9911796707
TMI Blog2015 (6) TMI 1237X X X X Extracts X X X X X X X X Extracts X X X X ..... this case, learned counsel of the assessee submitted that the issue is covered in favour of the assessee by the catena of decisions of Tribunal. The learned counsel further submitted that the issue has now been also decided in favour of the assessee by the Hon'ble Bombay High Court decision. The learned D.R. could not controvert this submission of the learned counsel of the assessee. 4. We find that it is undisputed that the assessee is a cooperative society engaged in providing credit facilities to its members. It is also undisputed that the assessee is not a cooperative bank. Learned CIT(Appeals) has also considered ITAT's decisions on this issue and has concluded as under : " After carefully considering the facts of the case, it is c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , 23 & 24 of 2015 vide order dated 17th April, 2015. The Hon'ble High Court had expounded as under : " This fact of accepting deposits from people who are not members had been so recorded by the CIT(A) in his order. But it cannot be concluded that the appellant's principal business was of accepting deposits from public and therefore it was in banking business. In fact, the impugned order erroneously relies upon bye-law 43 of the society which enables the society to receive deposits to conclude that it can receive deposits from public. Thus in the present facts the finding that the appellant's principal business was of Banking was perverse as it was not supported by the evidence on record. So far as the issue of primary object of the asses ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... xtent the income earned is attributable to dealings with the non-members are concerned the benefit of Section 80P would not be available. In the above view of the matter, at the time when effect has been given to the order of this Court, the authorities under the Act would restrict the benefit of deduction under section 80P of the Act only to the extent that the same was earned by the appellant in carrying on its business of providing credit facilities to its members." 6. We find that in the present case the assessee has contended before the Assessing Officer that it deals only with its members and accepts deposits and gives loans only to its members. This has not been disputed by the Assessing Officer. Accordingly in the background of abo ..... X X X X Extracts X X X X X X X X Extracts X X X X
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