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2013 (12) TMI 1455 - AT - Income TaxDeduction u/s 80P denied - CIT(A) allowed the claim deeming the assessee bank as co-operative society - Held that:- In the present case, a clear finding is given by the Assessing Officer that by various judgments cited by learned A.R. of the assessee, the assessee does not get any support for the income earned from the investments made in non-SLR category because such investments were not the subject matter of the decision of CIT vs. Nawanshahar Central Co-operative Bank Ltd. [2005 (8) TMI 28 - SUPREME COURT OF INDIA]. The learned CIT(A) has not given any contrary finding that this contention of the Assessing Officer is not correct and the interest income is not in respect of non-SLR investment. Therefore, we find that the order of learned CIT(A) is not sustainable. We, therefore, reverse the same and restore that of the Assessing Officer. Decided in favour of revenue. Penalty imposed u/s 271B - photocopy of tax audit report submitted by the assessee is not genuine document as such and it is not acceptable as per CIT - depreciation on Mutual Funds and securities - Held that:- While going through the assessment order, we do not find any such addition having been made by the Assessing Officer of the amount in respect of disallowance of depreciation on Mutual Fund securities. In the ground of appeal, it was stated by the Revenue in ground No. 2 that in course of assessment proceedings, the assessee never submitted that Mutual Fund were held for the purpose of trade and not for investment. It is also submitted in ground No. 2 that the assessee did not file any evidence in this regard even after several opportunities were given during the assessment proceedings. There is no mention of any remand report in this regard in the order of CIT(A). Under these facts, we are of the considered opinion that the order of CIT(A) on this issue is not sustainable. his matter should go back to the file of the CIT(A) for a fresh decision and pass speaking order. - Decided in favour of revenue for statistical purposes. Revision u/s 263 - AO has not examined the issue of Carry forward of Loss and Unabsorbed Depreciation - Held that:- After carefully going through order of learned CIT passed by him u/s 263 we do not find any infirmity therein and therefore, the same is confirmed. - Decided against assesse. Deduction u/s 36(1)(viia) - deduction @10% of the aggregate average advances made by the Rural branches has to be computed in the manner laid down under Rule 6ABA of the l.T.Rules - Held that:- Since the date of inclusion in the Sch-H of the RBI Act is an obvious fact, I hereby hold that the assessee bank was not a scheduled bank during the F.Y. 2006-07 (corresponding to the A.Y. 2007-08) and, therefore, is not entitled to deduction @10% u/s 36(1)(viia) of the Act.- Decided against assesse.
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