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TMI Blog2025 (4) TMI 922X X X X Extracts X X X X X X X X Extracts X X X X ..... Vivek Kumar Singh For the Petitioner : Mr.Silambanan Senior Counsel for M/s.Kaavya Silambanan Associates For the R1 : Mr.N.Dilip Kumar Senior Standing Counsel For the R2 : Mr.D.Shanmugaraja Sethupathi ORDER This Writ Petition has been filed seeking to quash the order passed by the first respondent made in DIN and Order No.ITBA/COM/F/17/2023-24/1063571019 (1) dated 28.03.2024 and the consequen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ooperative societies engaged in banking activities from the purview of Section 194N of the Income Tax Act, 1961. It has been consistently held by this Court that gifts like, Pongal gifts and banking transactions are not subject to Section 194N of the Income Tax Act, 1961. The learned Senior Counsel submits that the first respondent violated the principles of natural justice by not issuing notices ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... for exemption under Section 80P(2) of the Income Tax Act, 1961 is not valid, as the society's activities fall within the scope of tax deduction provisions. The learned Senior Standing Counsel also submits that the respondents have followed proper procedure while passing the impugned orders and therefore, there is no need to interfere with the impugned orders. The learned Senior Standing Couns ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t, 1961 applies to the petitioner's transactions, including loans and subsidies, irrespective of the cooperative society's nature. This Court is of the view that the legal provisions and amendments are clear and no exemption applies in this case as claimed by the learned Senior Counsel for the petitioner. The respondents have followed the procedures properly and passed the impugned orders ..... X X X X Extracts X X X X X X X X Extracts X X X X
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