JANSEVA CO-OPERATIVE CREDIT SOCIETY LTD.,MUMBAI vs. INCOME TAX OFFICER, WARD-17(2)(1), MUMBAI

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ITA 174/MUM/2023Status: DisposedITAT Mumbai30 March 2023AY 2016-177 pages

In favour of the assessee: the assessee's appeal was allowed. From the AI summary of this appeal.

AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that the issue of eligibility for deduction under Section 80P, even with nominal members, is settled by the Supreme Court's decision in Mavilayi Service Co-operative Bank Ltd. The Tribunal also noted that similar issues for the assessee in prior assessment years were decided in its favor.

What were the facts?

The assessee, Janseva Co-operative Credit Society Ltd., claimed deduction under Section 80P on its entire profit. The Assessing Officer disallowed this deduction, citing transactions with nominal members who lacked voting power, implying the society was not exclusively serving its members. The CIT(A) upheld this disallowance.

What were the issues?

Whether a co-operative society is eligible for deduction under Section 80P when it transacts with nominal members, and whether the Supreme Court's decision in Mavilayi Service Co-operative Bank Ltd. applies.

Which sections of the Income-tax Act were involved?

Section 80P

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Income Tax Appellate Tribunal, “SMC” BENCH, MUMBAI

For Appellant: Shri Tanzil R. Padvekar
For Respondent: Shri C.T. Mathews
Hearing: 20.03.2023Pronounced: 30.03.2023

आदेश की प्रतितिति अग्रेतिि/Copy of the Order forwarded to : अपीलाथी / The Appellant 1. 2. प्रत्यथी / The Respondent.

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