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TMI Blog2023 (1) TMI 614X X X X Extracts X X X X X X X X Extracts X X X X ..... traliya Va Sanlagana Shaskiya Karamchari Co-op. Credit Society Ltd.[ 2014 (10) TMI 1063 - ITAT MUMBAI] while deciding a similar issue in favour of the assessee - We find that this issue is recurring in nature and has been decided in favour of the assessee by the decision of the coordinate bench of the Tribunal for the preceding assessment years. DR could not show us any reason to deviate from the aforesaid decisions and no change in facts and law was alleged in the relevant assessment year. Thus, respectfully following the orders passed by the coordinate bench of the Tribunal in assessee s own case cited supra, we find no infirmity in the impugned order passed by the learned CIT(A), which has rightly followed the judicial precedents in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lowing the deduction u/s. 80P of the I.T. Act, 1961 without considering insertion of section 80P(4) of the Act and sub-clause (viia) to Section 2(24) vide Finance Act, 2006 w.e.f. 01.04.2007. ii. Whether on the facts and in the circumstances of the case and in law, the Ld. CIT(A) has erred in allowing deduction u/s. 80P of the 1.T. Act, 1961 without considering the fact that the assessee fulfils all the three conditions laid down u/s. 56(c)(ccv) of Part V of the Banking Regulation Act 1949 and therefore falls in the category of a primary co-operative bank. iii. The appellant craves leave to amend or alter or add a new ground which may be necessary. 4. The only grievance of the Revenue is against the allowance of deduction und ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ary co-operative agricultural and rural development bank. Accordingly, the AO came to the conclusion that the assessee is a co-operative bank and therefore is covered under the provisions of section 80P(4) of the Act, and thus the deduction provided under section 80P of the Act would not be available to it from the assessment year 2007-08 onwards. As a result, the deduction claimed by the assessee under section 80P(2)(a)(i) of the Act was disallowed. 6. The learned CIT(A), vide impugned order, by following the judicial precedents in the case of the assessee, allowed the appeal filed by the assessee and held that the assessee is eligible for deduction claimed under section 80P(2)(a)(i) of the Act. Being aggrieved, the Revenue is in appeal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... section 80P(4) would exclude not only the co-operative banks other than those fulfilling the description contained O/TAXAP/442/2013 ORDER therein but also credit societies, which are not co-operative banks. In the present case, respondent assessee is admittedly not a credit co-operative bank but a credit co-operative society. Exclusion clause of sub-section (4) of section 80P, therefore, would not apply. In the result, Tax Appeals are dismissed. Similar view is taken by the Tribunal's Mumbai Bench in the case of M/s. Mumbai Teleworkers Co-op. Credit Society Ltd. in ITA No. 7106/Mum/2012 and in the case of M/s. Kulswami Co-op. Credit Society Ltd. in ITA No. 3223/Mum./2011 and 505/Mum./2012 As the facts and the issues are identical ..... X X X X Extracts X X X X X X X X Extracts X X X X
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