2021 (10) TMI 268

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....is against law and facts of the case. 2. That on the facts & circumstances of the case, learned CIT(A) has grossly erred in law in confirming disallowance of Rs. 55,90,793/- being deduction claimed u/s. 80P of the Act. Disallowance confirmed is bad in law and is illegal. 3. That on the facts and circumstances of the case, learned CIT(A) has grossly erred in confirming the action of assessing officer holding that assessee is carrying on banking business and is a cooperative bank not entitled to deduction u/s. 80P(2)(a)(2) of the Act. 4. That on the facts and circumstances of the case, learned CIT(A) while confirming the disallowance of deduction claimed u/s. 80P of the Act has relied upon judgment of Honourable Supreme Court in the cas....

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....ative bank though neither in the past assessment years nor in the future assessment years in assessment orders passed u/s. 143(3) of the Act, cooperative society has been treated as cooperative bank. Order passed by CIT(A) is opposed to the principles of consistency. 9. That on the facts & circumstances of the case, Learned Commissioner of Income Tax (Appeals) has grossly erred in confirming addition of Rs. 389677/- being addition made by learned assessing officer u/s. 40(a)(ia) of the Act. 10. That on the facts & circumstances of the case, Learned Commissioner of Income Tax (Appeals) has grossly erred in confirming addition of Rs. 11251/- being deduction claimed for taxes paid to local authorities. 11. That the Appellant requests for....

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....I. Judged by this touchstone, it is clear that the impugned Full Bench judgment is wholly incorrect in its reading of Citizen Cooperative Society Ltd. (supra). Clearly, therefore, once section 80P(4) is out of harm's way, all the assessees in the present case are entitled to the benefit of the deduction contained in section 80P(2)(a)(i), notwithstanding that they may also be giving loans to their members which are not related to agriculture. Also, in case it is found that there are instances of loans being given to non-members, profits attributable to such loans obviously cannot be deducted." In view of the above, it was submitted that the assessee is entitled to the relief claimed in the present appeal. 4. Per contra, the Ld. DR had ....