SRI VARUN SOUHARDA CREDIT CO-OPERATIVE LIMITED,BANGALORE vs. INCOME TAX OFFICER, WARD- 5(2)(4), BANGALORE

O R D E R These three appeals filed by the assessee are directed against the different orders of Commissioner of Income Tax (Appeals)-5, Bangalore dt.30.12.2019 for the Assessment Years 2014-15 to 2016-17. The effective ground in these appeals is common and identical, for the sake of convenience, they are heard together and consolidated order is passed.

2 264 & 265/Bang/2020 2. We take up the Appeal in . The assessee has argued Ground No.3 regarding disallowance of claim of deduction under Section 80P(2)(a)(i) of the Income Tax Act, 1961 (the Act). The other grounds and additional grounds are not relevant at this stage and are only academic in nature which are not argued before us, accordingly these grounds are dismissed. The effective ground No.3 is as under :

“ 3. The ld. CIT (Appeals) was not justified in law in confirming the disallowance of Rs.20,43,170 under the provision of Section 80P(2)(a)(i) of the Act on the facts and circumstances of the case.” 3. The Assessing Officer has disallowed the claim of deduction made under Section 80P(2)(a)(i) of the Act on the reason that the assessee is in the business of Banking. The CIT (Appeals) has confirmed the order of the Assessing Officer. Hence the assessee is in appeal before us.

Therefore respectfully following the above judgment, I remit the issue in dispute to the file of Assessing Officer to decide afresh in the light of above judgement after giving an opportunity of hearing to the assessee. Further we make it clear that the assessee is at liberty to raise any other issue as deem it fit if so advised. Similarly, in the other two appeals in & 265/Bang/2020 shall equally apply the above decision and remit to the file of Assessing Officer with similar directions given above.

Pronounced in the open court on the date mentioned on the caption page.