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The Principal Commissioner of Income Tax, Panaji Goa Versus M/s The Goa PWD Staff Co-op. Credit Society Ltd.

TM - Entitlement for exemption in terms of Section 80P(2)(a)(i) - whether assessee are not a Co-operative Banks but a Co-operative Societies? - Held that:- Taking note of the observations in the judgment in the case of M/s. The Quepem Urban Co-operative Credit Society Ltd., (2015 (6)573 - BOMBAY HIGH COURT ) to the effect that merely giving credit facilities to the members would not be a Co-operative Bank but continued to be a Co-operative Society and as there is no material on record that the r .....

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n - TAX APPEAL NOS. 73 & 76 OF 2015 - Dated:- 1-12-2015 - F. M. REIS AND C. V. BHADANG, JJ. For The Appellant : Mr. Asha A. Desai, Advocate For The Respondent : Mr. S. R. Rivankar, Advocate ORAL ORDER ( Per F. M. Reis, J) Heard Ms. Asha Desai, learned counsel appearing for the appellant and Mr. S. R. Rivankar, learned counsel appearing for the respondent. 2. Both the learned counsel point out that considering the issues involved, both the above appeals may be taken up together as they cover the .....

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perative Banks as according to her the definition of 'income' in terms of Section 2(24)(viia) inter-alia includes an income from credit facilities provided to the members. The learned counsel further submits that as it is not disputed in the present appeals that the respondents provide credit facilities to the members, the income drawn by the respondents is the income of a Co-operative Banks and as such, the respondents are not entitled for exemption in terms of Section 80P(2)(a)(i) of t .....

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terms of the said provisions. The learned counsel as such submits that there are substantial questions of law on that count to be examined by this Court. 4. On the other hand, Mr. S. R. Rivankar, learned counsel appearing for the respondents has pointed out that the fact finding authorities have come to the conclusion that the respondents are not Co-operative Banks but Co-operative Societies and as such, they are entitled for exemption in terms of Section 80P(2)(a)(i) of the said Act. The learn .....

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se that giving credit facilities only to the members cannot be a Co-operative Bank, the question of entertaining the above appeals would not arise at all. The learned counsel has taken us through the observations in the said judgment of the Division Bench at para 9 to point out that such findings are squarely applicable to the facts of the present case. 5. Ms. A. Desai, learned counsel appearing for the appellant in reply to the said submissions has pointed out that while disposing of the said a .....

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ounsel, we have also gone through the said judgment and the relevant provisions of the said Act. On going through the said judgment dated 17.04.2015 in the case of M/s. The Quepem Urban Co-operative Credit Society Ltd., ( supra ), this Court has observed at para 9 thus : 9. There is no dispute between the parties that the appellant is a cooperative society as the same is registered under the Co-operative Societies Act. The appellant is claiming deduction of income earned on providing credit faci .....

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gulation Act, 1949. A cooperative bank is defined in Section 5(cci) of Banking Regulation Act to mean a State Cooperative Bank, a Central Cooperative Bank and a primary cooperative bank. Admittedly, the appellant is not a State Cooperative Bank, a Central Cooperative Bank. Thus what has to be examined is whether the appellant is a primary Cooperative Bank as defined in Para V of the Banking Regulation Act. Section 5(ccv) of the Banking Regulation Act defines a primary cooperative bank to mean a .....

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the conditions No. (1) and (3) provided above are not satisfied. 7. Taking note of the above observations, it is clearly held therein that unless and until the said three conditions are cumulatively satisfied, the question of holding that such society is a Co-operative Bank would not arise at all. In the present cases, it is not disputed that the third condition that the bye laws should not permit admission of any other Co-operative Society as its member is not at all satisfied. In any event, th .....

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