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2014 (5) TMI 1220 - ITAT CHENNAIDisallowance of deduction u/s 80P - As in ‘scrutiny’ AO formed an opinion that being a co-operative bank, the assessee is not a primary agricultural society or a primary co-operative and rural agricultural development bank entitled for section 80P deduction - HELD THAT:- It is made clear that no paper book or any other material has been filed before us to controvert the findings of the CIT(A) that the assessee is not engaged in any banking activity nor governed by the Banking Regulations Act. A perusal of relevant statutory provision i.e section 80P(4) reveals that this deduction is not available to any coI. operative bank other than a primary agricultural credit society or a primary co-operative agricultural and rural development bank. There is no cogent evidence to observe that the assessee is a co-operative bank under the banking regulation law. The Revenue fails to prove the assessee to be covered by explanation (a) and (b) to section 80P(4). In absence of all this, only a factual issue remains. It has also come on record that the assessee had advanced credit to its associate members only. The Revenue has also failed to rebut the findings of fact under challenge. Thus, we do not see any reason to interfere in CIT(A)’s order and uphold the same. The Revenue’s corresponding grounds are rejected.
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