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TMI Blog2025 (4) TMI 33X X X X Extracts X X X X X X X X Extracts X X X X ..... PER SANDEEP SINGH KARHAIL, JM : 1. The assessee has filed the present appeal challenging the impugned order dated 31/07/2024, passed under section 250 of the Income Tax Act, 1961 ("the Act") by the learned Commissioner of Income Tax (Appeals), National Faceless Appeal Centre, Delhi, ["learned CIT(A)"], for the assessment year 2017-18. 2. When this appeal was called for hearing, neither anyone ap ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eduction under section 80P of the Act. The return filed by the assessee was selected for scrutiny, and vide order dated 29/12/2019 passed under section 143(3) of the Act, the AO held that the assessee is not a primary agricultural credit co-operative society and accordingly disallowed the deduction claimed under section 80P of the Act. The AO noted that out of the total loans granted by the assess ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion 80P(4) of the Act held that section 80P(4) is a proviso to the main provision contained in section 80P(1) and (2) and excludes only Co-operative Banks, which are Cooperative Societies and also possesses a licence from RBI to do banking business. The Hon'ble Supreme Court further held that the limited object of section 80P(4) is to exclude Co-operative Banks that function at par with other com ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... erative Bank and that being a credit society, it was entitled to exemption under section 80(P)(2) of the Act. Therefore, we find no merits in the aforesaid reasoning adopted by the AO in denying the deduction under section 80P of the Act to the assessee. 7. Therefore, respectfully following the decisions of the Hon'ble Supreme Court cited supra, we are of the considered view that the assessee is ..... X X X X Extracts X X X X X X X X Extracts X X X X
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