Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2018 (7) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2018 (7) TMI 1990 - AT - Income TaxDeduction u/s. 80P(2)(a)(i) - as per AO assessee was primarily engaged in the business of banking and therefore, in view of the provisions of section 80P(4) which was inserted with effect from 01.04.2007, the assessee was not entitled to deduction - entitlement for exemption under section 80P, ignoring the fact that the assessee is a primary agricultural credit society? - HELD THAT:- The bye-laws of each of the appellants do not permit admission of any other co-operative society as member, except may be, in accordance with the proviso to sub-clause 2 of section 5(cciv) of the BR Act. The different orders of the Tribunal which are impeached in these appeals do not contain any finding of fact to the effect that the bye- laws of any of the appellant or its classification by the competent authority under the KCS Act is anything different from what we have stated herein above. For this reason, it cannot but be held that the appellants are entitled to exemption from the provisions of section 80P by virtue of sub- section 4 of that sect; on. In view of the judgment of Chirakkal Service Co-op Bank Ltd. [2016 (4) TMI 826 - KERALA HIGH COURT] we hold that the assessee-Society is entitled to the benefit of deduction u/s. 80P(2) - Decided against revenue.
|