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TMI Blog2019 (3) TMI 284X X X X Extracts X X X X X X X X Extracts X X X X ..... of the CIT(A) in respect of three different assessees. The relevant assessment years in respect of M/s.The Cherplassery SCB Limited are 2013-2014, 2014-2015 and 2015-2016; in respect of M/s.The Shorunur SCB Limited are 2014-2015 and 2015-2016; and in respect of M/s. The Ottappalam SCB Limited are 2013-2014 and 2014- 2015. 2. The only identical issue raised in these appeals is whether the assessees are entitled to deduction u/s. 80P(2)(a)(i) of the I.T.Act? 3. Briefly stated the facts of the case are as follows: The assessees are primary agricultural credit societies registered under the Kerala Cooperative Societies Act, 1969. For the assessment years under consideration, the assessees had filed return's of income after claiming deductio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssee by the judgment 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 assessees are primary agricultural credit societies 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 u ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t has 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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