9911796707
TMI Blog2015 (4) TMI 507X X X X Extracts X X X X X X X X Extracts X X X X ..... y the revenue challenging the order passed by the Tribunal, wherein it is held that 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 b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f 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 exclusively carrying ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 providing credit facilitates to its members. The object of the aforesaid amendment is not to exclude the benefit extended under Section 80P(i) to ..... X X X X Extracts X X X X X X X X Extracts X X X X
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