9911796707
TMI Blog2015 (7) TMI 1239X X X X Extracts X X X X X X X X Extracts X X X X ..... ble Bombay High Court in the case of Quepem Urband Cooperative Credit Society Ltd (2015 (6) TMI 573 - BOMBAY HIGH COURT ) is relevant for the following proposition: ‘Where assessee-cooperative society could not be regarded as ‘Co-operative Bank’ on, mere fact that an insignificant proposition of revenue was coming from non-members, and thus, was entitled for deduction under section 80P(2)(a)(i) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ety. 2. On the facts and in the circumstances of the case and in law, the Ld CIT (A) has erred in allowing deduction u/s 80P(2)(a)(i) without considering insertion of section 80P(4) and sub clause (viia) to section 2(24) vide Finance Act, 2006 w.e.f. 1.4.2007. 3. On the facts and in the circumstances of the case and in law, the Ld CIT (A) has erred in holding that the facts of the assess ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... notices u/s 143(1) 143(2) were issued and the assessment was completed u/s 143(3) of the Act determining the assessed income at ₹ 40,13,470/- wherein the AO disallowed ₹ 40,13,467/- against the said claim of deduction u/s 80P of the Act. Aggrieved, assessee carried the matter in appeal before the first appellate authority. 3. During the proceedings before the first appellate autho ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... us orders of the ITAT, Mumbai as well as the other Benches and the judgment of the Hon ble Bombay High Court in the case of Quepem Urban Cooperative Credit Society Ltd [2015] 58 taxmann.com 113 (Bombay). 5. After hearing the both the parties in this regard, we find the said judgment of the Hon ble Bombay High Court in the case of Quepem Urband Cooperative Credit Society Ltd (supra) is relevant ..... X X X X Extracts X X X X X X X X Extracts X X X X
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