2018 (1) TMI 1244

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....(PER : HONOURABLE MS.JUSTICE HARSHA DEVANI) 1. The appellant-revenue in this appeal under section 260A of the Income Tax Act, 1961 (hereinafter referred to as "the Act") has called in question the order dated 5.5.2017 made by the Income Tax Appellate Tribunal, Ahmedabad "A" Bench, Ahmedabad (hereinafter referred to as "the Tribunal") in ITA No.112/Ahd/2014 by proposing the following question, s....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ection 80P(2)(a) of the Act, in case of cooperative society providing credit facilities to its members, the whole of the amount of profit and gains from such business are deductible. However as per sub-section (4) of section 80P of the Act, which came to be inserted by Finance Act, 2006 with effect from assessment year 2007-08, deduction under section 80P will not be available to any co-operative ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... 3. Mrs. Mauna Bhatt, learned senior standing counsel for the appellant, assailed the impugned order on the grounds set out in the memorandum of appeal and on the reasons recorded by the Assessing Officer in the assessment order. 4. As can be seen from the order passed by the Commissioner (Appeals), he has recorded that the provisions of sub-section (4) of section 80P of the Act would be att....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... of Commissioner of Income-tax-II v. Surat Vankar Sahakari Sangh Limited, (2014) 225 Taxman 162 (Gujarat), wherein the court has repelled the contention of the revenue that section 80P(4) would exclude not only the cooperative banks other than those fulfilling description contained therein but also credit societies, which are not cooperative banks. In the facts of the said case, the assessee was a....