TaxTMI 
TaxTMI 
2023 (7) TMI 172
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....3) Shri Rohit Kasat, CA (ITA No.667/PUN/2023) Shri Pratik Sandbhor, CA (ITA No.669/PUN/2023) None (ITA No.695/PUN/2023) For the Revenue : Shri Keyur Patel, CIT-DR (ITA No. 650 & 669/PUN/2023) Shri Ramnath P. Murkunde, DR (ITA No.667 & 695/PUN/2023) ORDER PER PARTHA SARATHI CHAUDHURY, JM: These appeals preferred by the different assessees emanate from the separate orders of Principal Commissioner of Income Tax-2, Pune, dated 30/03/2023 for A.Y. 2018-19; National Faceless Appeal Centre [NFAC], Delhi, dated 18/05/2023 for A.Y. 2018-19; Principal Commissioner of Income Tax-4, Pune, dated 30/03/2023 for A.Y. 2018-19; and National Faceless Appeal Centre [NFAC], Delhi, dated 24/04/2023 for A.Y. 2020-21 as per the grounds of appeal on record. ....
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....ear 2017-18 was filed on 18.10.2017 disclosing total income of Rs. 3,11,740/-. Subsequently, the assessee revised the return of income declaring Rs. Nil income after claiming deduction of Rs. 6,32,86,382/- under the provisions of section 80P of the Income Tax Act, 1961 ("the Act"). Against the said return of income, the assessment was completed by the Assessing Officer accepting the returned income vide order dated 19.11.2019 passed u/s 143(3) of the Act. 4. Subsequently, on examination of the assessment order, the ld. PCIT formed an opinion that failure the Assessing Officer to examine the taxability of interest earned on the investments made with the cooperative banks, as the same constitutes business income, rendered the assessment ord....
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.... Assessing Officer to examine the issue rendered the assessment erroneous and prejudicial to the interests of the revenue. Accordingly, ld. PCIT set aside the assessment order with a direction to examine the assessee's claim of deduction u/s 80P(2)(a)(i) as well as interest of Rs. 19,88,77,712/- u/s 80P(2)(d) after affording reasonable opportunity of being heard to the appellant. 6. Being aggrieved, the appellant is in appeal before us in the present appeal. 7. The ld. AR submits that the issue of eligibility of income earned on the investment made with the cooperative bank was examined by the Co-ordinate Bench of this Tribunal in the case of M/s. Jan Kalyan Nagri Sahakari Pat. Limited Sanstha in ITA No.825/PUN/2019 for A.Y. 2014- 15 or....
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....In order to invoke the power of revision, the above two conditions are required to be satisfied cumulatively. References in this regard can be made to the decision of the Hon'ble Supreme Court in the case of Malabar Industrial Co. Ltd. vs. CIT, 243 ITR 83 (SC) and in the case of CIT vs. Max India Ltd., 295 ITR 282 (SC). The error in the assessment order should be one that it is not debatable or plausible view. In a case where the Assessing Officer examined the claim, took one of the plausible views, the assessment order cannot be termed as an "erroneous". In the present case, we find that admittedly the interest income was earned from the cooperative banks, the cooperative bank is also a specie of cooperative society, therefore, the interes....
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....389 ITR 578 (Guj.), the Hon'ble Delhi High Court in the case of Mantola Cooperative Thrift & Credit Society Ltd. Vs. CIT 50 taxmann.com 278, the Hon'ble Punjab & Haryana High Court in the case of CIT Vs. Punjab State Cooperative Agricultural Development Bank Ltd. 389 ITR 68 and the Hon'ble Kolkata High Court in the case of CIT Vs. Southern Eastern Employees Cooperative Credit Society Ltd. 390 ITR 524 took a view that the income arising on the surplus invested in short term deposits and securities cannot be attributed to the activities of the society and, therefore, not eligible for exemption u/s. 80P(2)(a)(i) of the Act. However, the Hon'ble Karnataka High Court in the case of Tumkur Merchants Souharda Credit Cooperative Ltd. Vs. ITO (2015)....