2014 (5) TMI 278

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....For the Respondent : Shri M. G. Patel, A.R. ORDER Per Shri G. C. Gupta, Vice President (AZ) : This appeal by the Revenue and the Cross Objection by the Assessee are directed against the order of ld.CIT(A)-Gadhinagar dated 25/10/2012 for the Asst.Year 2009-10. These were heard together and are being disposed of by this consolidated order for the sake of convenience. ITA No.24/Ahd/2013 (....

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....Vikas Co-op. Credit Society Ltd. reported at 362 ITR 331 (Guj.), wherein in similar facts, it was held that the assessee was entitled to deduction u/s.80P of the IT Act, 1961. He relied on the order of the CIT(A). 3. We have considered the rival submissions and perused the orders of the Assessing Officer and the CIT(A) as well as the decision of Hon'ble Jurisdictional High Court in the case of ....

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....his issue, the same is confirmed and the ground of appeal of the Revenue is dismissed. CO No.42/Ahd/2014 (By Assessee) 4. The ld.counsel for the assessee submitted that the cross-objection of the assessee was late by one year and ten months and has filed an Affidavit of the assessee submitting that it has now come to the assessee's knowledge that the Hon'ble Jurisdictional High Court in the ....

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....earned CIT(A)-IV, Baroda has erred in not allowing deduction u/s.80P(2)(a)(i) in respect of interest of Rs.5,52,119/-. 7. The ld.counsel for the assessee submitted that the assessee's deposits were required for business purpose only as some liquidity of funds have to be maintained by the assessee. He submitted that with the decision of Hon'ble Jurisdictional High Court in the case of CIT vs. Ja....