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TMI Blog2017 (2) TMI 1404X X X X Extracts X X X X X X X X Extracts X X X X ..... the assessee Co-operative Bank is not a bank and it is only a credit society. The High Court further observed that the activity of the assessee in accepting deposits, advancing loans etc., are confined only to its members and also restricted to a particular geographical area. Therefore, the High Court found that the assessee’s society is eligible for deduction under Section 80P(2)(a)(i) - no reaso ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fore, we condone the delay and admit the appeal. 3. Shri Shiva Srinivas, the Ld. Departmental Representative submitted that the assessee a Co-operative Bank claimed deduction under Section 80P of the Income Tax Act, 1961 (in short the Act ). According to the Ld. D.R., a Co-operative Bank cannot claim deduction under Section 80P of the Act. The deduction available under Section 80P of the Act i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the Act. 5. We have considered the rival submissions on either side and perused the material available on record. As rightly submitted by the Ld. representative for the assessee, the Madras High Court in the assessee s own case examined this issue in tax case appeal No.259 of 2016 and found that the assessee Co-operative Bank is not a bank and it is only a credit society. The High Court fur ..... X X X X Extracts X X X X X X X X Extracts X X X X
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