THE ITO, WARD-2,KOLLAM, KOLLAM vs. THE MAYYANAD REGIONAL CO-OP BANK LTD, KOLLAM

ITA 383/COCH/2017Status: DisposedITAT Cochin11 October 2017AY 2011-128 pages
AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that a primary agricultural credit society, registered under the Kerala Cooperative Societies Act, is entitled to the full benefit of deduction under Section 80P(2). This decision followed a judgment of the jurisdictional High Court.

What were the facts?

The assessee, a Co-operative Society registered under the Kerala Cooperative Societies Act, claimed deduction under Section 80P for the assessment year 2011-2012. The Assessing Officer denied the deduction on a pro rata basis for agricultural and non-agricultural activities.

What were the issues?

Whether a primary agricultural credit society registered under the Kerala Cooperative Societies Act is entitled to full exemption under Section 80P, irrespective of the nature of its loan activities.

Which sections of the Income-tax Act were involved?

Section 80P

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Cases cited in this judgment(4)Show list

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Income Tax Appellate Tribunal, COCHIN BENCH, COCHIN

Before: Shri George George K

Hearing: 11.10.2017Pronounced: 11.10.2017

This appeal at the instance of the Revenue is directed against the CIT(A)’s order dated 15.06.2017. The relevant assessment year is 2011-2012. 2. The grounds read as follows:-

“1. The Learned Commissioner of Income tax (Appeals), erred in concluding that "the appellant being a Primary Agricultural Credit Cooperative Society registered under the Kerala Cooperative Societies Act is entitled for exemption of its entire income u/s 80P(2) as claimed in the return filed and the interest income earned from the loan given for non-agricultural purpose shall necessarily be treated as business income and accordingly, the appellant society can rightly claim exemption over the interest which was earned from the loan given for non- agricultural pur

The order continues below.

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