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2023 (1) TMI 614 - AT - Income TaxDeduction u/s 80P - assessee is a Co-operative Credit Society and is engaged in the business of accepting and lending money to its members only in the normal course of its activities - AO came to the conclusion that the assessee is a co-operative bank and therefore is covered under the provisions of section 80P(4) and thus the deduction provided under section 80P of the Act would not be available to it from the assessment year 2007-08 onwards - HELD THAT - We find that similar findings were rendered by the coordinate bench of the Tribunal in assessee s own case in ITO vs Maharashtra Mantraliya Va Sanlagana Shaskiya Karamchari Co-op. Credit Society Ltd. 2014 (10) TMI 1063 - ITAT MUMBAI while deciding a similar issue in favour of the assessee - We find that this issue is recurring in nature and has been decided in favour of the assessee by the decision of the coordinate bench of the Tribunal for the preceding assessment years. DR could not show us any reason to deviate from the aforesaid decisions and no change in facts and law was alleged in the relevant assessment year. Thus, respectfully following the orders passed by the coordinate bench of the Tribunal in assessee s own case cited supra, we find no infirmity in the impugned order passed by the learned CIT(A), which has rightly followed the judicial precedents in assessee s own case. As a result, grounds raised by the Revenue are dismissed.
Issues:
Appeal by Revenue against deduction under section 80P of Income Tax Act for assessment years 2014-15, 2015-16, and 2017-18. Analysis: 1. The Revenue filed appeals against the orders of the Commissioner of Income Tax (Appeals) regarding the deduction under section 80P of the Income Tax Act for the assessment years 2014-15, 2015-16, and 2017-18. 2. The appeals were consolidated as they pertained to the same assessee with identical issues. The lead case was for the assessment year 2014-15. 3. The Revenue raised grounds questioning the allowance of deduction under section 80P, citing non-consideration of specific provisions and conditions related to co-operative banks. 4. The Revenue's sole grievance was against the deduction allowed under section 80P of the Act to the assessee. 5. The assessee, a Co-operative Credit Society, claimed deduction under section 80P(2)(a)(i) of the Act, which was disallowed by the Assessing Officer citing section 80P(4) of the Act. 6. The Commissioner of Income Tax (Appeals) allowed the deduction, considering judicial precedents in favor of the assessee, leading to the Revenue's appeal. 7. During the hearing, the Departmental Representative relied on the Assessing Officer's order, while the Authorized Representative cited favorable decisions from previous years. 8. The Tribunal referred to previous decisions in the assessee's case and upheld the allowance of deduction under section 80P(2)(a)(i) based on the nature of the entity as a credit co-operative society, not a co-operative bank. 9. The Tribunal found no reason to deviate from previous decisions favoring the assessee, dismissing the Revenue's appeal for all assessment years. 10. The Tribunal's decision in the lead case for the assessment year 2014-15 applied mutatis mutandis to the appeals for the subsequent assessment years 2015-16 and 2017-18. 11. Consequently, all appeals by the Revenue were dismissed, affirming the eligibility of the assessee for the deduction under section 80P of the Income Tax Act. This detailed analysis covers the issues raised in the appeals, the arguments presented, and the Tribunal's decision based on legal provisions and precedents.
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