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TMI Blog2023 (5) TMI 372X X X X Extracts X X X X X X X X Extracts X X X X ..... ank for the purpose of Section 80P(4) - Revenue has tried to submit that the respondent/Assessee will fall under the definition of Co-operative Bank as their activity is to give credit/loan - HELD THAT:- As required to be noted that merely giving credit to its members only cannot be said to be the Co-operative Banks/Banks under the Banking Regulation Act. The banking activities under the Banking ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... annot be said to be Co-operative Bank/Bank and, therefore, Section 80(P)(4) shall not be applicable and that the respondent/Assessee shall be entitled to exemption/benefit under Section 80(P)(2) of the Income Tax Act. Decided in favour of assessee. - CIVIL APPEAL NO . 8719/2022 - - - Dated:- 20-4-2023 - HON'BLE MR. JUSTICE M.R. SHAH AND HON'BLE MR. JUSTICE C.T. RAVIKUMAR For Appel ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sent appeal. The High Court considered the following question of law - Whether on the facts and in the circumstances of the case and in law, the Tribunal is justified as claimed by the assessee on the ground that the assessee, a co-operative credit society and is not a bank for the purpose of Section 80P(4) of the Act? Apart from the fact that against the relied upon decision in the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n behalf of the appellant/Revenue has tried to submit that the respondent/Assessee will fall under the definition of Co-operative Bank as their activity is to give credit/loan. However, it is required to be noted that merely giving credit to its members only cannot be said to be the Co-operative Banks/Banks under the Banking Regulation Act. The banking activities under the Banking Regulation Act a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... not be said to be Co-operative Bank/Bank and, therefore, Section 80(P)(4) shall not be applicable and that the respondent/Assessee shall be entitled to exemption/benefit under Section 80(P)(2) of the Income Tax Act. In view of the above and for the reasons stated hereinabove, the present appeal deserves to be dismissed and is accordingly dismissed, answering the question against the Revenue and ..... X X X X Extracts X X X X X X X X Extracts X X X X
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