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TMI Blog2016 (5) TMI 1521X X X X Extracts X X X X X X X X Extracts X X X X ..... R Ram Lal Negi, This appeal is directed against order dated 06.01.2014 passed by the CIT(A)-24, Mumbai for the assessment year 2010-11. 2. Brief facts of the case are that assessee is a Co-operative Credit Society registered under the Maharashtra Co-operative Society Act, 1960 and filed its return of income for the relevant assessment year declaring total income of Rs. "Nil". After the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t the amendment to section 80P(4) introduced w.e.f. 01.04.2007 by the Finance Act, 2006 clearly bars all co-operative Banks other than primary agricultural credit society or a primary co-operative agricultural and rural development banks from claiming exemptions under the said sections 4. The Ld. CIT(A) after hearing the assessee allowed the aforesaid grounds of appeal of the assessee, holding t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 80P(2)(d) of the I.T. Act even though assessee was carrying on banking business. (ii) On the facts and in the circumstances of the case and in law, the Ld. CIT(A) has erred in not considering the fact that amendment to Sec.80P(4) inserted w.e.f. 1.4.2007 by Finance Act, 2006 clearly bans all the co-operative banks other than primary agricultural credit society or a primary co-operative agricult ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the provisions of law and, accordingly, are liable to be set aside. 7. On the other hand, the Ld. AR submitted that the Ld. CIT(A) has rightly held that section 80P(4) is not applicable in case of Co-op. Credit Society extending credit facilities to its Members. The Ld. AR invited our attention to the decision rendered on 21.8.2015 by coordinate Bench of ITAT Mumbai, in the matter of M/s Kulswam ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Act, and decided the identical issue in favour of the assessee. 9. We are, therefore, of the considered view that the issue arising in the present case is identical to the issue decided by the coordinate Bench in Kulswami Co-operative Society (supra). Following the consistent view taken on the identical issue, we respectfully follow the same and hold that the assessee Co-operative society does n ..... X X X X Extracts X X X X X X X X Extracts X X X X
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