TaxTMI 
TaxTMI 
2015 (12) TMI 1575
X X X X Extracts X X X X
X X X X Extracts X X X X
....h the respective parties. The above appeals challenge the orders passed by the authorities below whereby the ITAT has taken a view that the respondents are not a Co-operative Banks but a Co-operative Societies and as such entitled for exemption in terms of Section 80P(2)(a)(i) of the Income Tax Act ( herein after referred to as "the said Act" ). 3. Ms. A. Desai, learned counsel appearing for the appellant has pointed out that the respondents are to be treated as a Cooperative Banks as according to her the definition of 'income' in terms of Section 2(24)(viia) inter-alia includes an income from credit facilities provided to the members. The learned counsel further submits that as it is not disputed in the present appeals that the re....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ssistant Commissioner of Income Tax, wherein one of us ( F. M. Reis, J) was a party. The learned counsel further pointed that in view of the observations of this Court while disposing of the said appeals which clearly disclose that giving credit facilities only to the members cannot be a Co-operative Bank, the question of entertaining the above appeals would not arise at all. The learned counsel has taken us through the observations in the said judgment of the Division Bench at para 9 to point out that such findings are squarely applicable to the facts of the present case. 5. Ms. A. Desai, learned counsel appearing for the appellant in reply to the said submissions has pointed out that while disposing of the said appeals, this Court has ta....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... cooperative bank is defined in Section 5(cci) of Banking Regulation Act to mean a State Cooperative Bank, a Central Cooperative Bank and a primary cooperative bank. Admittedly, the appellant is not a State Cooperative Bank, a Central Cooperative Bank. Thus what has to be examined is whether the appellant is a primary Cooperative Bank as defined in Para V of the Banking Regulation Act. Section 5(ccv) of the Banking Regulation Act defines a primary cooperative bank to mean a cooperative society which cumulatively satisfies the following three conditions : (1) Its principal business or primary object should be banking business of Banking; (2) Its paid up share capital and reserves should not be less that rupees one lakh. (3) Its bye-law....