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TMI Blog2017 (1) TMI 951X X X X Extracts X X X X X X X X Extracts X X X X ..... lows: The assessee is a Cooperative Society registered under the Kerala Cooperative Societies Act, 1969. The return of Income for the assessment year 2012-13 was filed on 8.7.2013 declaring the total income at 'nil' after claiming exemption u/s 80P(2) of the Act amounting to Rs. 38,92,714/-. The Assessing Officer, in the course of assessment proceedings, noticed that the assessee was primarily lending loans for non agricultural purposes. It was held by the Assessing Officer that the assessee was engaged in the business of banking like any other commercial banks and for the aforesaid reasons, held that in view of insertion of section 80P(4) of the Act, the assessee society was not entitled to the benefit of deduction u/s 80P(2) of the Act. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ppeals are indisputably societies registered under the Kerala co-operative societies Act, 1969, for sort, KCS Act and the bye-laws of each of them, as made available to this court as part of the paper books, clearly show that they have been classified as primary agricultural credit societies by the competent 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 b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... with the proviso to sub-clause 2 of section 5(cciv) of the BR Act. The different orders of the Tribunal which are impeached in these appeals do not contain any finding of fact to the effect that the bye- laws of any of the appellant or its classification by the competent authority under the KCS Act lS anything different from what we have stated herein above. For this reason, it cannot but be held that the appellants are entitled to exemption from the provisions of section 80P of the IT Act by virtue of sub- section 4 of that sect; on. In this view of the matter, the appeals succeed. 17. In the light of the aforesaid, we answer substantia1 question 'A' in favour of the appellants and hold that the Tribunal erred in law in deciding ..... X X X X Extracts X X X X X X X X Extracts X X X X
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