THE PRINCIPAL COMMISSIONER OF INCOME TAX AND ORS. Vs. SHRI KURUHINSHETTY URBAN CO-OP. CREDIT SOCIETY LTD.

JUDGEMENT

(1.) Revenue, aggrieved by the order dated 15.07.2015 passed in I.T.A. No. 26/PNJ/2015, by the Income Tax Appellate Tribunal, Panaji Bench, Panaji ('ITAT' for short) has presented this appeal by raising the following questions of law:

(2.) Whether the Tribunal was right in law and on facts in not appreciating the fact that the assessee being a co -operative society fulfills all the three conditions of being held a Primary Co -Operative Bank as given in Sec. 5(ccv) of the Banking Regulation Act, 1949 and as such Sec. 80P(4) of the Act is applicable to deny the benefit claimed under Sec. 80P(2)(a)(i)?

(3.) Whether the Tribunal was right in law and on facts relying upon the decision of Hon'ble Karnataka High Court in the case of Sri. Biluru Gurubasava Pattina Sahakari Sangha Niyamitha, Bagalkot wherein, the main issue related to an issue of exercise of revisional powers by the Commissioner of Income Tax under Sec. 263 of the Act and the Hon'ble High Court did not examine the applicability of Sec. 80P(4) and Explanation to the said section?