9911796707
TMI Blog2012 (7) TMI 1067X X X X Extracts X X X X X X X X Extracts X X X X ..... Act, 1961. The brief facts of the case are that respondent Rewari District, Primary Co-op Agricultural Rural Development Bank is a co-operative bank registered under the Co operative Societies Act. It is engaged in the banking activities like borrowings, raising or advancing of money to its members for carrying out agriculture operation. It has filed its return of income on 30th September 2009 declaring nil income by claiming exemption under sec. 80P(2)(a)(i) of the Income-tax Act, 1961. The respondent Palhawas Primary Agriculture Co-op Society is also a co-operative society registered under the cooperative societies Act, Haryana. It is engaged in banking activities like borrowings, advancing money to its members for the purpose of agric ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the very outset submitted that the orders of the Learned CIT(Appeals) passed in assessment year 2008-09 has been upheld by the ITAT in ITA No. 2368/Del/2011 in the case of Palhawas Primary Agriculture Co-op Society. Learned CIT(Appeals) has decided number of appeals. She has granted exemption to these societies also and the order of the Learned CIT(Appeals) in assessment year 2008-09 in respect of these societies have already been upheld by the ITAT. He placed on record copy of the ITAT s order passed in the case of four such societies on 18.5.2012. On the strength of this order, he submitted that the issue in dispute is squarely covered in favour of the assessee. Learned DR on the other hand submitted that the learned first appellate auth ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he aid of power .. 6. A perusal of the above provisions indicates that in the gross total income of a co-operative society, if any, income referred to in sub-section (2) is included then there shall be a deduction of such income if other conditions are fulfilled by the assessee society. The case of the assessee falls within the category (i) and (iv) i.e. assessee society is carrying on the business of banking and providing credit facilities to its members, to purchase agricultural implements seeds etc. To this extent, there is no dispute on facts. The case of the Assessing Officer is that in order to fulfill these objects, assessee gets the money in the shape of deposits from other co-operative banks who are not its members, theref ..... X X X X Extracts X X X X X X X X Extracts X X X X
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