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TMI Blog2024 (2) TMI 1168X X X X Extracts X X X X X X X X Extracts X X X X ..... f the Income Tax Act, 1961 (here-in-after referred to as "the Act") relevant to the Assessment Year 2018-19. First, we up take ITA No. 149/Rjt/2023, for AY 2018-19, an appeal by the assessee in the case of M/s Bhayavadav Seva Sahakari Mandli Ltd. 2. The only issue raised by the assessee is that the Ld. PCIT erred in holding the assessment order passed u/s 143(3) of the Act, as erroneous in so far prejudicial to the interest of the revenue. 3. In the present case, the Ld. PCIT held that the assessee has earned interest income on the FDRs maintained with Co-op. Bank amounting to Rs. 25,419/- which was not eligible for deduction u/s 80P(2)(d) of the Act. Thus, the Ld. PCIT held the assessment order as erroneous in so far prejudicial to the i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... st was charged which is eligible for deduction u/s 80(P)(2)(a)(i) of the Act. Thus, it was assailed by the Ld. AR that the Ld. PCIT has held the assessment order as erroneous in so far prejudicial to the interest of the revenue on wrong assumptions of facts. 6. On the contrary, the Ld. DR vehemently supported the order of the ld. PCIT. 7. We have heard the rival contentions of both the parties and perused the materials available on record. From the preceding discussion, we note that the Ld. PCIT has observed certain difference in the amount of interest income shown in the profit and loss account and in the ledger account of interest income. Thus, based on such difference of Rs. 25,419/-, the Ld. PCIT inferred that such interest represents ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... /s. 80P(2) (iii)&(iv) v. Godown rent income for storage of agriculture products Rs. 23,470 is exempt u/s. 80P(2)(e) After deducting administration expense net income of Rs. 32,37,137 is claim as deduction u/s. VIA (80P). 7.2 From the above question raised by the AO and the reply made by the assessee thereto, we note that there is no reference to interest received from Coop Bank. At the time of hearing, the Ld. AR before us duly demonstrated that the impugned amount of interest of Rs. 25,419/- was received from the members only and not from the Co-operative Bank. The argument was also not controverted by the Ld. DR on behalf of the revenue. Even on perusal of the order of Ld. PCIT who after pointing out difference in the amount of intere ..... X X X X Extracts X X X X X X X X Extracts X X X X
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