PRIMARY AGRICULTURAL COOPERATIVE SOCIETY Vs. UNION OF INDIA

JUDGEMENT

(1.) Heard learned counsel, Sri Kedarnath, representing on behalf of learned counsel Sri P. Rama Sharana Sharma, representing the learned counsel for appellants, Sri Y.V. Anil Kumar, learned Central Government Counsel, representing for the 1st respondent and Sri Vijay Kumar Punna, learned Central Government standing counsel representing for the 2nd respondent.

(2.) The short point that arises in all the petitions is that whether the authority was right in rejecting the applications preferred under Sec. 119(2)(b) of the Act seeking to condone the delay in filing the returns for the assessment year 2021-2022. We have perused the order passed by the competent authority on the applications. The applications by the assesse were preferred invoking the provisions of clause (b) of sub-sec. 2 of Sec. 119 of the Income Tax Act, 1961, praying to condone the delay in the filing of returns for the assessment year 2021-2022 and thereby, enabling them to claim deduction under Sec. 80P of the Act.

(3.) The status of petitioners' society is not disputed. The petitioners' society are all Primarily agricultural cooperative Societies (PACS) registered under the cooperative Societies Act and are engaged in the business of extending financial assistance (loans) to its members. The fact that the society is part of the credit cooperative structure and extends financial assistance only to its members is a fact that can be prima facie inferred from the pleadings.