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2023 (7) TMI 1153 - AT - Income TaxRevision u/s 263 - admissibility of deduction u/s 80P - PCIT enquired as how the income received from other than co-operative society is eligible for deduction under section 80P(2)(d) - HELD THAT:- Undisputedly, assessee has invested its surplus fund with co-operative bank and earned the interest income part of which the assessee claimed as a deduction under section 80P(2)(d) - As we notice that this issue is no longer res integra having been decided in favour of the assessee in case of Palm Court M Premises Co-operative Society Ltd [2022 (9) TMI 650 - ITAT MUMBAI] wherein it is held that interest income earned by the Co-operative Society on its investment made with co-operative bank would be eligible for claim of deduction under section 80P(2)(d) of the Act. PCIT is not correct in holding that the order passed by the A.O u/s 143(3) was erroneous in so far it was prejudicial to the interest of the revenue and accordingly we quash the order passed under section 263 of the Act. Decided in favour of assessee.
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