TMI Blog2018 (6) TMI 1746X X X X Extracts X X X X X X X X Extracts X X X X ..... Court in Quepem Urban Co-op. Credit Society Ltd. [ 2015 (6) TMI 573 - BOMBAY HIGH COURT] = [2015] 377 ITR 272 (Bom) and various other decisions, therefore, following the aforesaid order, we find no infirmity in the conclusion of the First Appellate Authority, resultantly, the appeal of the Revenue is dismissed. - ITA No.864/Mum/2017 - - - Dated:- 20-6-2018 - Shri Joginder Singh, Judicial Member And Shri Manoj Kumar Aggarwal, Accountant Member For the Revenue : Shri Rajat Mittal-DR For the Assessee : Shri Devdatta Mainkar ORDER Per Joginder Singh(Judicial Member) The Revenue is aggrieved by the impugned order dated 25/11/2016 of the Ld. First Appellate Authority, Mumbai, in allowing deduction under section 80 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... operative credit society? 2. On the facts and in the circumstances of the case in law, the Ld. CIT(A) has erred in allowing deduction u/s. 80P(2)(a)(i) without considering inserted section 80P(4) and sub-clause (viia) to section 2(24) vide Finance Act, 2006 w.e.f. 01.04.2007? 3. On the facts and in the circumstances of the case in law, the Ld. CIT(A) has erred in finding the decision of the Supreme Court in the case of M/s. Totgar Co.op Sales Society Ltd. (322 ITR 285) wherein interest received by a co-operative society from investment of surplus funds is assessable as Income from Other Sources and thus not eligible for deduction u/s. 80P of the IT Act, 1961. 2. Brief facts of the case are that the assessee is a Cooperative Cr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Ltd. [2015] 56 taxmann.com 286(Delhi). On the other hand, the Ld. AR of the assessee supported the order of Ld. CIT(A). The Ld. AR of the assessee argued that assessee is a Co-operative society and not a Co-operative Bank. The assessee is not having any licence under the Banking Regulation Act, 1949 to carry out banking business and the assessee cannot be classified as Co-operative Bank. The Ld. AR of the assessee further submits that the Ld. CIT(A) granted the relief to the assessee by following the decision of jurisdictional High Court in Quepem Urban Co-operative Credit Society Ltd[2015] 58 taxmann.com 113(Bom). The ld AR for the assessee further relied and the decision of Single Member bench of Mumbai Tribunal in case of ITO Vs. M/s Ash ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Taxman 313) and the Hon'ble jurisdictional High Court in Quepem Urban Co-operative Credit Society Ltd. (supra) held that the assessee cannot be treated as a Cooperative Bank and thus, the deduction cannot be denied. We have noted that similar view has been taken by Single Member Bench of this Tribunal in M/s Ashirwad Co-op. Credit Society Ltd. (supra) (authored by Ld. Accountant Member). We have noted that the Ld. CIT(A) has followed the decision of jurisdictional High Court while granting relief to the assessee. No contrary decision is brought to our notice to take the different view. The decision relied by ld DR is not helpful to the revenue as the sole ground of appeal raised by the revenue is covered by the decision of Hon ble Bomb ..... X X X X Extracts X X X X X X X X Extracts X X X X
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