TMI Blog2012 (8) TMI 1059X X X X Extracts X X X X X X X X Extracts X X X X ..... - Dr. O. K. Narayanan, Vice President and Shri V. Durga Rao, Judicial Member For The Appellant : Shri R. Vijayaraghavan, Advocate For The Respondent : Ms. Anupama Shukla, IRS CIT ORDER PER V. DURGA RAO, JUDICIAL MEMBER These appeals by the assessee are directed against the orders dated 23-03-2012 passed by the CIT(Appeals)-II, Madurai for the assessment years 2007-08, 2008-09 and 2009-10. As common issues are involved in all these appeals, they were heard together and are being disposed of by this common order for the sake of convenience. 2. ITA No. 1088/Mds/2012: Brief facts are that the assessee M/s. Pandyan Grama Bank filed its return of income for the assessment year 2007-08 disclosing nil income. Sub ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e learned CIT(Appeals) that the issue involved in this appeal is covered by the order of the Tribunal in the assessee s own case in ITA No. 1941/Mds/2009 for the assessment year 2007-08 dated 13- 08.2010. The learned CIT(Appeals) after considering the order of the Tribunal has observed that the order of the Tribunal dated 13-08- 2010 was rendered in an altogether different context, viz. appeal against order u/s 263 of the Act. He further observed that as per the Board s circular No. 6/2010 dated 20-09-2010, Regional Rural Banks are not eligible for deduction u/s 80P of the Act. As the Board s Circular was issued subsequent to the order of the Tribunal, the Tribunal did not have the benefit of deciding the issue of deduction under section 80 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he assessee s own case in ITA No. 1941/Mds/2009 dated 13-08- 2010 for the assessment year 2007-08 against the order u/s 263 of the Act, on merits has held as under : We have perused the orders and heard the rival contentions. It is not disputed that if the assessee is to be treated as a co-operative society, then the deduction under section 80P(2)(a)(i) of the Act is available to it. The only dispute here is that assessee being a aregional rural bank establishedu under RRB Act, 1976, was to be treated as a co-operative bank or could be considered as a co-operative society. No doubt, sub-section (4) of section 80P introduced by Finance Act 2006 clearly takes a co-operative bank out of the purview of deduction available under 80P(2)(a)(i ..... X X X X Extracts X X X X X X X X Extracts X X X X
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