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TMI Blog2015 (12) TMI 1575X X X X Extracts X X X X X X X X Extracts X X X X ..... vations in the said judgment in the case of M/s. The Quepem Urban Co-operative Credit Society Ltd., ( supra ) would be squarely applicable to the facts of the present case. As such, as no other contentions have been raised by the learned counsel appearing for the appellant, we find that the proposed substantial questions of law to that effect would not survive and does not require any further consideration - TAX APPEAL NOS. 73 & 76 OF 2015 - - - Dated:- 1-12-2015 - F. M. REIS AND C. V. BHADANG, JJ. For The Appellant : Mr. Asha A. Desai, Advocate For The Respondent : Mr. S. R. Rivankar, Advocate ORAL ORDER ( Per F. M. Reis, J) Heard Ms. Asha Desai, learned counsel appearing for the appellant and Mr. S. R. Rivankar, lea ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... out that both the authorities below have misconstrued the said provisions to come to the conclusion that the respondents are a Co-operative Societies and consequently, entitled for exemption in terms of the said provisions. The learned counsel as such submits that there are substantial questions of law on that count to be examined by this Court. 4. On the other hand, Mr. S. R. Rivankar, learned counsel appearing for the respondents has pointed out that the fact finding authorities have come to the conclusion that the respondents are not Co-operative Banks but Co-operative Societies and as such, they are entitled for exemption in terms of Section 80P(2)(a)(i) of the said Act. The learned counsel further points out that this aspect is no l ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... udgment and the relevant provisions of the said Act. On going through the said judgment dated 17.04.2015 in the case of M/s. The Quepem Urban Co-operative Credit Society Ltd., ( supra ), this Court has observed at para 9 thus : 9 . There is no dispute between the parties that the appellant is a cooperative society as the same is registered under the Co-operative Societies Act. The appellant is claiming deduction of income earned on providing credit facilities to its members as provided under Section 80P(2)(a)(i) of the Act. It is appellant's case that, it is not carrying on the business of the banking. Consequently, not being a co-operative bank the provisions of Section 80P(4) of the Act would not exclude the appellant from clai ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Bank would not arise at all. In the present cases, it is not disputed that the third condition that the bye laws should not permit admission of any other Co-operative Society as its member is not at all satisfied. In any event, the fact finding authorities after examining the material on record have concurrently come to the conclusion that the respondents' Societies are not Banks but Cooperative Societies and as such they are entitled for exemption in terms of Section 80P(2)(a)(i) of the said Act. The findings of fact arrived at by the authorities below cannot be interfered by this Court in the present appeals unless there is perversity in such findings. The learned counsel appearing for the appellant has not pointed out any material wh ..... X X X X Extracts X X X X X X X X Extracts X X X X
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