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TMI Blog2022 (4) TMI 1186X X X X Extracts X X X X X X X X Extracts X X X X ..... the respondent / co-operative society sought leave of this court to file statutory appeal before the appellate authority, as against the order of assessment passed by the assessing officer. The learned counsel also brought to the notice of this Court the judgment of the Honourable Supreme Court in the case of Mavilayi Service Co-operative Bank Ltd. [ 2021 (1) TMI 488 - SUPREME COURT ] Relying upon the above decision of the Honourable Supreme Court, the learned counsel for the respondent / co-operative society submitted that appropriate direction may be issued to the Appellate Authority to take note of the aforesaid decision of the Honourable Supreme Court as well, at the time of disposal of the statutory appeal to be filed by the resp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Act, 1983. They did not file their return of income for the assessment year 2012-13. While so, they received a notice dated 11.03.2019 under section 148, calling upon them to file their return for the said assessment year. Pursuant to the same, the respondent filed its return of income on 25.03.2019 admitting 'nil' income. After issuance of notice under section 143(2) dated 25.05.2019, the assessment was completed on 17.06.2019 disallowing the deduction claimed under section 80P(2)(a)(i). Challenging the said order of assessment, the respondent / writ petitioner filed a writ petition in WP.No.18893 of 2019 under Article 226 of the Constitution of India. 4. The learned Judge, on consideration of the submissions made by both sides ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er Article 226 of the Constitution of India and hence, the learned Judge ought not to have entertained the writ petition. However, he fairly submitted that the Division Bench of this Court, in the Judgment dated 02.08.2016 passed in Tax Case Appeal Nos.484 to 487 and 490 of 2016 has held that in terms of Section 80P of the Act, which was inserted under the Finance Act, 2006 with effect from 01.04.2007, the assessee, which is the cooperative credit society, would be entitled to the benefit of Section 80P of the Act. It is further stated that assailing the said order passed by the Division Bench of this Court, the Revenue has carried the matter on appeal before the Honourable Supreme Court in Special Leave to Appeal (c) No(s).17745/2019 [Pr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 co-operative 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. Judged by this touchstone, it is clear that the impugned Full Bench jud ..... X X X X Extracts X X X X X X X X Extracts X X X X
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