2015 (2) TMI 1284

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....stances of the case and in law, the Ld CIT (A) has erred in directly to allow deduction u/s 80P to the assessee even though assessee carries on the banking business and other business in the name of a credit cooperative society. 2. On the facts and in the circumstances of the case and in law, the Ld CIT (A) has erred in allowing deductions u/s 80P(2)(a)(i) without considering insertion f section 80P(4) and sub-clause (viia) to section 2(24) vide Finance Act 2006 w.e.f. 1.4.2007. 3. On the facts and in the circumstances of the case and in law, the Ld CIT (A) has erred in holding that the facts of the assessee's case are not identical with any of the case laws relied upon by the Assessing Officer especially decision of the ITAT Jaipur i....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....velopment bank. Thus, the assessee fulfills the condition laid down u/s 56(c)(ccv) of Part V of the Banking Regulation Act, 1949 for being a cooperative bank. Therefore, the deduction u/s 80P(2)(a)(i) read with section 80P(4) would not be allowable to the assessee. Aggrieved with the decision of Assessing Officer, assessee carried the matter in appeal before the first appellate authority. 4. During the proceedings before the first appellate authority, after considering the submissions made by the assessee, CIT (A) allowed the assessee's appeal. Aggrieved with the decision of the CIT (A), Revenue is in appeal before the Tribunal by raising the above mentioned grounds. 5. During the proceedings before us, Ld DR relied on the order of th....