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2012 (8) TMI 185 - AT - Income Tax
Applicability of provisions of sub-section(4) of section 80P – whether the provision applicable only to co-operative banks and not to credit co-operative societies – Held that:- New proviso to section 80P(4) which is brought into statute is applicable only to co-operative banks and not to credit co-operative societies - intention of the legislature of brining in co-operative banks into the taxation structure was mainly to bring in par with commercial banks. Since the assessee is a co-operative society and not a co-operative bank, the provisions of section 80P(4) will not have application in the assessee's case and therefore, it is entitled to deduction u/s 80P(2)(a)(i) of the Act