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2017 (3) TMI 1822 - AT - Income TaxDeduction u/s 80P - assessee was in the business of banking and section 80P(4) stood attracted and disallowed the claim of the assessee u/s. 80P(2)(a)(i) - CIT(A), by relying on the judgment of Hon’ble Jurisdictional High Court in the case of Chirakkal Service Co-operative Bank Ltd. v. CIT 2016 (4) TMI 826 - KERALA HIGH COURT accepted the claim of the assessee u/s. 80P(2)(a)(i) - HELD THAT:- Assessee having produced the certificate which clearly indicated its nature as a primary agricultural credit society, in our opinion, section 80P(4) could not have been invoked for denying the claim u/s. 80P(2)(a)(i) - We cannot find fault with the order of the CIT(A). As for the judgment of Hon’ble Jurisdictional High Court in the case of Perithalmanna Service Co-operative Bank vs. CIT 2014 (6) TMI 184 - KERALA HIGH COURT relied on by Ld. DR, this was pronounced on 31st January, 2014 prior to the judgment of Hon’ble Jurisdictional High Court in the case of Chirakkal Service Co-operative Bank Ltd. v. CIT 2016 (4) TMI 826 - KERALA HIGH COURT Further the said case dealt with the revisionary powers of the CIT u/s. 263 of the Act when the Assessing Officer had failed to make necessary enquiries.
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