2010 (4) TMI 1068

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..... spondent JUDGMENT 1. The issue involved in all these cases is whether the petitioners Societies come within the purview of the term 'Credit Co-operative Society' as defined under sub-section 3(viia) of section 194A of the Income-tax Act, so as to get the benefit of exemption. 2. The term 'Co-operative Society' is defined under section 2(19) of the Income-tax Act, but the eligibility for exempti .....

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..... rned financial years and details of the payments made towards the interest (above ₹ 5,000) and also to furnish copies of the P & L account and the balance sheet (on the basis of the information received to the department that the petitioners have already effected payment by way of interest to the persons concerned, from which the tax was liable to be deducted). Under the 'second limb', the p .....

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..... Credit Co-operative Societies, eligible for exemption. 4. When the matters came for consideration before this Court on 17-3-2010, the petitioners were directed to implead the Registrar of Co-operative Societies as well as the State, so as to ascertain the actual facts and figures; simultaneously observing that they could very well substantiate their status, more so in view of the classification o .....

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..... essly stated therein. 5. Heard the learned Standing counsel for the Income-tax department as well. 6. After considering the facts and circumstances, this Court finds that the issue could be resolved by relegating the petitioners to file a proper statement of objections in response to Ext.P2 notice before the departmental authorities, also producing the necessary certificates showing that they ar .....

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..... steps as contemplated under Ext.P2 shall be pursued only after deciding the question of eligibility for exemption and a speaking order shall be passed in this regard, which shall be communicated to the petitioners as expeditiously as possible, at any rate, within three months from the date of receipt of the objections to Ext.P2 notices. All the Writ Petitions are disposed of accordingly.
Cas .....

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