NDLI: The Mavilayi Service Cooperative Bank Ltd. & Ors. Vs. Commissioner of Income Tax, Calicut & Anr.

Content Provider	Supreme Court of India
e-ISSN	30484839
Language	English
Access Restriction	NDLI
Subject Keyword	Income Tax Act 1961
Content Type	Text
Resource Type	Law Judgement
Jurisdiction	India
Case(s) Referred	Referred Case 0 Referred Case 1 Referred Case 2 Referred Case 3 Referred Case 4 Referred Case 5 Referred Case 6 Referred Case 7 Referred Case 8 Referred Case 9 Referred Case 10 Referred Case 11 Referred Case 12 Referred Case 13
Case Type	Appeal
Court	Supreme Court of India
Disposal Nature	Appeal Disposed Off
Headnote	Income Tax Act, 1961: s.80P(2) – Deduction for Cooperative Societies – Assessees registered as ‘Primary Agriculture Credit Societies’ under Kerala Cooperative Societies Act, 1969 – They are stated to be providing credit facilities to their members for agricultural and allied purposes – Claim for deduction under s.80P(2)(a) – Whether assessees are entitled to such deductions after introduction of s.80P(4) by s.19 of Finance Act, 2006 w.e.f. 1.4.2007 – Held: Assessees are entitled to benefit of deduction contained in s.80P(2)(a)(i), notwithstanding that they may also be giving loans to their members which are not related to agriculture – In case it is found that there are instances of loans given to non- members, profits attributable to such loans are not deductible. Income Tax Act, 1961: s.80P(2) – Beneficial provision – Held: s.80P must be construed with the object of furthering the co- operative movement generally – s.80P, being a benevolent provision enacted by Parliament to encourage and promote the credit of the co-operative sector in general must be read liberally and reasonably, and if there is ambiguity, in favour of the assessee – A deduction that is given without any reference to any restriction or limitation cannot be restricted or limited by implication, as is sought to be done by the Revenue in the present case by adding the word “agriculture” into s.80P(2)(a)(i) when it is not there – Further, s.80P(4) is to be read as a proviso, which proviso now specifically excludes co-operative banks which are co-operative societies engaged in banking business – Considering the definition of ‘member’ under the Kerala Act, loans given to such nominal members would qualify for the purpose of deduction under s.80P(2)(a)(i) – Thus, giving of loans by a primary agricultural credit society to non-members is not illegal – Interpretation of statutes.
Judge	Hon'ble Mr. Justice R.F. Nariman
Neutral Citation	2021 INSC 17
Petitioner	The Mavilayi Service Cooperative Bank Ltd. & Ors.
Respondent	Commissioner Of Income Tax, Calicut & Anr.
SCR	[2021] 1 S.C.R. 78
Judgement Date	2021-01-21
Case Number	7343

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