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2016 (2) TMI 601 - AT - Income TaxEligibility for deduction u/s. 80P(2)(a)(i) - Held that:- Section 80P(4) is applicable only to cooperative banks and not to credit cooperative societies. The intention of the legislature of bringing in cooperative banks into the taxation structure was mainly to bring in par with commercial banks. Since the assessee is a cooperative society and not a cooperative bank, the provisions of section 80P(4) will not have application in the assessee’s case and therefore, it is entitled to deduction u/s 80P(2)(a)(i) of the Act. In coming to the aforesaid conclusion, the Tribunal also followed the decision of the Hon’ble jurisdictional High Court in CIT Vs. Sri Biluru Gurubasava Pattina Sahakari Sangha Niyamitha, Bagalkot,(2015 (1) TMI 821 - KARNATAKA HIGH COURT ) and other decisions. Following the aforesaid decision of the Tribunal, it is held that the assessee society is eligible to deduction u/s. 80(P)(2)(a)(i) of the Act - Decided in favour of assessee
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