2022 (5) TMI 1564

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....e up revenue's appeal for adjudication. 3. The grounds of appeal raised by the revenue reads as under :- 1. That the Learned CIT(A) has erred in law and facts in allowing exemption to the assessee in respect of dividend income of Rs. 1,75,84,390/- received from other cooperative societies. 2. That the appellate decision is not consistent with the provisions of section 80P, which remain no longer applicable to the assessee (RRB) after sub section 4 inserted to section 80P by the Finance Act, 2006 and operative from 01.04.2007 onwards. 3. That the learned CIT(A) has not appreciated that when the income of the assessee through its banking activities is admittedly beyond the purview of section 80P and the tax is be....

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....rom IFFCO. The issue has already been decided in the appellant's own case for an earlier assessment year by Ld. CIT (A), Ghaziabad. In the appeal for A.Y 2012-13, Ld. CIT (A) Ghaziabad decided the issue as under The appellant has received dividend from IFFCO and U.P. Cooperative Bank Ltd. which are cooperative society. As far as IFFCO is concerned, the fact that it is a cooperative society is an established fact in earlier years and this year also tire A.O. has mentioned that it is a cooperative society. As far as the U.P. Cooperative Bank Ltd. is concerned, the A.O. has hot mentioned anything about it. I have verified that it is cooperative society as is ascertainable from the Registration Certificate produced by the appellant and....

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..../s. 80P(2) (d) of the Act. Reliance was placed on the decision of the Coordinate Benches in its own case concerning assessment year 2010-11 in ITA No.2746/Del/2015 dated 31.07.2018 and A.Y.2012-13 in ITA No.3913/Del/2016 dated 18.09.2018. 6. Having regard to the view expressed by the coordinate bench in the identical fact situation and having regard to the plain law of section 80P (2)(d) of the Act, we see no reason to interfere with the order of the CIT(A). 7. In the result, the appeal filed by the revenue is dismiss. C.O.No.53/Del/2021 (A.Y. 2014-15) 8. At the time of hearing, the Ld. Counsel for the assessee pointed out that addition of Rs.8,03,892/-on account of additions of opening balance of Special Reserve is unjustified ....