TMI Blog2021 (11) TMI 1117X X X X Extracts X X X X X X X X Extracts X X X X ..... aka State Co-operative Society Act, 1959 and does not enjoy any licence from Reserve Bank of India to carry on the business of banking. It is a trite law that the assessing authority cannot go behind the registration certificate granted under the Cooperative Societies Act as held in the case of The Mavilayi Service Cooperative Bank Ltd. ors.[ 2021 (1) TMI 488 - SUPREME COURT] So long as the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... CIT(A) for short) dated 29.12.2017 for the assessment year 2012-13. 2. Briefly, the facts of the case are that the appellant is a cooperative society registered under the Karnataka State Co-operative Society Act, 1959 with the object of accepting deposits from its members and providing credit facilities to its members. The return of income for the assessment year 2012- 13 was filed on 25.09.2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... al before us in the present appeal. 5. The ld. AR submits that the appellant is not a cooperative bank but a cooperative society and eligible for deduction u/s 80P(2)(a)(i) of the Act. 6. On the other hand, ld. Sr. DR placed reliance on the orders of the lower authorities. 7. We heard the rival submissions and perused the material on record. The only issue raised by the assessee in the gr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s, we hold that the appellant status continued to be a cooperative society though interest income as received from its members. Thus, appellant society qualifies for exemption u/s 80P(2)(a)(i) of the Act. Thus, this issue raised by the assessee in grounds of appeal stands allowed. 9. In the result, the appeal filed by the assessee stands allowed. Order pronounced on this 18th day of November ..... X X X X Extracts X X X X X X X X Extracts X X X X
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