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

2015 (4) TMI 507 - KARNATAKA HIGH COURT

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 m .....

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said business cannot be deducted in computing the total income of the assessee. The said income is liable for tax. A Co-operative bank as defined under the Banking Regulation Act includes the primary agricultural credit society or a primary co-operat .....

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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 o .....

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r providing credit facilitates to its members. The object of the aforesaid amendment is not to exclude the benefit extended under Section 80P(i) to the society. - Decided in favour of assessee. - ITA No. 290 of 2014 - Dated:- 20-3-2015 - Vineet Saran .....

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x 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 c .....

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nature of banking transaction, treated on par as per the new clause introduced in the definition of income in section 2(24)(viia) and comes under the purview of 80P sub-section (4) of the Act as inserted in Finance Act 2006 to be effective from 01.04 .....

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id 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 .....

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ome derived from the said business cannot be deducted in computing the total income of the assessee. The said income is liable for tax. A Co-operative bank as defined under the Banking Regulation Act includes the primary agricultural credit society o .....

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