CIDCO EMPLOYEES CO-OP. CREDIT SOCIETY,MUMBAI vs. ITO, WARD-28(1)(3), MUMBAI

ITA 600/MUM/2024Status: DisposedITAT Mumbai27 June 2024AY 2012-13Bench: SHRI AMIT SHUKLA (Judicial Member), SHRI RATNESH NANDAN SAHAY (Accountant Member)1 pages
AI SummaryAllowed

What did the Tribunal hold?

The Tribunal, respectfully following the decisions of coordinate benches and various High Courts, held that the assessee is entitled to claim deduction under Section 80P. The assessee is a cooperative society providing credit facilities to its members and not a co-operative bank as defined under Section 80P(4).

What were the facts?

The assessee, a cooperative credit society, claimed deductions under Section 80P of the Income Tax Act. The Assessing Officer (AO) and the CIT(A) rejected the claim for lack of substantiating documents and because the society was allegedly a 'co-operative bank' hit by Section 80P(4). The case was reopened after the initial assessment accepted the income as 'Nil'.

What were the issues?

Whether the assessee, a cooperative credit society, is eligible for deduction under Section 80P, and if Section 80P(4) disallows such deduction for cooperative banks.

Which sections of the Income-tax Act were involved?

Section 80P,Section 80P(2)(d),Section 80P(2)(a)(i),Section 80P(4),Section 143(3),Section 148,Section 234B,Section 234C,Section 271(1)(c)

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Income Tax Appellate Tribunal, MUMBAI BENCH “SMC”, MUMBAI

Before: SHRI AMIT SHUKLA & SHRI RATNESH NANDAN SAHAY

For Appellant: Shri Bhupendra Shah, A.R
For Respondent: Shri R. R. Makwana- SR. D.R

Per :Ratnesh Nandan Sahay, Accountant Member:

1.

This appeal has been filed by the appellant against the Order of the Ld. CIT (Appeals) passed u/s. 250 of the Income Tax Act [the ‘Act’ in short] vide DIN & Order No. ITBA/NFAC/S/250/2023-24/1057540749(1) Dated 31/10/2023 for the Assessment Year 2012-13. 2 M/s. CIDCO Employees Co. Op. Credit Society

2.

Following grounds of appeal have been raised by the appellant: - [A] “1(a). On the facts and in circumstances of the cases and in law, the Id. CIT(A)- NFAC erred in passing the order u/s. 250 of the Income Tax Act, 1961 and upholding t

The order continues below.

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