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TMI Blog2024 (5) TMI 97X X X X Extracts X X X X X X X X Extracts X X X X ..... t Member And Smt. Kavitha Rajagopal, Judicial Member For the Appellant : Ms. Divya Ravindran, Advocate For the Respondent : Smt. J.M. Jamuna Devi, Sr. D.R. ORDER PER BENCH This is a set of seven Appeals by Assessee agitating the denial of deduction under section 80P(1) of the Income Tax Act, 1961 (the Act), claimed on the entirety of its profits and gains of business, in assessments under sec ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y permitted by it's governing Act, i.e., the Kerala Co-operative Societies Act, 1969 (the Kerala Act), under which the assessee is registered as a Primary Agricultural Credit Society (PACS). This assumes relevance as this restriction by way of an amendment to s. 2(oa) of the Kerala Act by the Amendment Act of 1999, is applicable only to societies registered on or after the date of the commencement ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rative society to, through it's byelaws, accept deposits from, as well as to lend to, non-members (ss. 58 to 60), the assessee-society, even though registered as a PACS, may yet be in the business of banking, satisfying the conditions of banking as specified in section 5(b) of the Banking Regulation Act, 1949 (BRA). Two, given it's lending profile, whereby admittedly the advances are predominantly ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l, the assessee/s, satisfying the primary condition of s. 2(19) of the Act defining a society, is, thus, a cooperative society, a pre-requisite for deduction u/s. 80P(1). The resolution of the dispute as to whether the assessee is therefore eligible for deduction u/s. 80P(1) r/w s. 80P(2)(a)(i) and, where so, its extent, thus rests solely on the assessee being, or not being, a co-operative bank, a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he case may be, not being, a co-operative bank, i.e., on the basis of it's bye-laws read with the Kerala Act and the BRA, as well as the quantum of the deduction there-under, which we clarify would be in full where the assessee is a cooperative bank, with it's entire income arising from the business of banking. 3.3 The appeals having been decided thus, the stay petitions become unfructuous. 3.4 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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