2017 (10) TMI 1460

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....al public apart from its regular members is entitled for deduction under Section 80P(2) (a) (i) of the Income Tax Act, 1961 considering the law laid down by the Hon'ble Apex Court in the case of 'the Citizen Co-operative Society Limited V/s Assistant Commissioner of Income Tax, Circle-9(1), Hyderabad' in Civil Appeal No.10245 of 2017 dated 08.08.2017 on the availability of deduction under Section 80P(2)(a)(i) of the Income Tax Act, 1961? 2. The respondent-assessee filed its return of income for the assessment year 2011-12 declaring total income after claiming deduction under Section 80P(2)(a)(i) of the Act. The Assessing Authority completed the assessment under Section 143(3) of the Act holding that the respondent-assessee wa....

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....unal to the full extent. Thus, the learned counsel submits that the benefit of Section 80P(4) of the Act cannot be extended to the respondent- assessee. 4. Learned counsel Sri Sangram S.Kulkarni appearing for the respondent-assessee would contend that the Division Bench of this Court in the case of Shri Basaveshwar Urban Co-operative Credit Society Limited V/s the Income Tax Officer in I.T.A.No.100066/2014 disposed of on 21.09.2015, has categorically held that whether the co- operative society referred to in clauses (cciv), (ccv) and (ccvi) of Section 56 of the Banking Regulation Act, is carrying on the activities of the co-operative society or a co-operative bank requires to be determined by the Reserve Bank of India, before the authori....