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| The Tax Publishers2021 TaxPub(DT) 0784 (Mad-HC) : (2021) 431 ITR 0583 INCOME TAX ACT 1961
Section 80P(2)(a)(i) Section 2(16)
Where definition of the expressions 'members' and 'associate member' under the TNCS Act held that an 'associate member' is also a 'member' in terms of section 2(16) of the TNCS Act, AO was not justified denying deduction under section 80P(2)(a)(i) to assessee-society registered under the provisions of the TNCS Act.
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Deduction under section 80P - Cooperative banking society - Whether Associate Member' under the TNCS Act could not be considered as 'member' -
Assessee Society was registered under the provisions of the TNCS Act. AO held that the associate member' under the TNCS Act could not be considered as 'member' for the purpose of claiming deduction under section 80P(2)(a)(i). Held: As decided in M/S. S-1308 Ammapet Primary Agricultural Cooperative Bank Ltd. [T.C.A. No. 882 & 891 of 2018 dt. 6-12-2018] definitions of the expressions 'members' and 'associate member' under the TNCS Act held that an 'associate member' is also a 'member' in terms of section 2(16) of the TNCS Act. Furthermore, AO himself found that the associate members are also admitted as members of the society. In such circumstances, the AO fell into an error in not granting any relief to the assessee society.
REFERRED :
FAVOUR : In favour of assessee
A.Y. : 2014-15
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