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2019 (3) TMI 284

007, the assessee were not entitled to deduction u/s. 80P - HELD THAT:- Admittedly, the assessee is primary agricultural credit society registered under the Kerala Cooperative Societies Act, 1969. In the case of Chirakkal Service Co-op Bank Ltd. (2016 (4) TMI 826 - KERALA HIGH COURT) 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). - Decided in favour of assessee - ITA No.14/Coch/2019, ITA No.15/Coch/2019, ITA No.16/Coch/2019, ITA No.17/Coch/2019, ITA No.18/Coch/2019, ITA No.19/Coch/2019 And ITA No.20/Coch/2019 - Dated:- 1-3-2019 - Shri Chandra Poojari, AM And Shri George George K, JM For the Appellant : Smt.A.S.Bindhu, Sr.DR .....

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ority. The CIT(A), following the judgment of the Jurisdictional High Court in the case of Chirakkal Service Co-operative Bank Ltd. (384 ITR 490) held that the assessees are entitled to deduction u/s. 80P(2) of the I.T. Act and directed the Assessing Officer to allow deduction u/s. 80P of the Act. The CIT(A) has also held that the decision in the case of M/s.Citizen Co-operative Society Ltd. v. ACIT, Hyderabad is not applicable to primary agricultural credit societies, in view of the order of the Cochin Bench of the Tribunal in the case of ITO v. M/s.Maruthonkara Service Co-operative Bank Ltd. [ITA No.474/Coch/2017 irder dated 08.03.2018]. 5. Aggrieved by the orders of the CIT(A), the Revenue has filed the present appeals before us. The Depa .....

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arly 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 been approved by the competent authority under such State law. This, we visualise as due reciprocative legislative exercise by the Parliament recognising the predominance of decisions rendered under the relevant St .....

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appellant or its classification by the competent authority under the KCS Act is 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 substantial question A in favour of the appellants and hold that the Tribunal erred in law in deciding the issue regarding the entitlement of exemption under section 80P against the appellants. We hold that the primary agricultural credit societies, registered as such under the KCS Act and classified so, under that Act including the ap .....

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