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2023 (7) TMI 172 - AT - Income TaxRevision u/s 263 - deduction u/s 80P(2)(a)(i) or 80P(2)(d) - Is assessment order is erroneous or prejudicial to the interests of the revenue? - HELD THAT:- As decided in [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 AO examined the claim, took one of the plausible views, the assessment order cannot be termed as an “erroneous”. 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] 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. Thus the order of revision passed by the ld. PCIT u/s 263 of the Act cannot be sustained - Decided in favour of assessee.
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