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2017 (12) TMI 1741 - AT - Income TaxDeduction u/s. 80P - HELD THAT:- The issue is covered in favour of the assessee by the decision of Hon'ble jurisdictional High Court in the case of Quepem Urban Co-operative Credit Society Ltd. vs. Asst. CIT [2015 (6) TMI 573 - BOMBAY HIGH COURT] Issue now is squarely covered in favour of the assessee by the decision Hon’ble Apex Court in Citizen Co-operative Soceity Ltd. vs. ACIT [2017 (8) TMI 536 - SUPREME COURT] has expounded that if one has to go by the definition of co-operative bank, the assessee does not get covered thereby. That it is also a matter of common knowledge that in order to do the business of a co-operative bank, it is imperative to have a license from the Reserve Bank of India which the assessee does not possess. In the present case, before me also the assessee co-operative society is not licensed from the Reserve Bank of India to act as co-operative bank. Hence, as per the ratio emanating from the afore-said Hon’ble Apex Court judgment, the assessee is not affected by the provisions of section 80P(4). Confirm the order of the ld. Commissioner of Income Tax (Appeals) and hold that the assessee is entitled to deduction u/s. 80P(2)(a)(i). - Decided against revenue
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