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2014 (4) TMI 1102 - AT - Income TaxDeduction u/s 80P(2)(a)(i) denied - AO took the view that the Assessee is a primary co-operative bank and therefore provisions of Sec. 80P(4) are applicable in the case of the Assessee - Held that:- Assessee has not to be regarded to be a primary co-operative bank as all the three basic conditions are not complied with, therefore, it is not a co-operative bank and the provisions of Sec. 80P(4) are not applicable in the case of the Assessee and Assessee is entitled for deduction u/s 80P(2)(a)(i). We, therefore, confirm the order of the CIT(A) allowing deduction u/s 80P(2)(a)(i) to the assessee u/s 80P(2)(a)(i) on the income generated for providing banking or credit facilities to its members. - Decided against revenue
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