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TMI Blog2019 (2) TMI 810X X X X Extracts X X X X X X X X Extracts X X X X ..... hus, there is no error in the assessment order which required to be modified. Accordingly, we are unable to sustain the order of the Ld.Pr.CIT and allow the appeals of the assessee. - I.T.A.No.79/Viz/2018 & 112/Viz/2018 - - - Dated:- 13-2-2019 - Shri V. Durga Rao, Judicial Member And Shri D.S. Sunder Singh, Accountant Member For the Appellant : Shri G.V.N.Hari, AR For the Respondent : Shri T.S.N.Murthy,CIT DR ORDER PER D.S. SUNDER SINGH, ACCOUNTANT MEMBER: These appeals are filed by the assessee against the order of the Pr.Commissioner of Income Tax (Pr.CIT)-1, Visakhapatnam u/s 263 of the Income Tax Act, 1961 ( Act in short) vide F.No.Pr.CIT-1/VZP/263/1/2015- 16 28.03.2017 and F.No.Pr.CIT-1/VSP/263/15/2017-18 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d called for explanation from the assessee and the assessee objected for revision stating that interest income relates to the deposits made representing the reserve fund and the interest on savings bank deposits. Similarly miscellaneous income also representing entrance fee and the penal charges collected from the members and not from other than members. The assessee further stated that the reserve fund is mandatorily to be maintained in the case of cooperative societies and the interest received and the miscellaneous income was utilized for the benefit of the members, hence submitted that there is no case for taking up the case for revision and requested to drop the proposal. Not being convinced with the explanation of the assessee, the Ld ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... loans and construction of building account and taken a conscious decision in respect of agricultural loans and the cost of construction of building that no addition is warranted and the transactions were genuine. With regard to the agricultural loan, the assessing officer stated that all the evidences were filed and examined. With respect to the construction account, the assessing officer examined the details and also obtained the Govt. valuer s report and accepted the cost of construction. Prima facie, the assessing officer has conducted the necessary enquires, verified the information and taken the conscious decision before completing the assessment. However, Pr.CIT was of the view that the assessing officer has not conducted proper ..... X X X X Extracts X X X X X X X X Extracts X X X X
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