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TMI Blog2016 (7) TMI 692X X X X Extracts X X X X X X X X Extracts X X X X ..... tled to the benefit of deduction u/s 80P(2) of the Act. In view of the above findings of the Hon’ble Jurisdictional High Court (supra), we allow these appeals of the assessee - ITA Nos. 33 to 35/Coch/2016 - - - Dated:- 8-6-2016 - Shri B. P. Jain, AM And George George. K, JM For the Assessee : Sh V S Narayanan For the Revenue : Sh Shantom Bose, CIT-DR ORDER Per George George. K. JM These appeals, at the instance of the assessee are directed against three separate order of the CIT, passed u/s 263 of the Act (all the orders are dated 27.11.2015). 2. Since common issue is involved in these appeals, they were heard together and disposed off by this consolidated order. 3. The solitary issue for our consideration is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 6 We have heard the rival submissions and perused the material on record.. The Hon ble jurisdictional High Court in the case of The Chirakkal Service Cooperative Bank Ltd others (supra) has held that the primary agricultural credit society registered under the Kerala Cooperative Societies Act, 1969 is entitled to the benefit of deduction u/s 80P(2). The Hon ble High Court was considering the following substantial question of law: a) Whether on the facts and in the circumstances of the case under consideration, the Tribunal is correct in law in deciding against the assessee, the issue regarding entitlement for exemption under section 80P, ignoring the fact that the assessee is a primary agricultural credit society? 6.1 In consi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t the rate fixed by the Registrar of co-operative societies under the KCS Act and having its area of operation confined to a village, panchayat or a municipality. This is the consequence of the definition clause in section 2(oaa) of the KCS Act. The authorities under the IT Act cannot probe into any issue or such matter relating to such applicants. 16. The position of 1aw being as above with reference to the statutory provisions, the appellants had shown to the authorities and the Tribunal that they are primary agricultural credit societies in terms of clause (cciv) of section 5 of the BR Act, having regard to the primary object or principal business of each of the appellants. It is also clear from the materials on record that the bye ..... X X X X Extracts X X X X X X X X Extracts X X X X
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