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3 Chhinam Seva Sahakari Mandli Ltd Vs ACIT The assessee in their application stated that the decision of Hon’ble Karnataka High Court is not having jurisdiction in case of assessee. Decision of Hon’ble Karnataka High Court is contested before the Hon’ble Supreme Court. The JCIT vide its direction dated 22/12/2017, directed the Assessing Officer to pursue the fact available on record and the ratio of various judicial authorities which are applicable on the facts of the case. The Assessing Officer after considering the direction of JCIT, concluded that a cooperative bank is an urban commercial bank and does not fall under the purview of cooperative society referred in Section 80P(2)(d) of the Act. The assessee earned interest and dividend from various cooperative banks. The Assessing Officer disallowed the claim of interest and dividend income mentioned at serial No. 3,4,6,7 & 9 as mentioned in para-2 (supra), aggregating of Rs. 8,86,827/- under section 80P(2)(d).
Aggrieved by the additions/disallowances, the assessee filed appeal before the ld. CIT(A). Before the ld. CIT(A), the assessee filed detailed written submissions. The submission of assessee are mentioned in para 5 of order of ld. CIT(A)/NFAC. In the submission, the assessee reiterated its earlier submission and also relied on certain case laws wherein the cooperative banks were considered as primary cooperative society. The ld. CIT(A) after considering the submissions of assessee upheld the order of Assessing Officer in a single sentence “6.1.2 Considering the above ,