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2020 (2) TMI 24 - AT - Income TaxRevision u/s 263 - interest earned by the assessee society from deposits placed in Scheduled Co.op. Bank is not eligible for deduction u/s 80P(2) - HELD THAT:- In the light of reasoning of the Tribunal in UTTAR GUJARAT UMA CO-OP CREDIT SOCIETY LTD.[2019 (3) TMI 381 - ITAT AHMEDABAD] in favour of assessee on eligibility of deduction under s.80P of the Act on interest earned from deposits placed with co-operative banks, the issue cannot be regarded to be free of any debate to the least. In the circumstances, the action of the AO in granting relief under s.80P of the Act cannot be dubbed as erroneous per se. Therefore, the twin conditions for invoking provisions of Section 263 of the Act are clearly not satisfied. Thus, the revisional action of the CIT cannot be regarded to be within the spheres of jurisdiction available under s.263 of the Act. Hence, the order of the CIT under s.263 of the Act is required to be set aside and cancelled. - Decided in favour of assessee.
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