Assessing Officer issued notice under section 148 of the Act for denying the\u00a0 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\u00a0 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 \u00a0Totagars Co-Operative Sale Society v.ITO (2010\u00a0 188 Taxman 282\/ 322 ITR 283 (SC) and\u00a0 CIT\u00a0v.\u00a0Salem Agricultural Producers Co-operative Marketing Society Ltd.’\u00a0[2016] 76 taxmann.com 225 (Mad.)(HC).(AY. 2016-17,\u00a0 2017-18)<\/p>\n","protected":false},"excerpt":{"rendered":"
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] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-43047","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-bcj","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/43047","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=43047"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/43047\/revisions"}],"predecessor-version":[{"id":43048,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/43047\/revisions\/43048"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=43047"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=43047"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=43047"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}