2010 (4) TMI 1068

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....enon and Jose Joseph for the Respondent JUDGMENT 1. The issue involved in all these cases is whether the petitioners Societies come within the purview of the term 'Credit Co-operative Society' as defined under sub-section 3(viia) of section 194A of the Income-tax Act, so as to get the benefit of exemption. 2. The term 'Co-operative Society' is defined under section 2(19) of the Income-tax....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... of the quarterly returns for the concerned financial years and details of the payments made towards the interest (above Rs. 5,000) and also to furnish copies of the P & L account and the balance sheet (on the basis of the information received to the department that the petitioners have already effected payment by way of interest to the persons concerned, from which the tax was liable to be deduct....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....w that the petitioners are Primary Credit Co-operative Societies, eligible for exemption. 4. When the matters came for consideration before this Court on 17-3-2010, the petitioners were directed to implead the Registrar of Co-operative Societies as well as the State, so as to ascertain the actual facts and figures; simultaneously observing that they could very well substantiate their status, mo....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....egistrar, though the same is not expressly stated therein. 5. Heard the learned Standing counsel for the Income-tax department as well. 6. After considering the facts and circumstances, this Court finds that the issue could be resolved by relegating the petitioners to file a proper statement of objections in response to Ext.P2 notice before the departmental authorities, also producing the ne....