Rural
Development Bank' as defined under the Explanation to section
80P(4) and therefore the restrictions mentioned in section 80P(4)
does not apply ... held by the Tribunal that 'the issue for
consideration u/s.80P(4) was already before the Assessing Officer
for consideration afresh directed
holding that the
assessee society was eligible for deduction u/s 80P of the I.T. Act in
respect of interest income on deposits with ... assessee society to be eligible for claim of deduction
under section 80P of the Act in respect of interest income on deposits with
case, Ld.CIT(A) has
erred in allowing deduction u/s 80P amounting to Rs.1,31,21,061/- to
the assessee and deleted ... income of Rs.1,31,21,061/- and
claimed deduction u/s 80P(2)(a)(i) and therefore net taxable income was shown
justified in holding that assessee is
entitled to deduction u/s 80P(2)(a)(i) of the IT Act, when the income of
the society ... Maryadit
members and hence, not eligible for deduction u/s 80P(2)(a)(i) of the IT
Act.
2. The Ld. CIT(A)-I, Nashik
disallowance of deduction in respect of
Co-operative Society u/s 80P(2)(a)(i) on the ground that the assessee is
a co-operative ... hence the assessee is not eligible for
deduction u/s 80P.
4. The facts of the case in the above appeal are that the assessee
Income Tax (Appeals), has erred
in not granting deduction u/s 80P(2)(a)(i) amounting to Rs.
35,18,020/- for income earned ... Regular members which is
violence for not granting deduction u/s 80P(2)(a)(i).
3. The Learned Commissioner of Income Tax (Appeals), has erred
substantive grievance
challenging correctness of both the lower authorities action
denying sec.80P deduction involving alleged nominal members
as well as deposits of surplus funds ... authorities have erred in law and on
facts in rejecting its section 80P(2)(d) deduction claim of
Rs.9,35,731/- representing interest income
from non-members as other sources as per the
prevailing provisions of 80P ... erred in allowing the deduction claimed u/s.
80P(2)(a)(i) treating the interest income earned from
investments made in Nationalized and Scheduled Banks
authorities have erred in law and on
facts in rejecting its section 80P(2)(d) deduction claim of
Rs.9,35,731/- representing interest income ... interest
was earned. The assessee claimed the interest as deduction u/s
80P but the Ld. AO disallowed the deduction for violation of
Section 80P
challenging validity of sec.148/147 proceedings [not pressed]
followed by sec.80P(2)(a)(i) deduction r.w.s. 80P(2)(d) deduction
claim ... very twin arguments against the assessee and treat it eligible for
sec.80P deduction in principle, in both these assessment years.
5. Learned DR next
