TMI Blog2022 (6) TMI 77X X X X Extracts X X X X X X X X Extracts X X X X ..... g bogus purchase of the twin foregoing twin fodder products sold to the members. We reiterate that the assessee s sole substantive grievance claim is u/s 80P deduction wherein it has sold organic manure to its milk producers so as to ensure better production of fodder meant for consumption of the milch animals thereby increasing dairy outputting. This crucial direct nexus amongst the assessee, the organic manure sold at its behest for better fodder production milk producers milch animals appears to have escaped the learned lower authorities valuable consideration. Hon ble apex court recent decision in Mavilayi Service Co-operative Bank Ltd. [ 2021 (1) TMI 488 - SUPREME COURT] has settled the law that we ought to adopt liberal const ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the appellant s submission is that during the year under consideration the appellant company s claim for the exemption u/s 80 P(2) of the Act was disallowed by the Income Tax Officer, Ward 5, Sangli (AO). 6.3 On plain reading of para no. 4 of Bye laws, the main objects of the society is to accept the Milk produced by members of the society and to sell the same to District level Federal Co-operative Society called as ZillaDudhSangh and also assist the members in such activities and provide facilities which are beneficial to the members in sale of Milk and supply of good quality cattle feed, cattle medicines and supplements ateconomical costs etc providing credit facilities to the needed members of the society only for enhancing the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... TA 141 of 2014 13/08/2015 wherein similar have been decided in favour of the Dept. As such, I am of the opinion that only deduction u/s 80P(2)(b)(i) of the Act, of Rs. 1,11,956/- is only available as assessee society earned profit from supplying milk raised by its members to a federal co-operative society and your case is not fit for claiming deduction u/s 80P(2)(a)(iv) of the Act. The AO also issued a show-cause to appellant to state why deduction of Rs. 38,69,712/- u/s 80P(2)(a)(iv) of the Act, should not be disallowed. All the information/documents is required to be furnished online electronically in E- proceedings facility through your account in e-filing website of I. T. Department. Further proceedings shall also be cond ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd no merit in the learned lower authorities stand first of all since this is not a case involving bogus purchase of the twin foregoing twin fodder products sold to the members. I reiterate that the assessee s sole substantive grievance claim is u/s 80P deduction wherein it has sold organic manure to its milk producers so as to ensure better production of fodder meant for consumption of the milch animals thereby increasing dairy outputting. This crucial direct nexus amongst the assessee, the organic manure sold at its behest for better fodder production milk producers milch animals appears to have escaped the learned lower authorities valuable consideration. Hon ble apex court recent decision in Mavilayi Service Co-operative Bank Ltd. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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