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TMI Blog2019 (7) TMI 851X X X X Extracts X X X X X X X X Extracts X X X X ..... irst question before us is answered in affirmative and in favour of the assessee, and the second question before us is answered in negative and in favour of the assessee. As this is the only issue in appeals before us, challenging the relief granted by the CIT(A), with the consent of the parties, we dispose of the appeals on merits. The grievances raised by the Revenue in appeals, in the light of the above discussions, must be dismissed, and the relief granted by the CIT(A) on this point must be upheld. We, therefore, uphold the relief granted by the CIT(A) in all these cases and decline to interfere in the matter. - ITA Nos: 2668 to 2670/Ahd/2012, CO Nos. 10 to 12/Ahd/2013, ITA Nos: 2871 & 2905/Ahd/2012, CO Nos. 79 & 78/Ahd/2013, ITA Nos: 2865 & 2866/Ahd/2012, CO Nos. 80 & 81/Ahd/2013 And ITA No: 1311/Ahd/2012 & CO No. 117/Ahd/2012 - - - Dated:- 18-4-2019 - Mr P P Bhatt, President, Pramod Kumar, Vice President And Rajpal Yadav, Judicial Member For The Appellant : Mr OP Sharma, Mudit Nagpal and Vinod Tanwani For The Respondent And Cross-Objector : Mr Ashwin C Shah ORDER Per Bench : ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ot be available to any co-operative bank or primary cooperative agricultural and rural development bank with the principal object of providing long term credit for agricultural and rural development activities. Being of the view that the assessee was a cooperative bank other than a primary agricultural credit society or a primary cooperative agricultural and rural development bank, the Assessing Officer held that the provisions of sub-section (4) of section 80P of the Act would be applicable to the assessee and disallowed the deduction claimed under section 80P of the Act. The assessee carried the matter in appeal before the Commissioner (Appeals), who allowed the said ground of appeal and deleted the disallowance under section 80P of the Act. The revenue carried the matter in appeal before the Tribunal, but did not succeed. 3. Mrs. Mauna Bhatt, learned senior standing counsel for the appellant, assailed the impugned order on the grounds set out in the memorandum of appeal and on the reasons recorded by the Assessing Officer in the assessment order. 4. As can be seen from the order passed by the Commissioner (Appeals), he has recorded that the pr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ntained in section 80P(2)(a)(i) of the Act. As is well known under sub-section (1) of section 80P certain co-operative societies are granted deductions of the sum specified in sub-section (2) in computing the total income. As per section 80P(2)(a)(i), the sums referred in sub-section (1) would be in the case of a co-operative society engaged in carrying on the business of banking or providing credit facilities to its members the whole of the amount of profits and gains of business attributable to any one or more of such activities. The Revenue, however, contends that by virtue of newly amended sub-section (4) of section 80P inserted with effect from April 1, 2007, by the Finance Act, 2006, section 80P would not apply to the respondent-assessee. Section 80P(4), in the present form, refers as under : ( 4) The provisions of this section shall not apply in relation to any cooperative bank other than a primary agricultural credit society or a primary co-operative agricultural and rural development bank. Explanation.-For the purposes of this sub-section,- ( a 'co-operative bank' and prim ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... : Clarification regarding admissibility of deduction under section 80P of the Income-tax Act, 1961. 1. Please refer to your letter No. DCUS/30688/2007, dated March 28, 2007, addressed to the Chairman, Central Board of Direct Taxes, on the above given subject. 2. In this regard, I have been directed to state that sub-section(4) of section 80P provides that deduction under the said section shall not be allowable to any co-operative bank other than a primary agricultural credit society or a primary co-operative agricultural and rural development bank. For the purpose of the said sub-section, cooperative bank shall have the meaning assigned to it in Part V of the Banking Regulation Act, 1949. 3. In Part V of the Banking Regulation Act, 'co-operative bank' means a State co-operative bank, a Central co-operative bank and a primary co-operative bank. 4. Thus, if the Delhi Co-op. Urban Thrift and Credit Society Ltd. does not fall within the meaning of 'co-operative bank' as defined in Part V of the Banking Regulation Act, 1949, sub-section (4) of section 80P will not apply in this case. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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