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2014 (3) TMI 1058 - AT - Income TaxEntitlement to claim deduction u/s.80P - Held that:- After comparative analysis of the ‘co-operative banks’ and ‘co-operative societies’ on various parameters held that the activities of both the organizations and the compliances to be made under various Acts for both the organizations are varied. The sub-section 4 to section 80P is applicable only to co-operative banks and not to credit co-operative societies. The Revenue has tried to establish that the assessee although a credit co-operative society is carrying banking business and is thus not eligible. In our opinion, the assessee is not a co-operative bank. The activities in the nature of accepting deposits, advancing loans etc., carried on by the assessee are confined to its members only and that too in a particular geographical area. The activities of the assessee are not regulated by the RBI or the provisions of the Banking Regulation Act. - Decided in favour of assessee
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