Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2020 (10) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2020 (10) TMI 1122 - AT - Income TaxDeduction u/s. 80P(2)(a)(i) - HELD THAT:- Hon’ble Supreme Court in the case of The Citizens Cooperative Society Ltd. [2017 (8) TMI 536 - SUPREME COURT] held that in order to do the business of a cooperative bank, it is imperative to have a licence from the Reserve Bank of India. It can therefore be said that a co-operative society which does not possess a license from RBI cannot be equated to a co-operative Bank, even though it might indulge in the business of banking. Co-operative Societies carrying on business of banking are therefore entitled to claim deduction u/s.80P(2)(a)(i). The CIT(A)’s order was passed prior to the decision of the Hon’ble Supreme Court in the case of The Citizens Co-operative Society Ltd., (supra) and hence the CIT(A) did not have the benefit of looking into the same. Appeal of the revenue is allowed for statistical purposes.
|