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The Commissioner of Income Tax Income-Tax Officer Versus M/s. Saptharishi Credit Co-Operative Society Ltd

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)821 - KARNATAKA HIGH COURT] if a Co-operative Bank is exclusively carrying banking business, then the income derived from the said .....

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operative 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)(i) i.e., carrying on the business of banking for pro .....

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, 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 Society is lending for its members which is in the natur .....

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