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2022 (9) TMI 346 - AT - Income TaxDeduction u/s 80P(2)(a)(i) - income earned from associate/nominal members - HELD THAT:- Admittedly, the assessee is a primary agricultural credit cooperative society and is governed by Karnataka Co-operative Societies Act, 1956 and it is carrying out its co-operative business with its members, the claim of deduction u/s 80P(2)(a)(i) of the Act cannot be denied. Also, assessee does not hold a banking license issued by RBI so as to give it a status of Co-operative Bank. Hence, respectfully following the decision of Hon’ble Supreme Court In the case of the The Mavilayi Service Co-operative Bank Ltd [2021 (1) TMI 488 - SUPREME COURT] and S1308 Ammapet Primary Agricultural Co-operative Bank Ltd. [2019 (1) TMI 116 - MADRAS HIGH COURT] in the given similar facts and circumstances, we reverse the orders of lower authorities and allow this issue in the appeal of assessee for A.Y. 2009-10. Appeals of the assessee are allowed.
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