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| The Tax Publishers2019 TaxPub(DT) 3795 (Chen-Trib) INCOME TAX ACT, 1961
Section 80P
AO was not bound by registration certificate issued by Registrar of Kerala Co-operative Society classifying assessee-society as a co-operative society and he had to conduct inquiry into the factual situation as to activities of assessee-society to determine eligiblity of deduction under section 80P, accordingly issue of deduction under section 80P(2)(a)(i) was restored to AO, to examine activities of assessee and determine its eligibility for deduction under section 80P.
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Deduction under section 80P(2)(a)(i) - Allowability - Assessee registered as a primary agricultural society under Kerala C-operative Societies Act, 1969 -
Assessee registered as a primary agricultural society under Kerala Co-operative Societies Act, 1969 claimed registration under section 80P. AO denied deduction holding that assessee by activities were that of a co-operative bank and not that of co-operative society.Held: AO was not bound by registration certificate issued by Registrar of Kerala Co-operative Society classifying assessee-society as a co-operative society and he had to conduct inquiry into the factual situation as to activities of assessee society to determine eligiblity of deduction under section 80P, accordingly issue of deduction under section 80P(2)(a)(i) was restored to AO to examine activities of assessee and determine its eligibility for deduction under section 80P.
Followed:Mavilayi Service Co-operative Bank Ltd. v. CIT [ITA No. 97/2016 Order, dt. 19-3-2019].
REFERRED :
FAVOUR : In assessee's favour.
A.Y. : 2011-12
IN THE ITAT, COCHIN BENCH
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