Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2014 (2) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2014 (2) TMI 676 - AT - Income TaxNature of Assessee - Whether the assessee is a Co-operative Bank OR Primary Agricultural Credit Society – Deduction u/s 80P of the Act claimed – Held that:- Section 80P(4) has got its application only to cooperative banks - Section 80P(4) does not define the word 'Cooperative Society' - The existing sub section 80P(2)(a)(i) shall be applicable to cooperative society carrying on credit facility to its members – CIT(A) held that new sub-section(4) was brought into the statute for prohibiting deduction to Co-operative Banks only and not to Co-operative Credit Societies - The revenue could not point out any specific error in the order of the ld. CIT(A) - No material could be brought before us to show that the assessee was a Co-operative Bank within the meaning of sub-section(4) of section 80P and not a Co-operative Credit Society - No material was brought before us to show that the provision of accepting nominal members was not in accordance with the Cooperative Societies Act or Rules or the persons who were made nominal members were, in fact, not the members of the assessee-society – thus, there is no reason to interfere with the order of the CIT(A) – Decided against Revenue.
|