TMI Blog2016 (5) TMI 1521X X X X Extracts X X X X X X X X Extracts X X X X ..... egi, 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 scrutiny, the AO determined the gross total income of the assessee at ₹ 7,24,81,010/-disallowing deduction of ₹ 1,39,23,333/- claimed under section 80P(2)(d) of the Income Tax Act, 1961 (in short the Act) as well as ₹ 5,85,57,676/- claimed under section 80P(2)(a)(i) of the Act. The AO examined the assessee s claim of deductions af ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cts and in the circumstances of the case and in law, the Ld. CIT(A) has erred in deleting the addition made by the AO amounting to ₹ 5,85,57,676/- u/s.80P(2)(a)(i) and ₹ 1,39,23,333/- u/s.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 agricultural and rural development banks from claiming exemption under this section . 6. Before us, the Ld. DR relying upon the assessment or ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s Kulswami Co-operative Society (supra) to find that the co-ordinate Bench, relying on an earlier decision of the Bench in Kulswami Co-operative Society (ITA Nos. 3223/Mum/2011 for the assessment year 2007-08 and ITA No. 505/Mum/2012 for assessment year 2008-09), held that assessee Co-operative Society does not fall within the restriction placed in sub-section (4) of section 80P of the 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 hol ..... X X X X Extracts X X X X X X X X Extracts X X X X
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