2012 (6) TMI 838

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....e order passed u/s 143 (3) of the Act, but it was held by the CIT that this issue has not been examined in the light of the provisions of Section 80P (4) of the Act inserted by the Finance Act, 2006 with effect from 01-04-2007. Show cause notice was issued by the CIT on 16-01-2012 to the assessee. Finally, the CIT held that the AO's order dated 7-12-2009 for AY 2007-08 is erroneous and prejudicial to the interest of the revenue to the extent of non-verification of deduction claimed u/s 80P (2) (a) (i) of the Act in the light of the provisions of Section 80 OP(4) of the Act and set aside the order of the AO for fresh assessment and to decide the case as per law in accordance with the discussions made in the order passed u/s 263 of the Act. ....

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....interference is called for." The learned Counsel for the assessee also filed written submission in its paper book page 11 and 12 which reads as under: "Definition of 'State Co-operative Bank' and 'Central Cooperative Bank' is given in clause (ccvi) of section 56 (c). As per the said definition 'State Co-operative Bank' and 'Central Co-operative Bank' shall have meanings respectively assigned to them in the National Bank for Agricultural and Rural Development Act, 1981 (61 of 1981). As per Section 2 (d) of The National Bank for Agricultural and Rural Development Act, 1981; Central Cooperative Bank means the principal Co-operative Society in district in a State, the primary object of which is the financing of other Co-operative Socie....