9911796707
TMI Blog2015 (4) TMI 507X X X X Extracts X X X X X X X X Extracts X X X X ..... to its members? - Held that:- As decided in CIT vs. SRI BILURU GURUBASAVA PATTINA SAHAKARI SANGHA NIYAMITHA, BAGALKOT [2015 (1) TMI 821 - KARNATAKA HIGH COURT] if a Co-operative Bank is exclusively carrying banking business, then the income derived from the said business cannot be deducted in computing the total income of the assessee. The said income is liable for tax. A Co-operative bank as defi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 80P(2)(a)(i) i.e., carrying on the business of banking for providing credit facilitates to its members. The object of the aforesaid amendment is not to exclude the benefit extended under Section 80P(i) to the society. - Decided in favour of assessee. - ITA No. 290 of 2014 - - - Dated:- 20-3-2015 - Vineet Saran And S. Sujatha,JJ. For the Appellant : Sri K V Aravind, Adv. For the Respo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in section 2(24)(viia) and comes under the purview of 80P sub-section (4) of the Act as inserted in Finance Act 2006 to be effective from 01.04.2007? 3. The Tribunal in its order has set out the difference between the Co-operative Bank and Co-operative Society and has arrived at the conclusion, since the assessee is a Cooperative Society and not a Co-operative Bank, the provisions of the said S ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt bank. The Legislature did not want to deny the said benefit to a primary agricultural credit society or a primary co-operative agricultural and rural development bank. They did not want to extend the said benefit to a cooperative bank which is exclusively carrying on banking business i.e., the purport of the amendment. If the assessee is not a Co-operative bank carrying on exclusively banking b ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
