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TMI Blog2016 (12) TMI 1775X X X X Extracts X X X X X X X X Extracts X X X X ..... The Eluru Co-operative House Mortgage Bank Ltd", however, name was changed as "The Eluru Co-op House Mortgage Society Ltd." w.e.f. 19/02/2009. The assessee field its return of income, wherein it claimed deduction under section 80P(2)(a)(i) of the Act and declared NIL income. The assessee also filed a note claiming the status that the society is mutually benefit society run on cooperative lines, however, the Assessing Officer has denied the claim of the assessee under section 80P(2)(a)(i) of the Act. The assessee, in his return of income also claimed overdue interest. The Assessing Officer denied the claim of the assessee on the ground that the assessee is following mercantile system of accounting, hence, claim of the assessee cannot be allo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... idered the submissions made and the details filed. It is seen that the assessee has made claim for deduction u/s.80P(2)(a)(ii), on which the AO took the view that the assessee is a co-operative bank falling within the purview of Sec.80P(4) of the I.T.Act and would not entitled for the impugned deduction. The view of the AO was upheld by the CIT(Appeals) in the assessee's appeal for A.Y.2008-09. However, it is also seen that the assessee's claim for deduction u/s.80P(2)(a)(ii) was upheld by the CIT(A) for A.Y.2007-08 and A.Y.2009-10 and no disallowance was made for A.Y.2010-11. Taking these facts 1ftb consideration, I am of the view that the assessee's claim for deduction u/s. 80P(2)(a)(i) cannot be said to be made in a non-bonaf ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in 322 ITR 158 (SC). 8. We have heard both the sides, perused the material available on record and gone through the orders of the authorities below. In this case, the assessee has made a claim under section 80P(2)(a)(i) of the Act. The Assessing Officer was of the opinion that the assessee is a bank and in the light of sub-clause(4) to section 80P, the assessee is not eligible for deduction under section 80P(2)(a)(i). Accordingly, he denied the claim of the assessee. On appeal, Commissioner of Income Tax (Appeals) confirmed the same. The Assessing Officer, by simply noting assessee has concealed the particulars of the income, imposed the penalty under section 271(1)(c). The Commissioner of Income Tax (Appeals) after considering the explana ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (supra), we find no infirmity in the order of the Commissioner of Income Tax (Appeals). Hence, appeal filed by the Revenue is dismissed. 10. Insofar as the provision of overdue interest is concerned, the assessee has filed all the details before the Assessing Officer. The Assessing Officer was of the opinion that the assessee is following mercantile system of accounting and therefore, the provision made by him cannot be allowed. On appeal, Commissioner of Income Tax (Appeals) confirmed the order of the Assessing Officer. The Assessing Officer, by simply noting assessee concealed the income, invoked the provisions of section 271(1)(c) and imposed penalty. On appeal, Commissioner of Income Tax (Appeals) confirmed the order of the Assessing O ..... X X X X Extracts X X X X X X X X Extracts X X X X
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