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2018 (12) TMI 63 - AT - Income TaxEntitled to deduction u/s. 80P(2)(a)(i) - Assessee are primary agricultural credit societies registered under the Kerala Cooperative Societies Act, 1969 - Held that:- The Hon'ble High Court of Kerala in the case of Chirakkal Service Co-op Bank Ltd. (2016 (4) TMI 826 - KERALA HIGH COURT) had held that a primary agricultural credit society, registered under the Kerala Cooperative Societies Act, 1969 is entitled to the benefit of deduction u/s. 80P(2). TDS u/s 194A - Disallowance of interest u/s 40(a)(ia) - TDS liability - Held that:- The issue is covered in favour of the assessee by the ITAT order in case of Kadachira Service Co-op Bank Ltd. [2013 (2) TMI 208 - ITAT COCHIN] as held for the purpose of understanding the cooperative society, the meaning that is given in section 2(19) of the Income-tax Act has to be considered and not otherwise. The co-operative societies are not controlled and governed by RBI and they are registered under the provisions of the State Co-operative Societies Act. Therefore, the Kerala High Court found that the co-operative societies are exempt from provisions of section 194A - addition u/s 40(a)(ia) is deleted - Decided in favour of assessee.
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