2018 (12) TMI 1448

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....dl. CIT (DR) For the Respondent : Shri Govind G.M., CA ORDER PER SHRI A.K. GARODIA, ACCOUNTANT MEMBER This appeal is filed by the revenue and the same is directed against the order of ld. CIT (A)-10, Bangalore dated 09.03.2018 for Assessment Year 2014-15. 2. The grounds raised by the revenue are as under. "1. The order of the learned CIT(A) is opposed to law and facts of the case 2. Wheth....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....shall not apply in relation to any Cooperative Bank other than Primary Agricultural Credit Society or Primary Agricultural Rural Development Bank? 5. Whether on the facts and circumstances of the case and in law, the Ld. CIT (A) was right in holding that the assessee is not a cooperative Bank when it has been clearly defined in the Karnataka Co-operative Society Act,1959 that any Co-operative So....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....in 322 ITR 283. She submitted that in view of this, the order of CIT(A) should be reversed and that of AO should be restored. As against this, the ld. AR of assessee supported the order of CIT(A) and he also placed reliance on the judgement of Hon'ble Karnataka High Court rendered in the case of Tumkur Merchants Souharda Credit Cooperative Ltd. vs. ITO as reported in 230 Taxman 309. 4. We hav....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....s in favour of the assessee but the decision are different because the facts are different. In the case of Tumkur Merchants Souharda Credit Cooperative Ltd. vs. ITO (supra), it was found that the investment or deposit in bank was out of assessee's own funds and not out of liability of the assessee whereas in the case of PCIT and Another Vs. Totagars Cooperative Sale Society Ltd. (supra), it was fo....