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TMI Blog2015 (6) TMI 1237X X X X Extracts X X X X X X X X Extracts X X X X ..... 14 - - - Dated:- 26-6-2015 - SHRI MUKUL K. SHRAWAT, JUDICIAL MEMBER AND SHRI SHAMIM YAHYA, ACCOUNTANT MEMBER For the Appellant : Shri Narendra Kane. For the Respondent : Shri Nitin Sarda. ORDER Per Shri Shamim Yahya, A.M This appeal by the Revenue is directed against the order of learned CIT(Appeals)-II, Nagpur dated 29-11-2013 and pertains to assessment year 2010- 11. 2. The issue raised is that the learned CIT(Appeals) erred in holding that the assessee is eligible for deduction under section 80P(2)(a)(i). 3. At the outset, in this case, learned counsel of the assessee submitted that the issue is covered in favour of the assessee by the catena of decisions of Tribunal. The learned counsel further submitte ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... O. is, therefore, directed to allow the claim of appellant u/s 80P of the I.T. Act of ₹ .18580354/- to the extent of gross total income of the appellant. This ground is therefore allowed. 5. We find that the learned CIT(Appeals) has taken a correct view. In similar situation, the ITAT by a common order dated 12-09-2014 has also decided a similar issue in favour of the assessee. We further find that identical issues were considered by the Hon ble jurisdictional High Court in the case of Queen Urban Co-operative Credit Society Ltd. v/s. ACIT in Tax Appeals No. 22, 23 24 of 2015 vide order dated 17th April, 2015. The Hon ble High Court had expounded as under : This fact of accepting deposits from people who are not members had ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nnot be considered to be a co-operative bank for the purposes of Section 80P(4) of the Act. Thus, the appellant is entitled to the benefit of deduction available under section 80P(2)(a)(i). The contention of the revenue that the appellant is not entitled to the benefit of Section 90P(2)(a)(i) in view of the fact that it deals with non-members cannot be upheld. This for the reason that Section 80P(1) of the Act restricts the benefits of deduction of income of co-operative society to the extent it is earned by providing credit facilities to its members. Therefore, to the extent the income earned is attributable to dealings with the non-members are concerned the benefit of Section 80P would not be available. In the above view of the matter, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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