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2018 (10) TMI 1690 - AT - Income TaxDisallowance of deduction u/s 80P(2)(a)(i) - assessee is carrying on the business of accepting deposits and advancing loans to its members which are the primary activities of any bank whether co-operative or otherwise - HELD THAT:- Assessee society was not doing the banking business having no licence from RBI, therefore, the claim of the assessee was not hit by the provision of Section 80P(4). CIT(A) while deciding the matter of controversy relied upon the decision of Bombay High Court in the case of Quepem Urban Co-operative Credit Society Ltd. [2015 (6) TMI 573 - BOMBAY HIGH COURT] We also noticed that the claim of the assessee has also been decided in favour of the assessee by the Hon’ble ITAT in the assessee’s own case for the A.Y. 2012-13 [2016 (11) TMI 1630 - ITAT MUMBAI] . CIT(A) has also followed the finding of the said case in the present case also. No distinguishable material has been placed on record. CIT(A) has decided the matter of controversy judiciously and correctly which is not liable to be interfered with at this appellate stage. - Decided against revenue.
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