GOPMAHAL SAMABAY KRISHI UNNAYAN SAMITY LTD.,MEDINIPUR vs. ACIT, CIR. 38, MIDNAPORE

The captioned appeals filed by the assessee are against separate orders of the Commissioner of Income Tax (Appeals)-NFAC, Delhi [hereinafter referred to as “the Ld. CIT(A)”] passed u/s 250 of the Income Tax Act, 1961 (hereinafter referred to as “the Act”) for AY 2015-16 & 2017-18 respectively dated 09.06.2023, which have been passed Page 2 of 17 Page 4 of 17 Page 5 of 17 Page 9 of 17 The above income (Excluding Rs. 3,00,000.00) Rs. 18,12,400.00 is normal Business Income of assessee, as the assessee has engaged in business of Fertilizers, seeds and providing credit to member and Banking activities by maintaining all rules and regulations as mentioned in Co-operative Society's Bye-laws. Hence whole income of the assessee society should be allowed as deduction as per the Section 80P(2)(a)(i) and 80P(2)(iv) of the Income Tax act 1961. The sentence "Carrying on business of banking or providing credit facilities to its members " the whole of the amount of profit and gains from such business is clearly allowed as deduction under section 80P(2)(a)(i) of the Income Tax act 1961.The word "business of banking" covers everything i.e. member as well as non-member. The credit facilities in terms of KCC loan etc. provided to members only. Therefore, the assessee is eligible for claiming deduction u/s 80P(2)(a)(i) and 80P(2)(a)(iv). Being aggrieved the assessee lodges this appeal on grounds herein after mentioned.”