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2016 (9) TMI 699 - MADRAS HIGH COURT

2016 (9) TMI 699 - MADRAS HIGH COURT - TMI - Interest earned from the Salem Agricultural Producers Co-operative Marketing Society Ltd., for reduction under Section 80 P (2(a) (i) - Held that:- Department submittion that the Tribunal was not right in holding that the interest earned from the Salem Agricultural Producers Co-operative Marketing Society Ltd., for reduction under Section 80 P (2(a) (i) of the Income Tax Act, we are not inclined to accept the said contentions. For the reason that a Di .....

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S. Manikumar And D. Krishnakumar, JJ. For the Appellant : Mr. J. Narayanasamy For the Respondent : No appearance JUDGMENT ( Judgment of the Court was made by S. Manikumar, J ) Challenge in this Tax Appeal, is to an order passed by the Income Tax Appellate Tribunal in I.T.A.No.732/Mds/2014, dated 30/6/2014, for the assessment year 2010-2011. 2. In the instant Tax Case Appeal, the appellant has raised the following substantial questions of law:- 1. Whether on the facts and in the circumstances of .....

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Class B members of the assessee society can be treated as the member of the Society for the purpose of Section 80 P (2) (a) (i) when Class B members do not have the right to participate in the voting and meetings of the board of the society and were not recognised by the assessee itself for audit purposes? 3. Whether on the facts and in the circumstances of the case, the Tribunal was right in not considering the fact that the assessee was lending monies for non-agricultural purpose without consi .....

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e had contended that the income by way of interest and dividend covered by the assessee/Society from the investment made in Salem District Central Co-operative Bank, which is also a Co-operative Society and therefore, the assessee is entitled for reduction under Section 80 P (2) (d) of the Income Tax Act, the assessing Officer has disallowed the same. CIT (Appeals) has confirmed before the Tribunal. 5. Placing reliance on the decision of Himachal Pradesh High Court in COMMISSIONER OF INCOME TAX .....

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ety are from investments made in Salem District Central Co-operative Bank, which is also admittedly, a co-operative society and are allowable deduction. The Assessing Officer has held that the assessee has made only with Salem District Central Co-operative Bank and therefore, the income from investment with the Bank is not entitled for deduction under Section 80 P (2) (d) of the Act. On appeal, the Id.CIT (Appeals confirmed the order passed by the Id.CIT (Appeals). We find that in the case of CI .....

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also available under Section 80 P (2) (d) of the Act. In the present case, the assessee is an Agricultural Producers Co-operative Marketing Society Ltd., registered under Tamil Nadu Co-operative Societies Act and established for the benefit of the Agricultural producers and the interest or dividend earned by the assessee will be beneficial to the members alone. Therefore, keeping in view of the decision, in the case of CIT Vs. Kangra Co-operative Bank Ltd., (supra), we hold that the assessee is .....

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the shape of F.D.Rs. is income derived from banking business and therefore, eligible for deduction under Section 80 P (2) (a) (i) of the Income Tax Act 8. After considering the decisions in CIT Vs. Karnataka State Co-operative Apex Bank reported in [2001] 251 ITR 194, CIT Vs. Ramanathapuram District Co-operative Central Bank Ltd reported in [2002] 255 ITR 423 (SC), a Division Bench of the Himachal Pradesh High Court, at paragraph Nos.10 and 11 held thus:- The Karnataka High Court in CIT Vs. Sri .....

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