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TMI Blog2022 (7) TMI 494X X X X Extracts X X X X X X X X Extracts X X X X ..... bunal 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. We hold that there is no error in the assessment framed by the AO under section 143(3) of the Act causing prejudice to the interest of revenue. Thus, the revisional order passed by the PCIT is not sustainable and therefore we quash the same. Hence the ground of appeal of the assessee is allowed. - I.T.A. No.116/Rjt/2022, 156/Rjt/2022, 155/Rjt/2022, 160/Rjt/2022 - - - Dated:- 8-7-2022 - Shri ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d. and Rajkot Sahkati Nagrikh Bank Ltd. As per the learned PCIT the impugned interest income was not arising from the activity of financing from the members. Therefore, the assessee is not eligible for deduction for such interest income under the provisions of section 80P(2)(a)(i)/80P(2)(d) of 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 19-1-2022 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... roducers Union Ltd. in Tax Appeal No. 473 of 2014 reads as under: Considering Section 80(P)(2)(d) of the Act when the only requirement was that the income should be received from investment in Cooperative Societies and the Cooperative Bank which in the present case has been fulfilled, it 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... In view of the above detailed discussion and judicial precedent, we find no error in the order of AO so as to justify the initiation of proceedings under section 263 of the Act by the Ld. Pr. CIT. Thus, the revisional order passed by the learned PCIT is not sustainable and therefore we quashed the 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 th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... peal filed by the assessee is hereby allowed. 8.1 In the result, the appeal filed by the assessee is allowed Now coming to the appeal of the assessee bearing ITA No. 155/Rjt/2022 for A.Y 2017-18, in the case of Shri Rajgor Dhiran Grahak Sahakari Mandali Limited, Rajkot. 9. At the outset, we note that the issues raised by the assessee in its grounds of appeal are identical to the issues raised by the assessee in the case of Galaxy Credit Co-operative Society Limited, Wankaner bearing ITA No. 116/Rjt/2022 for the assessment year 2017-18 . Therefore, the findings given in ITA No. 116/Rjt/2022 shall also be applicable for the issues raised by the assessee in the above mentioned appeal. The appeal of the Assessee bearing ITA No ..... X X X X Extracts X X X X X X X X Extracts X X X X
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