2014 (9) TMI 943

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....of the first appellate authority, annexure C and order dated April 17, 2014, of the Income-tax Appellate Tribunal, Panaji Branch, Panaji (for short "the Tribunal") annexure A, declining to extend the benefit of deduction under section 80P(2)(a)(i) of the Act. 2. The crux of the matter lies in the registration of the appellant-co-operative credit society under the Karnataka Co-operative Societies Act, 1959, (for short "KCS Act") and the core question for decision making is :                 "Whether the appellant, a multi-purpose co-operative credit society, falling within the definition of the term "primary agricultural credit co-operative society" under sectio....

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....ce Act, 2006 (21 of 2006), section 19 (with effect form April 1, 2007). Earlier sub-section (4) was omitted by the Finance Act, 1969 (14 of 1969), section 10(b) (with effect from April 1, 1970) (4) The provisions of this section shall not apply in relation to any co-operative bank other than a primary agricultural credit society or a primary co-operative agricultural and rural development bank. Explanation.-For the purposes of this sub-section,- (a) 'co-operative bank' and 'primary agricultural credit society' shall have the meanings respectively assigned to them in Part V of the Banking Regulation Act, 1949 (10 of 1949) ; (b) 'primary co-operative agricultural and rural development bank' means a society ....

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....erwise requires,- (i) references to a 'banking company' or 'the company' or 'such company' shall be construed as reference to a co-operative bank, (ii) references to 'commencement of this Act' shall be construed as references to commencement of the Banking Laws (Application to Co-operative Societies) Act, 1965 (23 of 1965) ; (b) in section 2, the words and figures 'the Companies Act, 1956 (1 of 1956) and' shall be omitted ; (c) in section 5,- (Subs.  by  Act  61  of  1981,  Sec.  61  and  the  Second Schedule, Pt. II (w.e.f. 1st May, 1982).) (i) after clause (cc), the following clauses shall be inserted, namely :-. . . (cci) &nbs....

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....nbsp;        X X X (Clause (f-1) and (f-2) inserted by Act No. 6 of 2010 and shall be deemed to have come into force with effect from November 3, 2009)(f-1) 'multipurpose co-operative society' means a primary society the object of which is to provide various services including services related to credit, business, industry, consumer durables to its members ; . . ." (f-2) x x x] " Section 2(h-2) of the KCS Act defines "primary agricultural credit co- operative society", thus : (Clause (h-2) inserted by Act No. 6 of 2010 and shall be deemed to have come into force with effect from November 3, 2009  (h-2))'primary agricultural credit cooperative society' means a co- operative ....