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2016 (11) TMI 1603 - AT - Income TaxEntitlement to the benefit of deduction u/s. 80P(2)(a)(i) - AO held that the assessee is engaged in the business of banking and in view of section 80P(4), since the assessee is not a Primary Agricultural Credit Society or a Primary Co-operative Agricultural and Rural Development Bank, it is not entitled to deduction - Held that:- The Hon’ble High Court of Kerala has categorically held in assessee’s own case for the assessment year 2007-08 [2016 (5) TMI 1164 - KERALA HIGH COURT] that the assessee is not a primary agricultural credit society and it is a co-operative bank. The Hon’ble High Court further held that the assessee is not entitled to deduction u/s. 80P(2) of the Act, in view of introduction of section 80P(4) of the Act with effect from 01/04/2007. Thus order of the CIT(A) in denying the benefit of deduction u/s. 80P(2) of the Act is correct - Decided against assessee. Disallowance of contribution made to unrecognized Superannuation Fund - Held that:- We notice that for the assessment year 2009-10 the assessee has accepted the CIT(A)’s order and no further appeal was preferred to the Tribunal. The assessee’s contention that to the extent of withdrawals made by the employees from unrecognized provident fund should be allowed as deduction u/s. 37 of the I.T. Act was never raised before any of the authorities below. Hence, this plea of the assessee is rejected.
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