Assessee a primary co-operative agricultural and rural Development Bank claimed deduction under section 80P on ground that it is  a co-operative society in terms of provision of section 22 of Regional Rural Development Banks Act, 1976.  Assessing Officer rejected claim on ground that regional rural banks were not eligible for deduction on the ground that Circular No. 319 dated 11-1-1982 issued by Central Board of Direct Taxes, deeming status of Regional Rural Banks as Co-operative Society stood withdrawn  Tribunal allowed exemption holding that provisions of Regional Rural Development Bank Act overrides provisions of section 80P(4) of the Act. High Court affirmed the order of the Tribunal. Order of Tribunal deleting the penalty was affirmed.  Notice is issued in  SLP filed by the revenue.  (AY. 2012-13 to 2016-17)