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2022 (7) TMI 169 - AT - Income TaxRevision u/s 263 - Deduction u/s 80P - As per CIT 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 of the Act but the AO has allowed the same without the necessary verification and application of mind - HELD THAT:- At the outset we note that this tribunal in the case of Shree Keshav Co-operative Credit Society Limited [2022 (7) TMI 79 - ITAT RAJKOT] involving identical facts and circumstances has decided the issue in favour of the assessee as held that 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 do not agree with the view adopted by the AO, in such scenario, the order of the AO cannot be held erroneous. 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 the case referred above nor has placed any contrary binding decision in its support. - Decided in favour of assessee.
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