ITO, COIMBATORE vs. VEERAKERALAM PRIMARY AGRICULTURAL COOPERATIVE SOCIETY, COIMBATORE

This appeal of the revenue is directed against the order of CIT(A)-3, Coimbatore dated 15.12.2015 and pertains to assessment year 2012-13.

The notice of hearing was served on the assessee by R.P.A.D. The Registry has placed on record the postal acknowledgement as a proof of service of notice of hearing. In spite of receipt of notice by R.P.A.D., the assessee has not choose to appear before this Tribunal. Therefore, we have heard the learned Representative for the Department and proceeded to dispose off the appeal on merit.

Shri A.V.Sreekanth, the learned representative for the department submitted that the only issue arises for consideration is disallowance of deduction claimed by the assessee under Section 80P of the Act. The assessing officer disallowed the claim of the assessee under Section 80P on the ground that the assessee is a bank within the meaning of Section 80P(4). However, the CIT(A) by placing reliance in the order of ITAT in the assessee’s own case in dated 21.03.2014, for assessment year 2008-09, allowed the claim of the assessee. According to the learned representative, the assessee cannot be considered to be a credit cooperative society.

We have considered the submission of the department representative and also perused the material available on record. The issue arises for consideration is whether the assessee is a cooperative bank or a credit society.

In view of the judgment of the Madras High Court in assessee’s own case, this Tribunal do not find any reason to interfere with the order of the lower authority and accordingly, the same is confirmed.

In the result, the appeal of the revenue is dismissed.