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TMI Blog2015 (12) TMI 1648X X X X Extracts X X X X X X X X Extracts X X X X ..... ciety which fulfills all the three conditions of being held a Primary Co-operative Bank as given in section 5(ccv) of the Banking Regulation Act, 1949. 2. The learned CIT(Appeals) erred in law and on facts in not appreciating the definition of a co-operative bank which as per Explanation below section 80P(4) "the co-operative bank" shall have the meaning assigned to it in Part-V of the Banking Regulation Act, 1949. 3. The learned CIT(Appeals) erred in law and on facts in not appreciating the fact that the assessee society being a credit co-operative society engaged in banking business is a Primary Co-operative Bank within the definition of section 5(ccv) of the Banking Regulation Act, 1949 and as such, not eligible for deduction under s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... order dated 26/6/2015 in ITA No.252/Bang/2015 in paragraphs 5 and 6 as under: 5. On the other hand, learned AR has submitted that the issue s squarely covered by the judgment of jurisdictional High Court in the case of CIT Vs Sri Biluru Gurubasava Pattina Sahakari Sangh Niyamit, Bagalkot, in ITA No.5006/2013 dated 05-02-2014, Supra as well as in other decisions; "8.1. The Hon'ble High Court of Karnataka in the case of Sri Biluru Gurubasava Pattina Sahakari Sangha Niyamitha, supra which was followed in the cases of General Insurance Employees Co-operative Credit Society Ltd. and Karnataka High Court decision in the case of Vasavi Multipurpose Souharda Sahakari Niyamitha, ITA No.505/2013 dated 27/06/2014, supra, has clearly held hat a co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t to exclude the benefit extended under section 80P(1) to such society......................in the instant case, when the status of the assessee is a co-operative society and is not a co-operative bank, the order passed by the Assessing authority extending the benefit of exemption from payment of tax under section 80P(2)(a)(i) of the Act is correct". 8.2 The fact that the appellant is a cooperative society registered under the Karnataka Co-operative Societies Act, 1959 engaged in providing credit facilities to its members has been clearly mentio0ned by the AO in para-3 of his aforesaid assessment order. It is also not the case of the AO that the assessee is registered with the RBI as a bank. In its aforesaid submissions dated 18-11-2014 t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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