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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 ..... 9 is entitled to the benefit of deduction u/s. 80P(2). Thus we hold that the assessee-society is entitled to the benefit of deduction u/s. 80P - decided against revenue - ITA No.417/Coch/2018 - - - Dated:- 26-10-2018 - Shri Chandra Poojari, AM and Shri George George K, JM For The Appellant : Smt. A. S. Bindhu, Sr. DR For The Respondent : None ORDER Per George George K, JM . This appeal at the instance of the Revenue is directed against CIT(A) s order dated 13. 07. 2018. The relevant assessment year is 2015-2016. 2. The only issue raised in this appeal is whether the assessee is entitled to deduction u/s. 80P(2)(a)(i) of the I. T. Act? 3. Briefly stated the facts of the case are as follows: ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ative Societies Act, 1969. The Hon'ble High Court of Kerala in the case of Chirakkal Service Co-op Bank Ltd . ( supra) had held that a primary agricultural credit society, registered under the Kerala Cooperative Societies Act, 1969 is entitled to the benefit of deduction u/s. 80P(2). The Hon'ble High Court was considering the following 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 Co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... co-operative societies under the KCS Ad and having its area of operation confined to a village, panchayat or a municipality . This is the consequence of the definition clause in section 2(oaa) of the KCS Act The authorities under the IT Act cannot probe into any issue or such matter relating to such applicants . 16 . The position of law being as above with reference 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 appel ..... X X X X Extracts X X X X X X X X Extracts X X X X
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