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2014 (2) TMI 1323 - AT - Income TaxEligibility to deduction u/s. 80P(2)(a)(i) - According to the AO assessee was a co-operative bank and therefore the deduction u/s. 80P(2)(a)(i) cannot be allowed - Held that:- The issue raised by the revenue has already been considered and decided by this Tribunal in the case of ACIT, Circle 3(1), Bangalore v. M/s. Bangalore Commercial Transport Credit Co-operative Society Ltd. [2011 (4) TMI 1222 - ITAT BANGALORE] wherein this Tribunal held that section 80P(4) is applicable only to cooperative banks and not to credit cooperative societies. The intention of the legislature of bringing in cooperative banks into the taxation structure was mainly to bring in par with commercial banks. Since the assessee is a cooperative society and not a cooperative bank, the provisions of section 80P(4) will not have application in the assessee’s case and therefore, it is entitled to deduction u/s 80P(2)(a)(i) - Decided in favour of assessee.
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