TMI Blog2014 (10) TMI 1063X X X X Extracts X X X X X X X X Extracts X X X X ..... Momin Vikas Co-op. Credit Society Ltd. [ 2014 (2) TMI 28 - GUJARAT HIGH COURT ] as held we cannot entertain the Revenue s contention that section 80P(4) would exclude not only the co-operative banks other than those fulfilling the description contained therein but also credit societies, which are not co-operative banks. In the present case, respondent assessee is admittedly not a credit co-operative bank but a credit co-operative society. Exclusion clause of sub-section (4) of section 80P, therefore, would not apply. In the result, Tax Appeals are dismissed. Similar view is taken by the Tribunal s Mumbai Bench in the case of M/s. Mumbai Teleworkers Co-op. Credit Society Ltd. [ 2014 (7) TMI 1057 - ITAT MUMBAI ] and in the case of M/s. Ku ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Ld. CIT(A) has erred in not appreciating his own order in the case of Vishal Janseve Sahkari Patsantha Ltd., for A. Y. 2008-09 on the same issue vide order No.CJT(A)-26/IT-30/15(3)(3)/10-11 dtd. 4th July, 2012. 2. The assessee is a co-operative credit society registered under Co-operative Societies Act. The assessee is engaged in the business of accepting deposits from members and lending to members of the co-operative credit society only on the basis of self help and mutuality. The gross total income for the year under consideration was at Rs.1,50,31,886/- and the assessee has claimed deduction u/s.80P(2)(a)(i) of the Act. The assessee was asked to justify the claim of deduction claimed by it. The assessee filed a detailed reply in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ties below and the decisions brought to our notice. The Hon ble Gujarat High Court in the case of CIT vs. Jafari Momin Vikas Co-op. Credit Society Ltd. in ITA Nos. 442 of 2013 with 443 of 2013 and 863 of 2013 held as under: '7. From the above clarification, it can be gathered that sub-section (4) of section 80P will not apply to an assessee which is not a co-operative bank. In the case clarified by CBDT, Delhi Co-op. Urban Thrift Credit Society Ltd. was under consideration. Circular clarified that the said entity not being a co-operative bank, section 80P(4) of the Act would not apply to it. In view of such clarification, we cannot entertain the Revenue s contention that section 80P(4) would exclude not only the co-operative banks ..... X X X X Extracts X X X X X X X X Extracts X X X X
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