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2018 (4) TMI 1833 - AT - Income TaxDeduction u/s 80P(2)(a)(i) - HELD THAT:- Hon’ble Supreme Court in the case of The Citizens Cooperative Society Ltd. [2017 (8) TMI 536 - SUPREME COURT] held that in order to do the business of a cooperative bank, it is imperative to have a licence from the Reserve Bank of India. It can therefore be said that a co-operative society which does not possess a license from RBI cannot be equated to a co-operative Bank, even though it might indulge in the business of banking. We find force in the submissions of ld. AR of assessee because we find that the facts of the present case and the facts of that case i.e. The Citizen Co-operative Society Ltd. Vs. ACIT(supra) are not discussed we set aside the order of CIT (A) and restore the matter back to his file for fresh decision by way of a speaking and reasoned order - Appeal of the revenue is allowed for statistical purposes.
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