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TMI Blog2014 (7) TMI 1057X X X X Extracts X X X X X X X X Extracts X X X X ..... the reason that the assessee, a cooperative credit society is not a bank for the purposes of section 80P(4) of the Act – Decided against Revenue. - ITA No. 7106/Mum/2012 - - - Dated:- 30-6-2014 - Shri Sanjay Arora And Dr. S. T. M. Pavalan,JJ. For the Petitioner : None For the Respondent : Shri Sambit Mishra ORDER Per Dr. S. T. M. Pavalan, JM: This appeal filed by the Revenue is directed against the order of the Ld.CIT(A)-33, Mumbai dated 25.09.2012 for the Assessment Years 2009-10 wherein the Revenue has agitated the decision of the Ld.CIT(A) in directing the AO to allow the deduction claimed by the assessee u/s 80P of the Act. 2. No one appeared on behalf of the assessee during the hearing of the case and w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or primary co-operative agricultural and rural development bank. 4.1 It is the case of the Revenue that the assessee has been functioning as a cooperative bank and by virtue of section 80P(4), the assessee is not entitled for the benefit of section 80P and also the assessee is not coming within the purview of primary agricultural society or primary co-operative agricultural and rural development bank. 4.2 In this connection, it is pertinent to mention that the letter of the CBDT bearing No. F. No. 133/06/2007-TPL dated 09.05.2008 addressed to the Delhi Urban T C Society Ltd., stating that for the purposes of subsection 4 of section 80P, cooperative bank shall have the same meaning as assigned to it in part V of the Banking Regulati ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eshagala Souharda Sahakari Ltd. [2012] 137 ITD 163. 4.4 In addition to the aforementioned discussion, the distinction between cooperative society registered under the Banking Regulation Act 1949 and the cooperative society registered under the Maharashtra State Cooperative Societies Act 1960 as brought out by the Ld.CIT(A) is extracted hereunder:- The above distinction makes it very clear that the assessee is not a co-operative bank for the purposes of section 80P(4) of the Act. Incidentally, the Ld.CIT(A) has noted that a similar issue has been decided by him in the case of another assessee namely, M/s Kulswamy Co-operative Credit Society Ltd for the AY 2008-09. However, it is the contention of the Revenue that the said dec ..... X X X X Extracts X X X X X X X X Extracts X X X X
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