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2015 (6) TMI 409 - AT - Income TaxEligibility for deduction u/s. 80P(2)(a)(i) - assessee is a co-operative bank - revision u/s 263 - Held that:- As decided in CIT v. Sri Biluru Gurubasava Pattina Sahakari Sangha Niyamitha Bagalkot [2015 (1) TMI 821 - KARNATAKA HIGH COURT ] when the status of the assessee is a co-operative society and not a co-operative bank, the order passed by the AO extending the benefit of exemption from payment of tax 80P(2)(a)(i) of the Act is correct and such an order is not erroneous and therefore, jurisdiction u/s. 263 of the Act cannot be invoked. The Order u/s. 263 insofar as it relates to the deduction u/s. 80P(2)(a)(i) of the Act holding that assessee as a co-operative bank cannot be sustained and is hereby quashed. - Decided in favour of assessee.
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