operative society, the primary object of which is to
provide financial accommodation to its members
and includes a co-operative land mortgage bank;
(cciia ... 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
that
the primary business of the assessee society is to provide financial
accommodation to its members for agricultural purposes whereas the
main reason for disallowance ... 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
petitioners, through their advocates, contended in reply that the financial accommodation that was given by the company to the seventh petitioner in the form ... part of the purchase price. The seventh petitioner was, thus given financial accommodation by the company in the matter of payment of the debt. Such
submitted that the assessee has the primary object of
providing financial accommodation to its members and hence it falls
under Co-operative Credit Society ... operative society, the primary object of which is to
provide financial accommodation to its members and includes a co-
operative land mortgage bank. According
primary co operative society which has its primary objective to
provide financial accommodation to its members for
agricultural purposes or for purposes connected with
agricultural ... activities. The appellant's primary objective is to
provide financial accommodation to its members for
agricultural purposes and is eligible for deduction under
section
funds by a non-banking
financial company or a class of non-banking financial
companies or non-banking financial companies
generally, as the case ... banking financial companies generally
or to a class of non banking financial companies or to any
non-banking financial company in particular
Corporation applied to the assessee bank for grant of temporary financial accommodation to the extent of 1 million. The reason for seeking the financial accommodation
Tata Power Company Limited were urgently in need of financial assistance to the extent of over a crore of rupees. Tata Sons Limited, their then ... interest in assisting the Tata Power Company Limited to obtain the financial accommodation required for the conduct of their business.
4. After the acquisition
issue of shares into issue of shares and grant
of financial accommodation. This re-characterizing/re-classifying
a business transaction is not permitted.
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especially when, on the strength of that declaration, he had obtained financial accommodation from the bank. Learned counsel further submitted that in the present case ... might be that the assessees who obtained loans and other accommodation from banks and financial houses or even from government and quasi-government authorities must
