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2022 (1) TMI 983 - AT - Income TaxRevision u/s 263 - Deduction u/s. 80P(2)(a)(i) denied - assessee is a souharda and therefore not entitled to deduction u/s. 80P - HELD THAT:- As decided in own case [2021 (9) TMI 1329 - ITAT BANGALORE] primary reason for the Assessing Officer to deny the benefit of deduction u/s 80P of the I.T.Act was that the assessee is not registered under the Co-operative Societies Act. In view of the Hon’ble jurisdictional High Court judgment in the case of Swabhimani Souharda Credit Co-operative Limited [2020 (1) TMI 831 - KARNATAKA HIGH COURT] which has categorically held that a society registered under the Karnataka Souharda Sahakari Act, 1997 is also entitled to the benefit of section 80P of the I.T.Act, the matter is restored to the files of the A.O. The A.O. is directed to examine the claim of deduction u/s 80P of the I.T.Act afresh and decide the issue in accordance with law. Thus we set aside the order of CIT(A) and restore the issue to AO to examine the claim u/s. 80P of the Act as directed by the Tribunal- Appeal filed by the assessee is treated as allowed for statistical purposes.
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