2016 (7) TMI 1518

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....per the details given under: Sl.No.  ITA No. Name of the assessee CIT(A)'s order date 1 660/Coch/2013 M/s Mavilayi ServiceCoop Bank Ltd 30.08.2013 2 191/Coch/2016  M/s Vazhappally Service Coop Bank Ltd., 10.02.2016 3 338/Coch/2015 M/s Chovva Coop Rural Bank Ltd 20.03.2015 4-7 715 to 718/Coch/2013 The Irinave Service Coop Bank Ltd., 30.08.2013 2 Since common issue is involved in all these appeals; therefore, for the sake of convenience, they were heard together and are being disposed off by this consolidated order. 3 In the case in ITA No. 191/Coch/2016, the assessee filed adjournment petitions. Since there was no sufficient cause mentioned in the petitions and also ....

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.... case of The Chirakkal Service Cooperative Bank Ltd & others (supra) has held that the primary agricultural credit society registered under the Kerala Cooperative Societies Act, 1969 is entitled to the benefit of deduction u/s 80P(2). The Hon'ble High Court was considering the following substantial question of law: a) Whether on the facts and in the circumstances of the case under consideration, the Tribunal is correct in law in deciding against the assessee, the issue regarding entitlement for exemption under section 80P, ignoring the fact that the assessee is a primary agricultural credit society? 7.1 In considering the above question of law, the Hon'ble High Court rendered the following findings: "15. Appellants in t....

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....nfined to a village, panchayat or a municipality. This is the consequence of the definition clause in section 2(oaa) of the KCS Act. The authorities under the IT Act cannot probe into any issue or such matter relating to such applicants. 16. The position of 1aw being as above with reference to the statutory provisions, the appellants had shown to the authorities and the Tribunal that they are primary agricultural credit societies in terms of clause (cciv) of section 5 of the BR Act, having regard to the primary object or principal business of each of the appellants. It is also clear from the materials on record that the bye-laws of each of the appellants do . not permit admission of any other co-operative society as member, except ....