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2015 (4) TMI 507 - KARNATAKA HIGH COURT

2015 (4) TMI 507 - KARNATAKA HIGH COURT - TMI - Applicability of provisions of the said Section 80P(4)- difference between the Co-operative Bank and Co-operative Society - whether the assessee is not a co-operative bank but only a cooperative society engaged in providing credit facilities to its members? - Held that:- As decided in CIT vs. SRI BILURU GURUBASAVA PATTINA SAHAKARI SANGHA NIYAMITHA, BAGALKOT [2015 (1) TMI 821 - KARNATAKA HIGH COURT] if a Co-operative Bank is exclusively carrying ban .....

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They did not want to extend the said benefit to a cooperative bank which is exclusively carrying on banking business i.e., the purport of the amendment. If the assessee is not a Co-operative bank carrying on exclusively banking business and if it does not possess a license from the Reserve Bank of India to carry on business, then it is not a Co-operative bank. It is a Co-operative society which also carries on the business of lending money to its members which is covered under Section 80P(2)(a) .....

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t subsection (4) of Section 80P of the Income Tax Act, 1961 is applicable only to co-operative banks and not to credit cooperative societies. 2. The substantial questions of law which are raised in the appeal are as under: 1. Whether the Tribunal was correct in holding that the assessee is not a co-operative bank but only a cooperative society engaged in providing credit facilities to its members? 2. Whether the Tribunal was correct in not appreciating that the main motto of the co-operative Soc .....

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ot a Co-operative Bank, the provisions of the said Section 80P(4) of the Act, will not be applicable in the case of the assessee. 4. This Court had an occasion to consider the said question in ITA No.5006/2013 dated 05.02.2014 in the case of THE COMMISSIONER OF INCOME TAX vs. SRI BILURU GURUBASAVA PATTINA SAHAKARI SANGHA NIYAMITHA, BAGALKOT , where, after referring to the relevant provisions of the Income Tax Act, and the banking Regulation Act, held as under: "If a Co-operative Bank is exc .....

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