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2018 (1) TMI 1244 - HC - Income TaxEligibility to deduction u/s. 80P(2)(a)(i) - whether assessee society is covered u/s. 80P(4) r.w.s. 2(24)(viia) being income from providing credit facilities carried on by a co-operative society with its members? - ITAT allowed the deduction - Held that:- The Tribunal has concurred with the view adopted by the Commissioner (Appeals). The above view of the Tribunal is fortified by a decision of this court in the case of CIT-II v. Surat Vankar Sahakari Sangh Limited, (2014 (2) TMI 76 - GUJARAT HIGH COURT), wherein the court has repelled the contention of the revenue that section 80P(4) would exclude not only the cooperative banks other than those fulfilling description contained therein but also credit societies, which are not cooperative banks. In the facts of the said case, the assessee was a credit cooperative society and not a cooperative bank. The court held that the exclusion clause of sub-section (4) of section 80P would, therefore, not apply. The above decision would be squarely applicable to the facts of the present case. - Decided against revenue
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