Section 80P of the Income-tax Act, 1961, read with section 5(ccv) of the Banking Regulation Act

IT: Where assessee had fulfilled all three basic conditions to be regarded as a primary co-operative bank, it was a co-operative bank, and, therefore, provisions of section 80P(4) were applicable and he was not entitled for deduction under section 80P(2)(a)(i)
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[2015] 53 taxmann.com 165 (Panaji - Trib.)
IN THE ITAT PANAJI BENCH
Income-tax Officer, Ward-1 (3),Belgaum
v.
Shri Durdundeshwar Urban Co-operative Credit Society Ltd.*
P.K. BANSAL, ACCOUNTANT MEMBER
AND D.T. GARASIA, JUDICIAL MEMBER
IT APPEAL NO. 410 (PNJ.) OF 2013
[ASSESSMENT YEAR 2010-11]
NOVEMBER  19, 2014
Section 80P of the Income-tax Act, 1961, read with section 5(ccv) of the Banking Regulation Act, 1949 - Deductions - Income of co-operative societies (Primary co-operative bank) - Assessment year 2010-11 - Whether where principal business of assessee, a co-operative society, was banking, its paid up share capital and reserve were more than one lakh rupees and bye-laws of society permitted admission of any other co-operative society as its members, assessee had fulfilled all three conditions of being held a Primary Co-operative Bank as given in section 5(ccv) of Banking Regulation Act, 1949 - Held, yes - Whether therefore, provisions of section 80P(4) were applicable in case of assessee and assessee was not entitled for deduction under section 80P(2)(a)(i) - Held, yes [Para 16][In favour of revenue]