High Court admits appeal on credit facilities for Co-operative Societies

The High Court of Calcutta admitted the appeal based on the substantial question of law regarding the application of a specific judgment to Co-operative Societies providing credit facilities. The Court waived the notice of appeal and directed the appeal to be listed for further proceedings.

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Issues: Appeal against order passed by Income Tax Appellate Tribunal regarding the applicability of a judgment to a Co-operative Society providing credit facilities.

Analysis:
The High Court of Calcutta heard an appeal by the Revenue against an order passed by the Income Tax Appellate Tribunal related to the assessment year 2012-13. The Revenue sought to challenge the order and raised substantial questions of law. The petitioner's advocate referred to a judgment of the Supreme Court in Totgar's Co-operative Sale Society Ltd. versus ITO and its application to a Co-operative Society like the respondent. The advocate relied on a Division Bench judgment of the Court in CIT versus South Eastern Railway Employees Co-operative Credit Society Ltd. to support their argument. The Court formulated a substantial question of law regarding the applicability of the Totgar's judgment to Co-operative Societies providing credit facilities. The appeal was admitted based on this question, and the notice of appeal was waived by the respondent's senior advocate. All formalities were dispensed with, and the appeal was listed for a future date.

In conclusion, the High Court admitted the appeal based on the substantial question of law regarding the application of a specific judgment to Co-operative Societies providing credit facilities. The Court waived the notice of appeal and directed the appeal to be listed for further proceedings.

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