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TMI Blog2022 (7) TMI 169X X X X Extracts X X X X X X X X Extracts X X X X ..... sue in favour of the assessee as held that AO has taken one of the possible view for allowing the deduction to the assessee under the provisions of section 80P(2)(d)/80P(2)(a)(i)(a) of the Act. Where two view are possible on the issue and the AO has taken one of the possible view, but the PCIT do not agree with the view adopted by the AO, in such scenario, the order of the AO cannot be held erroneous. Before us, no material has been placed on record by the ld. DR to demonstrate that the decision of Tribunal as cited above has been set aside / stayed or overruled by the higher Judicial Authorities. Before us, Revenue has not placed any material on record to point out any distinguishing feature in the facts of the case for the year under c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Act but the AO has allowed the same without the necessary verification and application of mind. Accordingly, the learned PCIT initiated the proceedings under section 263 of the Act vide show cause notice dated 9-7-2021 and finally the learned PCIT held the order of the AO as erroneous insofar prejudicial interest of revenue. 4. Being aggrieved by the order of the learned PCIT, the assessee is in appeal before us. 5. The learned AR before us filed a paper book running from pages 1 to 96 and contended that the Rajkot Tribunal in the case of Shree Keshav Co-operative Credit Society Limited versus PCIT in ITA No. 126/RJT/2022 vide order dated 31 May 2022, involving identical facts and circumstances, has decided the issue in favour of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cannot be said that the learned Tribunal has committed an error in deleting the disallowance of Rs. 1,42,19,515/- under section 80(P)(2)(d) of the Act. Based on the above, it is transpired that the AO has taken one of the possible view for allowing the deduction to the assessee under the provisions of section 80P(2)(d)/80P(2)(a)(i)(a) of the Act. Where two view are possible on the issue and the AO has taken one of the possible view, but the PCIT do not agree with the view adopted by the AO, in such scenario, the order of the AO cannot be held erroneous. In this regard we find support and guidance from the judgment of the Hon ble Gujarat High Court in the case of CIT vs. Mehsana District Co. Op. Milk Producers Union Ltd. where it was h ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... same. Hence, the ground of appeal of the assessee is hereby allowed. 7.1 Before us, no material has been placed on record by the ld. DR to demonstrate that the decision of Tribunal as cited above has been set aside / stayed or overruled by the higher Judicial Authorities. Before us, Revenue has not placed any material on record to point out any distinguishing feature in the facts of the case for the year under consideration and that of the case referred above nor has placed any contrary binding decision in its support. 7.2 In view of the above and after considering the facts in totality, we hold that there is no error in the assessment framed by the AO under section 143(3) causing prejudice to the interest of revenue. Thus, the re ..... X X X X Extracts X X X X X X X X Extracts X X X X
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