ITO, Bangalore V. M/s The Karnataka State Co-Operative Agricultural & Rural Development Bank Ltd., Bangalore

ITA 534/BANG/2016

• Counselvise Citation: [2017] 127 COUNSELVISE.COM (IT) 7133 (ITAT-BANGALORE)
• Duration Of Justice: 1 year(s) 8 month(s) 27 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 20-12-2017
• Appeal Filed By: Department
• Order Result: Allowed
• Bench Allotted: C
• Next Hearing Date: 19-07-2017
• Assessment Year: 2012-2013
• Appeal Filed On: 23-03-2016
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: R N PARBHAT
• Assessee Lawyers: B S BALACHANDRAN
• Section: 143(3); 56; 10

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL C BENCH, B E NGAL U R U BEFORE SHRI VIJAY PAL RAO , JUDICIAL MEMBER AND SHRI INTURI RAMA RAO, ACCOUNTANT MEMBER ITA NO. 534 / BANG/20 16 (ASSESSMENT YEAR: 20 12 - 13 ) INCOME - TAX OFFICER, WARD 5(2)(4), BENGALURU. VS. APPELLANT THE KARNATAKA STATE CO - OPERATIVE AGRICULTURAL & RURAL DEVELOPMENT BANK LTD., PB NO.1811, FORT TIPU SULTAN PALACE ROAD, CHAMARAJPET, BENGALURU - 560018. PAN: AAAAT 7773 N RESPONDENT APPELLANT BY : SHRI R.N.PARBHAT, CIT(DR) . RESPONDENT BY : SHRI B.S.BALACHANDRAN, ADVOCATE. DATE OF HEARING : 21/09/2017 DATE OF PRONOUNCEMENT : 20 /12/2017 O R D E R PER I NTURI RAMA RAO, AM : THIS IS AN APPEAL FILED BY THE REVENUE DIRECTED AGAINST THE ORDER OF THE COMMISSIONER OF INCOME - TAX (APPEALS) - 5 [CIT(A)], BENGALURU, DATED 31/12/2015 FOR THE ASSESSMENT YEAR 2012 - 13. 2. THE REVENUE RAISED THE FOLLOWING GROUNDS OF APPEAL: ITA NO . 534 /BANG/201 6 PAGE 2 OF 8 3. BRIEFLY FACTS OF THE CASE ARE THAT THE RESPONDENT - ASSESSEE IS A CO - OPERATIVE SOCIETY E NGAGED IN THE BUSINESS OF ADVANCING VARIOUS TYPES OF LOANS TO AGRICULTURISTS AND NON - F A RM SECTOR, RURAL HOUSING, SMALL RURAL TRANSPORT OPERATOR SCHEME AND DEPOSIT MOBILIZATION, PLEDGE JEWEL LOAN AND SALARY LOANS TO THE STAFF. RETURN OF INCOME FOR THE ASS ESSMENT YEAR 2012 - 13 WAS FILED ON 29/09/2012 DECLARING TOTAL INCOME AT NIL AFTER CLAIMING EXEMPTION OF RS.11,24,62,612/ - U/S 80P OF THE INCOME TAX ACT 1961 [ THE ACT FOR SHORT]. AGAINST SAID RETURN OF INCOME, THE ASSESSMENT WAS COMPLETED BY THE A SST. COMMISSIONER OF INCOME - TAX, CIRCLE 5 (2)(1), BENGALURU, VIDE ORDER DATED 19/02/2015 PASSED U/S 143(3) OF THE ACT DENYING EXEMPTION U/S 80P BY HOLDING THAT IT IS HIT BY SUB - SECTION (4) OF SECTION 80P AS IT IS A CO - OPERATIVE BANK AND IT IS NOT A PRIMARY CO - OP ERATIVE CREDIT SOCIETY OR PRIMARILY CO - OPERATIVE AGRICULTURAL RURAL DEVELOPMENT BANK. 4. BEING AGGRIEVED, AN APPEAL WAS PREFERRED BEFORE THE CIT(A) WHO VIDE IMPUGNED ORDER, FOLLOWING THE DECISION OF THE ITAT IN THE CASE OF ITO VS. JANAPRAGATH I C REDIT C O - OPERATIVE S OCIETY IN ITA NO.1663/BANG/2012 DATED 14/02/2014 ALLOWED THE CLAIM. 5. BEING AGGRIEVED BY THIS FINDING OF THE CIT(A), THE REVENUE IS IN APPEAL. ITA NO . 534 /BANG/201 6 PAGE 3 OF 8 5.1 THE LEARNED DR VEHEMENTLY CONTENDED THAT THE ASSESSEE IS SQUARELY HIT BY SUB - SECTIO N (4) OF SECTION 80P AS IT IS N EITHER A PRIMARY AGRICULTURAL CREDIT SOCIETY NOR A PRIMARY CO - OPERATIVE AGRICULTURAL AND RURAL DEVELOPMENT BANK. HE ALSO PLACED RELIANCE ON THE DECISION OF THE HON BLE KERALA HIGH COURT IN THE CASE OF KERALA STATE CO - OPERATI VE A GRICULTURAL & RURAL D EVELOPMENT B ANK L TD. VS . CIT ( 383 ITR 610 ) (KER.) 5.2 ON THE OTHER HAND, LEARNED COUNSEL FOR ASSESSEE CONTESTED THAT IT IS NOT A CO - OPERATIVE BANK AND IT IS NOT HIT BY THE PROVISIONS OF SECTION 80P(4)OF THE ACT. 6. WE HEA RD RIVAL SUBMISSIONS AND PERUSED MATERIAL ON RECORD. THE ISSUE IN THE PRESENT APPEAL IS WHETHER RESPONDENT - ASSESSEE IS ENTITLED FOR DEDUCTION U/S 80P OF THE ACT. THE PROVISIONS OF SECTION 80P ALLOWS DEDUCTION FROM THE GROSS TOTAL INCOME IN RESPECT OF A CO - OPERATIVE SOCIETY ENGAGED IN CARRYING ON BUSINESS OF BANKING OR PROVIDING CREDIT FACILITIES TO ITS MEMBERS. THE PROVISIONS OF SUB - SECTION (4) CARVES OUT AN EXCEPTION TO THIS PROVISIONS BY PROVIDING THAT CO - OPERATIVE BANK OTHER THAN A PRIMARY AGRICULTURAL COOPERATIVE SOCIETY OR A PRIMARY COOPERATIVE AGRICULTURAL AND RURAL DEVELOPMENT BANK IS NOT ELIGIBLE FOR DEDUCTION U/S 80P OF THE ACT. THEREFORE THE QUESTION THAT ARISES FOR DETERMINATION IS WHETHER THE RESPONDENT ASSESSEE BEFORE US IS WHETHER PRIMARY AGR ICULTURAL SOCIETY OR A PRIMARY CO - OPERATIVE AGRICULTURAL RURAL DEVELOPMENT BANK. UNDISPUTEDLY, IT IS A CO - OPERATIVE BANK. BUT IT IS NOT A PRIMARY AGRICULTURAL CREDIT SOCIETY. IT REQUIRES TO BE EXAMINED WHETHER IT IS A PRIMARY CO - OPERATIVE AGRICULTURAL A ND RURAL DEVELOPMENT BANK OR NOT. THE TERM PRIMARY CO - OPERATIVE AGRICULTURAL AND RURAL BANK ITA NO . 534 /BANG/201 6 PAGE 4 OF 8 IS DEFINED BY WAY OF EXPLANATION TO SUB - SECTION (4) OF SECTION 80P AS FOLLOWS: EXPLANATION. FOR THE PURPOSES OF THIS SUB - SECTION, ( B ) 'PRIMARY CO - OPERATIVE AG RICULTURAL AND RURAL DEVELOPMENT BANK' MEANS A SOCIETY HAVING ITS AREA OF OPERATION CONFINED TO A TALUK AND THE PRINCIPAL OBJECT OF WHICH IS TO PROVIDE FOR LONG - TERM CREDIT FOR AGRICULTURAL AND RURAL DEVELOPMENT ACTIVITIES.] THE AO HAS EXTRACTED CLAUSE 1 9 OF BYELAWS OF THE RESPONDENT - ASSESSEE , ACCORDING TO WHICH, THE RESPO NDENT - ASSESSEE MAY ENTERTAIN DEPOSITS. THE RELEVANT EXTRACT IS REPRODUCED BELOW: FROM THE ABOVE , IT IS CLEAR THAT THE AREA OF OPERATION OF THE RESPONDENT ASSESSEE IS NOT CONFINED TO A T ALUK AND THEREFORE IT IS NOT A PRIMARY CO - OPERATIVE AGRICULTURAL AND RURAL DEVELOPMENT BANK. THEREFORE, PROVISIONS OF SUB - SECTION (4) OF SECTION 80P ARE SQUARELY APPLICABLE AND THE RATIO OF THE DECISION OF THE HON BLE KERALA HIGH COURT IN THE CASE OF K ERALA STATE CO - OPERATIVE A GRICULTURAL & RURAL D EVELOPMENT BANK L TD. (SUPRA) IS SQUARELY APPLICABLE, WHICH IS EXTRACTED BELOW: 7. SUB - SECTION 1 OF SECTION 80P OF THE IT ACT AUTHORISES DEDUCTIONS IN RESPECT OF CO - OPERATIVE SOCIETIES; IN TERMS OF SUB - SEC TION 2 OF SECTION 80P. THAT IS A PROVISION MADE IN THE CASE OF AN ASSESSEE BEING A CO - OPERATIVE SOCIETY. SUB - SECTION 4 OF SECTION 80P PROVIDES THAT THE PROVISIONS OF SECTION 80P SHALL NOT APPLY IN RELATION TO ANY 'CO - OPERATIVE BANK' OTHER THAN A 'PRIMARY A GRICULTURAL CREDIT SOCIETY' OR A 'PRIMARY CO - OPERATIVE AGRICULTURAL AND RURAL DEVELOPMENT BANK'. THEREFORE, THE EXCLUSION PROVIDED THROUGH SECTION 80P(4) APPLIES ONLY WHEN THE ASSESSEE IS A CO - OPERATIVE BANK, WHICH IS EITHER A PRIMARY ITA NO . 534 /BANG/201 6 PAGE 5 OF 8 AGRICULTURAL CREDIT S OCIETY OR A PRIMARY CO - OPERATIVE AGRICULTURAL AND RURAL DEVELOPMENT BANK. 8. FOR THE PURPOSE OF SECTION 80P(4), THE TERM 'PRIMARY CO - OPERATIVE AGRICULTURAL AND RURAL DEVELOPMENT BANK' IS DEFINED IN CLAUSE (B) IN THE EXPLANATION THERETO. APART FROM ITS PRINCIPAL OBJECT AND ACTIVITIES, AN ASSESSEE CAN FALL UNDER THAT EXPLANATION ONLY IF IT IS A SOCIETY HAVING ITS AREA OF OPERATION CONFINED TO A TALUK. THE APPELLANT DOES NOT HAVE A CASE THAT ITS AREA OF OPERATION IS CONFINED TO A TALUK. THEREFORE, THE APPE LLANT DOES NOT BELONG TO THAT CATEGORY. 9. THE QUESTION, THEREFORE, WOULD BE AS TO WHETHER THE APPELLANT IS A 'CO - OPERATIVE BANK' WHICH IS A 'PRIMARY AGRICULTURAL CREDIT SOCIETY'. HEREINAFTER, WE PROCEED TO DECIDE THAT ISSUE. 10. TO DEFINE THE TER MS 'CO - OPERATIVE BANK' AND 'PRIMARY AGRICULTURAL CREDIT SOCIETY' FOR THE PURPOSE OF SECTION 80P OF THE IT ACT; THE PARLIAMENT, THROUGH THE EXPLANATION TO SUB - SECTION 4 OF SECTION 80P OF THAT ACT; HAS INCORPORATED BY REFERENCE, THE DEFINITIONS OF THOSE TER MS IN PART V OF THE BR ACT. REVERTING TO THE BR ACT, IT CAN BE SEEN THAT WHAT HAS BEEN DONE THROUGH PART V OF THAT ACT IS TO PRESCRIBE THE MODIFICATIONS REGARDING THE APPLICATION OF THAT PART TO CO - OPERATIVE SOCIETIES. BY THE EFFECT OF SECTION 56 AMONG PAR T V OF THE BR ACT, AMONG OTHER THINGS; SECTION 5 OF THE BR ACT, WHICH IS THE INTERPRETATION CLAUSE OF THAT STATUTE, GOT MODIFIED BY INCORPORATION OF DIFFERENT DEFINITIONS, INCLUDING THE TERMS 'CO - OPERATIVE BANK' AND 'PRIMARY AGRICULTURAL CREDIT SOCIETY'. T HOSE TERMS STOOD THUS INCORPORATED AT SEQUENCES (CCI) AND (CCIV) RESPECTIVELY IN SECTION 5 OF THE BR ACT. WE MAY HERE AND NOW NOTE THAT BOTH THOSE DEFINITION CLAUSES OPEN USING THE TERM 'MEANS'. 11. CLAUSE (CCI) OF SECTION 5 OF THE BR ACT, INCORPORATED A S AFORENOTED, PROVIDES THAT: ''CO - OPERATIVE BANK' MEANS A STATE CO - OPERATIVE BANK, A CENTRAL CO - OPERATIVE BANK AND A PRIMARY CO - OPERATIVE BANK.' 12. AS PER CLAUSE (CCVII) OF SECTION 5 READ WITH SECTION 56 OF THE BR ACT, 'CENTRAL CO - OPERATIVE BANK' AND 'STATE CO - OPERATIVE BANK' SHALL HAVE THE MEANING RESPECTIVELY ASSIGNED TO THEM IN THE NABARD ACT. THOSE TERMS ARE DEFINED IN CLAUSES (D) AND (U) OF SECTION 2 OF THE NABARD ACT TO, RESPECTIVELY, MEAN THE PRINCIPAL CO - OPERATIVE SOCIETY IN A DISTRICT, OR, IN A STATE; THE PRIMARY OBJECT OF WHICH IS THE FINANCING OF OTHER CO - OPERATIVE SOCIETIES IN THE DISTRICT AND STATE RESPECTIVELY. 13. THE PRIMARY ELEMENT REQUIRED TO BE SATISFIED TO FALL UNDER EITHER OF THE DEFINITIONS IN CLAUSE (D) OR CLAUSE (U) OF SECTION 2 OF THE NABARD ACT IS THAT IT SHOULD BE A 'CO - OPERATIVE SOCIETY'; WHICH TERM IS DEFINED IN SECTION 2(F) OF THE NABARD ACT TO MEAN A SOCIETY REGISTERED, OR DEEMED TO BE REGISTERED, UNDER THE CO - OPERATIVE SOCIETIES ACT, 1912 (CENTRAL ACT), OR ANY OTHER LAW RELATING TO CO - OPERATIVE SOCIETIES FOR THE TIME BEING IN FORCE IN ANY STATE. THE APPELLANT IS NOT A SOCIETY REGISTERED EITHER UNDER THE CENTRAL ACT OR UNDER THE PROVISIONS OF THE KCS ACT. SECTION 2(A) OF THE CARDB ACT DEFINES THE 'AGRICULTURAL AND RURAL ITA NO . 534 /BANG/201 6 PAGE 6 OF 8 D EVELOPMENT BANK' AS THE ONE REGISTERED UNDER SECTION 10 OF THE TRAVANCORE - COCHIN CO - OPERATIVE SOCIETIES ACT, 1951 AND IT IS THAT ENTITY WHICH, IN TURN; UNDER SECTION 2(A) OF THE CARDB ACT, IS TO BE THEREAFTER KNOWN AS THE 'KERALA STATE CO - OPERATIVE AGRICUL TURAL AND RURAL DEVELOPMENT BANK LIMITED.' OBVIOUSLY THEREFORE, WHILE THE AFFAIRS OF THAT INSTITUTION, NAMELY, THE KERALA STATE CO - OPERATIVE AGRICULTURAL AND RURAL DEVELOPMENT BANK LIMITED, FALL TO BE REGULATED BY THE PROVISIONS OF THE KERALA STATE CO - OPER ATIVE (AGRICULTURAL AND RURAL DEVELOPMENT BANKS) ACT, 1984; NONETHELESS, IT CONTINUES TO BE A SOCIETY REGISTERED UNDER THE PROVISIONS OF THE TRAVANCORE - COCHIN CO - OPERATIVE SOCIETIES ACT, 1951. THAT ACT WAS REPEALED AS PER SECTION 110 OF THE KCS ACT, HOWEVE R WITH A SAVING CLAUSE IN SUB - SECTION 2 OF SECTION 110 OF THE KCS ACT, WHEREBY, AMONG OTHER THINGS, ANY SOCIETY EXISTING IN THE STATE ON THE DATE OF COMMENCEMENT OF THE KCS ACT, WHICH HAS BEEN REGISTERED OR DEEMED TO BE REGISTERED UNDER THE PROVISIONS OF ANY OF THE ENACTMENTS REPEALED THROUGH SECTION 110 OF THE KCS ACT SHALL BE DEEMED TO BE REGISTERED UNDER THE KCS ACT, AND THE BYE - LAWS OF SUCH SOCIETY SHALL, SO FAR AS THEY ARE NOT INCONSISTENT WITH THE PROVISIONS OF THE KCS ACT, CONTINUE IN FORCE UNTIL AL TERED OR RESCINDED. THEREFORE, THE APPELLANT, KERALA STATE CO - OPERATIVE AGRICULTURAL AND RURAL DEVELOPMENT BANK LIMITED IS A SOCIETY WHICH IS DEEMED TO BE ONE REGISTERED UNDER THE KCS ACT. SO MUCH SO, IT IS A SOCIETY REGISTERED UNDER THE LAW RELATING TO CO - OPERATIVE SOCIETIES FOR THE TIME BEING IN FORCE IN THE STATE OF KERALA AND IS A CO - OPERATIVE SOCIETY AS DEFINED IN SECTION 2(F) OF THE NABARD ACT. 14. AS PER SECTION 47 OF THE CARDB ACT, THERE IS AN ENTIRE TRANSITION OF THE ASSETS AND LIABILITIES OF TH E KERALA CO - OPERATIVE CENTRAL LAND MORTGAGE BANK AND PRIMARY LAND MORTGAGE BANKS WHEREBY THEY STAND TRANSFERRED AND VESTED IN THE AGRICULTURAL AND RURAL DEVELOPMENT BANK AND ITS PRIMARY BANKS. THE CENTRAL LAND MORTGAGE BANK AND THE PRIMARY LAND MORTGAGE BA NKS REFERRED TO IN SECTION 47 OF THAT ACT ARE RESPECTIVELY THE CENTRAL MORTGAGE BANK AND THE PRIMARY MORTGAGE BANKS WHICH STOOD GOVERNED BY THE PROVISIONS OF THE KERALA CO - OPERATIVE LAND MORTGAGE BANKS ACT, 1960 WHICH ENACTMENT STOOD REPEALED AS PER SECTI ON 52(1) OF CARDB ACT WITH SAVING CLAUSES RELATING TO ALL MATTERS INCLUDING THE RELATIONSHIP BETWEEN THE CENTRAL LAND MORTGAGE BANK AND THE PRIMARY BANKS AND ALSO THE BYE - LAWS, UNLESS INCONSISTENT WITH THE PROVISIONS OF THE CARDB ACT. CARRYING FORWARD THE STRUCTURING AND OPERATIONS PROVIDED FOR BY THE KERALA CO - OPERATIVE LAND MORTGAGE BANKS ACT, 1960, THE CARDB ACT PROVIDES FOR THE KERALA STATE CO - OPERATIVE AGRICULTURAL AND RURAL DEVELOPMENT BANK LIMITED (APPELLANT) AS THE PRINCIPAL CO - OPERATIVE SOCIETY IN THE STATE FOR THE PURPOSE OF AGRICULTURAL CREDIT FACILITY. THE PROVISIONS OF THE CARDB ACT PROVIDE AN OPERATIONAL MECHANISM THROUGH THE PRIMARY BANKS AND PRIMARY AGRICULTURAL CREDIT SOCIETIES AS DEFINED IN CLAUSES (G) AND (H) OF SECTION 2 OF THE CARDB ACT . THESE PROVISIONS WOULD SHOW THAT THE APPELLANT FALLS WITHIN THE TERM 'CO - OPERATIVE BANK' IN CLAUSE (CCI) OF SECTION 5 OF THE BR ACT AND THEREBY IS A CO - OPERATIVE BANK FOR THE PURPOSE OF SECTION 80P OF THE IT ACT. ITA NO . 534 /BANG/201 6 PAGE 7 OF 8 15. HAVING HELD AS AFORESAID, THE QUE STION FOR FURTHER CONSIDERATION IS AS TO WHETHER THE APPELLANT IS ALSO A PRIMARY AGRICULTURAL CREDIT SOCIETY. WE PROCEED TO DECIDE THAT ISSUE. 16. IN TERMS OF CLAUSE (A) OF THE EXPLANATION TO SECTION 80P(4), 'PRIMARY AGRICULTURAL CREDIT SOCIETY' TAKE S THE MEANING ASSIGNED TO IT IN PART V OF THE BR ACT. CLAUSE (CCIV) OF SECTION 5 OF BR ACT DEFINES THE TERM 'PRIMARY AGRICULTURAL CREDIT SOCIETY'. IT READS AS FOLLOWS: '( CCIV ) 'PRIMARY AGRICULTURAL CREDIT SOCIETY' MEANS A CO - OPERATIVE SOCIETY, (1) THE PR IMARY OBJECT OR PRINCIPAL BUSINESS OF WHICH IS TO PROVIDE FINANCIAL ACCOMMODATION TO ITS MEMBERS FOR AGRICULTURAL PURPOSES OR FOR PURPOSES CONNECTED WITH AGRICULTURAL ACTIVITIES (INCLUDING THE MARKETING OF CROPS); AND (2) THE BYE - LAWS OF WHICH DO NOT PERMI T ADMISSION OF ANY OTHER CO - OPERATIVE SOCIETY AS MEMBER: PROVIDED THAT THIS SUB - CLAUSE SHALL NOT APPLY TO THE ADMISSION OF A CO - OPERATIVE BANK AS A MEMBER BY REASON OF SUCH CO - OPERATIVE BANK SUBSCRIBING TO THE SHARE CAPITAL OF SUCH CO - OPERATIVE SOCIETY OUT OF FUNDS PROVIDED BY THE STATE GOVERNMENT FOR THE PURPOSE.' TO FALL UNDER THE AFORESAID DEFINITION OF 'PRIMARY AGRICULTURAL CREDIT SOCIETY', AN ASSESSEE HAS TO SATISFY THE TWO CONDITIONS UNDER SUB - CLAUSES (1) AND (2) OF THAT CLAUSE; WHICH ARE CONJUNCTIVE, AND, NOT ALTERNATIVE. 17. THE CONDITION IN SUB - CLAUSE (2) OF CLAUSE (CCIV) OF SECTION 5 OF THE BR ACT IS TO THE EFFECT THAT A PRIMARY CO - OPERATIVE SOCIETY SHOULD NOT BE ONE WHICH PERMITS ADMISSION OF ANY OTHER CO - OPERATIVE SOCIETY AS MEMBER, TO BE A ' PRIMARY AGRICULTURAL CREDIT SOCIETY'. THE PROVISIONS OF THE KERALA CO - OPERATIVE LAND MORTGAGE BANKS ACT, 1960 AND OF THE CARDB ACT SHOW THAT THE APPELLANT KERALA STATE CO - OPERATIVE AGRICULTURAL AND RURAL DEVELOPMENT BANK LIMITED MAY ADMIT A PRIMARY BANK A S ITS MEMBER. 'PRIMARY BANK' AS DEFINED IN SECTION 2(H) OF THE CARDB ACT MEANS, AMONG OTHER THINGS, A CO - OPERATIVE SOCIETY. THEREFORE, THE APPELLANT DOES NOT SATISFY THE CONDITION PRESCRIBED IN SUB - CLAUSE (2) OF CLAUSE (CCIV) OF SECTION 5 OF THE BR ACT AND HENCE, IT IS NOT A CO - OPERATIVE BANK WHICH IS A PRIMARY AGRICULTURAL CREDIT SOCIETY. THE CIT(A) HAS MISDIRECTED HIMSELF BY APPLYING THE DECISION OF THE CO - ORDINATE BENCH IN THE CASE OF JANAPRAGATHI CREDIT CO - OPERATIVE SOCIETY (SUPRA) WHICH IS IN RELATIO N TO CO - OPERATIVE SOCIETIES ENGAGED IN PROVIDING CREDIT FACILITIES TO ITS MEMBERS. THEREFORE, THE DECISIONS RELIED ITA NO . 534 /BANG/201 6 PAGE 8 OF 8 UPON BY THE LEARNED COUNSEL FOR ASSESSEE, ARE NOT APPLICABLE. WE HOLD THAT THE RESPONDENT - ASSESSEE WAS NOT ENTITLED FOR DEDUCTION U/S 80P O F THE ACT. 7. I N THE RESULT, THE APPEAL FILED BY THE REVENUE IS ALLOWED. ORDER PRONOUNCED IN THE OPEN COURT ON 20 TH DECEMBER , 201 7 SD/ - SD/ - ( VIJAY PAL RAO ) (INTURI RAMA RAO) JUDICIAL MEMBER ACCOUNTANT MEMBER PLACE : B EN GAL URU D ATE : 20 / 1 2 /2017 SRINIVASULU, SPS COPY TO : 1 APPELLANT 2 RESPONDENT 3 CIT(A) 4 CIT 5 DR, ITAT, BANGALORE. 6 G UARD FILE BY ORDER SENIOR PRIVATE SECRETARY INCOME - TAX APPELLATE TRIBUNAL BANGALORE