9911796707
TMI Blog2015 (12) TMI 1411X X X X Extracts X X X X X X X X Extracts X X X X ..... the assessment year 2009-10 2. The Revenue has raised following Ground of appeal:- "On the facts and circumstances of the case and in law, the Ld. CIT(A) erred in deleting the addition of Rs. 1,14,64,254/- by holding that the assessee being Cooperative Credit Society is not a Co-operative bank and hence is entitled for deduction u/s 80P of the I.T. Act." 3. The assessee before us is a Co-operative society, which is, inter alia, engaged in the business of providing credit facilities to its members. For the assessment year under consideration i.e. assessment year 2009-10, it filed a return of income declaring total income at Nil on account of claim of exemption u/s 80P of the Act. In the revised return of income filed by the assessee, th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f section 80P of the Act. Therefore, as per the assessee, the provisions of sub-section (4) of section 80P of the Act did not disentitle the assessee from claim of exemption u/s 80P of the Act. The CIT(A) found that similar issue came up in the case of assessee for assessment year 2008-09, wherein, the predecessor CIT(A) had upheld assessee's claim for exemption u/s 80P of the Act. Following the precedent in the assessee's own case, by way of the order of predecessor CIT(A) for assessment year 2008-09, the CIT(A) held the assessee entitled for claim of exemption u/s 80P of the Act. 6. Before us, it was a common point between the parties that identical controversy has been considered by the Tribunal in the assesse's own case for assessment ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... connection, it is pertinent to mention that the assessee has brought on record before the lower authorities, the letter of the CBDT bearing No. F. No. 133/06/2007-TPL dated 09.05.2008 addressed to the Delhi Urban T&C Society Ltd., stating that for the purposes of subsection 4 of section 80P, 'cooperative bank' shall have the same meaning as assigned to it in part V of the Banking Regulation Act 1949, according to which 'cooperative banks' means a State Co-operative Bank, a Central Cooperative Bank and Primary Co-operative Bank. Though the said clarification is given by the CBDT in connection with some other assessee, the crux of the matter pertains to the clarification of 'co-operative bank' for the purpose of subsection 4 of section 80P. I ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f the assessee is extracted hereunder: Sl. No. Co-operative societies Co-operative Banks 1 The Co-operative Credit Societies are registered under Maharashtra State Cooperative Societies Act, 1960 and governed, regulated, administered and supervised by the Registrar of the Cooperative Societies, Government Of Maharashtra. Co-operative Banks are registered under Maharashtra Co-operative Societies Act, 1960 and administered by Registrar of Co-operative Societies, Govt. Of Maharashtra. Cooperative Banks are regulated and supervised by the Reserve Bank of India. Provisions of Banking Regulation Act, 1949 with modifications specified in section 56 of the Banking Regulation Act, 1949 are applicable to Co-operative Banks. Schedule 1 to Schedu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mandatorily required to use world Bank/Bankers in their name. 9 Reserve Bank of India has no statutory power of control and supervision of Cooperative Societies. Reserve Bank of India has vested with statutory powers of control and supervision of Cooperative Banks. The above distinction makes it very clear that the assessee is not a co-operative bank for the purposes of section 80P(4) of the Act. 4.5 As regards the claim of the revenue that for the Assessment Year 2007-08, the assessee has not claimed the deduction of the section 80P of the Act in the return of income but claimed the same only during the course of the assessment proceedings and hence the claim of the assessee is not admissible in view of the findings of the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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