TaxTMI 
TaxTMI 
TaxTMI 
2019 (6) TMI 1098
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.... Mr.C.Prakasam (in all W.Ps) For the Respondent : Mr.A.N.R.Jayaprathap Junior Standing counsel (Income Tax) (in all W.Ps) COMMON ORDER This common order will govern aforesaid five writ petitions. In other words, this common order will dispose of these five writ petitions. 2. Mr.C.Prakasam, learned counsel on record for writ petitioner in each of the five writ petitions and Mr.A.N.R.Jayaprathap, Junior standing counsel (Income Tax), who accepted notice on behalf of the sole respondent in each of the five writ petitions are before this Court. 3. All the five writ petitions are listed under the caption 'FOR ADMISSION' in the motion list before this Court today. 4. However, with the consent of learned counsel on both sides, main w....
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....gned notices. 7. The sheetanchor submission of learned counsel for writ petitioner in each of these five writ petitions is that a Division Bench of this Hon'ble Court, in an order dated 02.08.2016 made in Tax Case Appeal Numbers.484 to 487 and 490 of 2016, has held that Cooperative Societies akin to those of writ petitioners are entitled to the benefit of Section 80P of IT Act. 8. Adverting to the aforesaid order of Hon'ble Division Bench, learned counsel submitted that questions of law, which were entertained by the Hon'ble Division Bench are adumbrated in paragraph 5 of the said order, which reads as follows: '5. Aggrieved by the order of the Income Tax Appellate Tribunal, the appellants have filing these appeals, on r....
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....ed to any cooperative Bank other than a primary agricultural credit society. The assessee cannot be treated as a credit society for the loan advanced to non-agricultural purposes and so the assessee societies are not entitled for the benefit under Section 80P (2) (a) (i) read with 80P (4).' 9. To be noted, all three aforesaid substantial questions of law pertain to Section 80P of IT Act qua Cooperative Societies. Also to be noted, the aforesaid judgment has been rendered by Hon'ble Division Bench, in tax case appeals, which are essentially under Section 260A of IT Act. 10. The aforesaid three substantial questions of law on which the statutory appeals i.e., tax case appeals were heard out, were answered in favour of the assessee a....
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....cial accommodation to its members to meet all the agricultural requirements and to provide credit facilities to the members, as per the bye-laws and as laid down in Section 5 (cciv) of the Banking Regulation Act, 1949. Further, from the CPT Circular dated 12.03.2008, it is evident that a credit co-operative society is not a cooperative bank, as defined in Part V of the Banking Regulation Act, 1949. The object of a 'Co- operative bank' is to accept deposits from the public, for lending or investment of money. On perusal of the findings of the Appellate Authority as well as the Appellate Tribunal, it is categorically made clear that the assessee society will not come under the object of the principal business of a cooperative bank, ....
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.... ratio therein would apply to the writ petitioner in each of these cases. 12. Therefore, it would follow as a natural sequitur that it would serve no useful purpose in allowing the impugned notices to proceed further as ultimately the authorities will stand bound by the ratio / rationale laid by the Hon'ble Division Bench. 13. However, learned counsel for Revenue, raises two submissions in this regard. 14. First submission is on limitation. This first submission is that the aforesaid order of the Hon'ble Division Bench as well as other orders passed by Hon'ble Division Benches of this Court on the same aspect i.e., benefit of Section 80P of Income Tax Act to Cooperative Societies is being carried further to Hon'ble Suprem....
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....mitted that it may be too late in the day for the Revenue to issue notices under Section 148 afresh, if they are set aside now and ultimately if the Revenue succeeds in the Special Leave Petitions, which are said to have been filed. 20. To be noted, learned counsel for writ petitioner responding to the aforesaid submission submitted that some of the impugned notices in the instant writ petitions are in any event barred by limitation. This Court expresses no opinion on this plea at this point of time in this order owing to the nature of the order that is being passed. 21. In the light of the narrative supra, the following order is passed: a) All the five impugned notices will be kept in abeyance and there will be no further proceedings p....