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2022 (12) TMI 24 - AT - Income TaxRevision u/s 263 - Entitlement to deduction u/s.80P(2)(d) - Interest earned by Co-Operative society from Co-Operative Bank - whether the Assessment Order is erroneous or not? - HELD THAT:- AO has taken a possible view on the issue of allowability of deduction u/s 80P(2)(d) of the Act after studying the respective ledger accounts. AO had called for the respective ledger accounts which are categorically mentioned in the assessment order. To arrive at the figure of the Interest earned one just needs to study the ledger accounts. Before the AO, the fact that the assessee has earned Interest Income from Co-operative bank was on record and easy to understand from the ledger accounts. CIT has also relied on the same ledger accounts to arrive at a different conclusion. It is a fact that the issue of deductibility of Interest earned by Co-Operative society from Co-Operative Bank has been held in favour of assessee by Hon’ble Karnataka High Court [2017 (1) TMI 1100 - KARNATAKA HIGH COURT], ITAT Chennai [2022 (5) TMI 1481 - ITAT CHENNAI] and ITAT Surat [2021 (5) TMI 446 - ITAT SURAT] Therefore, the AO has adopted a view which was one legally possible view. Therefore, in these facts and circumstances of the case as held by Hon’ble SC in the case of Amitabh Bachchan [2016 (5) TMI 493 - SUPREME COURT] and Hon’ble High Court [2008 (8) TMI 913 - BOMBAY HIGH COURT] when two views are possible and AO adopts one view, the Assessment cannot be said to be erroneous. Therefore, the Pr.CIT has no power to invoke jurisdiction u/s.263 in such circumstances where the Assessment Order is not erroneous. Appeal of the Assessee is Allowed.
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