2018 (8) TMI 1722

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....PER RAJPAL YADAV, JUDICIAL MEMBER : Present appeal is directed at the instance of the assessee against order of ld. CIT(A)-4, Vadodara dated 30. 9. 2016 for the assessment year 2013-14. 2. In this appeal, the assessee has challenged action of the ld. CIT(A) in confirming order of the ld. AO whereby the ld. AO has disallowed the claim of deduction under section 80P(2)(a)(i) of the Income Tax Act....

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....r income, and such investment was very much related to the business of the assessee, and therefore, eligible for deduction under section 80P(2)(a)(i) of the Act. The ld. AO did not accept this submission of the assessee. The ld. AO held that deduction was allowable only if the investment was made in other cooperative societies and not in scheduled banks. He accordingly disallowed the claim of the ....

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....pugned orders of the Revenue authorities and allowance of deduction under section 80P(2)(a)(i) of the Act. 5. On the other hand, the ld. DR submitted that issue is covered in favour of the Revenue by judgment of the Hon'ble jurisdictional High Court in the case of State Bank of India Co-operative Society Vs. CIT, 72 taxmann. com 64 (Guj) wherein it has been held that cooperative society engaged i....

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....oviding credit facilities to its members, is not eligible for deduction under section 80P. The Tribunal in earlier occasions on similar issue has taken a consistent view by following above judgment of the Hon'ble jurisdictional High Court. Since orders of the Revenue authorities are in accordance with judgment of the Hon'ble jurisdictional High Court cited supra, no interfere is called for in the ....