TaxTMI 
TaxTMI 
2019 (7) TMI 749
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....the sake of convenience, clarity and ease of reference, the entire order dated 27.06.2019 made in the batch is extracted and reproduced infra: 'This common order will dispose of all these 33 writ petitions. There is no disputation or disagreement before this Court and between the parties that all these 33 writ petitions are covered by an earlier order dated 18.06.2019 made by this Court in W.P.Nos.16868, 16877, 16882 and 16893 of 2019, which in turn was made by following an earlier common order dated 11.06.2019 made by this Court in W.P.Nos.15651/2019 etc., (five writ petitions). 2. To be noted, all these writ petitions turn on Section 80P of 'Income Tax Act, 1961' ('IT Act' for brevity). 3. For the sake of conve....
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....ners 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 of the said order, which reads as follows: '5....
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....ding 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 essentially under Section 260A of IT Act. 10. The aforesaid three substantial questions of law ....
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....tural 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 lending or investment of money. On perusal of the findings of the Appellate Authority as well as the Appellate Tribunal, it is categorically made c....
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....s 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 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.....
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....ection 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 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. 4. In the light of the aforesaid undisputed position....