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TMI Blog2014 (9) TMI 1188X X X X Extracts X X X X X X X X Extracts X X X X ..... a Co-operative society and is not a Co- operative bank, the order passed by the Assessing Authority extending the benefit of exemption from payment of tax under Section 80P(2)(a)(i) of the Act is correct. - Decided in favour of the assessee. - ITA NO.408 OF 2014 - - - Dated:- 22-9-2014 - Mr. N.Kumar And Mrs. Rathnakala, JJ. Sri.E.I.Sanmathi For The Appellant. Sri.Mahe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion 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 banking business, then the income derived from the said business ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 the society. Therefore the said issue was h ..... X X X X Extracts X X X X X X X X Extracts X X X X
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