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2012 (11) TMI 1282 - AT - Income TaxDeduction for Co-operative Society u/s 80P(2)(a)(i) - Co-operative Bank or not - Assessee, a cooperative society derives income from providing credit facilities to its members only. They claimed deduction u/s 80P(2)(a)(i). Referring to the Banking Regulation Act, 1949 the AO held that the assessee fulfils all the criteria laid down in s. 5(ccv) and is consequently a primary cooperative bank, thus is not eligible for deduction u/s 80P(2)(a)(i). - HELD THAT:- Cooperative society is distinct and separate from the cooperative bank and cannot be said as a primary cooperative bank within the meaning of Banking Regulation Act, 1949. Therefore, the assessee, cooperative society is entitled to deduction u/s 80P(2)(a)(i) of the IT Act. Decision in the case of INCOME TAX OFFICER, WARD -2 (4) , BEED VERSUS JAIN NAGARI SAHAKARI PAT SANSTHA LTD. [2012 (9) TMI 1174 - ITAT PUNE], relied upon. Decision in favour of Assessee.
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