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2019 (7) TMI 1078 - AT - Income TaxRevision u/s 263 - deduction u/s 80P - allegation that AO has allowed exemption without calling for any documentary evidence in support of the assessee’s claim that the Trust is a member of the society - interest received from advance to trust - HELD THAT:-The assessee also furnished copy of the admission register, wherein, it is seen that the Trust is a member of the society. There is sufficient material available in paper book to show that the Trust became member of the society and the society is permitted to give loan to its members. The society had advanced the amounts to the Trust and collected the interest. Since the interest received was from the member of the society, the interest collected by the society is entitled for deduction u/s 80P. As seen from the assessment order, the assessment was completed u/s 143(3) and during the assessment proceedings, the AO called for the books of accounts, and the other details, in response to which the Ld.AR furnished the details. After examining the books of accounts and the other details, vouchers for expenses, the assessment was completed by the AO allowing deduction u/s 80P. Therefore, it is incorrect to say that the AO allowed exemption u/s 80P without examining the details. The sole issue involved in the assessment is deduction u/s 80P and hence we are not inclined to accept the contention of the revenue that the AO has allowed deduction u/s 80P without examining the details. From the above discussion, it is clear that there is no revenue loss which caused prejudice to the revenue and we do not see any error in the assessment. Therefore, we hold that there is no reason to take up the case for revision and we set aside the order of the Ld.Pr.CIT passed u/s 263 and restore the assessment order. Appeal of the assessee is allowed.
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