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TMI Blog2014 (1) TMI 1927X X X X Extracts X X X X X X X X Extracts X X X X ..... Co-op Credit Society Ltd, The Bhiloda Taluka Primary Teachers Co.Op Credit Society Ltd, The Talod Taluka Primary Teacher Co-op Credit Society Ltd, The Khedbrahma Taluka Primary Teachers Co-op Credit Society, The People Sahkari Mandali Ltd, The Bayad Taluka Primary Teachers Co-op Credit Society Ltd, The State Transport Employees Coop Credit & Thrift Society Ltd, The Gabat Nagarik Sahakari Sharafi Mandali Ltd And Shri Meghraj Taluka Primary Teachers Co-op. Credit Society Ltd, Bhiloda Taluka Primary Teachers Co.Op Credit Society Ltd Versus ITO, S.K. Ward-2, Himatnagar Sri D.K Tyagi, Judicial Member and Shri T.R.Meena, Accountant Member For the Revenue : Sri O.P.Batheja, Sr.D.R. For the Assessee : Sri A.C.Shah, A.R. ORDER P ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 49 whereas co-operative society engaged in providing credit facility to its member governed by Gujarat Cooperative Society Act only and not by Banking Regulation Act. "The provision of sub-section (4) are unambiguous and that it is clearly provided that it is applicable only to Co-op. Bank and not to Society providing credit facilities. It therefore follows that the provisions of section 80P(2)(a)(i) are now applicable only to Co-op. Societies engaged in providing credit facilities to its members. In other words, insertion of sub-clause(4) to section 80P with effect from 01/04/2007 has taken away the exemption from a society engaged in carrying on business of banking and that the exemption granted to society carrying on business of provid ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... AO whereas learned counsel of the assessee has relied in case of ITAT Ahmedabad decision in case of Jafari Momin Vikas Co-operative Credit Society in ITA No. 1491/Ahd/2012 A.Y. 2009-10 order dated 31-10-2010 wherein identical issue has been allowed by Hon'ble Bench in favour of the assessee. He argued that assessee is not a cooperative bank as defined in part-V of the Banking Regulation Act, 1949. The assessee has borrowed fund from the members only and provided credit facility to its member only. The sub-section (4) of section 80P is not applicable in case of assessee as recently held by the Hon'ble Gujarat High Court in case of Jafari Momin Vikas Co-operative Pvt Ltd in case of tax appeal no. 442,443 and 863 of 2013 order dated 15-01-200 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Nos. 82/Ahd/2013 and 97/Ahd/2013 in case of Meghraj Taluka Primary Co-op. Credit Society Ltd and the Bhiloda Taluka Primary Teachers Co-op Credit Society Ltd respectively are against the confirmation of addition by the Ld. CIT(A). In case of Meghraj Taluka Primary Co-op. Credit Society Ltd Rs. 75,000/- and in case of Bhiloda Taluka Primary Teachers Co-op Credit Society Ltd Rs. 50,000/- were confirmed by Ld. CIT(A) on the ground addition under the head building fund is not eligible for deduction u/s. 80P(2)(a)(i) and not covered with the decision of Vijaya Bank vs. CIT 323 ITR 166 (SC). 11. Now assessee is before us. 12. Ld. AR drawn our attention on Hon'ble Bombay High Court decision in case of CIT vs. Gem Plus Jewelleary India Ltd [2011 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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