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2014 (9) TMI 754 - MADRAS HIGH COURTBenefit of deduction u/s 80P(2)(a)(ii) - assessee society is a cottage industry – satisfaction of criteria laid down in the Board circular No.722 dated 19.9.95 – Held that:- The Tribunal relying upon assessee’s own case for the earlier assessment year, came to the conclusion that the assessees have clearly made out a case that they are co-operative societies and, entitled to the benefit of Section 80 P (2) (a) (ii) of the Income Tax Act - the term cottage industry is not defined anywhere in the Income Tax Act and the classification is available only under the Industrial Development and Regulation Act and the assessee is getting all other favours and concessions both from the Central and State Governments and in view of their recognition under the Industrial Development Regulation Act, their status as cottage industry is relevant for the purpose of the Income Tax as well – the order of the Tribunal is upheld – Decided against revenue.
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