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2015 (10) TMI 1434 - ITAT PANAJI

2015 (10) TMI 1434 - ITAT PANAJI - TMI - Deduction claimed u/s. 80P(2)(a)(i) disallowed - Held that:- Sec. 80P(4) was introduced by the Finance Act 2006 w.e.f. 01/04/2007 excluding the said benefit to a Cooperative Bank. Thus, the intention of the legislature is clear if a cooperative bank is exclusively carrying on banking business, then income derived from the said business cannot be deducted in computing the total income of the assessee, as the assessee is not a Cooperative Bank carrying on e .....

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KA HIGH COURT] - Decided in favour of assessee. - ITA No. 33/PNJ/2014 - Dated:- 15-6-2015 - George Mathan , JM And N. K. Billaiya, AM,JJ. For the Appellant : Shri Pramod Y Vaidya, Adv For the Respondent : Shri Nishant K, DR ORDER Per N. K. Billaiya This is an appeal by the assessee is preferred against the order of Ld. CIT (A), Belgaum dated 20/11/2013 pertaining to A.Y. 2009-10. 2. The sum and substance of the grievance of the assessee is that the Ld. CIT(A) erred in disallowing the deduction c .....

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P(2) of the Act. Aggrieved by this, assessee carried the matter before the Ld. CIT(A), but without any success. 4. Before us, counsel for the assessee drew our attention to the decision of the Tribunal Panaji Bench in assessee's own case for A.Y. 2010-11. Counsel also relied upon the decision of Hon'ble Karnataka High Court in the case of CIT Vs. Billuru Gurubasava Pattinas Sahakari Sangha Niyamat in ITA No. 50006/2013. 5. Learned DR supported the assessment order. 6. We have carefully p .....

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