TaxTMI 
TaxTMI 
2017 (1) TMI 439
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....used. 4. Facts in brief are that the assessee is a Co-operative Society registered under the Maharashtra Co-operative Societies Act 1960. For the assessment year under appeal return of income was filed on 21.09.2010 declaring income at Nil after claiming deduction u/s 80P amounting to Rs. 1,69,89,044/-. The assessment was completed vide order dated 06.12.2012 u/s.143(3) of the I.T.Act,1961 determining total income at Rs. 1,69,89,044/-, by declining assessee's claim of deduction u/s. 80P. By the impugned order CIT(A) allowed assessee's claim after having detailed observation at para 7 of its order wherein CIT(A) has followed the order of the ITAT-Pune Bench. 5. At the outset, learned AR placed on record the order of the Tribunal in ass....
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.... cooperative bank and by virtue of section 80P(4), the assessee is not entitled for the benefit of section 80P and also the assessee is not coming within the purview of primary agricultural society or primary co-operative agricultural and rural development bank. It is the case of the assessee that it is not a cooperative bank but only a cooperative society to which clause (4) of section 80P is not applicable. 4.2 In this connection, it is pertinent to mention that the assessee has brought on record before the lower authorities, the letter of the CBDT bearing No. F. No. 133/06/2007-TPL dated 09.05.2008 addressed to the Delhi Urban T&C Society Ltd., stating that for the purposes of subsection 4 of section 80P, 'cooperative bank&#....
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.... Jafari Momin Vikas Cooperative Credit Society Ltd and the decision of the Tribunal in the case of DCIT Vs. Jayalakshmi Mahila Vividodeshagala Souharda Sahakari Ltd. [2012] 137 ITD 163. ITA NO 6790/Mum/2012 and CO No. 05/Mum/2014 Assessment Year 2009-10 4.4 In addition to the aforementioned discussion, the distinction between cooperative society registered under the Banking Regulation Act 1949 and the cooperative society registered under the Maharashtra State Cooperative Societies Act 1960 as brought out by the Ld.CIT(A) on the basis of the submission of the assessee is extracted hereunder: Sl. No. Co-operative societies Co-operative Banks 1 The Co-operative Credit Societies are Co-operative Banks are registere....
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....ve Bank. operative Credit Societies. 6 The Co-operative credit societies do not The Co-operative banks are required to obtain required license from Reserve Bank of license from Reserve Bank of India to carry on India to carry on its business. its business. 7 The Co-operative credit societies do not The Co-operative have cheque facilities, have cheque facilities, clearing facilities clearing facilities and they issue demand and they cannot issue demand drafts, drafts, Assessment Year order, bank pay orders etc. guarantees etc. 8 Co-operative Credit Societies cannot Co-operative Banks are mandatorily required use work Bank/Bankers in their name to use world Bank/Bankers in their name. 9 Reserve Bank of India has no sta....
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....t the Ld.CIT(A) is justified in directing the AO to allow the deduction claimed by the assessee u/s 80P of the Act on the reason that the assessee, a cooperative credit society is not a bank for the purposes of section 80P(4) of the Act. Thus the orders of the Ld.CIT(A) dated 11.02.2011 and 29.11.2011 for the Assessment Years 2007-08 and 2008- 09 respectively are upheld. 7. Following the aforesaid precedent, which has been rendered in assessee's own case under identical circumstances, we hereby affirm the order of CIT(A) upholding assessee's claim for exemption u/s 80P of the Act. Thus the Revenue fails in its appeal. 8. Insofar as the Cross Objection raised by the assessee is concerned, it does not involve any independent iss....