TMI Blog2022 (6) TMI 840X X X X Extracts X X X X X X X X Extracts X X X X ..... y the Co-ordinate Bench decision in the case of Tamilnadu Co-operative State Agriculture and Rural Development Bank Limited [ 2022 (6) TMI 770 - ITAT CHENNAI] wherein following the decision of Hon ble Supreme Court in the case of The Mavilayi Service Co-operative Bank Ltd., Mavilayi Service Co-operative Bank Ltd., vs. CIT, [ 2021 (1) TMI 488 - SUPREME COURT] decided both the issues raised by AO. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... set, it is noticed that the appeal filed by the Revenue is time barred by 4 days. The Revenue has filed condonation petition along with affidavit stating the reason that the Department has dispatched the duly filled Form 36 of departmental appeal on 16.10.2019 vide Postal Tracking No.RT497643409IN but it was received in the Tribunal only on 24.10.2019. The delay in filing of appeal is due to delay ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... elevant assessment year 2016-17, the assessee society filed its return of income and claimed deduction u/s.80P(2)(a)(i) of the Act for an amount of Rs.1,89,24,514/-. The AO during the course of assessment proceedings noted that the deduction to a co-operative society u/s.80P(2)(a)(i) can be granted when it is engaged in carrying on the business by providing credit facility to its members. He noted ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mary Agricultural Co-operative Bank Ltd., in ITA No.2338/Mds/2017, order dated 28.02.2018. The CIT(A) observed in para 6 as under:- 6. I have perused the assessment order and orders of the Hon ble ITAT D Bench, Chennai as referred above dated 28.02.2018 in the case of M/s. S-1308, Ammapet Primary Agricultural Co-operative Bank Ltd in order No.2338/Mds/2017. In the above cases, the Hon ble IT ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ative Bank Ltd., Mavilayi Service Co-operative Bank Ltd., vs. CIT, [2021] 123 taxmann.com 161, we decided both the issues raised by AO. Respectfully following the same, we allow the claim of deduction u/s.80P(2) of the Act. Accordingly, the appeal of the Revenue is dismissed. 7. In the result, the appeal filed by the Revenue is dismissed. Order pronounced in the open court on 15th June, 2022 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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