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2014 (6) TMI 219 - AT - Income TaxClaim of deduction u/s 80P(2) of the Act – Credit facilities extended to non-members – Held that:- The authorities under the Act cannot go beyond their jurisdiction and make classification within a classification of Members to deny the benefit of deduction – Relying upon M/s.SL(SPL) 151, Karkudalpatty Primary Agricultural Cooperative Credit Society Ltd., Vs. ITO [2014 (5) TMI 556 - ITAT CHENNAI] - the ‘nominal’ members also enjoy statutory recognition as per the Act - once the ‘nominal’ members or non-voting members are themselves included in the definition of ‘members’, they satisfy the relevant condition imposed by the legislature u/s 80P(2)(a)(i) – also in CIT Vs. Punjab State Cooperative Bank Ltd. [2008 (3) TMI 45 - HIGH COURT PUNJAB AND HARYANA] the assessee is eligible for deduction - Revenue has not been able to controvert the contentions of the assessee – thus, the assessee is eligible to claim benefit of deduction u/s.80P(2)(a)(i) & (iv) of the Act – Decided in favour of Assessee.
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