TMI Blog2023 (2) TMI 512X X X X Extracts X X X X X X X X Extracts X X X X ..... ficer is not erroneous. Hence, the grounds of appeal raised by assessee are allowed - We direct the Assessing Officer to allow deduction u/s 80P(2)(d) - In the result, the grounds of appeal raised by the assessee are allowed. - ITA No. 353/Srt/2022 - - - Dated:- 2-2-2023 - Shri Pawan Singh, Judicial Member And Dr. Arjun Lal Saini, Accountant Member For the Appellant : Shri Hiren Vepari, CA For the Respondent : Shri Vinod Kumar, Sr. DR ORDER UNDER SECTION 254(1) OF INCOME TAX ACT PER: PAWAN SINGH, JUDICIAL MEMBER: 1. This appeal by the assessee is directed against the order of learned National Faceless Appeal Centre, Delhi (NFAC)/learned Commissioner of Income Tax (Appeals) (in short, the ld. CIT(A) dated 18/11/ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (iii) Surendranagar District Co-Op Milk Producers Union Ltd. 111 taxmann 69 (Rajkot Trib) (iv) Totgar s Co-Op Sale Society 392 ITR 74 (Karn) (v) Sakarkantha Dist. Co-Op Milk Producers Union Tax Appeal No. 437 of 2014. (vi) Banaskatha Dist. Co-Op Milk Producers Union ITA No. 1090 and 1582/Ahd/2015 (vii) The Commercial Co-Op Credit Society Ltd. ITA No. 2227/Ahd/2017 (viii) The Uttar Gujarat Uma Co-Op Credit Society Ltd. ITA No. 1670 and 1671/Ahd/2018 (ix) Bardoli Vibhag Gram Vikas Cooperative Credit Society Ltd. ITA No. 2582 (Ahd) and 2014/Srt/ 3. On the other hand, the learned Senior Departmental Representative (ld. Sr. DR) for the Revenue supported the orders of lower authorities. 4. We have considered the submissi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... from cooperative bank which are primarily a cooperative society is exempt. The assessee also relied upon the subsequent decision of Hon'ble Karnataka High Court in Pr.CIT Vs Totagars Co-operative Sale Society (supra) and other decisions of different Benches of the Tribunals. The ld. CIT(A) after considering the submissions of assessee, upheld the action of Assessing Officer. We find that the grounds of appeal raised by assessee is squarely covered by the decision of Division Bench of this Tribunal in a series of decisions, including the decision in Bardoli Vibhag Gram Vikas Co.Op. Credit Society Ltd. vs. Principal Commissioner of Income Tax-2, Surat [2021] 127 taxmann.com 334 (Surat-Trib.) wherein the division bench of this Tribunal has ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ferent belief that would not permit him to take the order in revision, it if further held that when Assessing Officer made full enquiry, he made up his mind, the notice of revision is not valid. (emphasis added by us). Further, Hon'ble Madras High Court in CIT v. Mepco Industries Ltd. [2007] 163 Taxman 648/294 ITR 121 (Madras) held that when two views are possible on an issue and it is not the case of the Commissioner that the view taken by Assessing Officer is not permissible in law, Commissioner cannot invoke his jurisdiction under section 263 of the Act. (emphasis added by us) 14. As we have noted above the assessing officer has made enquiries on the allowability of deduction under section 80(P)(2)(d) and passed the assessm ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the interest of revenue, as prescribed under section 263 is not fulfilled in the present case. 17. Moreover, we have seen that in assessee's own case for A.Y. 2009-10, 2010-11 and 2012-13, the similar disallowance under section 80P(2)(d) was made by the assessing officer while passing assessment order under section 143(3), however, on appeal before Ld. CIT(A) , the disallowances were deleted and the order of the Ld. CIT(A) in all years were confirmed. 18. The ld. DR for the revenue relied on the case law in Totagars Co-operative Sales Society (second case)/(supra), wherein the Hon'ble Karnataka High Court held that interest earned by a Co-operative Society from surplus deposits kept with Co-operative bank, is not eligible ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
