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The Tribunal held that the Supreme Court had set aside the Kerala High Court's Full Bench decision. Therefore, the assessees are entitled to the deduction under Section 80P(2)(a)(i) as long as the loans are given to members, including nominal members, and profits from loans to non-members are excluded.
The Tribunal held that the Supreme Court's decision in the Mavilayi Service Co-operative Bank Ltd. case allows deduction under Section 80P(2)(a)(i) for co-operative societies engaged in banking, even if they provide loans not strictly for agricultural purposes, provided they are not excluded by Section 80P(4). Profits from loans to non-members, however, are not deductible.
The Tribunal held that the Supreme Court has set aside the Kerala High Court judgment relied upon by the lower authorities. Therefore, the assessees are entitled to the deduction under Section 80P, provided profits are attributable to loans given to members and not non-members.
The Tribunal held that the Supreme Court has set aside the Kerala High Court judgment relied upon by the lower authorities. Therefore, the assessees are entitled to the deduction under Section 80P, provided profits are attributable to loans given to members and not non-members.
The Tribunal held that the Supreme Court's decision in the Mavilayi Service Co-operative Bank Ltd. case allows deduction under Section 80P(2)(a)(i) for co-operative societies engaged in banking, even if they provide loans not strictly for agricultural purposes, provided they are not excluded by Section 80P(4). Profits from loans to non-members, however, are not deductible.
The Tribunal held that the Supreme Court's decision in the Mavilayi Service Co-operative Bank Ltd. case allows deduction under Section 80P(2)(a)(i) for co-operative societies engaged in banking, even if they provide loans not strictly for agricultural purposes, provided they are not excluded by Section 80P(4). Profits from loans to non-members, however, are not deductible.
The Tribunal held that the Supreme Court's decision in the Mavilayi Service Co-operative Bank Ltd. case allows deduction under Section 80P(2)(a)(i) for co-operative societies engaged in banking, even if they provide loans not strictly for agricultural purposes, provided they are not excluded by Section 80P(4). Profits from loans to non-members, however, are not deductible.
The Tribunal held that the Supreme Court had set aside the Kerala High Court's Full Bench decision. Therefore, the assessees are entitled to the deduction under Section 80P(2)(a)(i) as long as the loans are given to members, including nominal members, and profits from loans to non-members are excluded.
The Tribunal held that the Supreme Court had set aside the Kerala High Court's Full Bench decision. Therefore, the assessees are entitled to the deduction under Section 80P(2)(a)(i) as long as the loans are given to members, including nominal members, and profits from loans to non-members are excluded.
The Tribunal held that the Supreme Court had set aside the Kerala High Court's Full Bench decision. Therefore, the assessees are entitled to the deduction under Section 80P(2)(a)(i) as long as the loans are given to members, including nominal members, and profits from loans to non-members are excluded.
The Tribunal held that the Supreme Court had set aside the Kerala High Court's Full Bench decision. Therefore, the assessees are entitled to the deduction under Section 80P(2)(a)(i) as long as the loans are given to members, including nominal members, and profits from loans to non-members are excluded.
The Tribunal held that the Supreme Court had set aside the Kerala High Court's Full Bench decision. Therefore, the assessees are entitled to the deduction under Section 80P(2)(a)(i) as long as the loans are given to members, including nominal members, and profits from loans to non-members are excluded.
The Tribunal held that the Supreme Court had set aside the Kerala High Court's Full Bench decision. Therefore, the assessees are entitled to the deduction under Section 80P(2)(a)(i) as long as the loans are given to members, including nominal members, and profits from loans to non-members are excluded.
The Tribunal held that the Supreme Court had set aside the Kerala High Court's Full Bench decision. Therefore, the assessees are entitled to the deduction under Section 80P(2)(a)(i) as long as the loans are given to members, including nominal members, and profits from loans to non-members are excluded.
The Tribunal held that the Supreme Court had set aside the Kerala High Court's Full Bench decision. Therefore, the assessees are entitled to the deduction under Section 80P(2)(a)(i) for loans given to members, including nominal members, as per the Kerala Act.
The Tribunal held that the Supreme Court has set aside the Kerala High Court Full Bench decision. Therefore, the assessees are entitled to the benefit of deduction under Section 80P(2)(a)(i), provided loans are given to members as defined under the Kerala Act and profits attributable to loans to non-members are excluded.
The Tribunal held that the Supreme Court has set aside the Kerala High Court's Full Bench decision. Consequently, the assessee is entitled to the deduction under Section 80P(2)(a)(i) even if loans are given for non-agricultural purposes, provided they are to members. Profits from loans to non-members are not deductible.
The Tribunal held that the Supreme Court has set aside the Kerala High Court's Full Bench decision. Consequently, the assessee is entitled to the deduction under Section 80P(2)(a)(i) even if loans are given for non-agricultural purposes, provided they are to members. Profits from loans to non-members are not deductible.
The Tribunal held that the Supreme Court had set aside the Kerala High Court's Full Bench decision. Therefore, the assessee is entitled to the deduction under Section 80P(2)(a)(i), provided profits are attributable to loans given to members, including nominal members, and not to non-members.
The Tribunal held that the Supreme Court's decision in Civil Appeal Nos. 7343 to 7350 of 2019, which set aside the Kerala High Court's judgment, is applicable. The Supreme Court clarified that Section 80P(2)(a)(i) allows deduction for loans to members, and Section 80P(4) excludes co-operative banks engaged in banking business with an RBI license.
The Tribunal held that the Supreme Court's decision in the Mavilayi Service Co-operative Bank Ltd. case, which set aside the Kerala High Court's Full Bench judgment, is binding. Therefore, the assessee is entitled to the deduction under Section 80P.
The Tribunal held that the Supreme Court's decision in the Mavilayi Service Co-operative Bank Ltd. case, which set aside the Kerala High Court's Full Bench judgment, is binding. Therefore, the assessee is entitled to the deduction under Section 80P.
The Tribunal noted that the Supreme Court had ruled in favor of co-operative societies regarding Section 80P deductions, overturning the Kerala High Court's decision. Therefore, the assessee was entitled to the deduction, subject to profits from loans to non-members.
The Tribunal held that the Supreme Court had set aside the Kerala High Court's Full Bench decision. Therefore, the assessee is entitled to the deduction under Section 80P(2)(a)(i), provided profits are attributable to loans given to members, including nominal members, and not to non-members.
The Tribunal noted that the Supreme Court had ruled in favor of co-operative societies regarding Section 80P deductions, overturning the Kerala High Court's decision. Therefore, the assessee was entitled to the deduction, subject to profits from loans to non-members.
The Tribunal held that the Supreme Court had set aside the Kerala High Court's Full Bench decision. Therefore, the assessee is entitled to the deduction under Section 80P(2)(a)(i), provided profits are attributable to loans given to members, including nominal members, and not to non-members.
The Tribunal held that the Supreme Court had set aside the Kerala High Court's Full Bench decision. Therefore, the assessee is entitled to the deduction under Section 80P(2)(a)(i), provided profits are attributable to loans given to members, including nominal members, and not to non-members.
The Tribunal held that the Supreme Court has set aside the Kerala High Court's decision, clarifying that Section 80P is a benevolent provision and should be interpreted liberally. The denial of deduction based on the nature of loans (non-agricultural or to nominal members) was incorrect.
The Tribunal held that the Supreme Court's decision in Civil Appeal Nos. 7343 to 7350 of 2019, which set aside the Kerala High Court's judgment, is applicable. The Supreme Court clarified that Section 80P(2)(a)(i) allows deduction for loans to members, and Section 80P(4) excludes co-operative banks engaged in banking business with an RBI license.
The Tribunal held that the Supreme Court's decision in Civil Appeal Nos. 7343 to 7350 of 2019, which set aside the Kerala High Court's judgment, is applicable. The Supreme Court clarified that Section 80P(2)(a)(i) allows deduction for loans to members, and Section 80P(4) excludes co-operative banks engaged in banking business with an RBI license.