9911796707
TMI Blog2021 (4) TMI 1242X X X X Extracts X X X X X X X X Extracts X X X X ..... ve Societies Act, 1959. The assessee filed its return of income for the Assessment Year 2015-16 on 28.10.2015 declaring a total income of Rs. Nil. The case was selected for scrutiny and Notice under section 143(2) dated 28.07.2016 was issued and served on the assessee on 05.08.2016. Subsequently notices under section 142(1) have been issued calling for various details. In response to the notices issued, the assessee filed the details called for. After verification of the details, the assessment is concluded by accepting the total income returned by the assessee. 3. Learned AR contended that Principal CIT erred in not allowing deduction under section 80P(2)(a)(i) of the Act AO. Learned DR submitted that the assessee had filed the return of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rliament to encourage and promote the credit of the co-operative sector in general must be read liberally and reasonably, and if there is ambiguity, in favour of the assessee. A deduction that is given without any reference to any restriction or limitation cannot be restricted or limited by implication, as is sought to be done by the Revenue in the present case by adding the word "agriculture" into Section 80P(2)(a)(i) when it is not there. Further, section 80P(4) is to be read as a proviso, which proviso now specifically excludes cooperative banks which are co-operative societies engaged in banking business i.e. engaged in lending money to members of the public, which have a licence in this behalf from the RBI. Judged by this touchstone, i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of that expression as contained in Section 2(n) of the Cooperative Societies Act. The said provision reads as under: "2. (n) 'Member' means a person who joined in the application for registration of a society or a person admitted to membership after such registration in accordance with the provisions of this Act, the rules and the bye-laws for the time being in force but a reference to`members' anywhere in this Act in connection with the possession or exercise of any right or power or the existence or discharge of any liability or duty shall not include reference to any class of members who by reason of the provisions of this Act do not possess such right or power or have no such liability or duty;" Considering the definitio ..... X X X X Extracts X X X X X X X X Extracts X X X X
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