2016 (9) TMI 1558

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....of Income Tax erred in law and on facts in setting aside Assessment Order passed by the Assessing Officer.  (b) On the facts and under the circumstances of the case the order passed u/s.263 of the Act by the Commissioner of Income Tax - 13 was not passed in accordance with the provisions of law as he failed to consider all relevant submissions made before him. 2. The learned Commissioner of Income Tax has passed order u/s.263 of the Act in causal manner without considering all relevant facts stating the status of the appellant as firm instead of co-operative Society. 3. The learned Commissioner of Income Tax has arbitrarily set aside Assessment Order of the Assessing Officer which was passed after due inquiry....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....has wrongly been allowed to the assessee. The claim for similar deduction was disallowed by the Assessing Officer for the A.Y.2010-11 after doing through investigation. In the A.Y.2010-11 the basis for disallowance of the claim of the assessee was the letter received from the office of the Assistant Registrar of the Co-operative Society, Mumbai where the assessee was categorized as a Co-operative Bank and was further classified as "Other Bank".   4. It was therefore contended by the Assessing Officer that the order passed u/s.143(3) of the Act for the A.Y.2009-10 is erroneous in so far as is prejudicial to the interest of revenue. On receipt of the proposal u/s.263 of the Act the authority was of the view that the assessee's busines....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....tion (4) of Section 80P of the Act. However, on the other hand the learned representative of the department has strongly relied upon the order passed by the CIT(A) in question. Order dated 20.05.2016 has been perused in which the Income Tax Appellate Tribunal in the assessee's own case in ITA No.2515/Mum/2014 has held that the assessee Co-operative Society does not fall within the restriction placed with the section 80P of the Act. The relevant para 8 and 9 of the said order is hereby reproduced below for ready reference:-  "8. We have gone through the decision of "A" Bench of the Mumbai Tribunal rendered in the case of M/s.Kulswami Co-operative Society (supra) to find that the co-ordinate Bench, relying on an earlier decis....