TMI Blog2023 (4) TMI 1000X X X X Extracts X X X X X X X X Extracts X X X X ..... ossible view for allowing the deduction to the assessee under the provisions of section 80P(2)(d)/80P(2)(a)(i)(a) of the Act. Where two view are possible on the issue and the AO has taken one of the possible view, but the PCIT do not agree with the view adopted by the AO, in such scenario, the order of the AO cannot be held erroneous. Decided in favour of assessee. - I.T.A. No.143/Rjt/2022, I.T.A. No.138/Rjt/2022, I.T.A. No.148/Rjt/2022 - - - Dated:- 21-4-2023 - Shri Waseem Ahmed, Accountant Member And Shri T.R. Senthil Kumar, Judicial Member For the Appellant : Shri Sumit Shingala, A.R For the Respondent : Shri Shramdeep Sinha, CIT D.R. ORDER PER WASEEM AHMED, ACCOUNTANT MEMBER: The captioned three appeals hav ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by the order of the learned PCIT, the assessee is in appeal before us. 5. The learned AR before us filed a paper book running from pages 1 to 53 and contended that the Rajkot Tribunal in the case of Shree Keshav Co-operative Credit Society Limited versus PCIT in ITA No. 126/RJT/2022 vide order dated 31stMay 2022, involving identical facts and circumstances, has decided the issue in favour of the assessee. 6. On the contrary, the learned DR before us vehemently supported the order of the learned PCIT. 7. We have heard the rival contentions of both the parties and perused the materials available on record. At the outset we note that this tribunal in the case of Shree Keshav Co-operative Credit Society Limited (supra) involving identi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . Where two view are possible on the issue and the AO has taken one of the possible view, but the PCIT do not agree with the view adopted by the AO, in such scenario, the order of the AO cannot be held erroneous. In this regard we find support and guidance from the judgment of the Hon ble Gujarat High Court in the case of CIT vs. Mehsana District Co. Op. Milk Producers Union Ltd. where it was held as under: It is well-settled that the provisions of section 263(1) cannot be invoked to correct each and every type of mistake or error committed by the Assessing Officer, and it is only when the order is erroneous that the section will be attracted. When two views are possible and the Assessing Officer has taken one view with which the Commi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... distinguishing feature in the facts of the case for the year under consideration and that of the case referred above nor has placed any contrary binding decision in its support. 7.2 In view of the above and after considering the facts in totality, we hold that there is no error in the assessment framed by the AO under section 143(3) causing prejudice to the interest of revenue. Thus, the revisional order passed by the learned PCIT is not sustainable and therefore we quash the same. Hence the ground of appeal of the assessee is allowed. 7.3 In the result, the appeal filed by the assessee is allowed. 8. Now coming to the other appeal of the assessee bearing ITA No. 138/Rjt/2022 for A.Y. 2017-18 in the case of Kodvav VividhKarya Sahak ..... X X X X Extracts X X X X X X X X Extracts X X X X
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