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2021 (12) TMI 503 - ITAT MUMBAIDeduction u/s 80(P)(2)(d) - appellant is a Cooperative Housing Society registered under Registrar to the Society - HELD THAT:- We note that the issue on merits is in favour of the assessee by the decision of Hon'ble Apex Court in THE CITIZEN CO-OPERATIVE SOCIETY LIMITED, THROUGH ITS MANAGING DIRECTOR, HYDERABAD[2017 (8) TMI 536 - SUPREME COURT] and THE MAVILAYI SERVICE COOPERATIVE BANK LTD. & ORS. VERSUS COMMISSIONER OF INCOME TAX, CALICUT & ANR. [2021 (1) TMI 488 - SUPREME COURT]. We find that the ITAT in the case of M/s. Ramaraja Kshatriya Cooperative Credit Society Limited [2021 (3) TMI 662 - ITAT MUMBAI]. Since in the present case no case has been made out by the Revenue or learned PCIT that the Cooperative bank referred in the impugned issues are licensed by RBI the provision of section 80P(4) cannot be imported. Hence, from the above it is evident that issue on merits is in favour of the assessee. When the issue on merits is in favour of the assessee, there is no point of PCIT exercising jurisdiction under section 263 of the Act on that issue. Hence the order of learned PCIT is not sustainable. Hence, we set aside the same and decide the issue in favour of the assessee.
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