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2018 (12) TMI 1444 - ITAT BANGALOREEligibility for the claim of deduction u/s 80P(2) - whether the assessee was a Cooperative Bank and held a banking licence issued by RBI - Held that:- The impugned orders of both the authorities below for both assessment years 2013-14 and 2014-15 are set aside and the matter remanded to the file of the AO for examining/ascertaining as to whether the assessee in the case on hand has obtained a licence from the RBI to conduct banking business. If the assessee is found to be possessing a licence from the RBI to conduct banking business, it will be hit by the mischief of sub-section (4) of Section 80P and thus would not be eligible to deduction under section 80P(2) of the Act as claimed. AO shall afford the assessee adequate opportunity of being heard and to file details/submissions required which shall be duly considered before deciding the issue in the light of the observations above and the aforesaid decision of the Hon’ble Apex Court in THE CITIZEN CO-OPERATIVE SOCIETY LIMITED, THROUGH ITS MANAGING DIRECTOR, HYDERABAD VERSUS ASSISTANT COMMISSIONER OF INCOME TAX [2017 (8) TMI 536 - SUPREME COURT] - Assessee’s appeals allowed for statistical purposes.
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