TaxTMI 
TaxTMI 
2017 (11) TMI 997
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....08-2009, 2010-2011 and 2011-2012. 2. Since common issue is raised in these appeals, and they pertain to the same assessee, these appeals and cross objections were heard together and are being disposed off by this consolidated order, for the sake of convenience and brevity. We shall first take up for adjudication the Revenue's appeal. 3. In the Revenue's appeal, identical grounds are raised. The crux of the issue raised in Revenue's appeal is whether the CIT(A) is justified in directing the Assessing Officer to grant deduction u/s 80P(2) of the Income-tax Act, to the assessee-society. The Revenue has also filed additional ground, which reads as follow:- "1. The learned CIT(Appeals) ought to have seen that the Hon'ble Supre....
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....l situation whether cooperative bank is conducting business as a primary agricultural credit society or primary cooperative agricultural and rural development Bank and depending upon transactions, Assessing Officer has to extend benefits available, and he would not merely look at the registration certificate issued under the relevant Co-operative Societies Act or at nomenclature of co-operative bank. 4. The learned CIT (appeals) ought to have seen that the Apex Court has admitted the SLPs filed by the Department against the decisions of (1) the Honourable Kerala High Court in the case of M/s Karakulam Service Cooperative Bank and (2) the honourable Karnataka High Court in the case of CIT v. Lokmanya Multipurpose Co-operative Societ....
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....l Service Co-operative Bank Limited vs. CIT reported in 284 ITR 490. 4.3 Aggrieved by the order of the CIT(A) in granting the benefit of deduction u/s. 80P(2) of the Act, the Revenue has filed the present appeals before the Tribunal. The learned Departmental Representative relied on the ground and the additional grounds raised in the memorandum of appeal. 4.4 The AR submitted the issue in question is squarely covered in favour of the assessee by the judgment of the Hon'ble jurisdictional High Court reported in the case of Chirakkal Co-op Bank Ltd. V. CIT (supra). 5. We have heard the rival submissions and perused the material on record. The Hon'ble jurisdictional High Court in the case of The Chirakkal Service Cooperative Bank Ltd ....
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....ity under such State law. This, we visualise as due reciprocative legislative exercise by the Parliament recognising the predominance of decisions rendered under the relevant State Law. In this view of the matter, all the appellants having been classified as primary agricultural credit societies by the competent authority under the KCS Act, it has necessarily to be held that the principal object of such societies is to undertake agricultural credit activities and to provide loans and advances for agricultural purposes, the rate 'of interest on such loans and advances to be at the rate fixed by the Registrar of co-operative societies under the KCS Act and having its area of operation confined to a village, panchayat or a municipality. Th....