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2016 (12) TMI 1537 - AT - Income TaxEntitlement to the benefit u/s.80P(2)(a)(i) - applicability of provisions of section 80P(4) on assessee - assessee is a Credit Co-op. Society engaged in the business of providing credit facility to its members - Held that:- Assessee credit co-op. society is not carrying on the activity in the nature of banking business and is also not registered under the Banking Regulation Act and is only confined for accepting and providing finance to its members. Further on going through the definition of banking as per the Banking Regulation Act - "Banking means the accepting, for the purpose of lending or investment, of deposits of money from the public repayable on demand or other wise and withdrawal by cheque draft order or otherwise." From going through this definition it is clear that under the banking business lending and accepting deposit is from public at large which is not so in the case of assessee society wherein finance business is confined only to its members. We are, therefore, of the view and the finding given by ld. CIT(A) relying on the decision of the Co-ordinate Bench in the case of M/s Jafari Momin Vikas Credit Co-op. Society Ltd. (2014 (1) TMI 481 - ITAT AHMEDABAD ), we find that provisions of section 80P(4) of the Act are not applicable to the assessee and is, therefore, eligible to claim deduction u/s 80P(2)(a)(i) of the Act. - Decided in favour of assessee
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