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2018 (10) TMI 1603 - HC - Income TaxDeduction u/s 80P - Whether the Assessee - Co-Operative Society which fulfills the conditions of being Primary Co-Operative Bank as provided under the provisions of Section 5(ccv) of Banking Regulations, 1949? - Held that:- Hon’ble Supreme Court in an identical circumstances in the case of the Citizen Co-Operative Society Ltd. Vs. ACIT (2017 (8) TMI 536 - SUPREME COURT) held that, business of the Society does not amount to that of Co-Operative Bank, so as to come within the mischief of Sub-Section (4) of Section 80P. Since the Assessee was catering to the needs of nonmembers also, the principle of mutuality is tainted and therefore the benefit of Section 80P was denied. Whether the appellant – Assessee accepting the deposits even from the non-members has to be held enquiry afresh by the Assessing Authority. Therefore, the Tribunal has remanded the matter to the Assessing Officer for fresh enquiry and the same is in accordance with law. The Tribunal while remanding the matter ought not to have recorded any finding on merits of the case - No substantial question of law.
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