TMI Blog2017 (12) TMI 1741X X X X Extracts X X X X X X X X Extracts X X X X ..... Issue now is squarely covered in favour of the assessee by the decision Hon ble Apex Court in Citizen Co-operative Soceity Ltd. vs. ACIT [ 2017 (8) TMI 536 - SUPREME COURT] has expounded that if one has to go by the definition of co-operative bank, the assessee does not get covered thereby. That it is also a matter of common knowledge that in order to do the business of a co-operative bank, it ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... .: This is an appeal by the Revenue is directed against the order of the ld. Commissioner of Income Tax (Appeals) dated 31.5.2017, pertaining to the assessment year 2014-15. 2. The issue raised is that the ld. Commissioner of Income Tax (Appeals) erred in deleting the addition of ₹ 43,72,710/- made by the Assessing Officer wherein the Assessing Officer has denied the ass ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 5. Against the above order, the Revenue is in appeal before us. 6. I have heard both the counsel and perused the records. I find that the issue is covered in favour of the assessee by the decision of Hon'ble jurisdictional High Court in the case of Quepem Urban Co-operative Credit Society Ltd. vs. Asst. CIT [2015] 58 taxmann.com 113 (Bom). The same read as under: (Headnote ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... member whether on facts, assessee was not a co-operative bank rather it was a co-operative society and, therefore, its claim for deduction was to be allowed. Held. 7. Further, I find that this issue now is squarely covered in favour of the assessee by the decision Hon ble Apex Court in Civil Appeal No. 10245 of 2017 in the case of the Citizen Co-operative Soceity Ltd. vs. ACIT vide ..... X X X X Extracts X X X X X X X X Extracts X X X X
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