Assessing Officer issued notice under section 148 of the Act for denying the claim under section 80P on ground that deduction was available only for income and interest received from co-operative society and not from co-operative bank. On writ allowing the petition the Court held that the assessee produced a document to show that Co-operative Bank, where investments were made was registered under Tamil Nadu Co-operative Societies Act, 1983-Whether since investment was made by assessee in a co-operative bank registered under Co-operative Societies, assessee would be entitled to claim benefit under section 80P(2)(d). Accordingly the reassessment notice and order disposing the objection. is quashed. Relied on Totagars Co-Operative Sale Society v.ITO (2010 188 Taxman 282/ 322 ITR 283 (SC) and CIT v. Salem Agricultural Producers Co-operative Marketing Society Ltd.’ [2016] 76 taxmann.com 225 (Mad.)(HC).(AY. 2016-17, 2017-18)
Thorapadi Urban Co-op Credit Society Ltd. v. ITO (2024) 296 Taxman 250 (Mad.)(HC)
S. 148A : Reassessment-Conducting inquiry, providing opportunity before issue of notice-Co-operative societies-Interest received from Co-Operative banks-Entitle to exemption.[S.2(19), 80P(2) (a)(i), 80P(2)(d), 148A(b), 148A(d), Tamil Nadu Co-Operative Societies Act, 1983,, Co-Operative Societies Act, 1912, Art. 226]