TaxTMI 
TaxTMI 
2022 (6) TMI 937
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.... out of the common order of Commissioner of Income Tax (Appeals), Puducherry in ITA No. 324, 330 & 333/CIT(A)-PDY/2018-19, dated 19.02.2020. The assessments were framed by the ACIT, Circle 1, Cuddalore u/s. 143(3) r.w.s. 144 of the Income Tax Act, 1961 (hereinafter the 'Act') vide orders of even date 29.12.2018 for the assessment years 2011-12 & 2012-13 & u/s. 143(3) of the Act, vide order dated 29.12.2019 for the assessment year 2016-17. The assessee has also filed cross objections for the assessment years 2011-12 & 2012-13. ITA Nos. 01 & 02/Chny/2021 2. It is noticed that these appeals of Revenue are time barred by 248 days and Revenue has filed condonation petition. It is stated that the order of CIT(A) is dated 19.02.2020,....
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....6,388/- & Rs. 8,27,882/- respectively. Therefore, in view of the CBDT Circular No. 17/2019 dated 08.08.2019 no appeal should be filed by the Revenue before the Tribunal which has tax effect of Rs. 50.00 lakhs or less and this circular is also applicable retrospectively to all pending appeals. Therefore, the appeals filed by the Revenue are dismissed. C.O Nos. 04 & 05/Chny/2022 5. Since we have dismissed the appeals filed by the Revenue on monetary limits, the cross objections filed by the assessee have become infructuous and hence, dismissed. ITA 667/Chny/2020 6. We noted that this appeal by assessee is time barred by 73 days. It is noticed that the order of CIT(A) is dated 19.02.2020, which was received by assessee only on 03.0....
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....e learned CIT (Appeals) is not justified in isolating State Co-operative Banks in respect of definition of Co- operative Societies when section 2 (19) defining the same has not distinguished Co- operative Societies of various nomenclatures so as to exclude banking operations qua such societies. 4. The learned CIT (Appeals) is not justified in isolating State Co-operative Banks as de-hors the definition under section 2(19) when all entities registered under relevant state enactments as co-operative societies need to be treated as Co- operative Societies per-se in accordance with purposive construction of section 80P read with section 2(19) of the Act. 5. The learned CIT (Appeals) is ought to have relied upon the judicial di....
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....icultural and Rural Agricultural Bank or any Co-operative Societies except any Co-operative Bank. As per explanation to section 80P(4) of the Act, Co-operative Bank and Primary Agricultural Credit Society is defined. According to AO, the Villupuram District Co-operative Bank is a bank in term of above definition as the same is having license from the Reserve Bank of India and is regulated by the Banking Regulation Act, 1949. Therefore, the AO disallowed the claim of deduction of interest income u/s. 80P(2)(d) of the Act amounting to Rs. 33,12,720/- and made addition to the returned income of the assessee. Aggrieved, assessee preferred appeal before the CIT(A). The CIT(A) also confirmed the action of the AO by observing in para 6.3.1 as unde....
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....s to be interpreted in the strictest of manners. Following the judgment of Hon'ble Karnataka High Court cited above, it is held that appellant's receipts from Villupuram Central District Co-operative Bank is not eligible for deduction u/s. 80P(2)(d). Aggrieved now assessee is in appeal before the Tribunal. 9. Before us, ld. counsel for the assessee could not deny that the assessee has earned interest from Villupuram District Co-operative Bank and Villupuram District Co-operative Bank is not a bank and co-operative society. He admitted that the Villupuram District Cooperative Bank is holding the license from RBI and is governed by Banking Regulation Act, 1949. 10. We noted that once the assessee has deposited amount with Vil....