Assessee is  a co-operative society. During year, it claimed deduction under section 80P(2)(d) in respect of an interest income earned on FDs kept by it with a co-operative bank. Assessing Officer allowed same. PCIT invoked revision jurisdiction on ground that interest income earned by assessee-society on investment with banks was not eligible for deduction under section 80P(2)(a)(i) and should be taxed under section 56.On appeal the Tribunal held that the assessee society, being a cooperative society, is entitled to exemption under section 80P(2)(d), in respect of interest income derived from FDs with cooperative banks. Since Assessing Officer had duly applied his mind to issue of assessee’s claim of deduction under section 80P and only thereafter he had allowed it while passing assessment order, Pr. CIT had erred in invoking powers under section 263 and setting aside assessment order. (AY. 2012-13, 2013-14)