2019 (7) TMI 1964

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....n issues are involved, we are proceeding to dispose them off through a consolidated order for the sake of convenience. Facts being identical, we begin with the assessment year (AY) 2012-13. 2. The effective grounds of appeal filed by the revenue read as under: 1. On the facts and in the circumstances of the case and in law, the Ld. CIT(A) has erred in holding that deduction u/s 80P(2)(i)(ia) is allowable, an addition made on account of disallowance of expenditure debited to the P & L a/c is required to be covered under provisions of section 80P of the Income Tax Act, 1961, even when it is settled principle that the deeming fiction created under any provisions of the Act cannot be imported into a beneficial provisions of the Act. 2. On ....

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....hat (i) the assessee is a Co-operative Bank other than a primary agricultural credit society or a primary cooperative agricultural and rural development bank, (ii) the assessee fulfils the condition laid down in section 56(c)(ccv) of Part V of the Banking Regulation Act, 1949 for being a Co-operative Bank. Considering the above facts, the AO disallowed the claim of deduction made by the assessee u/s 80P of the Act. 4. In appeal, the Ld. CIT(A), considering the order passed by the ITAT for AY 2010-11 in the case of the assessee allowed the appeal filed by the assessee. 5. Before us, the Ld. DR submits that the AO in the instant case has rightly made the disallowance of deduction claimed by the assessee u/s 80P of the Act by referring to t....

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....e clarified by CBDT, Delhi Co-op. Urban Thrift & Credit Society Ltd. was under consideration. Circular clarified that the said entity not being a co-operative bank, section 80P(4) of the Act would not apply to it. In view of such clarification, we cannot entertain the Revenue's contention that section 80P(4) would exclude not only the co-operative banks other than those fulfilling the description contained therein but also credit societies, which are not co-operative banks. In the present case, respondent assessee is admittedly not a credit cooperative bank but a credit co-operative society. Exclusion clause of sub-section (4) of section 80P, therefore, would not apply. In the result, Tax Appeals are dismissed.' Similar view is taken by t....