TaxTMI 
TaxTMI 
2021 (3) TMI 263
X X X X Extracts X X X X
X X X X Extracts X X X X
....the case are as follow: The assessee is a Society registered under the provisions of Karnataka Souharda Sahakari Act, 1997. It is engaged in the business of providing credit facilities to its members. For the assessment year 2016-2017, the return of income was filed on 11.07.2017 declaring total income of Rs. 4,15,770 after claiming deduction u/s 80P(2)(a)(i) of the I.T.Act, amounting to Rs. 45,13,400. The assessment was completed vide order dated 28.12.2018 u/s 143(3) of the I.T.Act. In the assessment order completed, the Assessing Officer denied the claim of deduction u/s 80P(2)(a)(i) of the I.T.Act. 4. Aggrieved by the order of the Assessing Officer in denying the claim of deduction u/s 80P(2) of the I.T.Act, the assessee preferred an ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ative Ltd. (supra) had decided an identical issue and held that the entities registered under the Karnataka Souharda Sahakari Act, 1997, fit into the definite term "Co-operative Society". The relevant finding the Hon'ble Karnataka High Court reads as follow:- "In the above circumstances, these writ petitions succeed; a declaration is made to the effect that the entities registered under the Karnataka Souharda Sahakari Act, 1997 fit into the definition of "co-operative society" as enacted in sec.2(19) of the Income Tax Act, 1961 and therefore subject to all just exceptions, petitioners are entitled to stake their claim for the benefit of sec.80P of the said Act, a Writ of Certiorari issues quashing the impugned notice dated 30.03.2018 at A....
X X X X Extracts X X X X
X X X X Extracts X X X X
....overnments to form their own Cooperative Acts. Post Independence, various state governments framed their own independent Cooperative Acts and the Central Government its Multi-State Cooperative Act. Accordingly, Karnataka State Cooperative Societies Act, 1959 (KSCS Act, 1959) regulates Co-operative societies in the state of Karnataka. A Panchayat, a Cooperative society and a School for every village were considered as the three pillars of the integrated community development. As time passed by, other aspects were included into the Cooperative act thus heralding the resurgence of a new era in cooperative movement. The state and the central governments were investing millions of rupees in the form of shares, grants, subsidy, contributions, gov....
X X X X Extracts X X X X
X X X X Extracts X X X X
....With the consent of The President of India, it was enforced from January 2001. Preamble to the Act reads thus:- "An Act to provide for recognition, encouragement and voluntary formation of Co-operatives based on self-help, mutual aid, wholly owned, managed and controlled by members as accountable, competitive, self-reliant and economic enterprises guided by co-operative principles and matters connected therewith; WHEREAS it is expedient to provide for recognition encouragement and voluntary formation of co-operatives based on selfhelp, mutual aid, wholly owned, managed and controlled by members as accountable, competitive self-reliant and economic enterprises guided by co-operative principles and for matters connected therewith; BE it en....