TMI BlogReopening of assessment u/s 147 - Notice issues u/s 148 kept in abeyance since the issue of Deduction u/s u/s 80P(2)(a)(i) is pending before the Apex CourtX X X X Extracts X X X X X X X X Extracts X X X X ..... interpretation of Section 80P (2) (a) (i) read with 80P (4). As per the revenue, as per Section 80P (4), the benefit under Section 80P cannot be extended to any cooperative Bank other than a primary agricultural credit society. The assessee cannot be treated as a credit society for the loan advanced to non-agricultural purposes and so the assessee societies are not entitled for the benefit u ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ght to participate in the general administration or to attend any meeting etc., because they are admitted as associate members for availing loan only and was also charging a higher rate of interest at the rate of 14%, is not a ground to deny the exemption granted under Section 80P (2)(a) (i) of the Act. Revenue has taken the matter before the Apex Court and SLP is still pending. Since the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is Court takes a slightly different view owing to the second submission made by learned counsel, which is a crucial aspect of the trajectory of the hearing today. x x x x x x x 21. In the light of the narrative supra, the following order is passed: a) All the five impugned notices will be kept in abeyance and there will be no further proceedings pursuant to the same until disposal of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Bench orders are confirmed or if the Hon'ble Supreme Court refuses to interfere with the orders of the High Court, all the five impugned notices will stand set aside without further reference to this Court. Therefore, For the co-operative societies who have filed writ petitions before the HC to quash the notices issued u/s 148 has to wait till the hon'ble Supreme Court decide the ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
