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2015 (1) TMI 1062 - AT - Income TaxEligible for deduction under section 80P(2)(a)(i) - Held that:- Section 80P(4) clearly excludes primary agriculture credit society from its domain. As already stated that section 80P(2)(a)(i) nowhere talks of co-operative credit society and therefore the distinction made under the Banking Regulation Act cannot be imported u/s 80P(2)(a)(i). We have also gone through the decision of Tararani Mahila Co-operative Credit Society Ltd [2014 (3) TMI 293 - ITAT PANJI] to which the undersigned is the author similar finding as has been given in this are given in that case also. The decision of Karnataka High Court in the case of CIT vs Sri Biluru Gurubasava Pattana Sahakari Sangh Niyamitha[2015 (1) TMI 821 - KARNATAKA HIGH COURT] relates to an appeal filed against the order passed u/s 263 and the question involved was whether the Revisional Authority was justified in invoking his power u/s 263 without the foundational fact of the assessee being co-operative bank. Therefore, this decision is not applicable. We, therefore, in view of our aforesaid discussion hold that the Assessee has to be regarded to be a primary co-operative bank as all the three basic conditions are complied with, therefore, it is a co-operative bank and the provisions of Sec. 80P(4) are applicable in the case of the Assessee and Assessee is not entitled for deduction u/s 80P(2)(a)(i). We, therefore, set aside the order of the CIT(A) allowing deduction u/s 80P(2)(a)(i) to the assessee. - Decided in favour of revenue.
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