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P.K.BANSAL, D.T.GARASIA
Hukkeri Taluka Primary Teachers Credit Co-operative Society Ltd. – Appellant
Versus
Income-tax Officer, Ward-1 (3), Belgaum – Respondent
P.K. Bansal, Accountant Member - Both these appeals have been filed by the assessee against the respective orders of CIT(A), Belgaum dtd. 3.12.2013 by taking the following common grounds of appeal :—
"1. The learned Commissioner of Income Tax(Appeals), Belgaum has erred in upholding the Assessing Officer disallowing the appellant's claim u/s 80P(2)(a)(i) of the Income Tax Act 1961 which is opposed to law and facts of the case.
2. The learned Commissioner of Income Tax(Appeals), Belgaum has erred in upholding the Assessing Officer order of treating the appellant cooperative society as "Bank" even though they do not possess the banking licence from RBI and disallowed the deduction u/s 80P(4) of the Income Tax Act 1961 which is opposed to law as held in jurisdictional High Court.
CIT, Belgaum v. Sri Biluru Gurubasava Pattina Sahakari Sangh Niyamath, Bagalkot ITA No 5006/2013 dt 5th February 2014 Kar. H.C - Dharwad Bench.
3. The learned Commissioner of Income Tax (Appeals), Belgaum has erred in treating the appellant as -Primary Cooperative Society? read Section 5 of the Banking Regulation Act 1949 even when the first condition is not fulfilled as held in ITAT Panjim cases:
(i) Tararan
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