tag:blogger.com,1999:blog-4343866758646221519.post1141213357669925006..comments2023-05-08T06:36:55.765-07:00Comments on CA. K S KOHLI: CO-OPERATIVE SOCIETY TAXATIONCA K S KOHLIhttp://www.blogger.com/profile/11770740710766032085noreply@blogger.comBlogger1125tag:blogger.com,1999:blog-4343866758646221519.post-75204333289502374972012-01-03T01:11:46.772-08:002012-01-03T01:11:46.772-08:00All urban Co operative credit society and Pat-Pedh...All urban Co operative credit society and Pat-Pedhis by virtue of provisions of [Note :Part V contains amendement in definition ] - Section 5(ccii),5(ccv) and 5(ccvi) of Banking Regulation Act, 1949 Further, Section 5A of Banking regulation Act,1949 overrides Bye laws of the co op credit society whose principal business of a primary credit society is the transaction of banking business and When its paid up capital and reserves attain the level of Rs.1 lakh, a primary credit society automatically becomes a primary cooperative bank.<br /> <br />Further, vide para 8 in the case of [Salgaon Sanmitra Sahakari Pathpedhi Ltd. v. Additional Commissioner of Income-tax, Ward-17(3),Mumbai. - [12 Taxmann.com 246 (2011)] the assessee society was classified as 'cooperative bank' under section 12(1) of the Maharashtra Cooperative Society Act, 1960 as per the registration certificate issued by the Assistant Registrar, Cooperative Society, Mumbai.<br /> <br />Once the urban Co operative credit society and Pat-Pedhis are classified as Bank then they are not eligible for benefit provided under section 80P of the Income Tax Act,1961, from Assessment Year 2007-08 by virtue of Section 80P(4) read with section 2(24)(viia) both of income Tax Act, 1961.<br /> <br />Note : Please also refer point no. 4 of page 15 of Banking regulation Amendment Bill,2011 introduced in the loksabha.r.b.popathttps://www.blogger.com/profile/05286681024779426170noreply@blogger.com