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2016 (7) TMI 922 - HC - Income TaxBenefit under Section 80P denied - assessee is primarily engaged in lending loans for non agricultural purposes - Held that:- In the recent decision in the case of Chirakkal Service Co-operative Bank Ltd., Kannur vs. the Commissioner of Income Tax, (2016 (4) TMI 826 - KERALA HIGH COURT ), the High Court considered similar substantial questions of law as held that the assessee is a primary agricultural society, the Kerala High Court has answered the substantial question of law in favour of the assessee and held that the primary agricultural credit societies, registered as such under the KCS Act and classified so under that Act, including the appellants, are entitled to such exemption. Therefore, the aforesaid decisions is applicable to the instant case. Thus we are of the view, that the substantial question of law framed in the instant appeals, is answered against the Revenue. The exception barred out in Section 80P (4) of the Income Tax Act, 1961, is applicable to the assessee credit society. Hence, the appeals are accordingly dismissed. - Decided in favour of assessee
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