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TMI Blog2024 (2) TMI 1168X X X X Extracts X X X X X X X X Extracts X X X X ..... ument was also not controverted by the DR on behalf of the revenue. Even on perusal of the order of PCIT who after pointing out difference in the amount of interest as discussed above, has reached to the conclusion that such difference represents the interest from the cooperative bank but what we find is this that such conclusion of the PCIT was not based on any material. Therefore, we hold that the PCIT has concluded the assessment order as erroneous in so far prejudicial to the interest of revenue on wrong assumptions of facts and therefore, his PCIT order u/s 263 of the Act is not sustainable. Accordingly, we quash the order passed by the PCIT u/s 263 of the Act. Hence, the ground of appeal of the assessee is allowed. - Shri Wa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f the I.T Act, I hereby set-aside the order u/s .143(3) of the Act dated 10/02/2021 on the issues discussed above and direct the Assessing Officer to pass a fresh assessment order after denying deduction u/s .80P(2)(d) on such interest income of Rs. 25,419/-. The A.O is also directed to verify if the society has claimed any dividend or interest from savings account of Co-operative bank, the A.O should disallow deduction u/s .80P(2)(d) or 80P(2)(a)(i) of the Act on such interest income. 4. Being aggrieved by the order of the Ld. PCIT, the assessee is in appeal before us. 5. The Ld. AR before us filed two paper books running from pages 1 to 69 and 1 to 35 along with the written submissions and contended that the assessee has not receiv ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e assessee to furnish the details as under: With respect to the deductions claimed under chapter VI-A during the year under consideration, kindly provide the following details: a. Section/sub-section wise details of deductions claimed under VI-A. b. Details of earnings under the relevant heads against which deduction claimed. c. Note on eligibility criteria of deductions claimed under different sections of Chapter VI A d. Details of all the bank accounts alongwith the bank statement for the year to support the claim. e. Documentary evidence in respect of investment/expenditure/payment etc. Made to claim the deductions. 7.1 In reply to the above notice, the assessee has submitted as under: 4. Deduction Un ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... re, we hold that the Ld. PCIT has concluded the assessment order as erroneous in so far prejudicial to the interest of revenue on wrong assumptions of facts and therefore, his (the ld. PCIT) order under section 263 of the Act is not sustainable. Accordingly, we quash the order passed by the Ld. PCIT u/s 263 of the Act. Hence, the ground of appeal of the assessee is allowed. 7.3 In the result, the appeal filed by the assessee is allowed. Coming to ITA No. 177/Rjt/2023, an appeal by the assessee in the case of M/s Sahayog Seva Sahakari Mandali Ltd. for the AY 2018-19. 8. At the outset, we note that the issue raised by the assessee in its grounds of appeal for the AY 2018-19 in the case of Sahayog Seva Sahakari Mandali Ltd. is iden ..... X X X X Extracts X X X X X X X X Extracts X X X X
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