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TMI Blog2017 (4) TMI 297X X X X Extracts X X X X X X X X Extracts X X X X ..... och/2017 - - - Dated:- 4-4-2017 - SHRI GEORGE GEORGE K, JUDICIAL MEMBER For The Assessee : Smt Lisha M For The Revenue : Sh A Dhanaraj, Sr DR ORDER PER GEROGE GEORGE K, JM: This appeal, at the instance of the revenue and the Cross Objection, at the instance of the assessee, arise out of the order of the CIT(A) dated 5.12.2016. The relevant assessment year is 2008-09. 2 Common issue arises in the appeal and the Cross Objection and they pertain to the same assessee, hence, the appeal and Cross Objection were heard together and disposed of by this consolidated order. 3 The grounds raised by the revenue read as follows: 1. The Learned Commissioner of Income tax (Appeals), erred ITI concluding that the asse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rned Commissioner of Appeals, Trivandrum, on the above points may be set aside and that of the Assessing Officer restored. 4 The brief facts of the case are as follows: The assessee is a Cooperative Society registered under the Kerala Cooperative Societies Act, 1969. For the assessment years 2008-09, the assessee did not file its return of income. The Assessing Officer issues notice u/s 148 of the Act on 15.3.2013. In response to the notice issued u/s 148, the assessee filed returns of income declaring nil income after claiming exemption u/s 80P(2) of the Act. The claim of deduction u/s 80P for the relevant assessment year was ₹ 45,457,476/- 4.1 The claim of deduction u/s 80P(2) of the Act was denied by the Assessing Office ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 considering the above question of law, the Hon ble High Court rendered the following findings: 15. Appellants in these different appeals are indisputably societies registered under the Kerala cooperative societies Act, 1969, for sort, KCS Act and the bye-laws of each of them, as made available to this court as part of the paper books, clearly show that they have been classified as primary agricultural credi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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-laws of each of the appellants do . not permit admission of any other co-operative society as member, except may be, in accordance with the proviso to sub-clause 2 of section 5(cciv) of the BR Act. The different orders of the Tribunal which are impeached in these appeals do not contain any finding of fact to the effect that the bye- 1aws of any of the appellant or its classification by the competent author ..... X X X X Extracts X X X X X X X X Extracts X X X X
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