TMI Blog2017 (1) TMI 439X X X X Extracts X X X X X X X X Extracts X X X X ..... ith 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. It is observed that the said clarification has also been relied by the Tribunal in many cases. Therefore, 'cooperative banks' mentioned in the said subsection indicates only the State, Central and Primary Co-operative Banks only. The assessee is not a co-operative bank for the purposes of section 80P(4) of the Act. CIT(A) is justified in directing the AO to allow the deduction claimed by the assessee u/s 80P of the Act on the reason that the assessee, a cooperative credit society is not a bank for the purposes of section 80P(4) of the Act - Decided in favour of assessee - ITA No.1520/Mum/2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mon point between the parties that identical controversy has been considered by the Tribunal in the assesse's own case for assessment years 2007-08, and 2008-09 vide ITA Nos. 3223/Mum/2011 505/Mum/2012 dated 28.03.2014, whereby it has been held that assessee Co- operative Society does not fall within the restriction placed in sub-section (4) ofsection 80P of the Act. The following discussion in the order of the Tribunal dated 28.03.2014 (supra) is relevant:- ITA NO 6790/Mum/2012 and CO No. 05/Mum/2014 Assessment Year 2009-10 4. Having heard both the sides and perused the material on record, it is pertinent to mention that the only issue arising out of both the appeals relate to the allowability of the exemption/deduction claime ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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. It is observed that the said clarification has also been relied by the Tribunal in many cases. Therefore, 'cooperative banks' mentioned in the said subsection indicates only the State, Central and Primary Co-operative Banks only. 4.3 Moreover, for commencing a banking business by the co-operative society, due license has to be obtained from the Reserve Bank of India and in the assessee's case, there is no such license obtained for commencing any banking business. The mere fact that the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of Co-operative governed, regulated, administered and Societies, Govt. Of Maharashtra. Co- supervised by the Registrar of the operative Banks are regulated and supervised Cooperative Societies, Government Of by the Reserve Bank of India. Provisions of Maharashtra. 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 Schedule V are applicable to Co-operative Bank. 2 Co-operative Societies are classified as Co-operative Banks are classified as Co- resource/thrifts Societies in the operative Bank. certificate of registration issued by Registrar of Coope ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... re mandatorily required use work Bank/Bankers in their name to use world Bank/Bankers in their name. 9 Reserve Bank of India has no statutory Reserve Bank of India has vested with power of control and supervision of statutory powers of control and supervision of ITA NO 6790/Mum/2012 and CO No. 05/Mum/2014 Assessment Year 2009-10 Cooperative Societies. 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 inc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... emption u/s 80P of the Act. Thus the Revenue fails in its appeal. 8. Insofar as the Cross Objection raised by the assessee is concerned, it does not involve any independent issue but is primarily in support of the conclusion drawn by the CIT(A). Since we have already confirmed the order of CIT(A) in the context of the appeal of the Revenue in earlier paras, the Cross Objection raised by the assessee is rendered infructuous. ITA NO 6790/Mum/2012 and CO No. 05/Mum/2014 Assessment Year 2009-10 9. In the result, both the captioned appeals are dismissed. 6. As the facts and circumstances during the year under consideration are exactly same, respectfully following the order of Tribunal in assessee s own case, we do not find any ..... X X X X Extracts X X X X X X X X Extracts X X X X
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