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TMI Blog2012 (11) TMI 659X X X X Extracts X X X X X X X X Extracts X X X X ..... if at all, against the order of the AO while giving effect to the order of the Tribunal. That is why on enquiry, ld.AR Mr.Patel has made a statement at the Bar that against the order giving effect to the ITAT’s order, a remedial action has already been taken by filing an application u/s.154 of IT Act, as also an appeal has already been filed. Under these circumstances, we hereby hold that there was no mistake on the part of the Tribunal so as to rectify u/s.254(2) of IT Act - miscellaneous petition dismissed. - MA No.114/Ahd/2010 - - - Dated:- 13-1-2012 - SHRI MUKUL Kr.SHRAWAT AND SHRI A. MOHAN ALANKAMONY, JJ. Applicant by : Shri M.G. Patel, A.R. Respondent by : Shri Samir Tekriwal, D.R. ORDER PER SHRI MUKUL ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s entitled to deduction under section 80P(2)(a)(i) of the Income Tax Act, 1961, in respect thereof Respectfully following the above mentioned decision of Special Bench, the decision of Hon.Jurisdictional High court in the case of CIT vs. Baroda Peoples Co-op.Bank Ltd. (supra) and the decision of Hon.Supreme Court in the above case, we hold that Ld. CIT(A) was wrong in not granting the relief to the assessee and, therefore, we reverse the order of CIT(A) and allow both the appeals of the assessee. 3.It seems that in deciding the above appeal, Hon ble Members of B Bench of ITAT have not considered in the order the grounds stated in para-1 above, which were specific and were different from the grounds of A.Y. 2000-01 which are as follow ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... The Revenue Officer has followed Hon ble Supreme Court decision, i.e. CIT vs. Ramanathapuram District Co-operative Central Bank Ltd. 255 ITR 423(SC) as directed by the Tribunal but due to the specific direction of granting exemption or reduction from the total income of capital gain and other sources again an assessment was made on income of Rs.2,04,72,502/-, though the Co-operative Bank happened to be totally exempt from tax. 3. From the side of the Revenue ld.DR Mr.Samir Tekriwal appeared and placed reliance on the order of the Tribunal and argued that the appeal of the assessee was allowed in the light of few decisions cited at that time by the ld.AR Mr.Patel. He has drawn our attention on paragraph Nos.3, 5 6 of the order of the Tri ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sessee, a co-operative society carrying on banking business, were business income of the assessee, and the assessee was entitled to deduction under section 80P(2)(a)(i) of the Income-tax Act, 1961, in respect thereof. Respectfully following the above mentioned decision of Special Bench, the decision of Hon. Jurisdictional High Court in the case of CIT vs. Baroda Peoples Co-op. Bank Ltd. (supra) and the decision of Hon. Supreme Court in the above case, we hold that ld. CIT(A) was wrong in not grating the relief to the assessee and, therefore, we reverse the order of CIT(A) and allow both the appeals of the assessee. 4. Having heard the submissions of both the sides, we are of the conscientious view that no mistake at all was committe ..... X X X X Extracts X X X X X X X X Extracts X X X X
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