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TMI Blog2018 (3) TMI 1965X X X X Extracts X X X X X X X X Extracts X X X X ..... e Act, considering an alternative ground of the assessee. In the circumstances, we are of the opinion that the issue requires a fresh look by the ld. Assessing Officer. We therefore set aside the orders of the lower authorities and remit the issue back to the file of the ld. Assessing Officer for consideration afresh in accordance with law. Appeal of the Revenue for both the years are allowed for statistical purpose. - I.T.A. Nos.1951 & 1952/CHNY/2017 - - - Dated:- 5-3-2018 - Shri Abraham P.George, Accountant Member And Shri George Mathan, Judicial Member For the Appellant : Mrs. S. Vijayaprabha, IRS, JCIT. For the Respondent : Shri. M. Viswanathan, C.A. ORDER PER ABRAHAM P. GEORGE, ACCOUNTANT MEMBER: ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... not a bank recognized by the RBI and hence Section 80P(4) of the Act have no application. Ld. Counsel fairly admitted that for assessment year 2010-2011, this Tribunal in assessee s own case in ITA No.1522/Mds/2017, dated 16.11.2017 had held in favour of the Revenue. 4. We have considered the rival contentions and perused the orders of the authorities below. No doubt, in assessee s own case for assessment year 2010-2011 on Revenue s appeal, this Tribunal held as under:- 4. In the Revenue s appeal, the Revenue has raised the following grounds: 1. The order of the learned CIT(A) is contrary to law, facts and circumstances of the case. 2.1 The learned CIT(A) erred in holding that the assessee is eligible for deduc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... peration is restricted to a Taluk . In the instant case, the operations are spread all over the state and being the apex bank, the assessee cannot claim the status of a primary bank. 2.6 The learned CIT(A) erred in holding that the assessee being a co-operative bank is eligible for deduction u/s.80P of the Act, without appreciating the fact that the assessee bank is entitled to float debentures and to receive deposits as per clause 4 of the bye-laws and further entitled to subscription of shares, debentures and other borrowings as per clause-13 of the byelaws, making it clear that the assessee has all characteristics of a bank, and not a primary agricultural credit society. 3. For these and other grounds that may be adduced ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Kerala High Court in the case of Kerala State Co-operative Agricultural Rural Development Bank Ltd., referred to supra, respectfully following the decision of the Hon ble Kerala High Court in the case of Kerala State Co-operative Agricultural Rural Development Bank Ltd., the order of the Ld.CIT(A) stands reversed and that of the AO restored. 8. In the result, the appeal filed by the Revenue is allowed . However, when the case was heard by this Tribunal none of the parties pointed out the judgment of Hon ble Apex Court in the case of The Citizen Co-Operative Society Ltd (supra). Their lordships in the case had considered the issue whether deduction u/s. 80P(2)(a) (i) of the Act could be given to a society which was doing ..... X X X X Extracts X X X X X X X X Extracts X X X X
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