TMI Blog2014 (2) TMI 28X X X X Extracts X X X X X X X X Extracts X X X X ..... the Respondent : Mr. Hardik V. Vora, Advocate ORDER (Per : Honourable Mr. Justice Akil Kureshi) 1. All the assessees Tax Appeals involve identical question. 2. Revenue has challenged the judgment of the Income Tax Appellate Tribunal (for short the Tribunal ) raising following question for our consideration:- Whether the Hon ble Tribunal is correct in allowing deduction under section 80P(2)(a)(i) to assessee s society even though same is covered under section 80P(4) rws 2(24) (viia) being income from providing credit facilities carried on by a co-operative society with its member? 3. Issue pertains to interpretation of section 80P(2) and 80P(4) of the Income Tax Act, 1964 ( the Act for short). Respondent assessee is a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... bject of which is to provide for long-term credit for agricultural and rural development activities. 4. As per section 80P(4), the provisions of section 80P would not apply in relation to any co-operative bank other than primary agricultural credit society or primary co-operative agricultural and rural development bank. As per the explanation, the terms co-operative bank and primary agricultural credit society shall have the meanings respectively assigned to them in Part V of the Banking Regulation Act, 1949. 5. Assessing Officer held that by virtue of section 80P(4), the respondent assessee would not be entitled to benefits of deduction under section 80P. CIT(Appeals) as well as the Tribunal reversed the decision of the Assessing ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... al credit society or a primary co-operative agricultural and rural development bank. For the purpose of the said sub-section, co-operative bank shall have the meaning assigned to it in part V of the Banking Regulation Act, 1949. 3. In part V of the Banking Regulation Act, Co-operative Bank means a State Co-operative bank, a Central Co-operative Bank and a primary Co-operative bank. 4. Thus, if the Delhi Co op Urban T C Society Ltd. does not fall within the meaning of Co-operative Bank as defined in part V of the Banking Regulation Act, 1949, subsection( 4) of section 80P will not apply in this case. 5. The issues with the approval of Chairman, Central Board of Direct Taxes. 7. From the above clarification, it can be gathered ..... X X X X Extracts X X X X X X X X Extracts X X X X
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