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TMI Blog2020 (10) TMI 1122X X X X Extracts X X X X X X X X Extracts X X X X ..... g. Co-operative Societies carrying on business of banking are therefore entitled to claim deduction u/s.80P(2)(a)(i). The CIT(A) s order was passed prior to the decision of the Hon ble Supreme Court in the case of The Citizens Co-operative Society Ltd., (supra) and hence the CIT(A) did not have the benefit of looking into the same. Appeal of the revenue is allowed for statistical purposes. - Shri N.V. Vasudevan, Vice President And Shri B R Baskaran, Accountant Member For the Appellant : Shri Dilip Reddy, Advocate, Stdg. Counsel for Dept. For the Respondent : Shri B.S. Balachandran, Advocate ORDER PER N.V. VASUDEVAN, VICE PRESIDENT This is an appeal by the revenue against the order dated 31.12.2015 of the CIT(Appeals)-5, Bengaluru relating ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... perative bank. The deduction under Section 80P is not available for Co-operative banks from A.Y. 2007-08. Section 80P was amended by the Finance Act, 2006, with effect from 1 -4-2007 introducing sub-section (4) to provide that the provisions of the said section shall not apply in relation to any co-operative bank other than a primary agricultural credit society or a primary co-operative agricultural and rural development bank. The expressions co-operative bank , `primary agricultural credit society have been taken as per the definition given in Part V of the Banking Regulation Act, 1949 (10 of 1949). The `primary co-operative agricultural and rural development bank have also been defined in the act to bring clarity. Further, by the aforesai ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ant observations of the Tribunal :- 3. It was submitted by ld. DR of revenue that ld. CIT(A) has not considered the later judgment of Hon ble Apex Court rendered in the case of The Citizen Co-operative Society Ltd. Vs. ACIT as reported in 397 ITR 1 and therefore, the order of CIT(A) should be reversed and that of the AO should be restored. As against this, it was submitted by ld. AR of assessee that the matter may be restored back to the file of AO/CIT(A) to decide the issue afresh after considering this judgment of Hon ble Apex Court. 4. We have considered the rival submissions and this is true that ld. CIT (A) has not considered the latest judgment of Hon'ble Apex Court rendered in the case of The Citizen Co-operative Society Ltd. Vs. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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