2024 (7) TMI 1103

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....in arbitrary manner and contrary to law and facts of the case. 2. At the outset, the Ld. AR submitted that the Ld. CIT(A) has erred in law and on facts of the case in confirming the addition of Rs.54,00,164/- to the returned income on account of the disallowance of Deduction claimed u/s. 80-P of the act. 3. Having heard both the sides, perusal of record, impugned order and case law referred, we find that it is not disputed that the appellant assessee is a co-operative agricultural society engaged in the activity of providing credit facility to its members and the society was formed for the purposes of development of agriculture. The assessee is duly registered under the Punjab Societies Registration Act, 1961, with the office of The Regis....

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....ative society and cooperative bank as well is deductible under the section 80P(2)d of income tax act as the co- operative bank falls under the definition of Cooperative society i.e." Cooperative society means a Co operative society registered under the Cooperative societies Act, 1912 or under any other law for the time being in force in any state for the registration of Co operative societies. "The Cooperative bank is also registered under, the Punjab State Co operative society Act,1961, and its status is that of a 'Co operative society'. The AR submitted that although the co operative bank pursuant to the insertion of Sub section (4) of Sec.80P would no more be entitled to claim the deduction under sec.80P of the Act, however, as a....

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....ction 80(P) (2) of the Income Tax Act. Such finding of fact is not required to be interfered with by this Court in exercise of powers under Article 136 of the Constitution of India. Even otherwise on merits also and taking into consideration the CBDT Circular and even the definition of Bank under the Banking Regulation Act, the respondent/Assessee cannot be said to be co-operative Bank/Bank and therefore, section 80(P) (4) shall not be applicable and that the respondent/Assessee shall be entitled to exemption/benefit under section 80(P) (2) of the Income Tax Act." 7. The Jurisdictional ITAT, Amritsar Bench, Amritsar in a latest judgment in the case of "The Urapar Co-op. Agri, Service Society Ltd, VPO Urapar, dated 23/05/20231 following th....