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2016 (8) TMI 1427 - HC - Income TaxDeduction u/s 80P(2)(a)(i) - assessee is not a co-operative bank - interest earned from loan to associate members - HELD THAT:- Commissioner of Income Tax (Appeal) and the Income Tax Appellate Tribunal has clearly held that the assessee is not co-operative bank and the provisions of Section 80P (4) are not attracted. Therefore, the respondent Society is eligible for exemption under Section 80P(2)(a)(i) of the Act. The contention of the appellant that the members of the assessee societies are not entitled to receive any dividend or having any voting right or no right to participate in the general administration or to attend any meeting etc., because they are admitted as associate members for availing loan only and was also charging a higher rate of interest, is not a ground to deny the exemption granted under Section 80P (2)(a) (i) of the Act. - Decided against revenue.
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