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Income Tax Appellate Tribunal, “C” BENCH : BANGALORE
Before: SHRI SUNIL KUMAR YADAV & SHRI A. K. GARODIA
Per Sunil Kumar Yadav, Judicial Member
This appeal is preferred by the assessee against the order of CIT(A), interalia, on the following grounds:
1. The order of Ld. CIT(A) is clearly opposed to law as far as the findings are perverse, contrary to the facts and circumstances of the case and hence not sustainable.
2. The Ld.CIT(A) erred in treating the assessee as a co-operative society involved in extending credit facilities to its members without appreciating the fact that the assessee is a co-operative bank and that the main activity of the co-operative society is to lend credit facilities to its members in the nature of banking transactions which comes under the purview of inserted sub-section (4) to section 80P w.e.f. 01.04.2007. 3. The Ld,CIT(A) has erred in not appreciating the inserted provision of sec.5(i)(ccii) in the part V of the Banking Regulation Act under section 56 wherein Co-operative Credit Society is defined.
During the course of hearing, our attention was invited to the fact that the impugned order is squarely covered by the judgment of jurisdictional High Court in the case of Sri Biluru Gurubasava Pattina Sahakari Sangha Niyamitha in in which it has been held that the said assessee is eligible for the deduction under section 80P of the Act. The CIT(A) adjudicated the issue following the judgment of the jurisdictional High Court.
The learned DR simply placed reliance upon the orders of the CIT(A).
Having carefully examined the orders of the CIT(A) we find that the impugned order is squarely covered by the judgment of the jurisdictional High Court and since the CIT(A) has decided the issue following the judgment of the jurisdictional High Court, we find no infirmity in its order. Accordingly, we confirm the order of the CIT(A).
Page 3 of 3 5. In the result, the appeal of the Revenue is dismissed.
Pronounced in the open court on 28th April, 2017.