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TMI Blog2019 (3) TMI 1776X X X X Extracts X X X X X X X X Extracts X X X X ..... och/19 against the revenue appeal in ITA No. 48/Coch/2019. 2. Common issues are raised in these appeals. Hence, they were heard together and are being disposed of by this consolidated order. 3. The only issue raised in these appeals is with regard to granting of deduction u/s 8OP(2) of the Income-tax Act, 1961. 4. Since the facts are similar in these appeals, we shall consider the facts as narrated in ITA No.48/Coch/2019. The facts of the case are that the assessee is a Co-operative Society engaged in banking business and filed its return of income for AY 2015-16. The gross total income for the year was shown at Rs. Nil after claiming deduction of Rs. 88,02,822/- u/s. 80P(2) of the I.T. Act. The Assessing Officer passed an order u/s. 143 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... erm '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 cooperative 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 State Law. In this view of the matter, all the appellants having been classified as primary agricultural credit societies by the competent authority under the KCS Act, it has neces ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 section. In this view of the matter, the appeals succeed. 17.. In the light of the aforesaid, we answer substantia1 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 appellants are entitled to such exemption." 8. In our opinion, the issue is squarely covered in favour of the assessee by the above judgment of the Jurisdictiona ..... X X X X Extracts X X X X X X X X Extracts X X X X
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