2022 (6) TMI 840

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....t : Shri S. Sridhar, Advocate(Erode) ORDER PER MAHAVIR SINGH, VP: This appeal by the Revenue is arising out of the order of Commissioner of Income Tax (Appeals), Salem in ITA No.295/2018-19, order dated 24.07.2019. The assessment was framed by the Income Tax Officer, Ward-2, Tiruchengode for the assessment year 2016-17 u/s.143(3) of the Income Tax Act, 1961 (hereinafter the 'Act') vide order da....

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....ble, we condone the delay and admit the appeal. 3. The only issue in this appeal of Revenue is against the order of CIT(A) in allowing the claim of deduction to assessee u/s.80P(2)(a)(i) of the Act. 4. We have heard rival contentions and gone through facts and circumstances of the case. We noted that the assessee society is a registered co-operative society under the Tamil Nadu Co-operative Soci....

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....isions of section 80P(4) of the Act, the assessee is not entitled for deduction as the assessee is name sake 'primary agriculture co-operative society' but is engaged predominantly in the activity of banking business. Aggrieved, assessee preferred appeal before CIT(A). 5. The CIT(A) deleted the addition and allowed the claim of deduction by following the Co-ordinate Bench decision in the case of ....

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.... supra, the contentions of the assessee are accepted and the grounds of appeal are allowed." 6. We noted that even this issue is now covered by the Co-ordinate Bench decision in the case of Tamilnadu Co-operative State Agriculture and Rural Development Bank Limited in ITA Nos.31 to 33/CHNY/2021, order dated 29.04.2022, wherein following the decision of Hon'ble Supreme Court in the case of The Mav....