Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2022 (4) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2022 (4) TMI 1414 - AT - Income TaxDisallowance of claim of deduction u/s.80P - income received from associate members i.e., interest received from Class B members - Assessee is a primary agricultural cooperative society registered under the Tamil Nadu Cooperative Societies Act - AO disallowing the claim of deduction by stating that the society is engaged in granting loans to general public without approval from Registrar of Societies and therefore cannot be treated as cooperative society meant only for providing credit facilities to its members and accordingly would not be entitled to claim the benefit u/s.80P - HELD THAT:- We noted that this issue is squarely covered exactly on identical facts by the Co-ordinate Bench decision in the case of Tamilnadu Co-operative State Agriculture and Rural Development Bank Limited [2014 (5) TMI 1220 - ITAT CHENNAI] wherein considering the decision of Hon’ble Supreme Court in the case of The Mavilayi Service Co-operative Bank Ltd. [2021 (1) TMI 488 - SUPREME COURT] and the decision in the case of S-1308 Ammapet Primary Agricultural Co-operative Bank Ltd. [2019 (1) TMI 116 - MADRAS HIGH COURT] the deduction is allowed u/s.80P(2) of the Act in respect of income earned from associated members -Decided in favour of assessee.
|