TaxTMI 
TaxTMI 
2012 (3) TMI 559
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....rred in directing the Assessing Officer to grant deduction u/s 80P(2)(a)(i) of the Act in respect of interest received by the assessee from its members. The ld. DR also submitted that the issue was decided by the consolidated order of the Tribunal vide order dated 11.6.2003 passed in I.T.A.Nos.2280 & 2281/Mds/1995 and the appeals of the Revenue were dismissed for both the years under consideration. The Revenue filed appeals before the Hon'ble Madras High Court. The Hon'ble Madras High Court has observed that the issue was covered by the decision of the Hon'ble Supreme Court in the case of CIT vs Ponni Sugars and Chemicals Ltd [2009] 306 ITR 392 (SC) for which the assessee was also a party, wherein the Apex Court remanded the mat....
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.... query from the Bench in regard to the Memorandum of Association and Articles of Association of the assessee and also the nature of business of the assessee as per the return, the ld. DR submitted that the issue needs verification by the Assessing Officer as per assessment records. 3. The ld. A.R of the assessee, on the other hand, submitted that the matter was remanded back by the Hon'ble Supreme Court to the Tribunal to examine the Memorandum of Association of each Cooperative Society to prove that the respective societies have engaged themselves in carrying on any of the several businesses referred to in sub-section(2) of section 80P of the Act. He therefore, prayed that the matter should be restored back to the file of the Assessin....
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....cers Co-operative Society Ltd. and Modem Engineers Construction Cooperative Society Ltd. Under section 80P(1), deduction in respect of income of co-operative societies is provided for. Under section 80P(1) where the gross total income of a co-operative society includes any income referred to in sub-section (2) then the sums specified in sub-section (2) shall be deducted from the gross total income to arrive at the total income of the assessee-society. In order to earn exemption under section 80P(2)a co-operative society must prove that it had engaged itself in carrying on any of the several businesses referred to in sub-section (2). In that connection, it is important to note that under sub-section (2), in the context of co-operative societ....