2011 (4) TMI 1222

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....e AO to grant deduction u/s 80-P(2)(a)(i) of the I T Act. 3. Briefly stated the facts are as follows:- The assessee is a Cooperative Society, registered under the Cooperative Society Act. For the concerned asst. year, return of income was filed on 31.10.2007 declaring NIL income after claiming deduction u/s 80-P(2)(a)(i) amounting to Rs.37,73,700/-. The assessment was selected for scrutiny by issuance of notice u/s 143(2) of the Act. The assessment was completed vide order dated 15/12/2009 u/s 143(3) of the Act. determining the total income at Rs.37,88,800/-. The AO denied the deduction u/s 80-P(2)(a)(i) of the Act by holding that the assessee is a cooperative bank doing banking business and therefore, not entitled to the claim, by vi....

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.... 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 long term credit for agricultural and rural development activities". 9.1 The above sub-section 4 of section 80P provides that deduction under the said section shall not be available to any cooperative bank other than a primary agricultural credit society or rural development bank. For the purpose of the said sub section, cooperative bank shall have the meaning assigned to it in part V of the Banking Regulation Act, 1949. In Part V of the Banking Regulation Act, "cooperative bank" means a State Cooperative Bank, a Central Cooperative Bank and a ....

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....r pronounced on Friday, the 8th day of April, 2011 at Bangalore. ============= Document 1 Nature Registra -tion Nature of business Cooperative society registered under Banking Regulation Act, 1949 Cooperative society registered under Karnataka Cooperative Society Act, 1959. Under the Banking Regulation Act, 1949 and Cooperative Societies Act, 1959. Cooperative Societies Act, 1959. 1. As defined in section 6 of Banking Regulation 1. As per the bye laws of the cooperative society. Act. 2. Can open savings bank account, current account, overdraft account, cash credit account, issue letter of credit, discounting bills of exchange, issue cheques, demand drafts (DD), Pay Orders, Gift c....