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2017 (12) TMI 1128 - HC - Income TaxRevision u/s 263 - entitled to deduction under section 80P - Held that:- Powers under section 263 of the Act have been exercised on the ground that the order passed by the Assessing Officer is erroneous and prejudicial to the interest of the revenue. It is settled law that if two views are possible on the same issue, the order cannot be said to be erroneous or prejudicial to the interest of the revenue. The facts as emerging from the record reveal that in relation to the assessment year 2011-12, the Assessing Officer had disallowed the deduction under section 80P of the Act in the case of the assessee society. However, the Commissioner (Appeals) has deleted such addition. The Commissioner (Appeals) has taken a view that the assessee is entitled to deduction under section 80P of the Act. Therefore, once the Assessing Officer has taken a view which is a plausible view, the assessment order cannot be said to be erroneous or prejudicial to the interest of the revenue. The Tribunal therefore, did not commit any error in setting aside the order under section 263 of the Act. - Decided in favour of assessee.
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