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TMI Blog2014 (6) TMI 912X X X X Extracts X X X X X X X X Extracts X X X X ..... t : Sri E.I. Sanmathi, Adv.) For the Respondent : Sri Mahesh R. Uppin, Adv. JUDGEMENT This appeal is preferred by the revenue challenging the order passed by the Tribunal, wherein it is held that sub- section (4) of Section 80P of the Income Tax Act, 1 961 is applicable only to co-operative banks and not to credit co- operative societies. 2. The substantial question of law which is raised in t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er of credit, discounting bills of exchange, issue cheques, demand drafts (DD), Pay orders, Gift cheques, lockers, bank guarantees etc. 3. Co-operative Banks can act as clearing agent for cheques, DDs, pay orders and other forms. 4. Banks are bound to follow the rules, regulations and directions issued by Reserve Bank of India (RBI). 1. As per the bye laws of the co-operative society. 2. Socie ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nking Regulation Act is not applicable to cooperative banks. Use of words The word 'bank', 'banker', 'banking' can be used by a cooperative bank. The word 'bank', 'banker', 'banking' cannot be used by a cooperative society. 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the said benefit to a co- operative 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 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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