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2023 (4) TMI 1000 - AT - Income TaxRevision u/s 263 by CIT - deduction u/s 80P on the FDs made - Diversified views - As per the PCIT the impugned interest income was not arising from the activity of financing from the members and as assessee is not eligible for deduction for such interest income under the provisions of section 80P but the AO has allowed the same without the necessary verification and application of mind - HELD THAT:- We note that this tribunal in the case of Shree Keshav Co-operative Credit Society Limited [2022 (7) TMI 79 - ITAT RAJKOT] 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. Decided in favour of assessee.
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