TMI Blog2016 (10) TMI 1261X X X X Extracts X X X X X X X X Extracts X X X X ..... tive Societies Act, 1969 is entitled to the benefit of deduction u/s. 80P(2). - decided in favour of assessee. - I.TA No.300/Coch/2016 (Assessment Year : 2012-13) - - - Dated:- 31-10-2016 - S/Shri B. P. Jain and George George K., JJ. Assessee By Shri Joseph P.A. ,CA Revenue By Shri A. Dhanaraj, Sr. DR ORDER George George K., 1. This appeal at the instance of the assessee, is directed against the order of the CIT(A), Kottayamr dated 20/01/2016. The relevant assessment year is 2012-13. 2. Though there are several grounds that have been raised in the Memorandum of Appeal, the solitary issue that was argued was whether the CIT(A) is justified in confirming the action of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Ld. DR present was duly heard. 8. We have heard the rival contentions and perused the material on record. Admittedly, the assessee is a primary agricultural credit society registered under the Kerala Cooperative Societies Act, 1969. The certificate issued by the Registrar of Cooperative Societies to the above said effect is placed on record. The Hon ble High Court of Kerala in the case of Chirakkla Service Coop 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... authority under the KCS Act, it 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 Act 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 1aw being as above with reference to the statutory provisions, the appellants had shown ..... X X X X Extracts X X X X X X X X Extracts X X X X
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