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2015 (11) TMI 986 - ITAT DELHI

2015 (11) TMI 986 - ITAT DELHI - [2015] 42 ITR (Trib) 199 (ITAT [Jai]) - Deduction of dividend income under section 80P(2)(d) disallowed - Held that:- Certificate from the managing director which shows that the Bundi Central Co-operative Bank has jurisdiction to provide finance/loan to small professionals and agriculturists living in the village and towns. It gives direct loan also which comes in primary loan. Whatever loan given through the co-operative society, which is debited in the name of .....

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not clear from the record that from where the assessee was getting dividends, therefore, matter is set aside and remanded to the Assessing Officer for de novo enquiry and decide the case by providing the reasonable opportunity of being heard to the assessee. - Decided in favour of assessee for statistical purposes only. - I. T. A. No. 486 /JP/ 2012(assessment year 2008-09). - Dated:- 5-6-2015 - R. P. TOLANI (Judicial Member) and T. R. MEENA (Accountant Member) None for the appellant. Smt. Neena .....

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ng Officer observed that the assessee filed original return declaring income of ₹ 26,02,280 on September 29, 2008, which was revised on March 29, 2010 declaring nil income. The case was scrutinised under section 143(3) of the Income-tax Act, 1961 (in short the Act). The learned Assessing Officer gave a show-cause notice on claim of deduction under section 80P(2)(d) of the Act which was replied by the assessee on dividend received by the bank. It was submitted by the assessee as under : (a) .....

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ral and agro advances, you have mentioned the definition as per section 56(cci) of the Banking Regulation Act, 1949 which is defining the different co-operative bank. It has no relation and impact on the deduction granted under section 80P(2)(d) of the Income- tax Act. 3. He requested to allow the deduction under section 80P(2)(d) of the Act and the learned Assessing Officer after considering the assessee's reply held that the assessee is engaged in the banking business, therefore, provision .....

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is not as per law. He also reproduced the object of the bank : 4. Since the bank is not a primary bank hence deduction is not available to the bank. Accordingly, he disallowed the deduction claimed by the assessee under section 80P(2)(d) of the Act at ₹ 17,15,705. 5. Being aggrieved by the order of the learned Assessing Officer, the assessee carried the matter before the learned Commissioner of Income-tax (Appeals), who had confirmed the addition by considering that section 80P(4) of the A .....

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ry co-oper ative agriculture and rural development bank : (1) The area of operation should be a taluk. (2) Principal object is to provide for long-term credit for agricul tural and rural development activities. Taluk word is not defined. The assessee's area of operation is 'bundi' district and it can be presumed that the area of operation was confined to a 'Taluk'. However, the principal objects of the assessee, as per objects filed by assessee are as under : From the above, .....

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duced that the assessee was not a 'primary bank' but a 'central co-operative bank' acting as a nodal bank for many co-operative societies and banks. # Portion in vernacular not printed here.-Ed. In view of above, it is held that the assessee is not entitled for deduction under section 80P(2)(d) of the Income-tax Act. Addition of ₹ 17,15,705 is confirmed." 6. On the date of hearing, the assessee filed the adjournment application but number of adjournments had already be .....

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