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Income Tax Appellate Tribunal, “SMC” Bench, Mumbai
Before: Shri B.R. Baskaran (AM)
The appeal filed by the Revenue is directed against the order dated 19.12.2014 passed by learned CIT(A)-25, Mumbai and it relates to A.Y. 2010- 11.
The Revenue is aggrieved by the decision of learned CIT(A) in holding that provisions of section 80P(4) is not applicable to the assessee and hence deduction prescribed u/s.80P(2) of the Act is available to the assessee.
None appeared on behalf of the assessee and hence I proceed to decide the appeal of the Revenue ex-parte, without presence of the assessee.
I have heard learned Departmental Representative and perused the record. The assessee is a co-operative credit society and during the year under consideration it declared nil income after claiming deduction of ` 32,85,658/- u/s. 80P(2)(a) of the Act. The Assessing Officer took the view that the assessee should be considered as cooperative bank and hence deduction u/s. 80P(2)
2 Mumbai Teleworkers Cooperative Credit Society will not be available to the assessee, in view of the provisions of section 80P(4) of the Act. Learned CIT(A) noticed that the Tribunal has allowed claim of the assessee in A.Y. 2009-10 in vide its order dated 30.6.2014. Learned CIT(A) also noticed that Hon'ble Gujarat High Court has held in the case of CIT Vs. Jafari Momin Vikas Co-operative Credit Society Ltd. (Tax Appeal No. 442,443 & 863 of 2013 dated 15.1.2014) that provisions of section 80P(4) would not apply to the credit cooperative society. Accordingly, learned CIT(A) allowed the appeal of the assessee. Aggrieved, the Revenue has filed this appeal before the Tribunal.
Learned Departmental Representative placed reliance on the assessment order passed by the Assessing Officer.
6. Since coordinate Bench of the Tribunal has held that the assessee is eligible for deduction u/s.80P(2) of the Act in AY 2009-10 (supra) and since decision rendered by the learned CIT(A) is in accordance with the decision taken by the Tribunal in A.Y. 2009-10, I do not find any reason to interfere in the order passed by learned CIT(A). Accordingly, we uphold the order passed by learned CIT(A).
In the result, appeal filed by the Revenue is dismissed. Order has been pronounced in the Court on 4.8.2016