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2017 (5) TMI 1162 - ITAT MUMBAIAllowability of deduction u/s 80P - Held that:- Assessee is only providing credit facilities among its members and is not doing any banking activity and the bye laws of the Assessee also restricts its activities as being confined to members only and the Assessee also did not carry out any activities with anyone other than the members of the Society. The Assessee is only a Cooperative Society providing credit facilities to its members and not a Cooperative Bank to deny the deduction u/s 80P of the Act. The Revenue could not rebut the findings of the Ld. CIT (Appeals) and show us that how the Assessee falls under a Cooperative Bank and the Assessee is carrying on banking activities in general and with public. Thus we sustain the order of the Ld. CIT (Appeals) and reject the ground of the Revenue. - Decided in favour of assessee.
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