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2018 (6) TMI 1460 - AT - Income TaxRejection the deduction claimed u/s.80P (2)(a)(i) - Held that:- As the issue is squarely covered in favour of the assessee by the decision of the coordinate bench of this Tribunal in assessee’s own case [2017 (12) TMI 1049 - ITAT MUMBAI] we uphold the contention of the assessee and direct the Assessing Officer to examine and consider as to whether or not the assessee’s activities are in compliance with the Maharashtra State Co-operative Act, 1960 as also the Maharashtra State Co-operative Regulations, 1961. If it is so found, then, in the absence of any licence from the Reserve Bank of India, the assessee cannot be treated as an entity falling within the restrictions imposed in Sec. 80P(4) of the Act. So however, if the findings of the Assessing Officer are to the contrary, he shall be free to take appropriate action as per law. - decided in favour of assessee for statistical purposes.
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