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2015 (12) TMI 1648 - AT - Income TaxEntitled to the exemption u/s 80P(2)(a)(i) - Held that:- There is no dispute that the assessee is a co-operative credit society registered under the Karnataka State Cooperative Societies Acct, 1959. The income earned by the assessee during the year is from the activity of providing credit facilities to its members. Therefore, the case of the assessee is covered by the judgment of the Hon’ble jurisdictional High Court in the case of CIT Vs Sri Biluru Gurubasava Pattina Sahakari Sangh Niyamit, Supra [2015 (1) TMI 821 - KARNATAKA HIGH COURT ] wherein held that when the status of the assessee is a Co-operative society and is not a Co- operative bank, the order passed by the Assessing Authority extending the benefit of exemption from payment of tax under Section 80P(2)(a)(i) of the Act is correct. - Decided in favour of assessee
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