2018 (6) TMI 1863

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....Rai For the Assessee : Shri Kedar Phadke ORDER PER SAKTIJIT DEY, J.M. The Revenue has filed the aforesaid appeal against order dated 3rd November 2016, passed by the learned Commissioner (Appeals)-32, Mumbai, being aggrieved with his decision in allowing assessee's claim of deduction under section 80P(2)(a)(i) of the Income Tax Act, 1961 (for short "the Act") for the assessment year 20....

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....tion 80P(2)(a)(i) of the Act. In response, it was submitted by the assessee that the primary object of the assessee is to provide credit facilities to its members only, hence, it is eligible to claim deduction under section 80P(2)(a)(i) of the Act. It was submitted, since, the assessee is neither a State Co-operative or any other Co-operative Bank, it does not require a Banking incense under the B....

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....member. Thus, he held that the assessee can be treated as a primary co-operative bank, hence, the provisions of section 80P(4) of the Act will be applicable to the assessee. That being the case, the assessee would not be eligible to claim deduction under section 80P(2)(a)(i) of the Act. Accordingly, he disallowed assessee's claim of deduction. Being aggrieved with the aforesaid decision of the Ass....

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....ribunal has decided the issue in favour of the assessee. 6. We have considered rival submissions and perused materials on record. As could be seen, the issue relating to assessee's claim of deduction under section 80P(2)(a)(i) of the Act is a recurring dispute between the assessee and the Department from the preceding assessment years. In fact, learned Commissioner (Appeals) relying upon the de....