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TMI Blog2021 (3) TMI 1352X X X X Extracts X X X X X X X X Extracts X X X X ..... cted or limited by implication. In the circumstances in respectful obedience to the principles laid down by the Hon'ble Supreme Court in the case of The Mavilayi Service Co-operative Bank Ltd. (supra) the AO is directed to grant the assessee the benefit of deduction under Section 80P as claimed. - ITA Nos. 92, 93/Coch/2021, SA Nos. 14 & 15/Coch/2021 - - - Dated:- 17-3-2021 - Shri George Mathan, JM And Shri M. Balaganesh, AM Appellant by : Shri Dipu R., Advocate Respondent by: Smt. J.M. Jamuna Devi, Sr. D.R. ORDER Per Bench These are appeals filed by the assessee against the order of the learned CIT(A), Kozhikode in appeal No. ITA. 11298/CIT(A)/CLT/2016-17 11354/CIT(A)/CLT/2016-17 dated 26.02.2020 for AY 2009- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t provision enacted by Parliament to encourage and promote the credit of the co-operative sector in general must be read liberally and reasonably, and if there is ambiguity, in favour of the assessee. A deduction that is given without any reference to any restriction or limitation cannot be restricted or limited by implication, as is sought to be done by the Revenue in the present case by adding the word agriculture into Section 80P(2)(a)(i) when it is not there. Further, section 80P(4) is to be read as a proviso, which proviso now specifically excludes cooperative banks which are co-operative societies engaged in banking business i.e. engaged in lending money to members of the public, which have a licence in this behalf from the RBI. Jud ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he Act in the light of the definition of that expression as contained in Section 2(n) of the Cooperative Societies Act. The said provision reads as under: 2. (n) 'Member' means a person who joined in the application for registration of a society or a person admitted to membership after such registration in accordance with the provisions of this Act, the rules and the bye-laws for the time being in force but a reference to 'members' anywhere in this Act in connection with the possession or exercise of any right or power or the existence or discharge of any liability or duty shall not include reference to any class of members who by reason of the provisions of this Act do not possess such right or power or have no such l ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssion that in view of the decision of the Hon'ble Supreme Court in the case of The Mavilayi Service Co-operative Bank Ltd. (supra) the assessee is now entitled to deduction under Section 80P of the Act. 6. In reply the learned D.R. vehemently supported the orders of the Assessing Officer and the learned CIT(A). 7. We have considered the rival submissions. A perusal of the decision of the Hon'ble Supreme Court in the case of The Mavilayi Service Co-operative Bank Ltd. (supra) clearly shows that the Hon'ble Supreme Court has set aside the decision of the Full Bench of the Hon'ble Kerala High Court in the case of The Mavilayi Service Co-operative Bank Ltd. (supra). The Hon'ble Supreme Court has also further explained ..... X X X X Extracts X X X X X X X X Extracts X X X X
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