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TMI Blog2015 (6) TMI 833X X X X Extracts X X X X X X X X Extracts X X X X ..... t it has undertaken primary level agricultural development activities. Both the parties admitted that the issue stands covered by the decision in the case of Kerala Sate Co-operative Agricultural Rural Development Bank Ltd.[2011 (3) TMI 1011 - ITAT COCHIN ]. In line with the view taken therein we set aside the matter to the file of the AO with a direction to him to consider as to whether the assessee is entitled to deduction under section 80P of the Act. - Decided in favour of assessee for statistical purposes. - ITA No. 4806 to 4808 & 6053/Mum/2014 - - - Dated:- 9-2-2015 - Shri D. Manmohan And Shri Sanjay Arora For the Appellant : Shri M.C. Naniwadekar For the Respondent : Shri Surinder Jit Singh ORDER These appeals are filed by the assessee bank and they are directed against the orders passed by the CIT(A)-2, Mumbai. We are concerned herein with A.Y. 2008-09 to 2011-12. Since one of the issues involved in these appeals is common, we proceed to dispose of these appeals by a combined order for the sake of convenience. 2. At the outset it may be noticed that the main issue is concerned with availability of deduction under section 80P of the Act, which ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... est incomes are exigible to the tax in the hands of the recipient. As observed, in this case, the appellant s income predominantly consists of interest income and profits from financing activities. In view of these distinguishing factors, this ground of appeal is hereby dismissed. 5. No material, whatsoever, was placed before us to highlight that the case of the assessee falls outside the canopy of the ratio laid down by the Hon'ble Apex Court (supra). Under these circumstances ground Nos. 4 12 are dismissed. 6. Vide ground Nos. 2 3 the assessee submits that the activity of the assessee is eligible for deduction under section 80P(2)(a) of the Act. Brief facts, relevant to appreciate the issue, deserve to be noticed. The assessee bank was established in 1935 under the Bombay Cooperative Society Act, 1925 for the purpose of providing credit facility to its members which in turn to be utilised for agriculture and rural development. According to the assessee it is not a cooperative bank within the meaning of Banking Regulations Act, 1949; it neither carries on nor is licenced to carry on the business of banking. It is entitled to lend money for agriculture and rural deve ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rticular to paras 4 5 to highlight that though the Tribunal accepted the plea of the Revenue that it is a cooperative bank but the other aspect, i.e. whether the assessee is providing primary support to members of co-operative society needs to be verified and thus the matter was set aside to the file of the AO. There is no contrary decision on this aspect, by any higher forum, and in the light of the decision of the ITAT Cochin Bench the matter deserves to be remitted to the file of the AO for fresh adjudication. Needless to observe that the assessee shall place the bye-laws and other documentary evidences before the AO to support its claim that it was eligible for deduction under section 80P of the Act. Assessee has to prove that it has undertaken primary level agricultural development activities. Both the parties admitted that the issue stands covered by the aforecited decision. In line with the view taken therein we set aside the matter to the file of the AO with a direction to him to consider as to whether the assessee is entitled to deduction under section 80P of the Act. Ordered accordingly. 10. Vide ground Nos. 5 to 10 the assessee raised several alternative contentions ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee was under the impression that it is eligible for exemption from tax under section 80P of the Act. It was contended that various deductions for which assessee is eligible find mention in the accounts but the AO did not took the same into consideration since it does not form part of the returned income and the CIT(A), presumably applying the decision of the Hon'ble Apex Court in the case of Gotez India Ltd., overlooked the fact that at the appellate stage the assessee is entitled to raise alternative contentions. In this regard the assessee relied upon the decision of the Hon'ble Bombay High Court in the case of Pruthvi Brokers and Shareholders P. Ltd. 239 ITR 336. Here also the learned D.R. has not raised any serious objection for the matter being set aside the file of the AO for adjudication afresh. We hold accordingly. Assessment Year 2010-2011 15. In this appeal ground Nos. 1 10 are general in nature and do not require independent consideration. 16. Vide ground Nos. 2 3 the assessee contends that it is entitled for deduction under section 80P of the Act. This issue was discussed by us elaborately in para 9 above. For the reasons given therein we set as ..... X X X X Extracts X X X X X X X X Extracts X X X X
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