9911796707
TMI Blog2014 (12) TMI 1262X X X X Extracts X X X X X X X X Extracts X X X X ..... ghts for section 80P deduction stands rejected by a co-ordinate bench of the 'tribunal' in case of M/s SL(SPL) 151, Karkudalpatty Primary Agricultural Co-operative Credit Society Ltd [2014 (5) TMI 556 - ITAT CHENNAI] . It stands held that allowing associate members to avail these facilities does not disentitle a co-operative society from availing section 80P deduction. The relevant provisions of the State Co-operative law have also been discussed therein. The Revenue fails to draw any distinction on facts. Thus, we affirm the CIT(A)’s findings. - Decided against revenue - I.T.A.No.584/Mds/2013 - - - Dated:- 5-12-2014 - SHRI A. MOHAN ALANKAMONY, ACCOUNTANT MEMBER AND SHRI S. S. GODARA, JUDICIAL MEMBER] Appellant by : Shri A.V.Sreek ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... llowance of the impugned deduction amounting to ` 54,21,836/-. 4. The assessee preferred an appeal. The CIT(A) has accepted its deduction claim qua the jewel loans/credit facilities as under: I have gone through the submissions made by the appellant and also the order of the Assessing Officer. The Assessing Officer in his order held that the assessee has granted loan to the Members and Associated Members on the mortgage of golden jewellery. The Learned Authorised Representative argued that the activity of lending money covered under section 80P(2)(a)(i) of the Incometax Act, 1961. The Co-operative society is engaged in providing credit facilities to his members. As seen from the details furnished by the appellant it was providing ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... facilities to the associate members not having voting and other rights for section 80P deduction stands rejected by a co-ordinate bench of the 'tribunal' in case of M/s SL(SPL) 151, Karkudalpatty Primary Agricultural Co-operative Credit Society Ltd in I.T.A.No. 292/Mds/2014 decided on 17.3.2014. It stands held that allowing associate members to avail these facilities does not disentitle a co-operative society from availing section 80P deduction. The relevant provisions of the State Co-operative law have also been discussed therein. The Revenue fails to draw any distinction on facts. Thus, we affirm the CIT(A) s findings. The Revenue s grounds are rejected. 6. The Revenue s appeal is dismissed. Order pronounced on Friday, th ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
