2014 (6) TMI 916

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....spondent : Sri A. Shankar & M. Lava, Advs. JUDGEMENT This appeal is preferred by the revenue against the order passed by the Tribunal granting deduction under Section 80P of the Income Tax Act, 1961 (for short 'the Act') and also holding that the Commissioner of Income Ta x committed an error in exercising its jurisdiction under Section 263 of the Act. 2. The two substantial questions of ....

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....tive agricultural and rural development bank' which are eligible for deduction under Section 80P as referred to Explanation to Section 80P(4) and also assessee is carrying on banking business?" 3. Insofar as the first question of law is concerned, 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 B....

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....rative bank which is exclusively carrying on banking business i.e., the purport of the amendment. If the assessee is not a Co-operative bank carrying on exclusively banking business and if it does not possess a license from the Reserve Bank of India to carry on business, then it is not a Co-operative bank. It is a Co-operative society which also carries on the business of lending money to its memb....