2015 (6) TMI 1237

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.... section 80P(2)(a)(i). 3. At the outset, in this case, learned counsel of the assessee submitted that the issue is covered in favour of the assessee by the catena of decisions of Tribunal. The learned counsel further submitted that the issue has now been also decided in favour of the assessee by the Hon'ble Bombay High Court decision. The learned D.R. could not controvert this submission of the learned counsel of the assessee. 4. We find that it is undisputed that the assessee is a cooperative society engaged in providing credit facilities to its members. It is also undisputed that the assessee is not a cooperative bank. Learned CIT(Appeals) has also considered ITAT's decisions on this issue and has concluded as under : " Aft....

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....ative Credit Society Ltd. v/s. ACIT in Tax Appeals No. 22, 23 & 24 of 2015 vide order dated 17th April, 2015. The Hon'ble High Court had expounded as under : " This fact of accepting deposits from people who are not members had been so recorded by the CIT(A) in his order. But it cannot be concluded that the appellant's principal business was of accepting deposits from public and therefore it was in banking business. In fact, the impugned order erroneously relies upon bye-law 43 of the society which enables the society to receive deposits to conclude that it can receive deposits from public. Thus in the present facts the finding that the appellant's principal business was of Banking was perverse as it was not supported by the eviden....