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2014 (7) TMI 1057 - AT - Income TaxAllowability of deduction u/s 80P – Held that:- As per CBDT Circular No. 133 of 2007 dated 9.5.2007 - Sub-section(4) of section 80P will not apply to an assessee which is not a co-operative bank - If the intention of the legislature was not to grant deduction to cooperative societies carrying on the business of providing credit facilities to its members, then this section would have been deleted – relying upon CIT Vs. Jafari Momin Vikas Cooperative Credit Society Ltd [2014 (2) TMI 28 - GUJARAT HIGH COURT] – the CIT(A) is justified in directing the AO to allow the deduction claimed by the assessee u/s 80P of the Act on the reason that the assessee, a cooperative credit society is not a bank for the purposes of section 80P(4) of the Act – Decided against Revenue.
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