M/S ITI EMPLOYEES CO-OPERATIVE SOCIETY LTD.,BANGALORE vs. CIT, BANGALORE

ITA 659/BANG/2014Status: DisposedITAT Bangalore14 August 2015AY 2009-108 pages
AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that Section 80P(4) applies only to cooperative banks, not to credit cooperative societies. Therefore, the assessee, being a cooperative society and not a cooperative bank, is eligible for the deduction under Section 80P(2)(a)(i).

What were the facts?

The assessee, a cooperative society, claimed deduction under Section 80P(2)(a)(i). The CIT invoked Section 263, holding that the assessee was a cooperative bank and thus ineligible for deduction due to Section 80P(4). The CIT directed the AO to redo the assessment disallowing the deduction.

What were the issues?

Whether a credit cooperative society is considered a cooperative bank for the purpose of Section 80P(4) and thus ineligible for deduction under Section 80P(2)(a)(i).

Which sections of the Income-tax Act were involved?

Section 263,Section 80P(2)(a)(i),Section 80P(4)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, “C” BENCH : BANGALORE

Before: SHRI N.V. VASUDEVAN & SHRI ABRAHAM P. GEORGE

For Appellant: Shri Sandeep, CA
For Respondent: Shri Sunil Kumar Agarwal, Jt. CIT(DR)
Hearing: 06.08.2015Pronounced: 14.08.2015

Per N.V. Vasudevan, Judicial Member

This appeal by the assessee is against the order dated 27.3.14 of the CIT, Bangalore IV, Bangalore passed u/s. 263 of the Act.

2.

Assessment of the assessee was completed by the AO u/s. 143(3) of the Act by an order dated 30.11.2011 accepting Nil income. The CIT, in exercise of his powers conferred u/s. 263, by the impugned order, held that the claim of assessee for deduction u/s. 80P(2)(a)(i) of the Act was not allowable, in the light of provisions of section 80P(4) of the Act. According to the CIT, the assessee was a co-operative bank and therefore provisions of section 80P(4) will apply and income of th

The order continues below.

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