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2022 (7) TMI 672 - AT - Income TaxRevision u/s 263 by CIT - deduction under Section 80P(2) - HELD THAT:- It is observed that the assessment completed by the AO under Section 143(3) of the Act allowing the similar claim of an assessee for deduction under Section 80P(2) of the Act in respect of interest income earned on the deposits with Mehsana Urban Co-operative Bank was set aside by the same learned PCIT vide his order passed under Section 263 of the Act in the case of the People Co-op. Credit Society Ltd by relying on the decision in the case of Totgars Co-operative Sale Society (2017 (7) TMI 1049 - KARNATAKA HIGH COURT] and, on appeal by the assessee, the Coordinate Bench of this Tribunal [2022 (3) TMI 71 - ITAT AHMEDABAD] set aside the order passed by the learned PCIT under Section 263 of the Act restoring that of the Assessing Officer by relying inter alia on the decision of the Hon’ble jurisdictional High Court in the case of State Bank of India [2016 (7) TMI 516 - GUJARAT HIGH COURT] The issue involved in the present case is thus squarely covered by the decisions rendered by the Tribunal in the case of the People Co-op. Credit Society Ltd. (2022 (3) TMI 71 - ITAT AHMEDABAD] and Sardar Patel Co-op. Credit Society Ltd (2022 (6) TMI 843 - ITAT AHMEDABAD] wherein a similar issue involving identical facts and circumstances has been decided by the Tribunal in favour of the assessee and even the learned DR has not been able to dispute this position. We, therefore, follow the said decisions of the Coordinate Bench of this Tribunal and set aside the impugned order passed by the PCIT under Section 263 of the Act restoring that of the Assessing Officer passed under Section 143(3) of the Act. Appeal of assessee allowed.
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