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The Eramala Service Coop Bank Ltd. Versus The Income Tax Officer, Ward 2 (2) , Calicut

2016 (7) TMI 692 - ITAT COCHIN

Benefit of deduction u/s 80P(2) denied - assessee is a cooperative society registered under the Kerala Cooperative Societies Act, 1969 - Held that:- The certificate of registration of the assessee under the Kerala Cooperative Societies Act and the bye-laws are placed on record. It is clear from the perusal of the same that the assessee is primary agricultural credit society and providing agricultural credit facilities to its members. The Hon’ble Jurisdictional High Court in the case of The Chira .....

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These appeals, at the instance of the assessee are directed against three separate order of the CIT, passed u/s 263 of the Act (all the orders are dated 27.11.2015). 2. Since common issue is involved in these appeals, they were heard together and disposed off by this consolidated order. 3. The solitary issue for our consideration is whether the CIT is justified in revising the assessments for the assessments years 2008-09, 2009-10 and 2011-12, for the purpose of denying the benefit of deduction .....

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uded that the AO has not conducted any enquiry and has allowed the claim of deduction u/s 80P of the Act. The CIT held that the orders of assessments for the AYs 2008-09, 2009-10 and 2011-12, are erroneous and prejudicial to the interest of the revenue and set aside the same. 5. The assessee being aggrieved is in appeal before us. The ld AR submitted that the assessee is registered under the Kerala Cooperative Societies Act, 1969 as a primary agricultural credit society. It was submitted that in .....

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& others (supra) 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 Hon ble High Court was considering the following substantial question of law: a) Whether on the facts and in the circumstances of the case under consideration, the Tribunal is correct in law in deciding against the assessee, the issue regarding entitlement for exemption under section 80P, ignoring the fact t .....

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tent authority under the provisions of that Act. The parliament, having defined the term 'co-operative society' for the purposes of the BR Act with reference to, among other things, the registration of a society under any State law relating to co-operative societies for the time being; it cannot but be taken that the purpose of the societies so registered under the State Law and its objects have to be understood as those which have been approved by the competent authority under such Stat .....

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oses, the rate 'of interest on such loans and advances to be at the rate fixed by the Registrar of co-operative societies under the KCS Act and having its area of operation confined to a village, panchayat or a municipality. This is the consequence of the definition clause in section 2(oaa) of the KCS Act. The authorities under the IT Act cannot probe into any issue or such matter relating to such applicants. 16. The position of 1aw being as above with reference to the statutory provisions, .....

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