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2018 (11) TMI 210

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..... 69 is entitled to the benefit of deduction u/s. 80P(2). The assessee-society is entitled to the benefit of deduction u/s. 80P of the Act. - Decided in favour of assessee. - ITA No.424/Coch/2018 And ITA No.425/Coch/2018 - - - Dated:- 1-11-2018 - Shri Chandra Poojari, AM And Shri George George K, JM For The Appellant : Smt.A.S.Bindhu, Sr.DR For The Respondent : Ms.Anjana Kannath ORDER Per George George K, JM. These appeals at the instance of the Revenue are directed against common order of the CIT(A) dated 20.07.2018. The relevant assessment years are 2008-2009 and 2013-2014. 2. The only issue raised in these appeals is whether the assessee is entitled to deduction u/s. 80P(2)(a)(i) of the I.T.Act? 3 .....

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..... ent of the Hon'ble High Court of Kerala in the case of Chirakkal Service Co-op Bank Ltd. reported in 384 ITR 490. 6. We have heard the rival submissions and perused the material on record. Admittedly, the assessee is primary agricultural credit society registered under the Kerala Cooperative Societies Act, 1969. The Hon'ble High Court of Kerala in the case of Chirakkal Service Co-op Bank Ltd. (supra) had held that a 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 conside .....

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..... s necessarily to be held that the principal object of such societies is to undertake agricultural credit activities and to provide loans and advances for agricultural purposes, 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 Ad 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 law being as above with reference to the statutory provisions, the appellants had shown to the authorities and the Tribunal that they are .....

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