9911796707
TMI Blog2017 (5) TMI 1399X X X X Extracts X X X X X X X X Extracts X X X X ..... g credit facilities to its members is eligible for deduction under section 80P(2)(a)(i) of the Act. During the course of hearing, the learned DR could not specifically point out any specific defect in the order of the CIT(A). See Tumkur Merchants Souharda Credit Cooperative Ltd., vs ITO, [2015 (2) TMI 995 - KARNATAKA HIGH COURT]- Decided against revenue - ITA No.142 & 143/Bang/2017 - - - Dated:- 26-5-2017 - SHRI SUNIL KUMAR YADAV, JUDICIAL MEMBER For The Revenue : Shri. Ar. V. Sreenivasan, JCIT For The Assessee : Shri. Sachin Basavaraj Patil, CA ORDER Per Sunil Kumar Yadav, Judicial Member This appeal is preferred by the revenue against the order of CIT(A), interalia, on the following ground: 1. The order ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the following reasons: The CIT(A) has deleted the additions made on account of the disallowance claimed U/s. 80P(2)(a)(i) aggregating to ₹ 85,128/-. The CIT(A) relied on the decision of Hon'ble High Court of Karnataka in the case of Tumkur Merchants Souhardha Credit Co-op Ltd Vs. ITO [ITA No.307 of 2014] dated: 28.10.2014 and held that the assessee is entitled to claim deduction U/s 80P(2)(a) of the entire income which has arrived in the course of banking business. In the above referred case, the decision was not accepted and further appeal I was not filed only on the lower tax effect. On similar issue, in the case of CIT Vs Sri Biluru Gurubasava Pattina Sahakari Sangha Niyamitha, Bagalkot SLP was filed and admitted in Supre ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... issue is not acceptable and filing of second appeal is suggested on this issue. Aggregate tax effect on issues proposed to be contested in the ITAT Rs.1,18,721/- B. Grounds of appeal to be raised before the ITAT may be framed in respect of the issues not accepted by the CIT. GROUNDS OF APPEAL 1. The order of the CIT(A), Davangere, is opposed to the law and not on the facts and circumstances of the case. 2. Whether the CIT(A), Davangere is right in granting relief to the assessee on the addition made on account of Interest earned from Non-members of the Society U/s 80P(2)(a)(i) of the Income-tax Act, 1961. 3. The CIT(A), Davanager e, er red in delet ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on merits, or (ii) Though tax effect is below the prescribed limit, the case falls under the exceptions (to be specified) of the Instruction of CBDT on monetary limits. NA (iii) Authorisation under section 253(2) of the I.T. Act is issued separately. Appeal to be filed accordingly. 2. During the course of hearing, the learned counsel for the assessee invited our attention to the order of the CIT(A) with the submission that CIT(A) has adjudicated the issue following the judgment of the jurisdictional High Court in the case of Tumkur Merchants Souharda Credit Cooperative Ltd., vs ITO, Shri. Biluru Gurubasava Sahakari Sangh Niyamit, Bagalkote and Belgaum Merchants Co-op Credit Society Ltd., Vs. CIT. Besides CIT(A) has a ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
