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TMI Blog2016 (9) TMI 909X X X X Extracts X X X X X X X X Extracts X X X X ..... nder the Banking Regulation Act includes the primary agricultural credit society or a primary co- operative agricultural rural development bank. The Legislature did not want to deny the said benefit to a primary agricultural credit society or a primary co-operative agricultural and rural development bank. They did not want to extend 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 of lending mone ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... : 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, 1961 is applicable only to co-operative banks and not to credit co-operative societies. 2. The substantial question of law which is raised in the appeal is as under: Whether on the facts and in the circumstances of the case, the tribunal was justified in law in holding that the assessee society is entitled to deduction under Section 80P(2)(a)(i) of the Income Tax Act? 3. The Tribunal in its order has set out the difference between the co-operative bank and society as under: Nature Co-operative society registered under ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... bmit annual return to RBI every year Society has to submit the annual return to Registrar of Societies. Inspection RBI has the power to inspect accounts and over all functioning of the Bank Registrar has the power to inspect accounts and over all functioning of the bank. Part V Part V of the Banking Regulation Act is applicable to co-operative banks Part V of the Banking Regulation Act is not applicable to co-operative banks. Use of words The word bank banker , banking can be used by a co-op ..... X X X X Extracts X X X X X X X X Extracts X X X X
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