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TMI Blog2022 (7) TMI 729X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee is allowed. - I.T.A. No. 112/Rjt/2022 - - - Dated:- 1-7-2022 - SHRI WASEEM AHMED , ACCOUNTANT MEMBER And SHRI SIDDHARTHA NAUTIYAL , JUDICIAL MEMBER Appellant by : Shri Kalpesh Doshi , A. R Respondent by : Shri Sanjeev Jain , CIT. D. R. ORDER PER BENCH : The captioned appeal has been filed at the instance of the Assessee against the order of the Learned Principal Commissioner of Income Tax -1, Rajkot [Ld. CIT) in short] dated 15/02/2022 arising in the matter of assessment order passed under s. 263 of the Income Tax Act, 1961 (hereinafter referred to as the Act ) relevant to the Assessment Year (AY) 2017-18. 2. The only interconnected issue raised by the assessee is that the learned Principal CIT err ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 7. We have heard the rival contentions of both the parties and perused the materials available on record. At the outset, we note that this tribunal in the case of Shree Keshav Co-operative Credit Society Limited (supra) involving identical facts and circumstances has decided the issue in favour of the assessee. The relevant finding of the ITAT is reproduced as under: We have heard the rival contentions of both the parties and perused the materials available on record. From the preceding discussion, we note that the different Hon ble High Courts have taken different view with respect to the deduction of the interest income earned by the assessee from the co-operative bank. Some of the judgements are in favour of the assessee and some of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... every type of mistake or error committed by the Assessing Officer, and it is only when the order is erroneous that the section will be attracted. When twoviews are possible and the Assessing Officer has taken one view with which the Commissioner does not agree, it cannot be treated as an erroneous order prejudicial to the interest of the revenue unless the view taken by the Assessing Officer is unsustainable in law. It was not shown how the method followed by the assessee to divide the expenses for the purpose of claiming relief under section 80HH was improper or unacceptable. The Assessing Officer as well as the Tribunal had found that the expenses were apportioned on a rational basis and it would not be open for the Court to go beyond th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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