2014 (2) TMI 76

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... is justified in holding that the assessee is not covered within the purview of Section 80P (4) of the Act ?" The issue pertains to deduction under section 80P (2) of the Act. Revenue contended that by virtue of amendment in subsection 80P, the respondent assessee which is a cooperative credit society other than primary agricultural credit society would not be entitled to deduction. However, recently in our Order dated 15th January 2014 in Tax Appeal No. 863 of 2013 and allied appeals, we have examined similar question and rejected the Revenue's appeal, making following observations : " All the assessees Tax Appeals involve identical question. 2. Revenue has challenged the judgment of the Income Tax Appellate Tribunal (for short "t....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....y agricultural credit society or a primary cooperative agricultural and rural development bank. ExplanationFor the purposes of this subsection, ( a) cooperative bank and primary agricultural credit society shall have the meanings respectively assigned to them in Part V of the Banking Regulation Act, 1949(10 of 1949); (b) primary cooperative agricultural and rural development bank means a society having its area of operation confined to a taluk and the principal object of which is to provide for longterm credit for agricultural and rural development activities. 4. As per section 80P(4), the provisions of section 80P would not apply in relation to any cooperative bank other than primary agricultural credit society or primary coope....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....bject: Clarification regarding admissibly of deduction under section 80P of the IncomeTax Act, 1961. 1. Please refer to your letter no.DCUS/30688/2007, dated 28.03.2007 addressed to Chairman, Central Board of Direct Taxes, on the above given subject. 2. In this regard, I have been directed to state that subsection( 4) of section 80P provides that deduction under the said section shall not be allowable to any cooperative bank other than a primary agricultural credit society or a primary cooperative agricultural and rural development bank. For the purpose of the said subsection, cooperative bank shall have the meaning assigned to it in part V of the Banking Regulation Act, 1949. 3. In part V of the Banking Regulation Act, Cooperative....