Assessee, co-operative society, is engaged in business of providing long-term finance to its agricultural farmer members. It received certain deposits from said members against loans sanctioned to them and deposited same with two co-operative banks, i.e. WBSCARD and HDCCB.  Assessing Officer held that  assessee had earned income from fixed deposit in HDCCB bank and  made additions by treating it as income from other sources under section 56. PCIT passed the revision order on ground that since dividend or interest received by any co-operative society from its investment in any other co-operative society would be taxable under section 56, thus, deduction pertaining to interest received from WBSCARD and HDCCB bank, which were co-operative banks, was not eligible under section 80P(2)(a)(i). Held that  the Assessing Officer after undertaking requisite inquiries had taken one of plausible views on claim of assessee under section 80P by disallowing amount received by assessee as interest on deposits and assessee did not go into appeal against said assessment order. Revision order is held to be erroneous and quashed. (AY. 2017-18)