2016 (3) TMI 1296

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....sessee's claim for exemption under S.80P(2)(i)(a) of the Income Tax Act,1961, and the relevant ground of the assessee, being ground No.7, reads as under- "Also taking cognizance of the judicial precedents existed on the issue, the Ld. CIT(A) ought to have ordered relief u/s. 80P(2)(a)(i) of the Act to the total extent of Rs. 15,41,19,431 (inclusive of the provision for tax of Rs. 1,75,22,541/- which was by inadvertence not taken into account by the appellant while filing the ROI);" 3. Facts of the case in brief are that the assessee is a cooperative society deriving income from banking. It filed its return of income for the assessment year 2012-13 on 29.9.2012 declaring 'Nil' income after claiming deduction of Rs. 15,41,19,431 under S.80P....

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....case of Mahaveer Co-op. Union Bank Ltd. (ITA lNo.1011/Hyd/2013 for assessment year 2004-05) has, following the decision of the decision of the jurisdictional High Court in the case of CIT V/s. A.P. State Cooperative Bank Ltd. (supra), held vide its order dated 1.10.2013, as follows- "6. We have heard both the parties and perused the material on record. We find the same issue was considered by the Andhra Pradesh High Court in the case of CIT vs. Andhra Pradesh State Cooperative Bank Ltd. (cited supra) wherein the High Court held as under- "The provisions of section 80P of the Income-tax Act, 1961 do not make any distinction between the interest earned by deposit in a bank and interest earned on the compulsive deposit made as required unde....