TaxTMI 
TaxTMI 
2023 (12) TMI 762
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....were emanated from the order of the ld. Income Tax Officer, Ward-1, Hanumangarh, (in brevity the AO) order passed u/s 143(3) of the Act. At the outset, all the appeals are common in facts and have a common issue related to disallowance of deduction u/s 80P(2)(d). Therefore, all the appeals are taken together, heard together and disposed of together. For the sake of convenience, we taken ITA No. 68/Jodh/2022 as the lead case. ITA No. 68/Jodh/2022 2. The assessee has taken the following grounds which are reproduced as below: "1) Whether Department is bound to follow the order of Jurisdictional ITAT (Jodhpur) in the case of assessee itself pertaining to following years on the same issue of deduction u/s 80P. Appeal No. ....
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.... treated interest and dividend income from other sources and added back with the total income of the assessee. Here is the year wise chart for disallowance of interest and dividend which was claimed as deduction u/s 80P (2)(d) is inserted as below: "Hanumangarh Kendriya Sahakari Bank Sl. No. A.Y. ITA No. Disallowance of claim u/s 80P(2)(d) 1. 2013-14 68/Jodh/2022 Rs. 3,32,90,254/- 2. 2014-15 69/Jodh/2022 Rs. 5,30,38,860/- 3. 2015-16 70/Jodh/2022 Rs. 2,26,50,941/- 4. 2016-17 71/Jodh/2022 Rs. 2,07,00,717/- Aggrieved assessee filed an appeal before the ld. CIT(A). The ld. CIT(A) upheld the order of the ld. AO. Being aggrieved assessee filed an appeal before us. 4.....
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....he revenue authorities. The assessee submitted the written submission which is placed in the record. The assessee placed that the assessee is a cooperative bank and normally eligible for claim of deduction u/s 80P. The dividend was earned from the investment in cooperative society and other cooperative bank. The issue was also agitated during the assessment year 2018-19 and the ld. NFAC has taken the view in favour of the assessee. The same issue was also taken by the ITAT Jodhpur Bench in the assessee's own case bearing ITA No. 55 & 56/Jodh/2015 order dated 14.03.2016. "5. We have considered the submissions. On perusal of the order of the learned CIT (A) shows that the learned CIT (A) has followed the decision of the co-ordinate Bench o....
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....tory as alluded to herein above, it is quite clear that the appellant is not a co-operative bank within the meaning of sub- section (4) of Section 80P of the Act. The appellant is a co-operative credit society under Section 80P(2)(a)(i) of the Act whose primary object is to provide financial accommodation to its members who are all other co-operative societies and not members of the public. 15.14. Therefore, when the definition of "co-operative bank" in Section 56 of BR Act, 1949 is viewed in terms of Sections 2(u) of the NABARD Act, 1981, it is clear that only a state co-operative bank would be within the scope and meaning of a banking company under Section2(c) of the BR Act, 1949 on obtaining licence under Section 22 of the said ....