SSK PATTIN SAHAKARI SANGH NIYAMIT,BAGALKOT vs. ITO, BAGALKOT

ITA 1446/BANG/2013Status: DisposedITAT Bangalore26 August 2015AY 2009-105 pages
AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that the assessee is a co-operative society and not a co-operative bank. Therefore, the denial of deduction under Section 80P(2)(a)(i) by the CIT(A) was incorrect, following the jurisdictional High Court's decision.

What were the facts?

The assessee, a co-operative society, claimed deduction under Section 80P(2)(a)(i) for its banking and credit facilities business. The Assessing Officer (AO) denied this deduction, stating it was a 'co-operative bank' and thus not eligible due to Section 80P(4). The CIT(A) upheld the AO's decision.

What were the issues?

Whether the assessee, a co-operative society providing credit facilities, is a 'co-operative bank' disentitled to deduction under Section 80P(4) or eligible for deduction under Section 80P(2)(a)(i).

Which sections of the Income-tax Act were involved?

Section 80P(2)(a)(i),Section 80P(4),Section 143(3)

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Cases cited in this judgment(3)Show list

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Income Tax Appellate Tribunal, BANGALORE BENCH ‘B’, BANGALORE

Before: SMT. ASHA VIJAYARAGHAVAN, JM (SMC)

For Appellant: Shri S. Ramasubramanian, CA
For Respondent: Dr. P.K.Srihari, Addl.CIT

PER SMT ASHA VIJAYARAGHAVAN, JM:

This appeal by the assessee is directed against the order of CIT(A),

Belgaum dated 14-08-2013 for the assessment year 2009-10. 2. The assessee is a co-operative society registered under the Karnataka State Co-operative Societies Act. The assessee filed return of income on 28-09-2009, declaring gross total income of Rs.14,34,736/-

after claiming deduction u/s 80P(2)(a)(i) under chapter VIA, the total

income is declared at Rs NIL. It was therefore, claimed that the Society is 2 ITA No.1446(Bang)2013

entitled to deduction under section 80P(2)(a)(i) under chapter VIA as it is a co-operative society, carrying on the business of banking or providing

credit facilities to

The order continues below.

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