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M/s Kekri Sahakari Bhumi Vikas Bank Ltd. Versus The Income Tax Officer, Ward-2, Beawar

2016 (4) TMI 1095 - ITAT JAIPUR

Claim of deduction u/s 80P(2)(a)(i) denied - Held that:- The assessee has clearly demonstrated through its loan disbursed statement that during A.Y. 2008-09, it had disbursed 89.10% of its total loan disbursed towards agricultural and allied activiti .....

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TA No. 23/JP/15 & 505/JP/15 - Dated:- 12-2-2016 - Shri R. P. Tolani, JM And Shri Vikram Singh Yadav, AM For the Petitioner : Shri Sanjeev Jain &(C.A.) Shri Rakesh Sethi (CA) For the Respondent : Shri Neena Jeph (JCIT) ORDER Per Shri Vikram Singh .....

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(A) has erred in law as well as on facts of the case by disallowing the claim of the assessee for deduction u/s 80P(2)(a)(i) of the Act. 2. At the outset, the ld. AR submitted that the issue involved in the present appeals for A.Y. 2008-09 and 2009-1 .....

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T Jaipur Benches, in the case of the assessee itself for A.Y. 2007-08, we give hereinafter the detailed chart of loans given by the assessee during the A.Y. 2008-09 and 2009-10, duly supported by the Affidavit of the assessee A.Y. 2008-09. Sl . No. N .....

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ied 370.00 522 310.61 117 68.94 639 379.55 102.58 4. Non.agr 70.00 29 50.40 7 12,86 36 63.26 90,37 5. Rural Housing 50.00 0 34.91 3 .36 23 42.27 84.54 6. Crop loan - Total 950.00 798 21,22 168 147.24 966 968,46 101.94 A.Y. 2009-10 Sl .No. Name of Sec .....

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42 465.91 100.19 4. Non.agr 75.00 50 65.55 - 50 65.55 87.40 5. Rural Housing 70.00 33 65.56- 33 65.56 93.65 6. Crop loan - Total 980.00 993 964.57 - 993 964.57 98.42 Percentage of agriculture loans (Minor Irrigation, Farm Mech and Diversified (which .....

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hes, in the case of the assessee itself for A.Y. 2007-08, apply similarly for the A.Y. 2008-09 and 2009-10 as the issue and facts involved in the case for both the years are similar. 3. The Coordinate Bench in ITA No.938/JP/13 dated 24.09 .2015 has g .....

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eep. These are agricultural activities within the meaning of Act itself and further comes within the scope of agricultural and rural development activities. Thus giving the loans for the agriculture implements seeds, and live stock clearly entitle th .....

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