2024 (6) TMI 1341

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....n so far as it is against the appellant is opposed to law, equity, weight of evidence, probabilities, facts and circumstances of the case. 2. The learned P.C.I.T failed to appreciate that there was no error much less an error prejudicial to the interest of the revenue in the order passed by the learned Assessing Officer warranting revision u/s. 263 of the Act and consequently, the order passed by the P.C.I.T. requires to be cancelled. 3. The learned P.C.I.T. is not justified in holding that the order of assessment passed u/s. 143[3] of the Act, dated 19/04/2021 was erroneous and prejudicial to the interest of revenue on the ground that the same was not passed in accordance with the decision of the Hon'ble Supreme Court and Jurisdi....

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....he same to be labelled as an erroneous order prejudicial to the interest of revenue and therefore, the impugned order passed u/s. 263 of the Act directing the disallowance of deduction is contrary to law and facts of the appellant's case. 5. For the above and other grounds that may be urged at the time of hearing of the appeal, your appellant humbly prays that the appeal may be allowed and justice rendered. 2. Facts of the case are that the National e-assessment Centre, Delhi has passed an assessment order u/s. 143(3) r.w.s. 144B of the Act for the assessment year 2018-19 on 19.04.2021, assessing a total income of Rs. Nil. On perusal of the assessment records, the ld. PCIT observed that assessee has received interest income fr....

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....d provides credit facility to its members in addition to the other activities of marketing of agricultural produce. Even under such circumstances Hon'ble Supreme Court has held such income as not part of operational income in the decision reported in 322 ITR 283. When the interest so received from cooperative bank is not operational income as held by the Apex Court, deduction u/s. 80P(2)(a)(i) cannot be granted on such income. Further, such income i.e. income from Co-operative Bank is not eligible for deduction u/s. 80P(2)(d) in view of the binding decision of Karnataka High Court in the case of Totagars Co-operative Sales Society reported in 395 ITR 611. Although Authorized Representative of the assessee quoted another decision of Karn....

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....; 7,919 Rent received                                                                                                       3,605 Grand Total                                                                                                  &n....