TaxTMI 
TaxTMI 
2021 (2) TMI 497
X X X X Extracts X X X X
X X X X Extracts X X X X
....bunal, Chennai, 'C' Bench ('the Tribunal' for brevity) for the assessment year 2014-15. 2. The assessee has filed this appeal by raising the following substantial questions of law: "i. Whether, under the facts and circumstances of the case, the Tribunal was right in holding that the appellant is not entitled for deduction under Section 80P ? ii. Whether, under the facts and circumstances of the case and based on material before the Tribunal, the finding of the Tribunal that there is no mistake apparent from record in the order of the Tribunal in ITA.No.2331/Mds/2017 and C.O.No.180/Chny/ 2017 not perverse? iii. Is the finding of the Tribunal that the appellant is a cooperative bank and therefore ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....mmapet, in T.C.A.No. 882 & 891 of 2018 dated 06.12.2018. The assessee in the said case was also a Cooperative Society carrying on business of Banking. The question was whether the assessee was entitled to deduction under Section 80P(2)(a)(i) of the Act, as the activity carried on by the assessee being a finance business, it cannot be termed as a Cooperative Society. 4. The Court after considering the definition of 'Member' under the Tamil Nadu Cooperative Societies Act, 1983 and also taking note of Section 80P(4) of the Act, considered the definitions of the expressions 'Members' and an 'associated members' under the Cooperative Societies Act and held that an 'associated member' is also a member in t....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ct, all that is required is that the cooperative society should answer the description of a society engaged in carrying on the business of providing credit facilities to its member. Once the description is answered, then automatically, the benefit of Section 80P of the Act would stand attracted subject to the provisions contained in Sub-Section (2) of Section 80P of the Act. 14. Further, it is to be pointed out that in terms of Sub-Section (4) of Section 80P of the Act, which was inserted vide the Finance Act, 2006 with effect from 01.4.2007 i.e from the assessment year 2007-08, the 'primary co-operative agricultural and rural development bank' means 'a society having its area of operation confined to a taluk, the princ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ble Supreme Court in the decision in the case of Citizen Cooperative Society Limited also observed that in the light of insertion of Sub-Section (4) to Section 80P of the Act by the Finance Act, 2006, such deduction should not be admissible to a cooperative bank and that if it is a primary agricultural credit society or a primary cooperative agriculture and rural development bank, the deduction would still be provided. 17. In the preceding paragraphs, we have pointed out the definitions of the expressions 'members' and 'associate member' under the TNCS Act and held that an 'associate member' is also a 'member' in terms of Section 2(16) of the TNCS Act. Furthermore, the Assessing Officer himself found....