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TMI Blog2018 (2) TMI 1913X X X X Extracts X X X X X X X X Extracts X X X X ..... re taking a decision in respect of the application under section 80P(4) of the Act. In the present set of facts of the case, more particularly, when the authorities under the first round as well as the second round proceeded on the applicability of section 80P(2)(a)(i) of the Act to the assessee and suddenly the Tribunal shifting the case to section 80P(4) is without any basis. Having regard to the nature of the facts and circumstances of the case, we find it appropriate to remand the matters to the Assessing Officer to reconsider the issue afresh, providing an opportunity to the assessee to put forth its case, as regards the applicability of section 80P(4) of the Act and the Explanation thereof. Accordingly, these appeals are allowed. The ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 996, the appellantsociety changed its name into Bellad Bagewadi Krishi Seva Sahakari Bank and again as per the Government direction the name was changed as Bellad Bagewadi Krishi Seva Sahakari Sangha Limited. 3. The primary function of the appellant-society being as aforesaid, it has been recognised as a primary co-operative credit society as per the Registrar of Co-operative Societies. For the assessment year relating to 2007-08, 2008-09 and 2009-10, the appellant-society has advanced the short loans to the Vishwanath Sugars Limited, a nominal member for its temporary need for the sugar plant project, wherein the appellant-society has earned the interest income from its nominal member and consequently claimed the deduction under section 8 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the facts and in the circumstances of the case, the Appellate Tribunal was justified in coming to the conclusion that the appellant is not a primary agricultural credit society when the same is not disputed by the Revenue before the first appellate authority or before the Assessing Officer ? 2. Whether on the facts and in the circumstances of the case, the Appellate Tribunal was justified in applying the provisions of section 80P(4) and disallowing the claim of the appellant under section 80P(2)(a)(i) ?" 5. Learned senior counsel Sri M. V. Sheshachala representing Sri Gangadhar J. M. and Sri Praveen Tarikar for the assessee would submit that the assessee is a primary co-operative agricultural and rural development bank. The Tribuna ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ower or sugarcane growers' co-operative society, supplying sugarcane to a factory, and a factory concerned to enter into an agreement to supply or purchase, as the case may be, the quantity of sugarcane fixed under paragraph (c) and in terms of clause 6(a). Notwithstanding anything contained in clause 6, no new sugarcane factory shall be set up within the radius of 15 kms. of any existing sugarcane factory or another new sugar factory in a State or two or more States. Thus, no outsider can purchase sugarcane or sell sugarcane except as per the control order. 8. Even as per section 60 of the Karnataka Co-operative Societies Act, 1959, a co-operative society was not to give loan to any person other than a member. 9. A member as defined ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... finding authority has given a finding on facts and the same does not call for any interference by this court, much less remand to the Assessing Officer. 12. We have given our thoughtful consideration to the arguments advanced by the learned counsel appearing for the respective parties and perused the material on record. 13. On analyzing the facts of the case, vis-a-vis, the provision of the Act, more particularly section 80P(4) of the Act and the Explanation thereof, we find some force in the arguments at the hands of the learned senior counsel, that an opportunity ought to have been provided by the Tribunal before taking a decision in respect of the application under section 80P(4) of the Act. In the present set of facts of the case, mor ..... X X X X Extracts X X X X X X X X Extracts X X X X
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