TMI Blog2015 (10) TMI 1428X X X X Extracts X X X X X X X X Extracts X X X X ..... the dispute remains whether the assessee is a credit co-operative bank or a credit co-operative society. Admittedly, the Assessing Officer has not examined this aspect. The Commissioner of Income-tax (Appeals), of course, has dealt with on this, but he has not allowed any specific opportunity to the assessee so as to point out how the assessee is not a co-operative bank. In our opinion, it would meet the ends of justice if the orders of the authorities below are set aside and the matter is restored back to the file of the Assessing Officer for re-examination in the light of the decision of the hon'ble jurisdictional High Court in the case of Jafari Momin Vikas Co-op. Credit Society Ltd. (supra). - Decided in favour of assessee for stat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n clause of sub-section (4) of section 80P would be applicable to the co-operative bank and not to a credit co-operative society. He submitted that the learned Commissioner of Income-tax (Appeals) has examined this aspect in detail and after considering the definition of co-operative bank as per the Banking Regulation Act has arrived at the conclusion that the assessee-society would fall within the definition of co-operative bank. He, therefore, submitted that the order of the learned Commissioner of Income-tax (Appeals) should be sustained. 5. In rejoinder, learned counsel also referred to the decision of the Income- tax Appellate Tribunal, Ahmedabad Bench in the case of Shri Jay Ambe Nagarik Sarafi Sahkari Mandi Ltd. v. Asst. CIT, vide ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aspect. The Commissioner of Income-tax (Appeals), of course, has dealt with on this, but he has not allowed any specific opportunity to the assessee so as to point out how the assessee is not a co-operative bank. In our opinion, it would meet the ends of justice if the orders of the authorities below are set aside and the matter is restored back to the file of the Assessing Officer for re-examination in the light of the decision of the hon'ble jurisdictional High Court in the case of Jafari Momin Vikas Co-op. Credit Society Ltd. (supra). We order accordingly and direct the Assessing Officer to re-adjudicate the issue after allowing adequate opportunity of being heard to the assessee. 8. In the result, the assessee's appeal is dee ..... X X X X Extracts X X X X X X X X Extracts X X X X
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