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2015 (10) TMI 1428 - ITAT AHMEDABAD

2015 (10) TMI 1428 - ITAT AHMEDABAD - [2015] 41 ITR (Trib) 68 (ITAT [Ahm]) - Rejection of claim under section 80P(2)(a)(i) - AO denied exemption on the ground that as per sub-section (4) of section 80P, the provision of section 80P is not applicable in relation to any co-operative bank other than a primary agricultural credit society or a primary co-operative agricultural and rural development bank - Held that:- As decided in case of Jafari Momin Vikas Co-op. Credit Society Ltd [2014 (2) TMI 28 .....

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out how the assessee is not a co-operative bank. In our opinion, it would meet the ends of justice if the orders of the authorities below are set aside and the matter is restored back to the file of the Assessing Officer for re-examination in the light of the decision of the hon'ble jurisdictional High Court in the case of Jafari Momin Vikas Co-op. Credit Society Ltd. (supra). - Decided in favour of assessee for statistical purposes. - ITA No. 912/Ahd/2011 - Dated:- 5-6-2015 - SHRI G.D. AGRAWAL .....

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w and on fact while confirming rejection of claim by the learned Assessing Officer under section 80P(2)(a)(i) of the Income-tax Act, 1961 and treating the co-operative credit society as a co-operative bank under section 80P(4) of the Income-tax Act, 1961 and the deduction under section 80P(2)(a)(i) of the Income-tax Act, 1961 is required to be allowed against the appellant income. 3. At the time of hearing before us, it is submitted by learned counsel that the issue is now covered in favour of t .....

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ociety. He submitted that the learned Commissioner of Income-tax (Appeals) has examined this aspect in detail and after considering the definition of co-operative bank as per the Banking Regulation Act has arrived at the conclusion that the assessee-society would fall within the definition of co-operative bank. He, therefore, submitted that the order of the learned Commissioner of Income-tax (Appeals) should be sustained. 5. In rejoinder, learned counsel also referred to the decision of the Inco .....

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