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2023 (5) TMI 1238 - AT - Income TaxDeduction u/s 80P - assessee is a Credit Cooperative Society providing credit facilities to its members - Deduction denied on the ground that the assessee is neither a Primary Agricultural Credit Society nor a Primary Cooperative Agricultural & Rural Development Bank but is a Cooperative Bank - HELD THAT:- As decided in own case [2016 (1) TMI 1455 - ITAT MUMBAI] Assessee cannot be termed as Banks/Cooperative Banks and that being a credit society, they are entitled to exemption under Section 80(P)(2) of the Income Tax Act. Such finding of fact is not required to be interfered with by this Court in exercise of powers under Article 136 of the Constitution of India. Even otherwise, on merits also and taking into consideration the CBDT Circulars and even the definition of Bank under the Banking Regulation Act, the respondent/Assessee cannot be said to be Co-operative Bank/Bank and, therefore, Section 80(P)(4) shall not be applicable and that the respondent/Assessee shall be entitled to exemption/benefit under Section 80(P)(2) - Decided in favour of assessee.
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