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TMI Blog2014 (1) TMI 1690X X X X Extracts X X X X X X X X Extracts X X X X ..... operative banks. In the present case, respondent assessee is admittedly not a credit cooperative bank but a credit cooperative society. Exclusion clause of subsection( 4) of section 80P, therefore, would not apply. - Decided against revenue - TAX APPEAL No. 1150 of 2013 - - - Dated:- 17-1-2014 - MR. JUSTICE AKIL KURESHI AND MS. JUSTICE SONIA GOKANI MR SUDHIR M MEHTA, ADVOCATE FOR THE APPELLANT MR MANISH J SHAH, ADVOCATE FOR THE RESPONDENT ORAL ORDER (PER : HONOURABLE Mr. JUSTICE AKIL KURESHI) Revenue is in appeal against the judgment of the Income Tax Appellate Tribunal, Ahmedabad [ Tribunal for short] in ITA No.579/Ahd/2010 for A.Y 200910 dated 10th May 2013, raising following questions for our considera ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f the Act by virtue of the provisions contained in section 80P(2)(a)(i) of the Act. As is well known under subsection( 1) of section 80P certain cooperative societies are granted deductions of the sum specified in subsection( 2) in computing the total income. As per section 80P(2)(a)(i), the sums referred in subsection( 1) would be in case of a cooperative society engaged in carrying on the business of banking or providing credit facilities to its members the whole of the amount of profits and gains of business attributable to any one or more of such activities. Revenue, however, contends that by virtue of newly amended subsection( section 80P inserted with effect from 1.4.2007 by Finance Act, 2006, section 80P would not apply to the respon ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n( 4) of section 80P would not apply. This, irrespective of the fact that the respondent would not fall within the expression primary agricultural credit society. 6. Had this been the plain statutory provisions under consideration in isolation, in our opinion, the question of law could be stated to have arisen. When, as contended by the assessee, by virtue of subsection( 4) only cooperative banks other than those mentioned therein were meant to be excluded for the purpose of deduction under section 80P, a question would arise why then Legislature specified primary agricultural credit societies along with primary cooperative agricultural and rural development banks for exclusion from such exclusion and in other words, continued to hold su ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed by CBDT, Delhi Coop Urban Thrift Credit Society Ltd. was under consideration. Circular clarified that the said entity not being a cooperative bank, section 80P(4) of the Act would not apply to it. In view of such clarification, we cannot entertain the Revenues contention that section 80P(4) would exclude not only the cooperative banks other than those fulfilling the description contained therein but also credit societies, which are not cooperative banks. In the present case, respondent assessee is admittedly not a credit cooperative bank but a credit cooperative society. Exclusion clause of subsection( 4) of section 80P, therefore, would not apply. In the result, Tax Appeals are dismissed. In the result, Tax Appeal is dismissed. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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