#Section 80P deduction

ITAT Pune reaffirms that co-operative societies engaged in providing credit facilities exclusively to members are eligible for deduction under Section 80P(2)(a)(i) on interest income, distinguishing the Totgars precedent. The ruling reinforces binding judicial consistency for salary earners' credit societies, impacting tax liability calculations for similar entities.

ITAT Bangalore holds that Section 263 cannot be invoked merely because the Commissioner disagrees with a plausible view taken by the AO on interest income eligibility under Section 80P.