TaxTMI 
TaxTMI 
2015 (3) TMI 1346
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..... The Appellants further reserve the rights to add, amend or alter the aforesaid grounds of appeal as they may think f i t by themselves or by their representatives. During the course of hearing before us, Departmental Representative (DR) made an application and sought an adjournment stating that the issue raised by the assessee was pending before the Special Bench at Ahmadabad, that the special bench was constituted in 2013. On enquiry by the Bench, he could not tell us the stage of hearing of the issue by the Special Bench. Authorised Representative(AR)stated that Hon'ble Gujarat High Court had decided two cases in the year 2014, wherein identical issue was involved. He referred to the Tax Appeal No. 442 & ors in the case of Jafari Momi....
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.... a member, that its business was of banking, that the assessee fell into the category of primary co-operative bank, that as per the provisions of section 80P(4) inserted w. e. f. 01. 04. 2007, the assessee was a primary co-operative bank. Accordingly, the deduction claimed u/s 80P was not allowed by the AO. 3. During the appeal proceeding, before the First Appellate Authority(FAA), it was contended by the assessee that it was extending facilities to its members only, that it was regularly claiming deduction u/s. 80P(2)(a)(i) of the Act, that it was not carrying on any banking business that its operations were not open for the public as the society was restricted for the benefit of the members only, that the provisions of sub-section (4) of....
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....at Vankar Sahkari Sangh Ltd. and Biluru Gurubasava Pattina of Karnataka High Court. He also referred to the matter of M/s Kulswami Coop. Credit Society Ltd. (ITA No. 3223/Mum/2011 & 505/Mum/202 dt. 28. 03. 2014), Sagar Credit Cooperative Society Ltd. (ITA No. 306/Bang/2014 dated 04. 04. 2014). DR supported the order of the FAA. 5. We have heard the rival submissions and perused the material before us. We find that in the case of Jafari Momin Vikash Co-op. Credit Society Ltd (supra) the Hon'ble Gujarat High Court has discussed at length the issue before us and as held as under: "From the above clarification, it can be gathered that sub-section(4) of section 80P will not apply to an assessee which is not a co-operative bank. In the case cl....