2022 (6) TMI 843

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... Credit Society which is engaged in providing credit facility to its members only from the deposits received from them. The return of income for the year under consideration was filed by it on 19.11.2014 declaring a total income at Rs. Nil after claiming deduction of Rs.1,45,79,975/- under Section 80P of the Act. The said return was selected for scrutiny under CASS and in the assessment completed under Section 143(3) of the Act vide an order dated 27.09.2016, addition of Rs.18,723/- was made by the Assessing Officer to the total income of the assessee on account of interest on refund received under Section 244A of the Act. Thereafter, on receipt of a proposal dated 02.01.2019 received from the Assessing Officer for revision of the said asse....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....-operative Sale Society (supra). The learned PCIT did not find merit in the submission made on behalf of the assessee and relying on the decision of Hon'ble Karnataka High Court in the case of Totgars Co-operative Sale Society (supra), he set aside the assessment order passed by the Assessing Officer under Section 143(3) of the Act vide order dated 11.03.2019 passed under Section 263 of the Act with the direction to the Assessing Officer to make the assessment denovo on the issue under consideration in accordance with law after taking into consideration the judgment of Hon'ble Karnataka High Court in the case of Totgars Co-operative Sale Society (supra) and after granting proper opportunity of being heard to the assessee. 3. Aggrieved by t....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....e details called for during the assessment proceedings were submitted by the assessee at the time of assessment under Section 143(3) of the Act and the Assessing Officer was very well aware that section 80P claim was reflected in the details of the assessee. The assessee vide letter dated 22.05.2017 submitted the details regarding deduction under Section 80P of the Act which was claimed in the return of income which included in the interest income from Mehsana Urban Co-operative Bank. The PCIT has issued the show cause notice under Section 263 on 14.02.2020 on the very same issue which was verified by the Assessing Officer in Section 143(3) proceedings itself. Once the issue verified by the Assessing Officer and the jurisdictional Court has....