Madras HC reverses ITAT's
order, grants deduction u/s. 80P(2)(a)(i) to assessee (a society engaged in the
business of banking and providing credit facilities to its members) on income
earned from fair price shops set up under the Public Distribution System (PDS)
of the Government for AY 2005-06; Rejects AO’s stand that since the activity
related to PDS was not related to assessee's banking activity, the income
arising therefrom was not allowable u/s 80P(2)(a); Notes that the assessee had
set up fair price shops pursuant to directives issued by the Government, which
are binding on the assessee-society; Further notes that activity of
establishing a fair price shop clearly falls within the scope of
assessee-society’s by-laws; Also holds that the definition of 'credit society'
is wider in import to include any activity that the Government may, by
notification, specify, concludes that the given activity cannot be truncated
from the activities of the credit society, relies on Bombay HC ruling in
Ahmednagar District Central Cooperative Bank Limited,:HC
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