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2015 (5) TMI 1097 - AT - Income TaxDeduction u/s. 80P(2)(a)(i) - Held that:- A credit co-operative society giving credit to its members is not hit by the provisions of Sec.80P(4) of the Act as it does not possess a licence from RBI to carry on business and is not a co-operative bank. The object of introducing Sec.80P(4) of the Act was not to exclude the benefit extended u/s.80P(1) to co-operative society carrying on the business of providing credit facilities to its members. See CIT Vs. Sri Biluru Gurubasava Pattina Sahakari Sangha Niyamitha, Bagalkot [2015 (1) TMI 821 - KARNATAKA HIGH COURT]. We hold that the assessee society is entitled to deduction u/s. 80P(2)(a)(i) of the Act. - Decided in favour of assessee
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