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2016 (4) TMI 27 - AT - Income TaxDeduction u/s 80P(4) - Held that:- Assessee is not coming under the purview of co-operative bank and its activities are confined to its members whereas in case of co-operative bank dealings are done with members as well as nonmembers and the operational activities of co-operative bank is quite similar with the other scheduled bank working under the strict guidelines and norms of RBI as mentioned in the Banking Regulation Act, 1949. We, therefore, are of the confirmed view that assessee cooperative society does not fall in the exception mentioned in section 80P(4) of the Act and falls under the category of co-operative society engaged in the business of providing credit facilities to its members; mentioned under the provisions of section 80P(2)(a)(i) of the Act. Further as the Assessing Officer has not dealt any other issues on merits, we find it justified to remand the matter back to the file of Assessing Officer with a clear finding to assess the assessee cooperative society as a co-op. society falling under the category of provisions of section 80P(2)(a)(i) of the Act and not under the provisions of sec.80P(4) of the Act and accordingly frame fresh assessment order after providing reasonable opportunity of being heard to the assessee who will file financial statement and details of income earned and then decide the quantum of deduction available, if any, to assessee u/s 80P(1) of the Act.
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