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2015 (8) TMI 1034 - AT - Income TaxDisallowance made under section 80P(4) - non applicability to a co-operative bank other than a Primary Co-operative Agricultural and Rural Development Bank or Primary Agricultural Society - CIT(A) delted the disallowance - Held that:- No reason to interfere with the order of the learned Commissioner of Income-tax (Appeals). Obviously, the assessee is a co-operative society engaged in the business of providing credit facilities to its members. There is no dispute with reference to the transactions with the members, as the Assessing Officer has not considered that issue at all in the order. Therefore, the assessee being a co-operative society registered under the Andhra Pradesh Mutually Aided Co-operative Societies Act is eligible for deduction under section 80P(2)(a)(i) of the Act. Not only that, the assessee is also eligible for deduction under section 80P(2)(d) on the incomes received from other eligible co-operative societies/banks. Therefore, on the facts of the case, we do not see any reason to disallow the deduction under section 80P. The Revenue has raised the grounds that the provisions under section 80P(4) were applicable to the assessee. We do not see any reason to consider this ground as the restrictions brought out subsequently under section 80P(4) is applicable in the case of a co-operative bank not a co-operative society. - Decided against revenue.
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