Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2014 (4) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2014 (4) TMI 306 - ITAT BANGALOREJustification of invoking section 263 of the Act – Denial of deduction u/s 80P(2)(a)(i) of the Act - Whether the CIT is justified in invoking the revisionary jurisdiction u/s 263 of the Act directing the AO to deny the benefit of deduction u/s 80P(2)(a)(i) of the Act to the assessee society – Held that:- The decision in CIT vs. Jafari Momin Vikas Co-Op Credit Society Ltd. [2014 (2) TMI 28 - GUJARAT HIGH COURT] followed - sub-section (4) of section 80P will not apply to an assessee which is not a co-operative bank - CBDT Circular No. 133 of 2007 dated 9.5.2007 clarified that the entity not being a cooperative bank, section 80P(4) of the Act would not apply to it – thus, the Revenue's contention that section 80P(4) would exclude not only the cooperative banks other than those fulfilling the description contained therein but also credit societies, which are not cooperative bankscannot be accepted - assessee is not a credit co- operative bank but a credit co-operative society - Exclusion clause of sub-section (4) of section 80P would not apply – thus, the CIT is not justified in denying the benefit of section 80P(2) to the assessee society – Decided in favour of Assessee.
|