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2018 (2) TMI 1281 - AT - Income TaxEntitlement for exemption u/s. 80(P)(2) - assessee being a Primary Agricultural Credit Co-operative Society registered under the Kerala Co-operative Society Act - Held that:- Hon’ble jurisdictional High Court in the case of Chirakkal Service Cooperative Bank Ltd vs. CIT [2016 (4) TMI 826 - KERALA HIGH COURT] has held that the primary agricultural credit society registered under the Kerala Cooperative Societies Act, 1969, is entitled to the benefit of deduction u/s 80P(2). The assessee is admittedly only providing credit facilities to its members during the relevant AY’s. The assessee is primary agricultural credit society and has produced a certificate of Registrar of Co-operative Societies under Kerala Co-operative Societies Act, 1969 to the above effect. Since the Hon’ble Kerala High Court has categorically held that a Primary Agricultural Credit Society registered under the Kerala Co-operative Societies Act, 1969 is entitled to the benefit of deduction u/s. 80P(2) of the Act, CIT(A) is justified in directing the Assessing Officer to grant the benefit of deduction u/s. 80P(2) - Decided in favour of assessee.
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