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1 - 10 of 15 (0.27 seconds)The Banking Regulation Act, 1949
The Mavilayi Service Cooperative Bank ... vs Commissioner Of Income Tax Calicut on 16 September, 2019
Since
CBDT had clarified that a co-operative society is
eligible for deduction u/s 80P if it is not a Co-
operative Bank as defined in Part V of the Banking
Regulation Act 1949 and High Courts all over India
have adopted the same view, the only thing to be
enquired by the Assessing Officer in view of the order
in Mavilayi (supra) is limited to the extend to find out
whether the Appellant is a co-operative Bank or not.
Appellant, not being a Co-operative Bank, is eligible
for deduction u/s 80P as defined in Part V of the
Banking Regulation Act 1949.
The Chirakkal Service Co-Operative ... vs The Commissioner Of Income Tax on 28 February, 2013
assessment, the judgment of the Hon'ble jurisdictional High
Court in the case of Chirakkal Service Cooperative Bank Ltd.
(supra) was ruling the roost and the certificate issued by the
Registrar of Co-operative Society terming the assessee as a
primary agricultural credit society would be sufficient for
grant of deduction u/s 80P of the I.T.Act.
The Income Tax Act, 1961
Muhammed Usman vs Registrar Of Co-Operative Societies on 29 November, 2002
(8) In the case of Quepem Urban Cooperative Credit
Society Ltd. (2015) 63 Taxmann 300(SC), the ITAT,
Panaji Bench has stated that "In our opinion it is not
necessary that the cooperative society should have a
banking licence as per the definition under the
Income Tax Act for carrying on banking business. If
licence is not obtained it may an illegal banking
business under the other statute." Since the activities
of the assessee Primary Agricultural Credit Society,
other than providing financial accommodation only to
its members and that too for agricultural purposes
and purposes connected with agricultural activities,
is not permissible, in view of Hon'ble Kerala High
Court's decision in Muhammed Usman vs Registrar
Of Co-Operative supra and affirmed by the decision
in Cherukode Co-Op. Rural Bank Ltd. vs Parur
Service Co-Op. Bank supra, in view of Explanation to
Section 37 (1) of the Income Tax Act, 1961, no any
expenditure is allowable in the case of assessee.
Mavilayi Service Co-Operative Bank Ltd vs The Income Tax Officer on 13 October, 2011
Commissioner (Appeals) without knowing this aspect
held that the issue of allowability of deduction u/s
80P to the PACS has been considered in the case of
Mavilayi Service Co-operative Bank Ltd., vs Income
Tax Officer, Kannur. vide para 9 of the appellate
order. Therefore, the entire findings and conclusion of
the Commissioner (Appeals) are misconceived.