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2022 (12) TMI 355 - AT - Income TaxRevision u/s 263 - Deduction u/s 80P - eligibility of income earned on the investment made with the cooperative bank - HELD THAT:- 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) - Such interest also qualifies for exemption u/s 80P(2)(a)(i) as held by in the case of Nashik Road Nagari Sahkari Patsanstha Limited [2021 (12) TMI 1259 - ITAT PUNE]. We find that the issue which is subject matter of revision is covered in favour of the assessee by judicial precedents. 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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