SARASWATI CO OP CREDIT SOCIETY LTD,MUMBAI vs. THE INCOME TAX OFFICER, WARD 41(4)(4), MUMBAI
Income Tax Appellate Tribunal, MUMBAI BENCH “A”, MUMBAI
Before: SHRI VIKRAM SINGH YADAV & SHRI RAJ KUMAR CHAUHANSaraswati Co Op Credit Society Ltd. Shop No. 3 Bajrang Bali Seva Society, Shree Krishna Nagar, Santosh Nagar, Goregaon East, Mumbai-400 065 PAN: AAHTS1602F Vs. ITO Ward 41(4)(4), 218, Kautilya Bhavan, Bandra Kurla Complex, Mumbai-400 051
PER RAJ KUMAR CHAUHAN (J.M.): 1. This appeal is filed by the appellant/assessee against the orderof National Faceless Appeal Centre (NFAC), Delhi [hereinafter referred to as Saraswati Co Op Credit Society Ltd. the “CIT(A)”],passed under section 250 of the Income Tax Act, 1961 [hereinafter referred to as “the Act”] dated 31.01.2025for the A.Y. 2017-18 wherein the penalty imposed u/s 271B of the Act by the Ld.AO vide order dated 04.03.2022 for AY 2017-18 was confirmed. 2. The brief facts as culled out from proceedings before the authorities below are that the assessee is a Cooperative Credit Society having the business of accepting deposits and lending money to the members of the society. The society does not hold a license from Reserve Bank of India and hence cannot be classified as a co-operative bank, therefore the society is eligible for deduction u/s 80P(2)(a)(i), 80P(2)(d) and 80P(c) of the Act.As per Sec 81 of Maharashtra Co-operative Societies Act, the books of accounts of the society have been audited by Chartered Accountants who are appointed from the panel of Auditors, empanelled and allotted by