TMI Blog2012 (6) TMI 838X X X X Extracts X X X X X X X X Extracts X X X X ..... ar passed u/s 263 of the IT Act dated 29-02-2012 for assessment year 2007-08. 2. The assessee is a co-operative society. The assessee had claimed deduction u/s 80P (2) (a) (i) of the Act of ₹ 77,50,897/-. The claim had been allowed by the AO in the order passed u/s 143 (3) of the Act, but it was held by the CIT that this issue has not been examined in the light of the provisions of Section 80P (4) of the Act inserted by the Finance Act, 2006 with effect from 01-04-2007. Show cause notice was issued by the CIT on 16-01-2012 to the assessee. Finally, the CIT held that the AO s order dated 7-12-2009 for AY 2007-08 is erroneous and prejudicial to the interest of the revenue to the extent of non-verification of deduction claimed u/s 80P ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... k, the provisions of section 80 P (4) will not have application in the assessee s case and therefore, it is entitled to deduction u/s 80 P(2)(a)(i) of the Act. Hence, we are of the view that the order of the CIT(A) is correct and in accordance with law and no interference is called for. The learned Counsel for the assessee also filed written submission in its paper book page 11 and 12 which reads as under: Definition of State Co-operative Bank and Central Cooperative Bank is given in clause (ccvi) of section 56 (c). As per the said definition State Co-operative Bank and Central Co-operative Bank shall have meanings respectively assigned to them in the National Bank for Agricultural and Rural Development Act, 1981 (61 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ict or in the State cannot be construed to be are Central Co-operative Bank or State Co-operative Bank as per The National Bank for Agricultural and Rural Development Act, 1981. 4. At the time of hearing, the learned Counsel for the assessee submitted that only grievance of the assessee was that the learned CIT while directing the AO to re-frame the assessment order in accordance with law, has also made certain observations in his order on the issue of allowability of deduction u/s 80 P (2) (a) (i) of the Act which was contrary to the decision of the ITAT Bangalore B Bench in the case of ACIT Vs M/s. Bangalore Commercial Transport Credit Co-operative Society Ltd. in ITA No.1069/Bang/2010 for AY 2007-08 dated 08-04-2011. He, ther ..... X X X X Extracts X X X X X X X X Extracts X X X X
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