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2019 (6) TMI 1293 - AT - Income TaxDeduction u/s 80P(2)(i) - assessee is not a recognized bank in view of the provision of the Reserve Bank of India (RBI) - HELD THAT:- Assessee nowhere fall within the definition of the Co-operative Bank. The assessee is not a recognized bank in view of the provision of the Reserve Bank of India (RBI). There is a difference between the Co-operative bank and in the Credit Co-operative Society. If the Assessee is not in the banking business then in the said circumstances, no doubt the assessee is entitled to raise the claim of deduction u/s 80P of the Act. . The facts are not distinguishable at this stage also. The assessee is not doing the banking business. The CIT(A) has relied upon the decision of Bombay High Court in the case of Quepem Urban Co-operative Credit Society Ltd. Vs. ACIT [2015 (6) TMI 573 - BOMBAY HIGH COURT] . No law contrary to the law relied by the Ld. CIT(A) in his order has been produced before us. - Decided in favour of the assessee against the revenue.
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