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2019 (7) TMI 851 - AT - Income TaxBenefit of section 80P(2)(a)(i) - Whether the assessee being a co-operative credit society, in view of its function in providing credit facilities to its members, is into the business of banking and is it not being impeded or hit by the provisions of section 80P(4) of IT Act 1961? - HELD THAT:- As held by Hon’ble jurisdictional High Court in EKTA CO-OP CREDIT SOCIETY LTD. [2018 (1) TMI 1244 - GUJARAT HIGH COURT] and JAFARI MOMIN VIKAS CO-OP CREDIT SOCIETY LTD. [2014 (2) TMI 28 - GUJARAT HIGH COURT] the benefit of section 80P(2)(a)(i) cannot be denied in these cases of co-operative credit societies, in view of their functions of providing credit facilities to the members, and the same is not hit by the provisions of section 80P(4) of the Act. The questions before us must be answered in favour of the assessee. The first question before us is answered in affirmative and in favour of the assessee, and the second question before us is answered in negative and in favour of the assessee. As this is the only issue in appeals before us, challenging the relief granted by the CIT(A), with the consent of the parties, we dispose of the appeals on merits. The grievances raised by the Revenue in appeals, in the light of the above discussions, must be dismissed, and the relief granted by the CIT(A) on this point must be upheld. We, therefore, uphold the relief granted by the CIT(A) in all these cases and decline to interfere in the matter.
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