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TMI Blog2017 (12) TMI 1128X X X X Extracts X X X X X X X X Extracts X X X X ..... ion stated to be substantial question of law: "Whether the Income Tax Appellate Tribunal has erred in law and on facts in cancelling the order under section 263 of the Income Tax Act, 1961?" 2. The assessment year is 2010-11 and the corresponding accounting period is the previous year 2009-10. In this case, the assessee filed return of income declaring total income of Rs.Nil on 21.9.2010. The case was selected for scrutiny by issuing notice under section 143(2) of the Act. The assessee was engaged in the business of sale of seeds, fertilizers, pesticides for members and trading of agro and non-agro for members and others. The assessment under section 143(3) of the Act was finalized at Rs. 1,54,760/- by an order dated 28.12.2012. Subsequ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tivities of the assessee which are not entitled for deduction under section 80P of the Act. The Commissioner (Appeals) was of the view that the provisions of section 80P of the Act, inter alia, provide for deduction from the total income of the cooperative societies engaged in the business of banking or providing credit facilities to its members, or proceeding without the aid of power, of the agricultural produce of its members, etc. According to the Commissioner, the deduction under section 80P of the Act was not available to the assessee as the assessee was engaged in the trading activities and did not fall within the ambit of cooperative society. He accordingly was of the view that the Assessing Officer should have disallowed the deducti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... at the Tribunal has recorded that the assessee was a sale and purchase union, which made sales of both agricultural and non-agricultural products to members and non-members. The Assessing Officer had stated that the assessee was engaged in the business of sales of seeds, fertilizer, pesticides for members and trading of agricultural and non-agricultural items for members and others. During the course of assessment proceedings, in response to notices issued under section 143(2) and 142(1) of the Act, due compliance was made and the details filed had been verified and placed on record. The Tribunal also took note of the fact that during the assessment year 2011-12, the Assessing Officer had made additions on the issues similar to the issue on ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssessing Officer is erroneous and prejudicial to the interest of the revenue. It is settled law that if two views are possible on the same issue, the order cannot be said to be erroneous or prejudicial to the interest of the revenue. The facts as emerging from the record reveal that in relation to the assessment year 2011-12, the Assessing Officer had disallowed the deduction under section 80P of the Act in the case of the assessee society. However, the Commissioner (Appeals) has deleted such addition. Therefore, the Commissioner (Appeals) has taken a view that the assessee is entitled to deduction under section 80P of the Act. Therefore, once the Assessing Officer has taken a view which is a plausible view, the assessment order cannot be s ..... X X X X Extracts X X X X X X X X Extracts X X X X
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