That is not what it says. Pu/t relates to a pilot undergoing training for a licence or rating. The applicable provisions are in JAR.FCL, which defines exactly what you should record in your log book. A check flight is not training. On such a flight you are either P1 or nothing.
Justiciar,
That would depend on your defination of "for a licence or rating". If it meant only for the inital issue of a licence or rating (which is what you seem to suggest) then no one could ever log their (minimum) one hour training flight with an instructor, which is required for SEP class revalidation.
If you accept that the training for a SEP class revalidation is towards a licence or rating, then there is nothing to stop a currency check with an instructor being counted as "for a licence or rating" as this flight should qualify for the SEP class revalidation.
dp