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TMI Blog2017 (2) TMI 1015X X X X Extracts X X X X X X X X Extracts X X X X ..... itled to deduction under sec. 80P of the Act - Decided in favour of assessee - ITA No. 61/PAN/2016, C.O. No. 53/PAN/2016 - - - Dated:- 19-7-2016 - Shri N.S. Saini, Hon ble Accountant Member And Shri George Mathan, Hon ble Judicial Member Assessee by : None Department By : Shri Anand Shankar Marathe - DR ORDER Per George Mathan, Judicial Member This is an appeal filed by the Revenue and the Cross Objection filed by the assessee against the order of the Commissioner of Income Tax (Appeals), Belagavi in appeal No. 260/BGM/2014-15, dated 15/02/2016 for the Assessment Year 2012-13. 2. The only issue involved in this appeal is that the Commissioner of Income Tax (Appeals) erred in allowing deduction to the assessee und ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... llant s case is squarely covered by the aforesaid decisions of the Jurisdictional High Court of Karnataka as facts are similar and issue involved is identical. It appears SLP filed by the Department before the Hon ble Supreme Court on the similar issue is pending. Unless the decision of the Jurisdictional High Court is reversed by the Hon ble Supreme Court, the position of the law is clear that the appellant s case is not covered by the section 80P(4) as it is not a cooperative bank and it is entitled to deduction under section 80P(2)(a)(i). Hence, the appeal filed by the appellant is allowed. The appellant gets the relief of Rs. 37,83,918/- under section 80P(2)(a)(i) of the Income Tax Act. 5. None appeared on behalf of the assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d not want to extend the said benefit to a co-operative bank which is exclusively carrying on banking business i.e the ITA No.1149/Bang/2015 Shri Holehucheshwar Co-op Credit Society Ltd. Page 4 of 6 purpose of this amendment. Therefore, as the assessee is not a Co-operative bank carrying on exclusively banking business and as it does no possess a licence from Reserve Bank of India to carry on business, it is not a co-operative bank. It is a co-operative society which also carries on the business of lending money to its members which is covered under section 80P(2)(a)(i) i.e carrying on the business of banking for providing credit facilities to its members. The object of the aforesaid amendment is not to exclude the benefit extended under se ..... X X X X Extracts X X X X X X X X Extracts X X X X
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