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2019 (7) TMI 1964 - AT - Income TaxDeduction u/s 80P(2)(i) - AO disallowed deduction as held that (i) the assessee is a Co-operative Bank other than a primary agricultural credit society or a primary cooperative agricultural and rural development bank, (ii) the assessee fulfils the condition laid down in section 56(c)(ccv) of Part V of the Banking Regulation Act, 1949 for being a Co-operative Bank - HELD THAT:- As decided in assessee own case [2014 (10) TMI 1063 - ITAT MUMBAI] as held we cannot entertain the Revenue’s contention that section 80P(4) would exclude not only the co-operative banks other than those fulfilling the description contained therein but also credit societies, which are not co-operative banks. In the present case, respondent assessee is admittedly not a credit co-operative bank but a credit co-operative society. Exclusion clause of sub-section (4) of section 80P, therefore, would not apply. In the result, Tax Appeals are dismissed.’ Similar view is taken by the Tribunal’s Mumbai Bench in the case of M/s. Mumbai Teleworkers Co-op. Credit Society Ltd. [2014 (7) TMI 1057 - ITAT MUMBAI] and in the case of M/s. Kulswami Co-op. Credit Society Ltd. [2014 (4) TMI 355 - ITAT MUMBAI] - Decided against revenue.
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