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The Bhagyodaya Cooperative Credit Society Ltd. Versus ITO, Ward-1 (2) , Belgaum

2015 (10) TMI 1434 - ITAT PANAJI

Deduction claimed u/s. 80P(2)(a)(i) disallowed - Held that:- Sec. 80P(4) was introduced by the Finance Act 2006 w.e.f. 01/04/2007 excluding the said benefit to a Cooperative Bank. Thus, the intention of the legislature is clear if a cooperative bank .....

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no finding that it possess a licence from RBI to carryon business. It is not a Cooperative Bank, it is a Cooperative Society which also carries on business of lending money to its Members which is covered u/s. 80P(2)(a)(i). Set aside the findings of .....

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essee. - ITA No. 33/PNJ/2014 - Dated:- 15-6-2015 - George Mathan , JM And N. K. Billaiya, AM,JJ. For the Appellant : Shri Pramod Y Vaidya, Adv For the Respondent : Shri Nishant K, DR ORDER Per N. K. Billaiya This is an appeal by the assessee is prefe .....

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he assessee is a Cooperative Society registered under the Karnataka State Cooperative Societies Act. The main object of the society is to accept the deposits and to provide financial accommodation to the Members of the society. It was, therefore, cla .....

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see carried the matter before the Ld. CIT(A), but without any success. 4. Before us, counsel for the assessee drew our attention to the decision of the Tribunal Panaji Bench in assessee's own case for A.Y. 2010-11. Counsel also relied upon the de .....

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w and judicial decisions brought to our notice. In our considered opinion, the assessee is not a Cooperative Bank. There is no finding that the assessee has obtained any banking licence. The business of the assessee is to provide credit facilities to .....

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a Cooperative Society, the whole of the amount of profits and gains of business attributable to any other activities referred to sub-sec. (2) of sec. 80P, shall be deducted in computing the total income of the assessee. It is a benefit given to the .....

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