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2015 (7) TMI 762 - AT - Income TaxEntitlement to exemption u/s. 80P(2)(a)(i) - CIT(A) allowed claim holding that the assessee is a co operative society and not a co-operative bank and therefore the provisions of section 80P(4) of the Act are not applicable - Held that:- In the judgment of CIT v. Sri Biluru Gurubasava Pattina Sahakari Sangha Niyamitha Bagalkot [2015 (1) TMI 821 - KARNATAKA HIGH COURT] the Hon’ble jurisdictional High Court took the view that 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. In view of the aforesaid decisions and decision of the Tribunal in the assessee’s own case for A.Y. 2008-09, we are of the view that the assessee society is entitled to deduction u/s. 80P(2)(a)(i) of the Act. We uphold the order of the ld CIT(Appeals) - Decided in favour of assessee.
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