CIT v. Kottayam Co-operative Bank Ltd.

M/S.THE MUNDAKKAYAM SERVICE CO-OP BANK LTD,KOTTAYAM vs. THE ITO, KOTTAYAM

Bench: Shri Sanjay Arora & Shri Manomohan Dasthe Mundakkayam Service Co- The Income Tax Officer Operative Bank Ltd. Ward – 2 Mundakkayam Vs. Kottayam Kottayam 686513 [Pan:Aaaat8803H] (Appellant) (Respondent)

…e held to be as a part of the business of banking. The Thalayal commission is only a foreman commission on the Chitties being run by the assessee-society for the benefit of it’s members, and which has been held in CIT v. Kottayam Co-operative Bank Ltd. [1974] 96 ITR 181 (Ker) as only a manner of providing credit to it’s members and, thus, entitled for deduction u/s. 80P(2)(a)(i). 3. Before us, the assessee made an alternate plea of the impugned disallowance, to the extent not deductible u/s. 80P(2)(a)(i) of the Act, would stand to be deductible u/s. 80P(2)(d), and toward which reliance is placed on the decision…

ARYANAD SERVICE CO-OP BANK LTD,TRIVANDRUM vs. ITO WARD -2(3), TRIVANDRUM

In the result, the assessee’s appeal is allowed on the foregoing terms

Bench: Shri Sanjay Arora, Am &Shriabyt.Varkey, Jm

…IN THE INCOME TAX APPELLATE TRIBUNAL COCHIN BENCH, COCHIN Before Shri Sanjay Arora, AM &ShriAbyT.Varkey, JM ITA No.922/Coch/2022: Asst.Year:2017-2018 Aryanad Service Co-operative The Income Tax Officer Bank Limited, No.593, Ward 2(3), vs. Bank Building, Aryanand Trivandrum. Trivandrum – 695 542. [PAN: AAAAA9512F] (Appellant) (Respondent) Appellant by: Sri.Arun Raj S, Advocate Respondent by: Smt.J.M.Jamuna Devi, Sr. DR Date of Date of Hearing : 17.05.2023 Pronouncement: 31.07.2023 O R D E R Per Sanjay Arora, AM: This is an Appeal by the Assessee directed against the order dated 12/8/2022 by the Commissioner…