26 January 2017
Co-operative Societies in Kerala were struggling to get out of the disallowance of claim u/s 80P(4). Department was very adamant that the claim for deductions u/s 80P(2) are available only to Primary Agricultural Credit Co-operative Societies as these Co-operative Societies are allegedly functioning like Banks. Hon'ble Kerala High Court was also holding such a view. This standpoint is diametrically opposite to the judgments of various High Courts all over India which have held that all co-operatives which are not "Co-operative Banks" as defined in Part V of the Banking Regulation Act 1949 and not licensed by R.B.I are eligible for deduction u/s 80P(2). Recently Hon'ble High Court has held that Income tax authorities shall not probe into the such issues and that if a co-operative society was classified as Primary Agricultural credit society by the State Co-operation Department that only will make them eligible for deduction u/s 80P. Still the issue of other Co-operative societies other than PACS which are not licensed by RBI still is in darkness. Now, the Revenue has challenged the recent decision of the Kerala High Court before the Hon'ble Supreme Court by a SLP. In case the decision of the Apex Court happens to be in favour of the Revenue the entire Co-operative Sector all over India will suffer in as much as such verdict may reverse the decisions of various High Court in which it was held that all co-operatives other those licensed by RBI are eligible for the deduction u/s 80P(2). The Co-operatives in Kerala would like to implead/intervene in the case filed by the revenue in the Apex Court. I earnestly request our experts to please offer the names of some of the eminent Advocates in supreme Court who are well versed in the subject matter i.e. differences between Co-operative banks and other Co-operative Societies carrying on Banking business and its implication on section 80P(2) & 80P(4).
Read more at: https://www.caclubindia.com/experts/ask_query.asp
27 January 2017
you can try Fali Nariman Soli Dastur Soli Sorabjee Ajay Vohra Jehangir Mistry Harish Salve Kapil Sibal Most are Delhi or Mumbai based. Not sure of those down south who are practicing in the SC.
27 January 2017
Thank You. Could you please help us by providing one or more citations on the subject related with any of these eminent Lawyers? It is very vital as far as our movement is concerned. Hence the query.
CAclubindia
