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2019 (4) TMI 352 - AT - Income TaxDeduction u/s 80P - The assessee is an AOP running a Co-operative Credit society and doing banking business for their members - CIT(A) has allowed the claim holding that banking business and the service of the assessee was not by the public at large - HELD THAT:- The assessee was not banking license as required Section 22 of the Act Banking Regulation Act. The assessee society was providing the finance facility to its limited members. However, on appraisal of the object of the assessee society, we noticed that there is a provision of nominal member whose liability limited to subscribe the shares of the society. However, they have not right to interfere in the object, function in the society. Nothing came into noticed that the assessee was doing the business in public at large. There is a lot of difference between cooperative bank and cooperative society. The law relied by the Ld. Representative of the revenue i.e. Citizen Co-operative Society Ltd. speaks about this fact that the society was in the business of co-operative bank and was carrying on banking business for public at large. The factual position in the said cases is quite different to the fact of the present case. CIT(A) has decided the matter of controversy in view of the decision of Bombay High Court in the case of Quepem Urban Credit Co-operative Society [2015 (6) TMI 573 - BOMBAY HIGH COURT] - decided against revenue
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