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2014 (12) TMI 1262 - ITAT CHENNAIAddition u/s 80P(2)(a)(i) - Revenue submits that the lower appellate authority ought not to have granted the impugned deduction qua jewel loans facility availed by the aforesaid associate members - Held that:- We find from the assessee’s regulations that these jewel loans come in the array of its byelaws. The Deputy Registrar of Co-operative Societies, Udhagamandalam has also approved the same on 11.7.1994. Therefore, we observe that this activity is as per its byelaws. The Revenue’s next argument that it ought not to have allowed this facilities to the associate members not having voting and other rights for section 80P deduction stands rejected by a co-ordinate bench of the 'tribunal' in case of M/s SL(SPL) 151, Karkudalpatty Primary Agricultural Co-operative Credit Society Ltd [2014 (5) TMI 556 - ITAT CHENNAI] . It stands held that allowing associate members to avail these facilities does not disentitle a co-operative society from availing section 80P deduction. The relevant provisions of the State Co-operative law have also been discussed therein. The Revenue fails to draw any distinction on facts. Thus, we affirm the CIT(A)’s findings. - Decided against revenue
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