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2021 (9) TMI 899 - AT - Income TaxDisallowance of claim of deduction u/s 80P - AO noticed that the assessee was having income both from members and non-members - Since the assessee was having income from non-members - HELD THAT:- As in the case of Mavilayi Service co-operative Bank Ltd. & Ors. [2021 (1) TMI 488 - SUPREME COURT] had held that expression “members” is not defined under the Income-tax Act. Therefore, it was held by the Hon’ble Apex Court that necessarily the expression “members” in section 80P has to be construed in the light of the expression as contained in the respective State Co-operative Societies Act. The Hon’ble Apex Court held that if associate / nominal members are treated as members under the State Co-operative Societies Act, there is no violation of the provisions under the State Co-operative Societies Act, and therefore, the assessee would be entitled to the benefit of deduction u/s 80P - the issue of deduction u/s 80P needs to be reconsidered afresh by the A.O - The issues raised in this appeal are restored to the files of the A.O - Appeal filed by the assessee is allowed for statistical purposes.
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