Case Law Details
Case Name : M/s.Vidisha Bhopal Kshetriya Gramin Bank, Appellant Vs ACIT3(1), Vidisha Bhopal Respondent (ITAT Indore)
Appeal Number : I.T.A.No. 215 & 216/Ind/2011
Date of Judgement/Order : 18/06/2012
Related Assessment Year : 2007-08 & 2008-09
Courts :
All ITAT ITAT Indore
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It is, therefore, reiterated that regional rural banks are not eligible for deduction under section 80P of the Income-tax Act, 1961, from the assessment year 2007-08 onwards. Furthermore, Circular No. 319, dated January 1 , 1982, deeming any regional rural bank to be co-operative society stands withdrawn for application with effect from the assessment year 2007-08.
IN THE INCOME TAX APPELLATE TRIBUNAL, INDORE
I.T.A.No. 215 & 216/Ind/2011 – A.Y. : 2007-08 & 2008-09
M/s.Vidisha Bhopal Kshetriya Gramin Bank, Appellant
vs.,
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This decision is so naive.How can Dept. withdwew the exemption to RRB just because a Clarificatory Circular Explaining the legal position of RRB Act which deems it a “Cooperative Society “is withdrawn.
RRB was exempt from IT due to RRB Act’s specific position and not due to some Clarificatory Circular of CBDT , who withdrawal will de-exempt RRB from IT .
The Order Quality of Indore Tribunal is on a Free-fall.