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TMI Blog2014 (6) TMI 210X X X X Extracts X X X X X X X X Extracts X X X X ..... irmity in the order of the CIT(A) – Decided against Revenue. - ITA No. 5690/Mum./2012 - - - Dated:- 20-5-2014 - Shri Sanjay Arora And Shri Amit Shukla,JJ. For the Petitioner : Mr. Mourya Pratap For the Respondent : Mr. Mehul R. Shah ORDER Per Amit Shukla, J.M. The aforesaid appeal has been preferred by the Revenue challenging the impugned order dated 22nd June 2012, passed by the learned Commissioner (Appeals) XXXIII, Mumbai, for the quantum of assessment passed under section 143(3) of the Income Tax Act, 1961 (for short the Act ) for the assessment year 2009 10, on the following grounds: 1. On the facts and in the circumstances of the case and in law the learned CIT(A) erred in allowing exemption on recovery ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... loan from the society. This amount was recovered due to non payment of installment within the period given for repayment. The society has incurred the expenses for legal expenses like action u/s 101 and paid the stamp duty other expenses and debited these expenses as expenses of the society and when the recovery is made then this charges were credited to the Profit Loss account. As far as service charges, the assessee submitted that the society collected the service charges from the borrower to whom loan was given for the purpose of this amount has made scrutiny of the document and visited the business place and residential place of the borrower and charge the service charges. This is also part parcel of business income and the income ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nder: 5. We have considered the rival submission and also perused the relevant material available on record. The assessee in the present case is co-operative credit society and the income earned by it from the business of providing credit facilities to its members is entitled for deduction u/s 80-P(2)(a)(i) of the Act. Even the A.O. allowed such deduction claimed by the assessee in respect of its income from business of providing credit facilities to its members except the income from service charges and recovery charges. According to him, the income earned by the assessee in the form of recovery and service charges was not from the business of providing credit facilities to its members and the same, therefore, was not entitled for ded ..... X X X X Extracts X X X X X X X X Extracts X X X X
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