M/S.MUNDELA SERVICECO-OP BANK LTD,TRIVANDRUM vs. THE ITO, WARD-2(3), TRIVANDRUM, TRIVANDRUM

ITA 80/COCH/2018Status: DisposedITAT Cochin23 May 2019AY 2014-1516 pages
AI SummaryAllowed

What did the Tribunal hold?

The CIT(A) ruled in favor of the assessee, holding that as a Primary Agricultural Credit Co-operative Society registered under the Kerala Co-operative Societies Act, it was entitled to the deduction under Section 80P(2)(a)(i) and could not be treated as a Primary Co-operative Bank to invoke Section 80P(4).

What were the facts?

The assessee, a Primary Agricultural Co-operative Society, claimed deduction under Section 80P(2)(a)(i) on its income, which primarily consisted of interest from loans for both agricultural and non-agricultural purposes. The Assessing Officer denied this deduction, treating the assessee as a co-operative bank and invoking Section 80P(4).

What were the issues?

Whether a Primary Agricultural Credit Co-operative Society is eligible for full deduction under Section 80P(2)(a)(i) or if it should be treated as a co-operative bank subject to Section 80P(4).

Which sections of the Income-tax Act were involved?

Section 80P(2)(a)(i),Section 80P(4)

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Cases cited in this judgment(4)Show list

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Income Tax Appellate Tribunal, COCHIN BENCH, COCHIN

For Appellant: Dr. K.P. Pradeep, CA
For Respondent: Smt. A.S. Bindhu, Sr. DR, Dr. K.P. Pradeep, CA
Hearing: 16/05/2019Pronounced: 23/05/2019

Heard together (2 matters)

I.T.A. Nos.151/Coch/2018
I.T.A. No.80/Coch/2018

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Per CHANDRA POOJARI, AM:

These appeals filed by the Revenue in ITA No. 143/Coch/2018 for the assessment year 2011-12, ITA Nos. 128/Coch/2019 and 151/Coch/2019 for the assessment years 2014-15 and 2015-16 are directed against the different orders of I.T.A. Nos.151/Coch/2018 & 128 &143 /Coch/2019 & 80/Coch/2018 the CIT(A), Trivandr

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