2024 (5) TMI 56

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.... ORDER Per Bench This is a set of eight Appeals by Assessee agitating the denial of deduction under section 80P(1) of the Income Tax Act, 1961 (the Act), claimed on the entirety of its profits and gains of business, in assessments under section 143(3) of the Act for Assessment Years (AYs.) 2011-12 to 2018-19, since confirmed in first appeal by the Commissioner of Income Tax (Appeals), Income....

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....imary Agricultural Credit Society (PACS). This assumes relevance as this restriction by way of an amendment to s. 2(oa) of the Kerala Act by the Amendment Act of 1999, is applicable only to societies registered on or after the date of the commencement of the said Act, i.e., 01/01/2000. 3. We have heard the parties, and perused the material on record. 3.1 This Tribunal has per a series of decisio....

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....f banking as specified in section 5(b) of the Banking Regulation Act, 1949 (BRA). Two, given it's lending profile, whereby admittedly the advances are predominantly for non-agricultural purposes, violating the defining terms of PACS, i.e., under the BRA, adopted for the purpose of s. 80P (which is further in complete agreement with that under the Kerala Act), the appellant is not a PACS. So, howev....

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....fore eligible for deduction u/s. 80P(1) r/w s. 80P(2)(a)(i) and, where so, its extent, thus rests solely on the assessee being, or not being, a co-operative bank, a term again defined under BRA, which stands adopted for the purpose of s. 80P, determining the issue. 3.2 The copy of the bye-laws, only a certified translated copy of which, in full, can be taken cognizance of and regarded as a part o....