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.
3. I shall first adjudicate the Revenue’s appeal in the case of M/s.Kakkodi Service Co-operative Bank Limited, concerning assessment years 2007-2008 to 2009-2010 in ITA Nos.525 to 527/Coch/2017. The decision rendered therein would have application in other cases as well.
4. The brief facts in relation to the above cases are as follow:-
4.1 The assessee is a co-operative society registered under the Kerala Co-operative Societies Act, 1969. For the assessment years 2007-2008, 2008-2009 and 2009-2010, the details of returns filed by the assessee-society are as follow:-
