SHRI VEERSHAIV CO-OP CREDIT SOCIETY LTD,BELGAUM vs. ITO, WARD - 1, NIPANI

This is an appeal filed by the assessee directed against the order of ld. Commissioner of Income Tax (Appeals), Gulbarga (‘CIT(A)’ for short) dated 29.12.2017 for the assessment year 2012-13.

Briefly, the facts of the case are that the appellant is a cooperative society registered under the Karnataka State Co-operative Society Act, 1959 with the object of accepting deposits from its member s and providing credit facilities to its members. The return of income for the assessment year 2012- 13 was filed on 08.08.2012 declaring total income of Rs.Nil after claiming exemption u/s 80P(2)(a)(i) of the Income Tax Act, 1961 (‘the Act’) of Rs.5,83,710/-. Against the said return of income, the assessment was completed by the Income Tax Officer, Nipani (‘the Assessing Officer’) vide order dated 27.06.2014 passed u/s 143(3) of the Act at a total income of Rs.4,17,814/-. While doing so, the Assessing Officer denied the claim of 80P(2)(a)(i) of the Act holding it to be cooperative bank not cooperative society.

Being aggrieved by the above action of the Assessing Officer, an appeal was preferred before the ld. CIT(A), who vide impugned order confirmed the action of the Assessing Officer.

Being aggrieved by the above decision of the ld. CIT(A), the assessee is in appeal before us in the present appeal.

The ld. AR submits that the appellant is not a cooperative bank but a cooperative society and eligible for deduction u/s 80P(2)(a)(i) of the Act.

On the other hand, ld. Sr. DR placed reliance on the orders of the lower authorities.

We heard the rival submissions and perused the material on record. The only issue raised by the assessee in the grounds of appeal