Income Tax Appellate Tribunal - Jaipur
Kekri Sahakari Bhumi Vikas Bank Ltd., ... vs Assessee on 24 September, 2015
vk;dj vihyh; vf/kdj.k] t;iqj U;k;ihB] t;iqj
IN THE INCOME TAX APPELLATE TRIBUNAL,
JAIPUR BENCHES, JAIPUR
Jh Vh-vkj-ehuk] ys[kk lnL; ,oa Jh yfyr dqekj] U;kf;d lnL; ds le{k
BEFORE:SHRI T.R. MEENA,AM & SHRI LALIET KUMAR, JM
vk;dj vihy la-@ITA No. 938/JP/2013
fu/kZkj.k o"kZ@Assessment Year : 2007-08
M/s. Kekri Sahakari Bhumi cuke The ITO
Vikas Bank Ltd. Vs. Ward- 2
Opp. Court, Post. Kekri, Beawar
Ajmer
LFkk;h ys[kk la-@thvkbZvkj la-@PAN/GIR No.: AAATK 3393 A
vihykFkhZ@Appellant izR;FkhZ@Respondent
fu/kZkfjrh dh vksj ls@ Assessee by : Shri Sanjiv Jain &
Shri Rakesh Sethi, C.A.
jktLo dh vksj ls@ Revenue by : Shri Raj Mehra, JCIT
lquokbZ dh rkjh[k@ Date of Hearing : 09/09/2015
?kks"k.kk dh rkjh[k@ Date of Pronouncement : 24/09/2015
vkns'k@ ORDER
PER LALIET KUMAR, JM
This is an appeal filed by the assessee against the order of the ld. CIT(A), Ajmer dated 09-09-2013 for the assessment year 2007-08 wherein the assessee has raised solitary ground as under:-
''The ld. CIT(A) has erred in law as well as on facts of the case by disallowing the claim of Rs. 70,49,499/- for deduction u/s 80P(2)(a)(i) of the I.T. Act, 1961.'' 2 æææITA No.938//JP/2013 Kekri Sahakari Bhumi Vikas Bank Ltd. vs. ITO, Ward- 2, Beawar
2.1 The present appeal is in second round of the litigation of the assessee before us. In the first round of litigation, the Tribunal vide its order dated 23-03-2012 in ITA No. 764/JP/2011 had restored the matter to the file of the AO with following directions.
''Next, we consider the assessee's case from the stand point of it falling within the two excepted categories as specified in section 80P(4). For this, we reproduce here-in-below appeal its main objects (refer para 3, page 2 of the appellate order):
`2. The objects for which the society is formed are as under:
a) To provide finance to its members against immovable property, agricultural land, residential house and plot, liquid assets (NSC, KVP and FDR of Bhumi Vikas Bank) and taking guarantee of two persons, against salary income for the objectives mentioned in section 67 of the Rajasthan Cooperative Societies Act, 2001, to finance without any securities to the members under various plans of State Govt. / Central Govt.
b) To receive deposit from members and others after getting approval from NABARD /RBI.
c) To fulfil the objects, society shall become member of the Rajasthan State Cooperative Land Development Bank and shall follow the policies laid by Rajasthan State Cooperative Land Development Bank.' In the light of the foregoing, we find nothing in its object clause to suggest that its primary object is providing financial accommodation to its members for agricultural purposes or for purposes connected with agricultural activities (including marketing of crops), as stipulated per section 5 (cciv) of the B.R. Act, so as to qualify as a `primary agricultural credit society' (PACS). The only object which enables it to provide financial accommodation is its object clause 2(a). The same only specifies the assets on the security of which the assesse-society may provide finance to its members. The securitization of a loan or advance is a different aspect of the matter, and completely different from the 3 æææITA No.938//JP/2013 Kekri Sahakari Bhumi Vikas Bank Ltd. vs. ITO, Ward- 2, Beawar purpose or the activity for which finance is being provided, and which is being thus financed. The assessee claims the decision in the case of Madras Auto Rickshaw Drivers' Co-operative Society vs. CIT (supra) as not applicable thereto, as while in that case the object clause was the promotion of economic interests of its members by purchasing auto rickshaw vehicles and selling the same to them on hire purchase terms, and not providing credit facilities to its members, in the present case, it is expressly so. We agree. However, that by itself is not sufficient, and it is to be in addition expressed to be for agricultural purposes or for purposes connected with agricultural activities, and on which its object clause, as also the assessee, is silent. So however, we are not inclined to oust the assessee's case on that basis. This is as there is another window available to it in law, i.e., where the principal business is financing the agricultural or connected activities of its members (section 5 (cciv) read with section 56(c) of the B.R. Act). Though it could be argued that such principal business could be taken the cognizance of where it finds reflection in the assessee's charter/object clause, we do not think it to be so. This is as such an interpretation would render the words 'principal business' occurring in the provision as superfluous and otiose, while it is well settled that each and every word of the statue has to be given its due meaning and, thus, effect. As such, though not expressly through its object clause, if it could yet be shown by the assessee that its principal business consists of providing financial accommodation to its members for agricultural purposes or for purposes connected with agricultural activities (including marketing of crops), it would in law qualify to be a PACS and, thus, exempt u/s.
80P(2)(a)(i) r/w s. 80P(4). As apparent, the purpose for which the finance is provided, as against its securitization, is only relevant, so that that the assessee would need to satisfy the taxing authority with regard thereto. Needless to add, this requirement has to be satisfied by it independently for each year, as there could well be a change in the profile of its lending activities with time. Further, we observe that the assessee's claim of being a primary cooperative agricultural and rural development bank, which though would require independent examination and finding/s, is strongly indicative of the nature of its lending activities, which has a direct bearing on the question of it being a PACS (or not). There being no finding in the matter by the authorities below, we restore the matter for the purpose of necessary verification and issue of definite findings of fact/s, back to the file of the first appellate authority, who shall adjudicate the same after hearing the 4 æææITA No.938//JP/2013 Kekri Sahakari Bhumi Vikas Bank Ltd. vs. ITO, Ward- 2, Beawar parties, including recourse to rule 46A, where the assessee leads any new evidence in this regard. Also, where any cooperative bank is a member of the assessee-society, it would have to be additionally shown that the same is so by subscribing to its share capital out of funds provided for the purpose by the State Government, i.e., falls within the proviso to sec. 5(cciv) of the B.R. Act. We direct accordingly. '' 2.2 In the light of the directions issued by the Tribunal, the AO has considered the claim of the assessee and has come to conclusion that the assessee is not covered by the provisions of Section 80P(2)(a)(1) of the Act. The reasons recorded by the AO are given at page 12 of the Assessment order which are as under:-
eSa fu/kkZfjrh ds izkf/kd`r izfrfuf/k ds mDr Li'Vhdj.k ls lger ugh gwWa D;ksfa d fu/kkZfjrh ,d dksijsVho lkslkbZVh cSd a gSa tks fd jkT; ljdkj ;k dsUnz ljdkj dk laLFkku ugha gS vkSj uk bldh vk;k vk;dj & vf/kfu;e 1961 dh /kkjk 10 ¼23 C½ o 12, ds rgr dj eqDr gSA vr% vk;dj&vf/kfu;e dh /kkjk 115W dh ifjHkk'kk ds vuqlkj every artificial juridical person, not falling within any of the preceding sub-clauses esa lgdkjh Hkwfe fodkl cSd a lfeefyr gSa vkSj ml ij Fringe benefits Tax ykxw gksrk gSAa vk;dj & vf/kfu;e 1961 dh /kkjk 115 WB(1) & 115WC ds rgr fu/kkZfjrh }kjk ykHk&gkfu [kkrs esa ukesa fy[k j[ksa [kpsZ ftudk mYys[k Åij fd;k x;k gS ij fQzt csfufQV VSDl curk gSA ekeysa dh lquokbZ ds nkSjku fu/kkZfjrh ds izkf/kd`r izfrfuf/k vius mDr tokc esa dosy ;g cryk;k fd xkM+h thi dk mi;ksx cSd a ds deZpkfj;ksa }kjk ugha fd;k x;k gS vkSj ;k=k fcy dk Hkqxrku dsoy lfpo dks t;iqj bR;kfn dh ;k=k ds fy, fn;k x;k gSA blh izdkj VsyhQksu dk Hkh mi;ksx dsoy cSd a ds dk;ksZ ds fy, fd;k x;k cSd a ds deZpkfj;ksa us VsyhQksu dk mi;ksx vius fuft dk;ksZ ds fy;s ugha fy;k gSA ysfdu fu/kkZfjrh us vius Li'Vhdj.k ds leFkZu esa dksbZ Bksl lk{; izLrqr ugha fd;s gSAa fu/kkZfjrh }kjk izLrqr vkWfMV fjiksZV 3 lhMh dk voyksdu djus ij ik;k fd vkWfMV fjiksZV esa Annexure-II esa fQzt vuqykHk ds ewY; dh x.kuk fuEu izdkj ls dh tkrh gSA 5 æææITA No.938//JP/2013 Kekri Sahakari Bhumi Vikas Bank Ltd. vs. ITO, Ward- 2, Beawar [kpsZ dh izd`fr [kpsZ dh jkf'k izfr'kr fQzt vuqykHk dk ewY;LVkQ esfMdy [kpZ 6]55 20 131
LVkQ ;k=k [kpZ 1]43]129 5 7]156 thi ds j[k&j[kko] 4]55]269 20 91]053 Mhty] chek] fdjk;k ds [kpsZ VsfyQksu [kpZ 64]155 20 12]831 Lokxr [kpZ 45]954 20 9]190 fQzt vuqykHk dk dqy 1]20]361 ewY;
mijksDrkuqlkj fu/kkZfjrh ds ekeys esa fQzt vuqykHk dk dqy ewY; jkf'k :i;s 1]20]361@& fu/kkZfjr fd;k tkrk gSA vko';d izi= tkjh fd;s tkos o vk;dj&vf/kfu;e 1961 /kkjk 234 ch ds rgr C;kt jkf'k :I;s 7]10]849@& pktZ fd;k tkosAa pwfa d fu/kkZfjrh us fQzt vuqykHk ds ewY; dh lax.kuk ugha dh gS vkSj vk;dj&vf/kfu;e dh /kkjk 80 ih ds rgr xyr rF; izLrqr djrs gq;s dVkSrh dk nkok fd;k gS vr% xyr rF; djus ds dkj.k vk;dj&vf/kfu;e 1961 dh /kkjk 271¼1½¼lh½ ds rgr 'kkfLr uksfVl tkjh fd;k tkosaA 2.3 Feeling aggrieved by the order of the AO, the assessee filed an appeal before the ld. CIT(A) and the ld. CIT(A) confirmed the order passed by the AO and has held as under:-
''7.0 I have considered the contention of the appellant as well as the assessment order. It is seen that the order of the ITAT, it has to be examined whether the principal business of the assessee consisted of providing financial to its members for agricultural purposes or purposes connected with agricultural activities. In this context, the chart of the loan advanced by the assessee for the various sectors is as under:-6 æææITA No.938//JP/2013
Kekri Sahakari Bhumi Vikas Bank Ltd. vs. ITO, Ward- 2, Beawar Ø-la- lsDVj dk y{; forh; _.k forj.k miyC/kh uke la'kksf/kr izfr'kr xr ekg rd pkyw ekg esa dqy _.k forj.k forj.k forj.k la[;k jkf'k la[;k jkf'k la[;k jkf'k 1 y?kq 150-00 130 102-64 89 74-08 219 176-70 117-80 flpkabZ 2 QkeZ 350-00 47 214-14 11 48-68 58 262-82 75-09 ;U=hdj.k 3 fofof/kd`r 305-00 516 259-68 247 151-88 763 411-56 134-93 4 vd`f'k 60-00 24 26-37 12 8-61 36 34-98 58-30 5 xzkeh.k 60-00 23 38-80 8 9-34 31 48-14 80-23 vkokl ;kstuk 6 Qlyh & & & & & & & & _.k ;ksx 925-00 740 641-63 367 292-57 1107 934-20 100-99 Note:- fofof/kd`r ds rgr d`f"k vk/kkfjr fuEu _.k fn;s x;s& xk; ikyu HkSal ikyu cdjh ikyu HksM+ ikyu vkfn From above chart, it is apparent that assessee has given the loan of Rs. 176.70 lacs +Rs. 262.82 lacs = Rs. 439.52 lacs (47%) of the total loan) for the irrigation and agricultural equipments out of the total loans of Rs. 934.20 lacs. Further, loan of Rs. 34.98lacs is for non-agricultural purposes, loan of Rs. 48.14 lacs is for rural housing purposes. Though assessee has claimed that loan for the rearing of cow, buffalo, goat and sheep of Rs. 411.56 lacs i.e. for animal farming should be considered as part of loan for purposes connected with the agricultural activities however same is not acceptable as this loan is for separate activity and not for agricultural purposes or purposes connected with the agricultural activities. These activities are separate from agricultural activities 7 æææITA No.938//JP/2013 Kekri Sahakari Bhumi Vikas Bank Ltd. vs. ITO, Ward- 2, Beawar though same person may be carrying out agricultural activities as well as animal rearing. The assessee's reliance in this context on the agricultural debt and debt relief scheme 2008 is misplaced as this scheme was for various activities and not exclusively for the agricultural activities.
As per Explanation to Section 80P(4), the definition of 'primary agricultural credit society, is to be take as per Part-V of Banking Regulation Act, 1949. The same has been reproduced in the order of Hon'ble ITAT on page 7 as under:-
(cciv) "primary agricultural credit society" means a co-operative society,--
(1) the primary object or principal business of which is to provide financial accommodation to its members for agricultural purposes or for purposes connected with agricultural activities (including the marketing of crops); and (2) the bye-laws of which do not permit admission of any other co-operative society as a member:
Provided that this sub-clause shall not apply to the admission of a co-operative bank as a member by reason of such co-operative bank subscribing to the share capital of such co-operative society out of funds provided by the State Government for the purpose;'' From the chart of loans advanced by the assessee during the year under consideration, it is apparent that assessee's principal business was not that of providing financial accommodation to its members for agricultural purposes or purposes connected with agricultural activities as per the definition of primary agricultural activity given in Part-V of Banking Regulation Act, 1949. As such, the assessee cannot be considered as primary agricultural credit society. Further, assessee is not a 'primary cooperative agricultural and rural development bank' as already noted in the order of the ITAT dated 23-03-2014 in para 4.4 of the order.
In view of above discussion, the assessee's claim of deduction u/s 80P(2)(a)(i) is not allowable in view of Section 80P(4) of the I.T. Act.'' 8 æææITA No.938//JP/2013 Kekri Sahakari Bhumi Vikas Bank Ltd. vs. ITO, Ward- 2, Beawar 2.4 Now the assessee is before us.
2.5 The primary contention of the assessee is that the assessee is providing financial assistance to its members for agricultural purposes or for purposes connected with agricultural purposes. From the table reproduced in para 7 of the ld. CIT(A)'s order referred as above, the assessee has drawn our attention that out of total loans of Rs. 925 lacs, Rs. 439.52 lacs were given for the purpose of irrigation and agricultural equipments. Further it was pointed out loans of Rs. 411.56 lacs were given for rearing of cow, buffalo, goat and sheep. It was submitted by the assessee that rearing of the cow, buffalo, goat and sheep is an agricultural activity within the meaning of Section 80P(4) of the Act. to butress his argument the AR for the assessee drawn our attention to Rajasthan Cooperative Society Act, 2001, wherein it was mentioned that lending of loans by the bank for the purpose of agriculture, agricultural produce, for construction and repairs of the buildings for agriculture and also for rearing of animals is an agricultural activity . It was further contended the Reserve Bank of India vide Circular No.RBI/2013-14/107 dated 01-07-
2013 indicated that priority sector loans sanctioned under the guidelines will continue to be classified under the priority sector namely agricultural. 9 æææITA No.938//JP/2013
Kekri Sahakari Bhumi Vikas Bank Ltd. vs. ITO, Ward- 2, Beawar Lastly, it was contended that the loan which has been advanced by the society to its members pre-dominantly for the purpose of agricultural or activities incidental to the agriculture is covered under section 80 P of the Act , therefore, the assessee society is entitled to deduction u/s 80P(4) of the Act.
2.5 Per contra, the Revenue has taken us to the order passed by the Tribunal dated 23-03-2012 and it was argued that the Tribunal in its earlier order has rejected the contention of the assessee and more particularly reliance was placed by the Revenue on para 4 of Section 80P referred herein above . It was therefore submitted that the activities of the assessee is not covered under the provisions of Section 80P(4)of the Act and is therefore not entitled to avail the deduction. It was further contended that the order passed by the Tribunal is correct and the assessee is not entitled to claim deduction u/s 80P(2)(a)(i) in view of Section 80P(4)of the Act.
2.6 We have heard the rival contentions and perused the materials available on record. Before we proceed to examine the contentions of the parties, we would like to state the provisions of law and the same are reproduced for the purpose of convenience.
10 æææITA No.938//JP/2013
Kekri Sahakari Bhumi Vikas Bank Ltd. vs. ITO, Ward- 2, Beawar Section 80P - Deduction in respect of income of co-operative societies (1) Where, in the case of an assessee being a co-operative society, the gross total income includes any income referred to in sub-section (2), there shall be deducted, in accordance with and subject to the provisions of this section, the sums specified in sub-section (2), in computing the total income of the assessee.
(2) The sums referred to in sub-section (1) shall be the following, namely:
(a) in the case of a co-operative society engaged in -
(i) carrying on the business of banking or providing credit facilities to its members, or
(ii) a cottage industry, or 1 [(iii) the marketing of agricultural produce grown by its members, or]
(iv) the purchase of the agricultural implements, seeds, livestock or other articles intended for agriculture for the purpose of supplying them to its members, or
(v) the processing, without the aid of power, of the agricultural produce of its members, or
(vi) the collective disposal of the labour of its members, or
(vii) fishing or allied activities, that is to say, the catching, curing, processing, preserving, storing or marketing of fish or the purchase of materials and equipment in connection therewith for the purpose of supplying them to its members, 11 æææITA No.938//JP/2013 Kekri Sahakari Bhumi Vikas Bank Ltd. vs. ITO, Ward- 2, Beawar the whole of the amount of profits and gains of business attributable to any one or more of such activities:
Provided that in the case of a co-operative society falling under sub- clause (vi), or sub-clause (vii), the rules and bye-laws of the society ................................................... namely: (1) the individuals........................ (2) the co-operative ....................... (3) the State Government;
(b) in the case of a co-operative society, being a primary society engaged in supplying milk, oil seeds, fruits or vegetables raised or grown by its members to -
(i) a federal ............... or
(ii) the Government or a local authority; or
(iii) a Government company ..................................., the whole of the amount of profits and gains of such business;
(c) in the case of a co-operative society engaged in activities other than those specified in clause (a) or clause (b) (either independently of, or in addition to, all or any of the activities so specified), so much of its profits and gains attributable to such activities as does not exceed, -
(i) where such co-operative society is a consumers' co-operative society, 2[one hundred] thousand rupees; and
(ii) in any other case, 3[fifty] thousand rupees.
Explanation : In this clause, "consumers' co-operative society" means a society for the benefit of the consumers;
12 æææITA No.938//JP/2013
Kekri Sahakari Bhumi Vikas Bank Ltd. vs. ITO, Ward- 2, Beawar
(d) in respect of any income by way of interest or dividends derived by the co-operative society from its investments with any other cooperative society, the whole of such income;
(e) in respect of any income derived by the co-operative society from the letting of godowns or warehouses for storage, processing or facilitating the marketing of commodities, the whole of such income;
(f) in the case of a co-operative society, not being a housing society or an urban consumers' society or a society carrying on transport business or a society engaged in the performance of any manufacturing operations with the aid of power, where the gross total income does not exceed twenty thousand rupees, the amount of any income by way of interest on securities or any income from house property chargeable under section
22. Explanation : For the purposes of this section, an "urban consumers' cooperative society" means a society for the benefit of the consumers within the limits of a municipal corporation, municipality, municipal committee notified area committee, town area or cantonment.
(3) In a case where the assessee ........................................................................ 4 [(4) The provisions of this section shall not apply in relation to any co- operative bank other than a primary agricultural credit society or a primary co-operative agricultural and rural development bank. 13 æææITA No.938//JP/2013
Kekri Sahakari Bhumi Vikas Bank Ltd. vs. ITO, Ward- 2, Beawar Explanation : For the purposes of this sub-section,--
(a) "co-operative bank" and "primary agricultural credit society" shall have the meanings respectively assigned to them in Part V of the Banking Regulation Act, 1949 (10 of 1949);
(b) "primary co-operative agricultural and rural development bank"
means a society having its area of operation confined to a taluk and the principal object of which is to provide for long-term credit for agricultural and rural development activities.] {4 Inserted by the Finance Act, 2006, with effect from 1st April, 2007.} 2.7 Prior to insertion of sub-clause 4 to section 80 P, the co-operative societies which are engaged in carrying on business of banking, providing credit facilities, cottage industry, credit society engaged in agriculture produce grown by its members, the society engaged in purchase of agricultural implements, seeds, livestock or other articles intended for agricultural or for the purposes of supplying the same to its members were entitled to the deduction of profits and gains of the business attributable to any one or more activities . However after the amendment, the deduction was not available to the co-operative bank, however the deduction continued to be available to a primary agricultural credit society or a primary co-operative agricultural and rural development bank 14 æææITA No.938//JP/2013 Kekri Sahakari Bhumi Vikas Bank Ltd. vs. ITO, Ward- 2, Beawar . Thus in our view the benefit of the provision is available to the co-
operative society which are Other Than the Co-Operative Bank and further the benefit is also available to a Primary Agricultural Credit Society and the Primary Co-Operative Agricultural and Rural Development Bank .
The explanation to subsection 4 of 80P has also defined the Primary Co-
Operative Agricultural and Rural Development Bank " means a society having its area of operation confined to a taluk and the principal object of which is to provide for long-term credit for agricultural and rural development activities"
2.8 Thus it is clear is a society having principal object is to provide long term credit for agricultural and rural development activities is entitle to deduction under this provision of the act .
2.9 Moreover, the Hon'ble Gujarat High Court in Tax Appeal No.1149 of 2013 titled as CIT-II vs. Surat Vankar Sahkari Sangh Ltd., vide order dated 17th January, 2014 held vide paragraph 7 as under:
"7. From the above clarification, it can be gathered that sub-
section(4) of section 80P will not apply to an assessee which is not a co-operative bank. In the case clarified by CBDT, Delhi Coop 15 æææITA No.938//JP/2013 Kekri Sahakari Bhumi Vikas Bank Ltd. vs. ITO, Ward- 2, Beawar Urban Thrift & Credit Society Ltd. was under consideration.
Circular clarified that the said entity not being a cooperative bank, section 80P (4) of the Act would not apply to it. In view of such clarification, we cannot entertain the Revenues contention that section 80P(4) would exclude not only the co-operative banks other than those fulfilling the description contained therein but also credit societies, which are not cooperative banks. In the present case, respondent assessee is admittedly not a credit co-operative bank but a credit co-operative society. Exclusion clause of sub-
section (4) of section 80P, therefore, would not apply. In the result, Tax Appeals are dismissed."
2.10 In the light of above discussion now we are required to examine whether the assessee is engaged in agricultural and rural development activities and is qualified under explanation to subsection 4 of 80P. In the present case the activities of the assessee were reproduced by the lower authorities as under:-
lsDVj dk y{; forh; _.k forj.k miyC/kh
Ø-la- uke la'kksf/kr izfr'kr
xr ekg rd pkyw ekg esa dqy _.k
forj.k forj.k forj.k
la[;k jkf'k la[;k jkf'k la[;k jkf'k
1 y?kq 150-00 130 102-64 89 74-08 219 176-70 117-80
flpkabZ
16 æææITA No.938//JP/2013
Kekri Sahakari Bhumi Vikas Bank Ltd. vs. ITO, Ward- 2, Beawar 2 QkeZ 350-00 47 214-14 11 48-68 58 262-82 75-09 ;U=hdj.k 3 fofof/kd`r 305-00 516 259-68 247 151-88 763 411-56 134-93 4 vd`f'k 60-00 24 26-37 12 8-61 36 34-98 58-30 5 xzkeh.k 60-00 23 38-80 8 9-34 31 48-14 80-23 vkokl ;kstuk 6 Qlyh & & & & & & & & _.k ;ksx 925-00 740 641-63 367 292-57 1107 934-20 100-99 Thus it is clear that the assessee is primarily involved giving loans to its members for the purposes of purchasing minor irrigation and agricultural equipments , rearing of the cattle's namely cows, buffalos goats and sheep. These are agricultural activities within the meaning of Act itself and further comes within the scope of agricultural and rural development activities.
Thus giving the loans for the agriculture implements seeds, and live stock clearly entitle the assessee to avail the benefit of Section 80 P of the Act. Therefore we hold that Revenue was wrong in contending that the giving loan for livestock only i.e. cow, buffalo, goat and sheep is not agricultural activities and therefore the assessee is entitled to deduction under the above said provision .
3.0 In the result thereof we hereby allow the appeal with the direction to the AO to give all the benefits to the assessee under 80P of the act. 17 æææITA No.938//JP/2013
Kekri Sahakari Bhumi Vikas Bank Ltd. vs. ITO, Ward- 2, Beawar Order pronounced in the open court on 24/09/2015.
Sd/- Sd/- (T.R. Meena) (Laliet Kumar) ys[kk lnL;@ Accountant Member U;kf;d lnL;@Judicial Member Tk;iqj@Jaipur fnukad@Dated:- 24/09/ 2015 *Mishra
vkns'k dh izfrfyfi vxzfs 'kr@Copy of the order forwarded to:
1. vihykFkhZ@The Appellant - M/s. Kekri Sahakari Bhumi Vikas Bank Ltd.
2. izR;FkhZ@ The Respondent- The ITO, Ward- 2, Beawar
3. vk;dj vk;qDr¼vihy ) @ CIT(A),
3. vk;dj vk;qDr@ CIT,
4. foHkkxh; izfrfuf/k] vk;dj vihyh; vf/kdj.k] t;iqj@DR, ITAT, Jaipur
5. xkMZ QkbZy@ Guard File (ITA No.938/JP/2013) vkns'kkuqlkj@ By order, lgk;d iathdkj@ Assistant. Registrar 18 æææITA No.938//JP/2013 Kekri Sahakari Bhumi Vikas Bank Ltd. vs. ITO, Ward- 2, Beawar