2014 (5) TMI 1220

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....ellant : Shri S. Das Gupta, CIT. For the Respondent : Shri M. Viswanathan, CA. ORDER PER S.S. GODARA, JUDICIAL MEMBER This Revenue's appeal for assessment year 2009-10, is directed against order of the Commissioner of Income-tax (Appeals)- VI Chennai, dated 30.01.2013, passed in Appeal No.317/11-12, deleting disallowance/addition of deduction of Rs. 1,95,76,314/- made by the Assessing ....

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....iled to impress upon the Assessing Officer. In assessment order dated 29.12.2011, he treated it as a 'co-operative bank' which had availed NABARD loan facility and possessed all banking features. Per Assessing Officer, the assessee had advanced jewel loans directly as well as through its members/ primary banks (associate members) beyond purview of statutory provision stipulating credit to members ....

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....ct, 1981. He has also relied upon a comparative chart distinction between a co-operative/commercial bank and a primary credit society to hold the assessee covered by the latter category. Therefore, the Revenue is in appeal. 5. We have heard both parties and gone through the case file. It is made clear that no paper book or any other material has been filed before us to controvert the finding....