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2014 (5) TMI 813 - AT - Income TaxEntitlement for deduction u/s 80P(2)(a)(i) of the Act - Society cooperative bank or not – Held that:- Held that:- Following M/s.SL(SPL) 151, Karkudalpatty Primary Agricultural Cooperative Credit Society Ltd. Vs. ITO [2014 (5) TMI 556 - ITAT CHENNAI] - it is evident from the definition of ‘member’ u/s 2(16) that the same includes an ‘associate member’ u/s 2(6) - the ‘nominal’ members also enjoy statutory recognition as per the Act - once the ‘nominal’ members or non-voting members are themselves included in the definition of ‘members’, they satisfy the relevant condition imposed by the legislature u/s 80P(2)(a)(i) - the objections of the Revenue that the ‘members’ defined in sub-clause(i) of section 80P(2) should only include voting members would amount to a classification within classification which is beyond the purview of tax statute; unless provided specifically by the legislature - the assessee is entitled to claim benefit of deduction u/s.80P of the Act – Decided in favour of Assessee.
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