SAMRUDH VIVIDODDESHA SOUHARDA SAHAKARI NIYAMITA,SHIVAMOGGA vs. INCOME-TAX OFFICER, WARD-5, SHIVAMOGGA

ITA 1085/BANG/2024Status: DisposedITAT Bangalore27 June 2024AY 2017-18Bench: SMT. BEENA PILLAI (Judicial Member)1 pages
AI SummaryRemanded

What did the Tribunal hold?

The Tribunal held that entities registered under the Karnataka Souharda Sahakari Act, 1997, are considered co-operative societies for the purpose of Section 80P, following the Karnataka High Court's decision. The issue of deduction for credit facilities extended to nominal/associate members was remanded to the AO.

What were the facts?

The assessee, a Souharda Sahakari, was denied deduction under Section 80P(2)(a)(i) by the AO on the grounds that it was registered under the Karnataka Souharda Sahakari Act, 1997, and not the Karnataka Co-operative Societies Act, 1959. The CIT(A) dismissed the appeal for non-compliance.

What were the issues?

Whether entities registered under the Karnataka Souharda Sahakari Act, 1997, qualify as co-operative societies for Section 80P deduction, and the allowability of deduction for credit facilities extended to nominal/associate members.

Which sections of the Income-tax Act were involved?

Section 80P,Section 2(19),Section 80P(2)(a)(i),Section 80P(2)(d),Section 57,Section 80P(4)

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Income Tax Appellate Tribunal, SMC-‘C’ BENCH : BANGALORE

Before: SMT. BEENA PILLAI

For Appellant: Shri Varun Bhat, CA, Shri Ganesh R Ghale, Advocate

PER BEENA PILLAI, JUDICIAL MEMBER Present appeal arises out of order dated 18.05.2023 passed by NFAC, Delhi for A.Y. 2017-18 on following grounds of appeal: Brief facts of the case are as under:

2.

The assessee is an AOP and filed its return of income on 12.07.2017 declaring total income of Rs. 1,17,290/-. The case was selected for scrutiny through CASS and notice u/s. 143(2) of the act was issued along with notice u/s. 142(1).

2.

1 In response to the notices, the assessee submitted that, it is carrying out the business in banking and providing credit facilities to its members consisting of regular, nominal and associate members.

The order continues below.

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