TMI Blog2014 (12) TMI 1265X X X X Extracts X X X X X X X X Extracts X X X X ..... de for deduction u/s 80P of the Act. See case of Ramanthali Service Co-operative Bank Ltd. vs. ITO [2014 (11) TMI 1108 - ITAT COCHIN] - Decided against assessee - I.T.A. No. 395/Coch/2014 - - - Dated:- 5-12-2014 - S/SHRI N.R.S.GANESAN, JM and CHANDRA POOJARI, AM Assessee by Shri A.V. Muralidharan, Adv. Revenue by Shri K.K.John, Sr. DR ORDER Per CHANDRA POOJARI, Accountant Member: This appeal filed by the assessee is directed against the order dated 22- 07-2014 passed by the CIT(A), Kozhikode for the assessment year 2010-11. 2 The only issue in this appeal is with regard to denial of deduction u/s. 80P of the Act by invoking the provisions of sec. 80A(5) of the Act. 3. The brief facts of the case are that t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d in this case also as the factual matrix was same in both the cases. Against this, the assessee is in appeal before us. 5. The Ld. AR submitted that the assessee is a Primary Agricultural Credit Society as defined in Part V of Banking Regulations Act, 1949 and is registered under the provisions of Kerala Co-operative Societies Act. The Ld. AR submitted that the primary and principal object of the Society is providing financial accommodation to its members for agricultural purposes and purposes connected with agricultural operations. 6. The Ld. AR submitted that being a primary co-operative society, the profit derived from the business or profession is exempted from the provisions of sec. 80P of the Income Tax Act and hence had not b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... exemption is allowable as per the provisions of the I.T. Act. 7. On the other hand, the Ld. DR relied on the order of the lower authorities. 8. We have heard both the parties and perused the record. We find that a similar came up for consideration before the Tribunal in the case of Ramanthali Service Co-operative Bank Ltd. vs. ITO in I.T.A. No. 361/Coch/2012 dated 21/11/2014. The relevant portion of the observations of the Tribunal is extracted below: 4. It is not in dispute that the assessee has not filed any return of income within the time allowed either u/s 139(1) or 139(4) or within the time allowed by the assessing officer u/s 142(1) of the Act. This Tribunal, in the case of M/s Kadachira Service Co-operative Bank Ltd Ors ..... X X X X Extracts X X X X X X X X Extracts X X X X
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