2013 (2) TMI 422

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..... of the Hon'ble Supreme Court given in Civil Appeal No.31/2011[TC No.127/07] arising out of I.T.A.No. 443/Mds/1999, order dated 3.1.2011, vide which the case has been remitted back to the Tribunal for fresh consideration in line with its observation. Copies of the judgment dated 3.1.2011, alongwith judgment of Hon'ble Madras High Court dated 21.2.2007 are placed on record. These matters have been remanded back to ascertain various facts, which are discussed in para 6 of this order. In view of the direction, so given, we have heard these appeals. 3. The facts of the case are that the assessee is a Cooperative Sugar Mill in the Government sector which had made a claim of exemption u/s 80P(2)(a)(i) of the Act in respect of interest received fr .....

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..... or the benefit of section 80-P(2)(a)(i) of the Income-tax Act, 1961 9for short "the Act") in respect of the interest received from members? 2. Whether in the facts and circumstances of the case, the Tribunal was right in holding that the assessee is eligible for the benefit of section 80-P(2)(a)(iii) of the Act when the assessee has derived income by way of marketing of the agricultural produce of the members?" 6. The Hon'ble Supreme Court has decided these issues as under:   "In so far as the second question is concerned, it is fairly conceded by learned counsel for the Revenue that Special Leave Petition on similar issue has already been dismissed by this Court. Following the said decision, the appeal insofar as it relates to the .....

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..... se had not been undertaken at all." 7. As regards the first issue, it is clearly evident from the Hon'ble Supreme Court's finding that in the context of Co-operative Society, the Parliament has stipulated that the Society must be engaged in carrying on the business of banking or providing credit facilities to its members, therefore, in each case the Tribunal was required to examine the Memorandum of Association, Articles of Association, returns of income filed with the Department and status of the business indicated in such returns, etc. We have noticed and found from the entire record that these very aspects have not at all been investigated into by the Assessing Officer or by the ld.CIT(A), for that matter. Therefore, it becomes imperat .....

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