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2016 (3) TMI 1278 - AT - Income TaxAllowing deduction u/s 80P(2)(a)(i) and 80P(2)(c)(ii) - Held that:- Commissioner of Income Tax (Appeals) has allowed the claim of deduction under sec. 80P(2) after following the decision of the Hon’ble Bombay High Court at Panaji in the case of M/s. The Quepem Urban Cooperative Credit Society Ltd. Vs. ACIT [2015 (6) TMI 573 - BOMBAY HIGH COURT]. No contrary decision could be cited by the Departmental Representative. We, therefore, do not find any good and justifiable reason to interfere with the order of the Commissioner of Income Tax (Appeals) - Decided against revenue. Addition made under sec. 40(a)(ia) - Held that:- Commissioner of Income Tax (Appeals) correctly deleted the disallowance made under sec. 40(a)(ia) of the Act by observing that the assessee-society is not held to be a bank, therefore, TDS provisions are not applicable to the assessee-society. Hence, he deleted the addition made under sec. 40(a)(ia) of the Act.- Decided against revenue
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