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2023 (7) TMI 902 - ITAT PANAJIRevision u/s 263 - AO treated assessee taxpayer as a “cooperative society” registered u/sec.2(19) - PCIT’s revision directions is that the assessee is not a “cooperative society” within the meaning of sec.2(19) of the Act being only a “Souharda” society registered under the state law(s) - HELD THAT:- All these Revenue’s arguments fail to evoke our concurrence as the instant issue of assessee; a “Souharda” cooperative society being covered u/sec.2(19) of the Act, is no more res integra in light of the valuable guidance coming from recent decision in Sri Matha Vivododdesha Pathina Souharda Sahakari Niyamitha vs. Union of India [2021 (10) TMI 1413 - KARNATAKA HIGH COURT] Their lordships’ have settled the law therein that a “Souharda” cooperative society registered under the state cooperative law(s) very well forms “a cooperative society” u/sec.2(19) of the Act. That being the case, we accept the assessee’s contentions challenging correctness of the learned PCIT’s revision directions in all these assessment years. AO’s corresponding regular assessments stand restored as a necessary corollary. Decided in favour of assessee.
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