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2015 (11) TMI 1842 - AT - Income TaxRevision u/s 263 - Deduction u/s 80P(2)(a)(i) - assessee is a cooperative credit society and derives its income from business of accepting deposit and lending loans to its members HELD THAT:- As decided in M/S BANGALORE COMMERCIAL TRANSPORT CREDIT CO-OPERATIVE SOCIETY LTD. [2011 (4) TMI 1222 - ITAT BANGALORE] section 80P(4) is applicable only to cooperative banks and not to credit cooperative societies. The intention of the legislature of bringing in cooperative banks into the taxation structure was mainly to bring in par with commercial banks. Since the assessee is a cooperative society and not a cooperative bank, the provisions of section 80P(4) will not have application in the assessee’s case and therefore, it is entitled to deduction u/s 80P(2)(a)(i) of the Act. Following the decision of the coordinate Bench of the Tribunal in the case of Bangalore v. M/s. Bangalore Commercial Transport Credit Co-operative Society Ltd. (supra), we quash the order u/s. 263 passed by the ld. Pr. CIT. - Decided in favour of assessee.
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