TaxTMI 
TaxTMI 
2023 (2) TMI 751
X X X X Extracts X X X X
X X X X Extracts X X X X
....to the Assessment Year (A.Y) 2015-16. 2. The Registry has noted that there is a delay of 16 days in filing the above appeal. The appeal is filed on 29.05.2020. This period falls under COVID-Pandemic situation, thus following Hon'ble Supreme Court judgment dated 23.3.2020 in suo moto Writ Petition (Civil) No.3 of 2020, vide Hon'ble Supreme Court has extended time limit for filing appeals w.e.f. 15.3.2020. Thus, there is no delay in filing the above appeal and we take the appeal of the assessee for adjudication. 2.1. The brief facts of the case is that the assessee is a Cooperative Society carrying on the business of providing credit facilities to its members and the main object of the society is to supply Seeds, Fertilizers and Pestici....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ing the position of law as held by the Hon'ble Karnataka High Court in the case of Totgars Co-operative Sales Society by giving proper opportunity to the assessee. 3. Aggrieved against the same, the assessee is in appeal before us raising the following Grounds of Appeal: 1. The Principal Commissioner of Income Tax, Gandhinagar has erred both in law and on facts while initiating proceedings u/s. 263 of the I.T. Act, 1961 and therefore the order passed u/s. 263 dated 09/03/2020 is requires to be quashed. 2. That the Order passed by Ld. assessing officer, Ward-2, Gandhinagar passed an order dated 31/07/2017 u/s. 143(3) of the I.T. Act, 1961 after considering all the details provided and therefore the order passed is not er....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... of the assessee following Jurisdictional Gujarat High Court in the case of SBI Vs. Commissioner of Income-tax reported in 72 taxmann.com 64 (2016) where it is held that the interest from the Co-operative Bank is eligible for deduction us 80P(2) of the Act. 4.1. The Ld. AR further submitted that the Co-ordinate Bench decision of the Tribunal in the case of Sardar Patel Co-operative Credit Society Limited bearing ITA no. 575/Ahd/2019 for the Assessment year 2014-15 involving identical facts and circumstances vide order dated 17/06/2022 has decided the issue in favour of the assessee and against the revenue. Thus the Ld. A.R. pleaded to quash the Revision order passed by Ld. PCIT. 5. On the other hand, the Ld. CIT-DR Shri Sudhansu Das a....
X X X X Extracts X X X X
X X X X Extracts X X X X
....sion of the Hon'ble Jurisdictional High Court in the case of State Bank of India (supra) Copy of the said order of the Tribunal is also placed on record and perusal of the same shows that a similar issue was decided by the Tribunal vide paragraph No. 7 of its order as under: "7. We have heard both the parties and perused all the relevant material available on record. It is pertinent to note that the entire 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 ....