Primary Agricultural Co-op Credit Society is eligible for Sec. 80P Deduction

ITO Vs M/s. Edanad- Kannur SCB Ltd. (ITAT Cochin)

The undisputed facts are that the assessees in these cases are all primary agricultural credit society and they are registered as such under the Kerala Co­operative Societies Act. The Hon’ble jurisdictional High Court in the case of Chirakkal Service Co-operative Bank Limited & Ors. (supra) had categorically held in para 17 page 14 of the judgment that when a primary agricultural credit Society is registered as such under the Kerala Co-operative Societies Act, 1969, such society is entitled to the benefit of deduction u/s 80P(2) of the Income-tax Act.

FULL TEXT OF THE ITAT ORDER IS AS FOLLOWS:-

These 19 appeals filed by the Revenue are directed against different orders of the CIT(A) concerning different assessees.

2. In the above cases, the Revenue has raised a common issue, viz., whether the assessees are entitled to the benefit of section 80P deduction. The CIT(A) had allowed the claim of deduction u/s 80P(2) of the Income-tax Act by following the judgment of the Hon’ble jurisdictional High Court in the case of The Chirakkal Service Co-operative Bank Limited & Ors. [(2016) 384 ITR 490 (Ker.)]. Since common issue is raised in these appeals, they are heard together and are being disposed off by this consolidated order.

Please become a Premium member. If you are already a Premium member, login here to access the full content.