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2015 (10) TMI 1434 - AT - Income TaxDeduction claimed u/s. 80P(2)(a)(i) disallowed - Held that:- Sec. 80P(4) was introduced by the Finance Act 2006 w.e.f. 01/04/2007 excluding the said benefit to a Cooperative Bank. Thus, the intention of the legislature is clear if a cooperative bank is exclusively carrying on banking business, then income derived from the said business cannot be deducted in computing the total income of the assessee, as the assessee is not a Cooperative Bank carrying on exclusively banking business and there is no finding that it possess a licence from RBI to carryon business. It is not a Cooperative Bank, it is a Cooperative Society which also carries on business of lending money to its Members which is covered u/s. 80P(2)(a)(i). Set aside the findings of the Ld. CIT(A) and direct the Assessing Officer to allow deduction u/s. 80P(2) of the Act as claimed by the assessee. See CIT Vs. Billuru Gurubasava Pattinas Sahakari Sangha Niyamat [2015 (1) TMI 821 - KARNATAKA HIGH COURT] - Decided in favour of assessee.
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