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TMI Blog2017 (6) TMI 329X X X X Extracts X X X X X X X X Extracts X X X X ..... ssessee is primarily engaged in the business of banking and in view of section 80P(4) of the Act, the assessee is not entitled to deduction u/s 80P(2) of the Act. 3 Aggrieved by the assessment, the assessee preferred an appeal to the first appellate authority. The CIT(A) confirmed the assessment order. 4 Aggrieved by the order of the CIT(A), the assessee preferred appeal to the Tribunal. The Tribunal vide its order dated 26-08 2015 disposed off the appeal holding that the assessee was not entitled to the benefit of deduction u/s 80P of the Act. 5 Aggrieved by the order of the Tribunal, the assessee preferred further appeal before the Hon'ble Kerala High Court, u/s 260A of the Act. The Hon'ble High Court vide judgment dated 24-11-2016 in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ocieties for the time being; it cannot but be taken that the purpose of the societies so registered under the State Law and its objects have to be understood as those which have been approved by the competent authority under such State law. This, we visualise as due reciprocative legislative exercise by the Parliament recognising the predominance of decisions rendered under the relevant State Law. In this view of the matter, all the appellants having been classified as primary agricultural credit societies by the competent authority under the KCS Act, it has necessarily to be held that the principal object of such societies is to undertake agricultural credit activities and to provide loans and advances for agricultural purposes, the rate & ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e appeals succeed. 17. In the light of the aforesaid, we answer substantia1 question 'A' in favour of the appellants and hold that the Tribunal erred in law in deciding the issue regarding the entitlement of exemption under section 80P against the appellants. We hold that the primary agricultural credit societies, registered as such under the KCS Act; and classified so, under that Act, including the appellants are entitled to such exemption." 6.2 In the instant case, the assessee is a primary agricultural credit society registered under the Kerala Cooperative Societies Act, 1969. The certificate has been issued by the Registrar of Cooperative Societies to the above said effect and the same is on record. The Hon'ble High Court, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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