2018 (6) TMI 1871

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..... In its appeal, Revenue has raised the following Grounds of appeal :- "1. On the facts and circumstances of the case and in law, the Ld. CIT(A) has erred in holding that the assessee is entitled to the benefit of deduction of Rs.39,42,049/- under Section 80P(2) of the I.T. Act. 2. On the facts and circumstances of the case and in law, the Ld. CIT(A) has erred in allowing deduction u/s 80P(2)(a)(i) to the assessee, even though the same is covered under Section 80P(4) read with Section 2(24)(viia) being income from providing credit facilities carried on by a Cooperative Credit Society with its Members. 3. On the facts and in the circumstances of the case and in law, the Ld. CIT(A) has erred in not appreciating the ....

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....a 'co-operative bank' as it was not carrying on the business of banking and, therefore, according to him, the restriction contained in Sec. 80P(4) of the Act would not operate in the instant case. The CIT(A) relied upon the judgment of the Hon'ble Bombay High Court in the case of Quepem Urban Co-operative Credit Society Ltd. vs ACIT, [2015] 58 taxman.com 113 (Bombay) and decided the issue in favour of the assessee. Against such a decision of CIT(A), Revenue is in appeal before us. 4. Before us, it was a common point between the parties that in the assessee's own case an identical controversy has been considered by the Tribunal in Assessment Year 2010-11 vide its order in ITA Nos. 3783 and 3769/Mum/2014 dated 24.05.2017 in favour of t....