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2021 (9) TMI 1327 - ITAT HYDERABADRevision u/s 263 by CIT - AO had accepted the assessees’ section 80P(2)(d) deduction claim(s) regarding interest income(s); derived from deposits made in SBI/Nationalised Bank(s) as eligible for the said relief - HELD THAT:- Consideration to rival pleadings qua correctness of the learned PCITs foregoing revision direction and find no reason to uphold the same. This is primarily for the reason that hon’ble jurisdictional high court decision in Vavveru Co-operative Rural Bank Ltd.[2017 (4) TMI 663 - ANDHRA PRADESH HIGH COURT] holds that a co-operative society’s income derived from deposits in nationalized banks/SBI is also eligible for 80P deduction. Their lordships have duly taken into consideration the hon'ble apex court’s foregoing decision M/S. THE TOTGARS´ COOPERATIVE SALE SOCIETY LIMITED [2010 (2) TMI 3 - SUPREME COURT]. We therefore hold that both the AO therein had not committed any error in not disallowing the assessees’ section 80P(2)(d) deduction claims in issue qua the respective interest income derived form fixed deposit in nationalised banks. PCITs’ revision direction under challenge herein forming subject matter of these two appeals stand reversed on the very analogy therefore. We lastly quote hon'ble apex court’s landmark decision Malabar Industrial Co. Ltd.[2000 (2) TMI 10 - SUPREME COURT] that an assessment has to be both erroneous as well as causing prejudice to the interest of revenue; simultaneously before the CIT or the PCIT; as the case may be, sets section 263 revision mechanism in motion. And that it is not each and every assessment which would attract revision proceedings but only those wherein the Assessing Officer has not taken one of the two possible views. We thus restore both the assessments herein as a necessary corollary.
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