2015 (10) TMI 1434

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.... Per N. K. Billaiya This is an appeal by the assessee is preferred against the order of Ld. CIT (A), Belgaum dated 20/11/2013 pertaining to A.Y. 2009-10. 2. The sum and substance of the grievance of the assessee is that the Ld. CIT(A) erred in disallowing the deduction claimed u/s. 80P(2)(a)(i) of the Act. 3. The assessee is a Cooperative Society registered under the Karnataka State Coop....

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....No. 50006/2013. 5. Learned DR supported the assessment order. 6. We have carefully perused the orders of the authorities below and judicial decisions brought to our notice. In our considered opinion, the assessee is not a Cooperative Bank. There is no finding that the assessee has obtained any banking licence. The business of the assessee is to provide credit facilities to its Members. Since....

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.... in computing the total income of the assessee, as the assessee is not a Cooperative Bank carrying on exclusively banking business and there is no finding that it possess a licence from RBI to carryon business. It is not a Cooperative Bank, it is a Cooperative Society which also carries on business of lending money to its Members which is covered u/s. 80P(2)(a)(i). For this proposition, we draw su....