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2014 (2) TMI 681 - AT - Income TaxDeduction u/s 80P(2)(a)(i) of the Act – Applicability of Sec.80P(4) of the Act – Held that:-CIT(A) was of the view that the provisions of 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 a cooperative society carrying on credit facility to its members -This view is also clarified by Central Board of Direct Tax vide its clarification No.133/06/2007-TPL dated 9th May, 2007 - Subsection( 4) of section 80P will not apply to an assessee which is not a co-operative bank - Circular clarified that the entity not being a cooperative bank, section 80P(4) of the Act would not apply to it - the Revenue’s contention cannot be entertained that section 80P(4) would exclude not only the cooperative banks other than those fulfilling the description contained therein but also credit societies, which are not cooperative banks - assessee is not a credit co-operative bank but a credit cooperative society - Exclusion clause of sub-section(4) of section 80P would not apply – Decided against Revenue.
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