2017 (10) TMI 941

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....come Tax Appeals. 3. The submissions made by the learned counsel for the Review Petitioners, Mr. A. Shankar are summarized below: (i) That for the preceding Assessment Years, the Assessing Authority himself had allowed the deduction under Section 80-P(2) of the Income Tax Act, 1961, in respect of the Interest Income of the petitioner assessee from deposits made with Co-operative Banks with reference to Section 80(2)(d) of the Act and the copies of such Assessment Orders passed for the previous years were placed on record along with Synopsis of Arguments filed on 14/06/2017 after the arguments were heard and judgment was reserved on 12/06/2017, but the same have not been considered by this Court; (ii) That the judgment o....

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....cter of the income by change of Banks and in view of the Supreme Court decision in the case of the assessee itself reported in [(2010) 322 ITR 283(SC)] (CIT Vs. Totagar's Co- operative Sale Limited) and that the Co operative Banks are different from Co-operative Societies and they are not species of the genus Co-operative Societies (vide paragraphss 12 and 13) and therefore the petitioner assessee would not be entitled to such deduction under Section 80-P(2)(a) or (d) of the Act. 7. The reference to the orders passed by the Assessing Authorities for the preceding years giving such deduction to the assessee Society, is of no avail and the Court's opinion cannot depend upon the stand taken by the Assessing Authority in the previous years, ....

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.....A.No.100161/2015 (The Principal Commissioner of Income Tax and another Vs. The Bagalkot District Central Co-operative Bank Limited), decided on 16/12/2015 along with the said Synopsis of Arguments in which the Division Bench of this Court, by a short order relying upon the CBDT Circular No.19/15 in F.No.142/14/2015-TPL, held that the Co-operative Banks are not required to deduct tax at source under Section 194-A(3) on the interest paid or credited on or before 01/07/2015 on the Time Deposits of its Members. 11. This contention has little force for seeking a review of the judgment dated 16/06/2017 delivered by us, as the said order of the Division Bench based on CBDT Circular does not at all deal with the controversy decided by us on 16/....