Commissioner Of Income Tax - Ii v. Modasa Dhansura Taluka Primary Teachers Co-Op Credit Society Ltd....opponent(S

O/TAXAP/526/2014 JUDGMENT IN THE HIGH COURT OF GUJARAT AT AHMEDABAD TAX APPEAL NO. 526 of 2014 FOR APPROVAL AND SIGNATURE: HONOURABLE MR.JUSTICE M.R. SHAH andHONOURABLE MR.JUSTICE K.J.THAKER ====================================== 1 Whether Reporters of Local Papers may be allowed to see the judgment ?see the judgment ? 2 To be referred to the Reporter or not ? 3 Whether their Lordships wish to see the fair copy of the judgment ?judgment ? 4 Whether this case involves a substantial question of law as to the interpretation of the Constitution of India, 1950 or any order made thereunder ?law as to the interpretation of the Constitution of India, 1950 or any order made thereunder ? 5 Whether it is to be circulated to the civil judge ? ======================================COMMISSIONER OF INCOME TAX - II....Appellant(s)COMMISSIONER OF INCOME TAX - II....Appellant(s) Versus MODASA DHANSURA TALUKA PRIMARY TEACHERS CO-OP CREDIT SOCIETY LTD....Opponent(s) ======================================Appearance: MR MANISH BHATT, Sr ADVOCATE for the Appellant(s) No. 1 ====================================== CORAM: HONOURABLE MR.JUSTICE M.R. SHAHandHONOURABLE MR.JUSTICE K.J.THAKER Date : 21/06/2014 ORAL JUDGMENT (PER : HONOURABLE MR.JUSTICE M.R. SHAH) 1.Being aggrieved and dissatisfied with the impugned judgment and order passed by the Income Tax Appellate Tribunal (hereinafter referred to as ‘the tribunal’) dated 31/01/2014 in ITA No.417/Ahd/2013 for the Assessement Year 2009-10, the revenue has preferred the present Tax Appeal with the following proposed question of law; “Whether the appellate tribunal has substantially erred in confirming the order of the CIT(A) holding that the assessee is entitled to deduction under Section 80P(2)(a)(i) of the Act thereby deleting the addition of Rs.38,70,740/-?” 2.We have heard Shri Manish Bhatt, learned Counsel appearing on behalf of the appellant and perused the impugned judgment and order passed by the tribunal. At the outset, it is required to be noted that the while passing the impugned order, the tribunal has relied upon the decision of this Court in the case of Commissioner of Income Tax Vs. Jafari Momin Vikas Co-operative Credit Society Ltd. rendered in Tax Appeal No.442/2013 and allied Tax Appeals. The decision of the Division Bench of this Court in the case of Jafari Momin Vikas Co-operative Credit Society Ltd. (Supra) is squarely applicable to the facts of the case on hand. In the aforesaid decision, the Division Bench while dismissing the appeal preferred by the revenue in paragraph 7 has observed that Sub-Section (4) of Section 80P will not apply to the assessee, which is not a Co-operative Bank. In the aforesaid decision, the Division Bench negatived the contention on behalf of the revenue that Section 80P(4) would exclude not only the co-operative bank other than those fulfilling the description contained but also the credit societies, which are not co-operative banks. In the present case, the respondent-assessee is admittedly not a credit co-operative bank but a credit co-operative society and, therefore, exclusion of Section 80P(4) would not apply. 3.In view of the above, we see no reason to interfere with the impugned judgment and order passed by the tribunal. Hence, the proposed substantial question of law is held against the revenue and consequently the present appeal deserves to be dismissed and is accordingly dismissed. (M.R.SHAH, J.) (K.J.THAKER, J) Siji