TMI Blog2015 (3) TMI 1346X X X X Extracts X X X X X X X X Extracts X X X X ..... section 80P(4) would exclude not only the co-operative banks other than those fulfilling the description contained therein but also credit societies, which are not co-operative banks. In the present case, respondent assessee is admittedly not a credit co-operative bank but a credit co-operative society. Exclusion clause of sub-section (4) of section 80P, therefore, would not apply. In the result, Tax Appeals are dismissed. Referring to SRI BILURU GURUBASAVA PATTINA SAHAKARI SANGHA NIYAMITHA BAGALKOT [2015 (1) TMI 821 - KARNATAKA HIGH COURT] section 80P (4) was not applicable to cooperative societies and was restricted only to cooperative Banks which had got licence to do banking business from the RBI. As the assessee dealing only with it ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2014, wherein identical issue was involved. He referred to the Tax Appeal No. 442 ors in the case of Jafari Momin Vikash Co-op. Credit Society Ltd. and Surat Vankar Sahkari Sangh Ltd. (Tax Appeal No. 1149 of 2013). He further stated that judgments of the cases were delivered in the month of January 2014, that the request made by the DR for adjourning the matter, on the ground that issue was pending before the Special Bench, should be rejected. We have heard the rival submissions and perused the material. We find that issue of deduction u/s 80P(4) has been decided by the Hon ble Gujarat High Court in the above referred two judgements. Therefore, application made by the DR, for adjourning the case was rejected and matter was heard accordin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the public as the society was restricted for the benefit of the members only, that the provisions of sub-section (4) of 80P, inserted by Finance Act, 2006, were introduced to tax the co-operative banks, that the assessee did not come under the purview of the provision as of section 80P(4), that the AO's findings that the assessee was doing banking business was factually incorrect, that as per the ci rcular F. No. 149/ 124/2006 TPL, issued by the department of Revenue (CBDT) Tax policy and Legislation Division, with regard to the deduction of section 80P of the Act, the assessee was eligible to Cooperative Societies. After considering the submissions of the assessee and the assessment order, the FAA referred to the provisions of secti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n be gathered that sub-section(4) of section 80P will not apply to an assessee which is not a co-operative bank. In the case clarified by CBDT, Delhi Coop Urban Thrift Credit Society Ltd. was under consideration. Circular clarified that the said entity not being a co-operative bank, section 80P(4) of the Act would not apply to it. In view of such clarification, we cannot entertain the Revenue's contention that section 80P(4) would exclude not only the co-operative banks other than those fulfilling the description contained therein but also credit societies, which are not co-operative banks. In the present case, respondent assessee is admittedly not a credit co-operative bank but a credit co-operative society. Exclusion clause of sub-s ..... X X X X Extracts X X X X X X X X Extracts X X X X
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