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2015 (6) TMI 716 - AT - Income TaxEligibility to exemption to the assessee u/s. 80P(2)(a)(i) - CIT(A) allowed claim holding that the assessee is a cooperative society and not a co-operative bank and therefore the provisions of section 80P(4) of the Act are not applicable - Held that:- The Hon’ble Karnataka High Court in the case of CIT Vs. Sri Biluru Gurubasava Pattina Sahakari Sangha Niyamitha, Bagalkot, [2015 (1) TMI 821 - KARNATAKA HIGH COURT] has held that a credit co-operative society giving credit to its members is not hit by the provisions of Sec.80P(4) of the Act as it does not possess a licence from RBI to carry on business and is not a cooperative bank. The object of introducing Sec.80P(4) of the Act was not to exclude the benefit extended u/s.80P(1) to co-operative society carrying on the business of providing credit facilities to its members. - Decided in favour of assessee.
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