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2015 (10) TMI 2437 - AT - Income TaxDeduction under sec. 80P(2)(a)(i) - as per revenue the assessee is a cooperative society which carries on banking business, and hence a primary cooperative bank as per sec. 5(ccv) of the Banking Regulation Act, 1949 - CIT(A) allowed the claim - Held that:- The Departmental Representative has simply relied on the order of the Assessing Officer. He could not point out any specific error in the order of the Commissioner of Income Tax (Appeals). He also could not bring any material on record to show that the decision of the Hon'ble Karnataka High Court in the case of Shri Biluru Gurubasava Pattina Sahakari Sangha Niyamitha Bagalkot (2015 (1) TMI 821 - KARNATAKA HIGH COURT) relied on by the Commissioner of Income Tax (Appeals) has been set aside by the Hon'ble Supreme Court. Further, we find that the Authorized Representative of the assessee has filed, before us, the order of the Hon'ble Bombay High Court at Goa in the case of M/s. The Quepem Urban Cooperative Credit Society Ltd. (2015 (6) TMI 573 - BOMBAY HIGH COURT) which is on the same lines as that of the Hon'ble Karnataka High Court in the case of Shri Biluru Gurubasava Pattina Sahakari Sangha Niyamitha Bagalkot (supra). As the assessee is not a Cooperative bank earning on exclusively banking business and as it does not possess a licence from Reserve Bank of India to earn on business, it is not a Co-operative bank. It is a Cooperative society which also carries on the business of lending money to its members which is covered under Section 80P(2)(a)(i) i.e. carrying on the business of banking for providing credit facilities to its members. The object of the aforesaid amendment is not to exclude the benefit extended under Section 80P(1) to such - the above facts and circumstances of the case, we find no good reason to interfere with the order of the Commissioner of Income Tax (Appeals) which is confirmed and the ground of appeal of the Revenue is dismissed. - Decided in favour of assessee.
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