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TMI Blog2019 (3) TMI 284X X X X Extracts X X X X X X X X Extracts X X X X ..... mary agricultural credit society, registered under the Kerala Cooperative Societies Act, 1969 is entitled to the benefit of deduction u/s. 80P(2). - Decided in favour of assessee - ITA No.14/Coch/2019, ITA No.15/Coch/2019, ITA No.16/Coch/2019, ITA No.17/Coch/2019, ITA No.18/Coch/2019, ITA No.19/Coch/2019 And ITA No.20/Coch/2019 - - - Dated:- 1-3-2019 - Shri Chandra Poojari, AM And Shri George George K, JM For the Appellant : Smt.A.S.Bindhu, Sr.DR For the Respondents : Sri. Bhaskara Krishnan R. ORDER PER GEORGE GEORGE K, JM These seven appeals at the instance of the Revenue are directed against three separate orders of the CIT(A) in respect of three different assessees. The relevant assessment years in respect of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cer to allow deduction u/s. 80P of the Act. The CIT(A) has also held that the decision in the case of M/s.Citizen Co-operative Society Ltd. v. ACIT, Hyderabad is not applicable to primary agricultural credit societies, in view of the order of the Cochin Bench of the Tribunal in the case of ITO v. M/s.Maruthonkara Service Co-operative Bank Ltd. [ITA No.474/Coch/2017 irder dated 08.03.2018]. 5. Aggrieved by the orders of the CIT(A), the Revenue has filed the present appeals before us. The Departmental Representative relied on the grounds raised. The learned AR, on the other hand, submitted that the issue in question is squarely covered in favour of the assessee by the judgment of the Hon'ble High Court of Kerala in the case of Chirakk ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... R 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 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 societie ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 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 view of the judgment of the Hon'ble Jurisdictional High Court in the case of Chirakkal Service Co-op Bank Ltd. (supra), we hold that the assessee-societies are entitl ..... X X X X Extracts X X X X X X X X Extracts X X X X
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