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2014 (10) TMI 1063 - ITAT MUMBAIDeduction u/s.80P(2)(a)(i) - assessee is a co-operative credit society registered under Co-operative Societies Act engaged in the business of accepting deposits from members and lending to members of the co-operative credit society only on the basis of self help and mutuality - AO was of the firm belief that the assessee fulfils the condition laid down u/s.56(c)(ccv) of part V of the Banking Regulation Act, 1949 for being a co-operative bank and proceeded by denying the claim of deduction - HELD THAT:- The Hon’ble Gujarat High Court in the case of CIT vs. Jafari Momin Vikas Co-op. Credit Society Ltd. [2014 (2) TMI 28 - GUJARAT HIGH COURT] as held we cannot entertain the Revenue’s contention that section 80P(4) would exclude not only the co-operative banks other than those fulfilling the description contained therein but also credit societies, which are not co-operative banks. In the present case, respondent assessee is admittedly not a credit co-operative bank but a credit co-operative society. Exclusion clause of sub-section (4) of section 80P, therefore, would not apply. In the result, Tax Appeals are dismissed.’ Similar view is taken by the Tribunal’s Mumbai Bench in the case of M/s. Mumbai Teleworkers Co-op. Credit Society Ltd. [2014 (7) TMI 1057 - ITAT MUMBAI] and in the case of M/s. Kulswami Co-op. Credit Society Ltd. [2014 (4) TMI 355 - ITAT MUMBAI] - Decided against revenue.
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