TMI Blog2014 (8) TMI 1086X X X X Extracts X X X X X X X X Extracts X X X X ..... he assessee in its own case for the earlier assessment years by the co-ordinate Bench of this Tribunal [2012 (8) TMI 1059 - ITAT CHENNAI] held that there is much strength in the argument of the assessee that it is to be treated as cooperative society in view of the provisions contained in RRB Act, 1976. If so, it would be eligible under section 80P(2)(a)(i) of the Act - Decided in favour of assess ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... has been decided in favour of the assessee in its own case for the earlier assessment years by the co-ordinate Bench of this Tribunal in ITA Nos.1088, 1091 1092/Mds/2012 by order dated 23.08.2012. The counsel submits that the claim for deduction under section 80P(2)(a)(i) of the Act was allowed by this Tribunal for the assessment years 2007-08 to 2009-10 and he relies on the said decision of thi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or deduction under section 80P(2)(a)(i) of the Act or not. The Tribunal while deciding the 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 cooperative socie ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion of Co-operative Bank as given in the Banking Regulation Act, 1949, assessee submits that it is neither a State Co-operative Bank nor a Central Cooperative Bank nor a Primary Cooperative Bank, and therefore, not a co operative bank at all. Whatever that may be, there is much strength in the argument of the assessee that it is to be treated as cooperative society in view of the provisions con ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... two assessment years also. The impugned orders of the Commissioner of Income Tax (Appeals) are sustained and the grounds raised by the Revenue are rejected. 6. Since we uphold the orders of Commissioner of Income Tax (Appeals), the cross objections filed by the assessee become infructuous and the same are dismissed accordingly. 7. In the result, both the appeals of the Revenue and the cros ..... X X X X Extracts X X X X X X X X Extracts X X X X
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