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2019 (7) TMI 389 - HC - Income TaxDeduction u/s 80P (2) (a) (i) - reopening of assessment u/s 147 - Tribunal held that the assessee is to be treated as primary agricultural society and is carrying on the business of banking or providing credit facilities to its members and is entitled for deduction with respect to the interest received from Class B members who were involved in non-agricultural activity - HELD THAT:- As decided in K. 343, ONDIPUDUR PRIMARY AGRICULTURAL COOPERATIVE CREDIT SOCIETY LTD., K. 2065 KALIKKANAICKENPALAYAM PRIMARY AGRICULTURAL COOPERATIVE CREDIT SOCIETY LTD., K. 1788 NARASEEPURAM PRIMARY AGRICULTURAL COOPERATIVE CREDIT SOCIETY LTD., K. 758, IKKARAI BOLUVAMPATTI PRIMARY AGRICULTURAL COOPERATIVE CREDIT SOCIETY LTD. AND K. 1006 SINGANALLUR PRIMARY AGRICULTURAL COOPERATIVE CREDIT SOCIETY LTD. VERSUS THE INCOME TAX OFFICER, COIMBATORE [2019 (6) TMI 1098 - MADRAS HIGH COURT] benefit of Section 80P to Cooperative Societies is being carried further to Hon'ble Supreme Court by way of Special Leave Petitions. It is the specific case and stated position of the learned Revenue counsel that the IT department, has not given legal quietus to the order, but is agitating the matter further by filing Special Leave Petitions in Hon'ble Supreme Court. There is no disputation that the aforesaid order of Hon'ble Division Bench [2016 (8) TMI 560 - MADRAS HIGH COURT] has neither been stayed nor reversed. Therefore, it holds the field. Though this could be the end of the matter and this Court would have been inclined to set aside the impugned notices, this Court takes a slightly different view owing to the second submission made by learned counsel, which is a crucial aspect of the trajectory of the hearing today. It may be too late in the day for the Revenue to issue notices under Section 148 afresh, if they are set aside now and ultimately if the Revenue succeeds in the Special Leave Petitions, which are said to have been filed. Impugned notices kept in abeyance subject to the outcome of the the Apex Court in the SLP as referred above
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