THE ITO, WARD-2(3), KOZHIKKODE, KOZHIKKODE vs. M/S. KAKKAODI SERVICE CO-OP BANK LTD, KOZHIKKODE

ITA 526/COCH/2017Status: DisposedITAT Cochin09 January 2018AY 2008-0919 pages
AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that the co-operative societies, being registered as primary agricultural credit societies under the Kerala Co-operative Societies Act, are entitled to the benefit of Section 80P deduction. This decision followed the jurisdictional High Court's ruling in a similar case.

What were the facts?

The Revenue appealed against orders of the CIT(A) that allowed deduction under Section 80P to various co-operative societies. The Assessing Officer had disallowed this deduction, arguing that the societies were engaged in banking business and thus fell under Section 80P(4).

What were the issues?

Whether primary agricultural credit societies registered under the Kerala Co-operative Societies Act are eligible for deduction under Section 80P, and if their activities constitute 'banking business' disqualifying them from such deduction.

Which sections of the Income-tax Act were involved?

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

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IN THE INCOME TAX APPELLATE TRIBUNAL COCHIN “SMC” BENCH, COCHIN

Before Shri George George K, Judicial Member

ITA No. Appellant Respondent Asst.Year PAN 431 to ITO, Ward - M/s.Edanad- 2007-2008, AAAAT6653P 433/Coch/ 1 Kasargod Kannur SCB Ltd. 2012-2013, 2017 2013-2014 567/Coch/2017 ITO, Ward- M/s.Kolavalloor 2013-2014 AACAK2696M. 2, Kannur SCB Limited 561/Coch/2017 ITO, Ward- Peralassery SCB 2011-2012 AAAAP7441H. 3, Kannur Limited 525 to ITO, Ward M/s.Kakkodi SCB 2007-2008, AABAK5108R. 527/Coch 2(3), Calicut Limited 2008-2009, /2017 2009-2010 560/Coch/2017 ITO, Ward-4 M/s.Pattuvam 2012-2013 AACAP7592F. Kannur SCB Limited 410/Coch/2017 ITO, Ward-2 M/s.Vettikattiri 2008-2009, AABAV4369D. 411/Coch/2017 Tirur, SCB Limited 2013-2014 Malapuram 412/Coch/2017 ITO, Ward- M/s.Vazhikkadavu 2008-2009 & AACAT1044N. 413/Coch/2017 2, Tirur, SCB Limited 2013-2014 Malapuram. 566/Coch/2017 ITO Ward-2 M/s. The 2013-2014 AACAP8265B Kannur Panniyannur SCB Limited 426 to ITA Ward-1 M/s.Majibail SCB 2007-2008, AACAM7615A. 428/Coch/2017 Kasargod Limited 2008-2009, 2013-2014 429 & 430/ ITO, Ward-1 The Bayar SCB 2011-2012 & AABAT7614D. Coch/2017 Kasargod Limited 2012-2013

Appellant by : Sri. A.Dhanaraj, S

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