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TMI Blog2014 (6) TMI 914X X X X Extracts X X X X X X X X Extracts X X X X ..... .R. Prasad, Adv.) JUDGEMENT This appeal is preferred by the revenue against the order passed by the Tribunal granting deduction under Section 80P of the Income Tax Act, 1961 (for short 'the Act') and also holding that the Commissioner of Income Ta x committed an error in exercising its jurisdiction under Section 263 of the Act 2. The two substantial questions of law which arise for considerati ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ILURU 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 banking business, then the income derived from the said business cannot be deducted in computing the total income of the assessee. The said income is liable for tax. A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hich 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 the society." Therefore, the said issue was held in favour of the assessee and against the revenue. 4. Insofar as the second question of law is concerned, in the a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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