2015 (4) TMI 507

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.... the revenue challenging the order passed by the Tribunal, wherein it is held that subsection (4) of Section 80P of the Income Tax Act, 1961 is applicable only to co-operative banks and not to credit cooperative societies. 2. The substantial questions of law which are raised in the appeal are as under: 1. Whether the Tribunal was correct in holding that the assessee is not a co-operative bank bu....

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.... the assessee. 4. This Court had an occasion to consider the said question 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 ....