ITO, HUBLI vs. THE WEST COAST PAPER MILL EMPLOYEES SOUHARDA CREDIT CO-OPERATIVE LTD., DANDELI

ITA 638/BANG/2015Status: DisposedITAT Bangalore14 August 2015AY 2010-1111 pages
AI SummaryAllowed

What did the Tribunal hold?

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

What were the facts?

The assessee, a cooperative society registered under the Karnataka Souhardha Cooperative Act, 1997, provided credit facilities to its members and claimed deduction under Section 80P(2)(a)(i). The AO denied this deduction, viewing the assessee as a cooperative bank ineligible due to Section 80P(4).

What were the issues?

Whether a credit cooperative society engaged in providing credit facilities to its members is considered a 'cooperative bank' for the purposes of Section 80P(4) of the Income Tax Act, thereby disentitling it to deduction under Section 80P(2)(a)(i).

Which sections of the Income-tax Act were involved?

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 Sunil Kumar Agarwala, Jt. CIT(DR)
For Respondent: Shri Prasad R. Siramath, Advocate
Hearing: 05.08.2015Pronounced: 14.08.2015

Per N.V. Vasudevan, Judicial Member This appeal by the Revenue is against the order dated 11.02.2015 of the CIT(Appeals), Hubballi relating to assessment year 2010-11. 2. In this appeal, the Revenue has challenged the order of CIT(Appeals) allowing exemption to the assessee u/s. 80P(2)(a)(i) of the Act, holding that the assessee is a co-operative society and not a co- operative bank and therefore the provisions of section 80P(4) of the Act are not applicable.

3.

The assessee is a co-operative society registered under the Karnataka Souhardha Cooperative Act, 1997. It is engaged in the business of providing credit facilities to its members.

The order continues below.

Read the full judgment

A free account opens 10 full judgments a month. Re-reading one you have already opened does not count again.

Create a free accountSign in

See plans and prices

The summary, the parties, the sections and the citations above are open to everyone and always will be. Only the text of the order and the PDF are metered.

More judgments on Section 80P(2)(a)(i)

All 2,347 judgments and leading authorities on Section 80P(2)(a)(i) →

Recent GST High Court judgments

Search GST case law →