2019 (8) TMI 1131

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....ssa For the Respondent(s) : Mr. Sanjeev Johari with Mr. Lalit Parihar JUDGMENT The revenue urges that the grant of exemption under Section 80P(2) of the Income Tax Act, 1961 (the Act of 1961) to the respondent-assessee was not warranted. The assessee, a milk cooperative society had deposited amounts and earned interest of Rs. 2,09,91,701/-. The amounts were deposited with a Regional Ru....

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....r purpose of the Income Tax Act, 1961- For the purpose of the Income Tax Act, 1961 (43 of 1961), or any other enactment for the time being in force relating to any tax on income, profits, or gains, a Regional Rural Bank shall be deemed to be a cooperative society." The CBDT reasoning appears to be that Section 80P was amended w.e.f. 1.4.2007 introducing specifically that the benefit of exemptio....