Act cannot be sustained in the eyes of law. Hence, the grounds of appeal raised by the assessee stand allowed.
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