TaxTMI 
TaxTMI 
2019 (7) TMI 710
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....R.Jayaprathap Junior Standing counsel (Income Tax) COMMON ORDER This Common order will dispose of all these four writ petitions. 2. Ms.R.Hemalatha, learned counsel representing Mr.C.Prakasam, learned counsel on record for writ petitioners in all the four writ petitions is before this Court. 3. Mr.A.N.R.Jaya Prathap, learned Junior Standing Counsel (Income Tax) accepts notice on behalf of sole respondent in all the four writ petitions. 4. With consent of learned counsel on both sides, main writ petitions itself are taken up, heard out and are being disposed of. 5. There is no disputation or disagreement before this Court that these matters are squarely covered by a common order dated 11.06.2019 made by this Court in W.P.Nos....
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....ve Societies akin to the writ petitioners are entitled to the benefit of Section 80P, instant writ petitions have been filed, assailing the impugned 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 ....
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....d as per record and bye-laws of the assessee society, for the purpose of voting, attending the board meeting etc. Therefore, as per Section 80P (4), the benefit under Section 80P cannot be extended 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 esse....
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....iety having its area of operation confined to a taluk and the principal object of which is to provide for long-term credit for agricultural and rural development activities." It is seen that the primary object of the society is to provide financial 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 co-operative 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 lendin....
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....out in Section 80P (4) of the Income Tax Act, 1961, is applicable to the assessee credit society. Hence, the appeals are accordingly dismissed.' 11. There is no disputation or disagreement before this Court that the aforesaid order of Hon'ble Division Bench and the 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 i....
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....fferent periods of limitation have been prescribed for notices akin to the instant notices i.e., notices under Section 148 of IT Act and those three periods of limitations are contained in first proviso to Section 147, Section 149(1)(b) and Section 149(1)(c) of IT Act. 18 Learned Revenue counsel adverting to the aforesaid provisions submitted 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. 19. To be noted, learned counsel for writ petitioner responding to the aforesaid submission submitted that some of the impugned notices in the instant writ petit....