9911796707
TMI Blog2012 (9) TMI 720X X X X Extracts X X X X X X X X Extracts X X X X ..... isions of section 263 of the Act on those issues which were not incorporated in the show cause notice issued to the assessee and without prejudice to the above, grossly erred in invoking the provisions of section 263 without considering the material fact that the assessment order was neither erroneous nor prejudicial to the interest of Revenue. 2. During hearing, the ld. Counsel for the assessee, Shri Anil Kamal Garg, invited our attention to the show cause notice dated 27th March, 2012 issued by the learned CIT u/s 263 of the Act to the assessee wherein it has been mentioned that the order passed u/s 143(3) of the Act is erroneous and prejudicial to the interest of revenue whereas the assessee, being a cooperative society, is not having p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hat the assessee society is having interest income only. It was further asserted that before framing the assessment u/s 143(3) of the Act, the learned Assessing Officer made necessary inquiries including questionnaire. Our attention was invited to question no. 7 (page 24 of the paper book) to the effect that the assessee was categorically required to furnish the evidences of claimed deduction amounting to Rs.14,16,01,083/-. It was explained that in compliance to the notice issued to the assessee u/s 142(1) and 143(2) of the Act, necessary compliance was made by the assessee. The crux of arguments is that the learned Assessing Officer after due application of mind allowed the deduction and that too after making necessary inquiries, therefore ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Mehsana Distt. Cooperative Bank Limited; 251 ITR 522. 4. We have considered the rival submissions and perused the material available on record. Before coming to any conclusion, we are reproducing hereunder the concluding portion from the impugned order :- " In view of the foregoing paras, I am of the considered opinion that the assessment of the A.Y. 2007-08 framed by the ACIT 5(1), Indore, on 09.12.2009 is erroneous in so far as prejudicial to the interest of the revenue. The deduction u/s 80P(a)(i) is not admissible in the instant case in the back ground of section 80P(4). Accordingly, the assessment order framed by the ACIT 5(1), Indore, on 09.12.2009 for the A.Y. 2007-08 is set aside to the file of the A.O. with the direction to fram ..... X X X X Extracts X X X X X X X X Extracts X X X X
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