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TMI Blog2018 (10) TMI 1445X X X X Extracts X X X X X X X X Extracts X X X X ..... primary agricultural credit society registered under the Kerala Cooperative Societies Act, 1969. For the assessment year under consideration, the assessee had filed return of income after claiming deduction u/s. 80P of the I. T. Act. The assessment u/s. 143(3) of the Act was completed by denying the deduction u/s. 80P of the I. T. Act. The reasoning of the Assessing Officer for denying the claim of deduction u/s. 80P of the Act was that the assessee was primarily engaged in the business of banking and therefore, in view of the provisions of section 80P(4) of the I. T. Act which was inserted with effect from 01. 04. 2007, the assessee is not entitled to deduction u/s. 80P of the I. T. Act. 4. Aggrieved by the order of the assessment, the as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lants in these different appeals are indisputably societies registered under the Kerala co-operative societies Act 1969, for short 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 credit societies by the competent authority under the provisions of that Act The parliament having defined the term 'co-operative society' for the purposes of the BR Act with reference to, among other things, the registration of a society under any State law relating to co-operative societies 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 understo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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- laws of any of the appellant or its classification by the competent authority under the KCS Act is anything different from what we have stated herein above. For this reason, it cannot but be held that the appellants are entitled to exemption from the provisions of section 80P of the IT Act by virtue of sub- section 4 of that sect; on. In this view of the matter, the appeals succeed. 17. In the light of the aforesaid, we answer substantial question 'A' in favour of the appellants and hold that the Tribunal erred in law i ..... X X X X Extracts X X X X X X X X Extracts X X X X
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