TMI Blog2014 (5) TMI 1220X X X X Extracts X X X X X X X X Extracts X X X X ..... ank entitled for section 80P deduction - HELD THAT:- It is made clear that no paper book or any other material has been filed before us to controvert the findings of the CIT(A) that the assessee is not engaged in any banking activity nor governed by the Banking Regulations Act. A perusal of relevant statutory provision i.e section 80P(4) reveals that this deduction is not available to any coI. ope ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hri S.S. Godara, Judicial Member For the Appellant : Shri S. Das Gupta, CIT. For the Respondent : Shri M. Viswanathan, CA. ORDER PER S.S. GODARA, JUDICIAL MEMBER This Revenue s appeal for assessment year 2009-10, is directed against order of the Commissioner of Income-tax (Appeals)- VI Chennai, dated 30.01.2013, passed in Appeal No.317/11-12, deleting disallowan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... opinion, hon'ble Finance Minister s speech and Finance Bill 2006. All this failed to impress upon the Assessing Officer. In assessment order dated 29.12.2011, he treated it as a co-operative bank which had availed NABARD loan facility and possessed all banking features. Per Assessing Officer, the assessee had advanced jewel loans directly as well as through its members/ primary banks (assoc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... imary land development bank, it is a state land development bank u/s 2(v) of the NABARD Act, 1981. He has also relied upon a comparative chart distinction between a co-operative/commercial bank and a primary credit society to hold the assessee covered by the latter category. Therefore, the Revenue is in appeal. 5. We have heard both parties and gone through the case file. It is made cl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s associate members only. The Revenue has also failed to rebut the findings of fact under challenge. Thus, we do not see any reason to interfere in CIT(A) s order and uphold the same. The Revenue s corresponding grounds are rejected.. 6. The Revenue s appeal is dismissed. 7. Order pronounced in the open court at the time of hearing on Thursday, the 1st of May 2014, at Chennai. - - ..... X X X X Extracts X X X X X X X X Extracts X X X X
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