9911796707
TMI Blog2021 (10) TMI 268X X X X Extracts X X X X X X X X Extracts X X X X ..... is against law and facts of the case. 2. That on the facts & circumstances of the case, learned CIT(A) has grossly erred in law in confirming disallowance of Rs. 55,90,793/- being deduction claimed u/s. 80P of the Act. Disallowance confirmed is bad in law and is illegal. 3. That on the facts and circumstances of the case, learned CIT(A) has grossly erred in confirming the action of assessing officer holding that assessee is carrying on banking business and is a cooperative bank not entitled to deduction u/s. 80P(2)(a)(2) of the Act. 4. That on the facts and circumstances of the case, learned CIT(A) while confirming the disallowance of deduction claimed u/s. 80P of the Act has relied upon judgment of Honourable Supreme Court in the ca ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rative bank though neither in the past assessment years nor in the future assessment years in assessment orders passed u/s. 143(3) of the Act, cooperative society has been treated as cooperative bank. Order passed by CIT(A) is opposed to the principles of consistency. 9. That on the facts & circumstances of the case, Learned Commissioner of Income Tax (Appeals) has grossly erred in confirming addition of Rs. 389677/- being addition made by learned assessing officer u/s. 40(a)(ia) of the Act. 10. That on the facts & circumstances of the case, Learned Commissioner of Income Tax (Appeals) has grossly erred in confirming addition of Rs. 11251/- being deduction claimed for taxes paid to local authorities. 11. That the Appellant requests fo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... BI. Judged by this touchstone, it is clear that the impugned Full Bench judgment is wholly incorrect in its reading of Citizen Cooperative Society Ltd. (supra). Clearly, therefore, once section 80P(4) is out of harm's way, all the assessees in the present case are entitled to the benefit of the deduction contained in section 80P(2)(a)(i), notwithstanding that they may also be giving loans to their members which are not related to agriculture. Also, in case it is found that there are instances of loans being given to non-members, profits attributable to such loans obviously cannot be deducted." In view of the above, it was submitted that the assessee is entitled to the relief claimed in the present appeal. 4. Per contra, the Ld. DR had ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s a. That the Ld. CIT(A) shall decide the appeal on the basis of the findings recorded by the Hon'ble Supreme Court more particularly in paragraph 45 in 197 DTR 0361 in the matter of Mavilayi Service Cooperative Bank Ltd. v. CIT. b. While deciding the issue on the basis of the above said judgment, the Ld. CIT(A) shall examine the rules of assessee-society as well as the Act under which the society was formed. c. For the purpose of ascertaining the scope of the activities of the assessee, the CIT(A) shall examine whether its activities were restricted to members or non members or both d. Whether the assessee was having any license for carrying out the banking activities for the members and non members. e. Based on the above sai ..... X X X X Extracts X X X X X X X X Extracts X X X X
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