2016 (12) TMI 346

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....Appeals) 3, Madurai both dated 31.05.2016 for the assessment years 2012-13 and 2013-14. The Revenue has raised the common issue for both the assessment years that the ld. CIT(A) erred in holding that the status of the assessee is Cooperative Society and directing the Assessing Officer to allow deduction under section 80P(2)(a)(i) of the Act. On the other hand, the assessee, by means of Cross Objections supported the orders of the ld. CIT(A) on this issue. 2. The assessee also filed an appeal against the order of the ld. CIT(A) 3, Madurai for the assessment year 2013-14, wherein, the ld. CIT(A) has erred in declining to adjudicate the issues with regard to floating provision for NPA, loss on redemption of securities and bad debts written o....

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....uction under section 80P(2)(a)(i) of the Act. After making detailed discussion in the assessment order and distinguishing the RRB Act and Income Tax Act, the Assessing Officer has concluded the status of the assessee as a company and the deduction claimed by the assessee of Rs..41,77,10,510/- under section 80P of the Act was disallowed and completed the assessment under section 143(3) of the Act. 4. The assessee carried the matter in appeal before the ld. CIT(A). By following the order of the Tribunal for the assessment years 2008-09 and 2010-11 in I.T.A. Nos. 572 & 595/Mds/2014 vide order dated 25.08.2014, the ld. CIT(A) has directed the Assessing Officer to allow the deduction under section 80P(2)(a)(i) of the Act. On similar facts and c....

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....r dated 19.03.2009. By order dated 28.10.2009, the ld. CIT passed order under section 263 of the Act quashing the assessment order on the ground that in view of introducing sub-section (4) to section 80P of the Act as per Finance Act, 2006 that the provisions of section 80P of the Act will not apply to any Co-operative Bank other than a Primary Agricultural Credit Society or a Primary Co-operative Agricultural and Rural Development Bank, the deduction allowed to the assessee under section 80P(2)(a)(i) of the Act should be withdrawn. Against the order of the ld. CIT, by considering the RRB Act and Income Tax Act, the Tribunal vide its order dated 13.08.2010 in I.T.A. No.1941/Mds/2010, on merits, gave a concurrent findings that the assessee h....

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.... view of the provisions contained in RRB Act, 1976. If so, it would be eligible under section 80P(2)(a)(i) of the Act..........." 7. By following the above decision of the Tribunal dated 13.08.2010, in subsequent assessment years, the Tribunal has allowed the assessee to claim deduction under section 80P(2)(a)(i) of the Act. [I.T.A. Nos. 1088, 1091 & 1092/Mds/2012 for the assessment years 2007-08, 2008-09 & 2009-10 vide order dated 23.08.2012; I.T.A. Nos. 572 & 595/Mds/2014 for the assessment years 2008-09 and 2010-11 vide order dated 25.08.2014; I.T.A. No. 1831/Mds/2015 for the assessment year 2011-12 vide order dated 18.03.2016] 8. For the assessment years under consideration, by following the decision of the Tribunal in I.T.A. Nos. 57....