Citizen Co-operative Society Ltd. v. ACIT

397 ITR 1Supreme Court of India2017#140 most cited

What is Citizen Co-operative Society Ltd. v. ACIT authority for?

A co-operative credit society engaged in banking business with the general public, accepting deposits from non-members and advancing loans to non-members, is treated as a co-operative bank. Such a society falls under the exclusionary clause of Section 80P(4) and is not eligible for deduction under Section 80P(2)(a)(i).

499

judgments rely on this decision, according to BharatTax’s citation analysis of 370,744 Indian tax judgments — from 2017 to 2026.

Also referred to as

Citizen Co-operative Society Ltd. v. ACIT · Section 80P(4) exclusion · co-operative bank definition · co-operative society banking business · deduction for co-operative banks · loans to non-members · deposits from public · 80P(2)(a)(i) eligibility · co-operative credit society deduction

Also reported as

84 Taxmann.com 114

Sections most often in play

Section 80P(2)(a)(i)Section 80P(2)(d)Section 143(3)Section 80PSection 80P(4)Section 56Section 250Section 2(19)

Issues it is cited on

section 59(2)section 2(n)section 80p(2)(a)(iii)section 5(b)section 58section 59section 80p(1)section 80p(4)section 80p(2)(a)section 80p(2)(a)(i)section 80p(2)section 2(19)

Judgments citing Citizen Co-operative Society Ltd. v. ACIT

Keezhallur Service Co-Op Bank Ltd, Kannur vs. The ITO Ward 2, Kannur

In the result, the assessee’s appeals are allowed

ITA 164/COCH/2023[2016-17]Status: DisposedITAT Cochin28 Aug 2023AY 2016-17

Bench: Shri Sanjay Arora, Am & Shri Manomohan Das, Jm

For Appellant: NoneFor Respondent: Smt. J.M. Jamuna Devi, Sr.AR
Section 143(3)Section 80PSection 80P(1)Section 80P(2)(a)Section 80P(2)(d)Section 80P(4)

…icultural credit society (PACS), claimed deduction for the entirety of it’s income for the relevant years u/s. 80P(1) r.w.s.80P(2). The same was disallowed in assessment following the decision in the case of The Citizen Co- operative Society Ltd. v. Asst. CIT 397 ITR 1 (SC), so that the assessee, extending the bulk of it’s loans to nominal members, was, as per the Assessing Officer (AO), hit by sec.80P(4), precluding deduction u/s. 80P. The same was though allowed in appeal, save to the extent of interest on investment in treasury savings and with other institutions, being covered neither u/s.80P(2)(a)(i) nor u/s…

Keezhallur Service Co-Op Bank Ltd, Kannur vs. The ITO Ward 2, Kannur

In the result, the assessee’s appeals are allowed

ITA 163/COCH/2023[2015-16]Status: DisposedITAT Cochin28 Aug 2023AY 2015-16

Bench: Shri Sanjay Arora, Am & Shri Manomohan Das, Jm

For Appellant: NoneFor Respondent: Smt. J.M. Jamuna Devi, Sr.AR
Section 143(3)Section 80PSection 80P(1)Section 80P(2)(a)Section 80P(2)(d)Section 80P(4)

…icultural credit society (PACS), claimed deduction for the entirety of it’s income for the relevant years u/s. 80P(1) r.w.s.80P(2). The same was disallowed in assessment following the decision in the case of The Citizen Co- operative Society Ltd. v. Asst. CIT 397 ITR 1 (SC), so that the assessee, extending the bulk of it’s loans to nominal members, was, as per the Assessing Officer (AO), hit by sec.80P(4), precluding deduction u/s. 80P. The same was though allowed in appeal, save to the extent of interest on investment in treasury savings and with other institutions, being covered neither u/s.80P(2)(a)(i) nor u/s…

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

ITA 922/COCH/2022[2017-18]Status: DisposedITAT Cochin31 Jul 2023AY 2017-18

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

For Appellant: Sri.Arun Raj S, AdvocateFor Respondent: Smt.J.M.Jamuna Devi, Sr. DR
Section 143(3)Section 28Section 36(1)(viii)Section 56Section 80PSection 80P(2)(d)Section 80P(4)

…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…

The ITO-22(1)(6), Mumbai vs. Casa Grande Co-Op Housing Society Ltd, Mumbai

The appeal of the revenue is dismissed

ITA 1519/MUM/2023[2014-2015]Status: DisposedITAT Mumbai27 Jul 2023AY 2014-2015

Bench: Shri Kuldip Singh & Shri Gagan Goyalassessment Year: 2014-15

For Appellant: NoneFor Respondent: Mr. H.M. Bhatt, Sr. A.R
Section 143(3)Section 70Section 80PSection 80P(2)

…IN THE INCOME TAX APPELLATE TRIBUNAL, MUMBAI BENCH “C”, MUMBAI BEFORE SHRI KULDIP SINGH, JUDICIAL MEMBER AND SHRI GAGAN GOYAL, ACCOUNTANT MEMBER Assessment Year: 2014-15 Income Tax Officer- M/s. Casa Grande Co-op. 22(1)(6), Housing Society Ltd., Room No.108, Senapati Bapat Marg, Piramal Chambers, Vs. Lower Parel, Jeejeebhoy Lane, Mumbai – 400 013 Lalbaug, PAN: AABAC0080A Parel, Mumbai – 400 012 (Appellant) (Respondent) Present for: Assessee by : None Revenue by : Mr. H.M. Bhatt, Sr. A.R. Date of Hearing : 19 . 07 . 2023 Date of Pronouncement : 27 . 07 . 2023 O R D E R Per : Kuldip Singh, Judicial Member: T…

Bee Co-Operative Society Limited, Bengaluru vs. Income Tax Officer, Ward- 6(2)(4), Bengaluru

In the result, the appeal of the assessee stands allowed for statistical purpose

ITA 366/BANG/2023[2017-18]Status: DisposedITAT Bangalore19 Jul 2023AY 2017-18

Bench: Shri Chandra Poojari & Smt. Beena Pillaiassessment Year : 2017-18

For Appellant: Shri Madhukar G Hegde, CAFor Respondent: Smt. Supriya Rao O.N, Addl. CIT (DR)
Section 143(1)Section 143(2)Section 80PSection 80P(2)(a)Section 80P(2)(d)

…pt the permanent employees of Bharat Electronics are allowed to be members of the society. 4.3 The Ld.AR submitted that the judgment rendered by the Hon’ble Supreme Court in the case of The Citizen Co- operative Society Limited, Hyderabad Vs. ACIT reported in 397 ITR 1 is not applicable to assessee as, they are dealing with members only unlike the said society before Page 6 of 13 Hon’ble Supreme Court submitted that where the transactions were carried out with non members. The Ld.AR submitted that para 18 of the Hon’ble Supreme Court judgment in said case states that, there cannot be any dispute to the propositi…

Grameena Vyavasaya Sahakari Bank Limited, Jali vs. Income Tax Officer, Ward - 1, Karwar

Appeals of the assessee are allowed in above terms

ITA 228/PAN/2019[2015-16]Status: DisposedITAT Panaji19 Jul 2023AY 2015-16

Bench: Shri Satbeer Singh Godara & Shri G.D. Padmahshali

For Appellant: For Revenue : Shri N. ShrikanthFor Respondent: Shri N. Shrikanth
Section 143(3)Section 80P(2)(a)

…e reason that both the learned lower authorities are of the view that the assessee is not eligible to claim the same in light of having both regular as well as nominal members as per hon’ble apex court’s judgment in Citizen Co-operative Society Limited [2017] 397 ITR 1 (SC). 3. Learned DR also vehemently relied on both the authorities impugned sole reason for denying sec.80P(2)(a)(i) deduction to the assessee. He could hardly dispute that their lordships’ subsequent landmark decision in Mavilayi Service Co-operative Bank Ltd., vs. CIT [2021] 431 ITR 1 (SC) has settled the law that such a reason of an assessee ha…

Gramina Vyavasaya Seva Sahakari Bank Niyamit, Bhatkal vs. Income Tax Officer, Ward -, Karwar

Appeals of the assessee are allowed in above terms

ITA 214/PAN/2019[2016-17]Status: DisposedITAT Panaji19 Jul 2023AY 2016-17

Bench: Shri Satbeer Singh Godara & Shri G.D. Padmahshali

For Appellant: For Revenue : Shri N. ShrikanthFor Respondent: Shri N. Shrikanth
Section 143(3)Section 80P(2)(a)

…e reason that both the learned lower authorities are of the view that the assessee is not eligible to claim the same in light of having both regular as well as nominal members as per hon’ble apex court’s judgment in Citizen Co-operative Society Limited [2017] 397 ITR 1 (SC). 3. Learned DR also vehemently relied on both the authorities impugned sole reason for denying sec.80P(2)(a)(i) deduction to the assessee. He could hardly dispute that their lordships’ subsequent landmark decision in Mavilayi Service Co-operative Bank Ltd., vs. CIT [2021] 431 ITR 1 (SC) has settled the law that such a reason of an assessee ha…

ITO-22(1)(6), Mumbai vs. M/S. Casa Grande Co-Op Housing Society, Mumbai

In the result, the appeal by the Revenue is dismissed

ITA 1259/MUM/2023[2018-19]Status: DisposedITAT Mumbai14 Jul 2023AY 2018-19

Bench: Shri B.R. Baskaran & Shri Sandeep Singh Karhail

For Appellant: NoneFor Respondent: Shri Ashok Kumar Ambartha
Section 143(3)Section 250Section 80PSection 80P(2)(d)

…IN THE INCOME TAX APPELLATE TRIBUNAL “C” BENCH, MUMBAI BEFORE SHRI B.R. BASKARAN, ACCOUNTANT MEMBER AND SHRI SANDEEP SINGH KARHAIL, JUDICIAL MEMBER ITA no.1259/Mum./2023 (Assessment Year : 2018–19) Income Tax Officer ……………. Appellant Ward–22(1)(6), Mumbai v/s Casa Grande Co–operative Housing Society ……………. Respondent Senapati Bapat Marg, Lower Parel Mumbai 400 013 pan – AABAC0080A Assessee by : None Revenue by : Shri Ashok Kumar Ambartha Date of Hearing – 04/07/2023 Date of Order – 14/07/2023 O R D E R PER SANDEEP SINGH KARHAIL, J.M. The present appeal has been filed by the Revenue challenging the impugned…

Iris Co-Operative Housing Society Limited, Mumbai vs. Principle Commissioner of Income Tax, Mumbai

In the result, the appeal by the assessee is allowed

ITA 1001/MUM/2023[2018-2019]Status: DisposedITAT Mumbai28 Jun 2023AY 2018-2019

Bench: Shri Prashant Maharishi & Shri Sandeep Singh Karhail

For Appellant: Shri Ishraq M. ContractorFor Respondent: Shri Manish Sareen
Section 143Section 143(3)Section 2(19)Section 263Section 80PSection 80P(2)(d)Section 80P(4)

…n 80P(2)(d) of the act. 7. The Ld. PCIT-17 erred in law as well as on the facts of the case in relying on the decision of the Hon'ble Supreme Court In case of Citizen Co-operative Society Ltd. vs. Assistant Commissioner of Income-tax, Circle - 9(1), Hyderabad 84 Taxmann.com 114 (2017) even though the given decision is not applicable to the facts of our case. 8”. The Ld. PCIT-17 ought to have appreciated that the benefit of deduction claimed under section 80P(2)(d) has nothing to do with principal of mutuality and thereby the decision in case of M/s. Bangalore Club Vs. CIT quoted in 263 order is irrelevant and not…

Chengamanad Panchayat Service Co-Op Bank Ltd, Aluva vs. ITO Ward 3, Aluva

In the result, the assessee’s appeal is allowed for statistical purposes

ITA 975/COCH/2022[2017-18]Status: DisposedITAT Cochin16 Jun 2023AY 2017-18

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

For Appellant: Sri.SurendranathRao, CAFor Respondent: Smt.J.M.Jamuna Devi, Sr.AR
Section 143(3)Section 250(6)Section 5Section 80PSection 80P(2)Section 80P(2)(a)Section 80P(4)

…s (PCARDB). The Revenue, in doing so, has followed the decision by the Hon'ble jurisdictional High Court in Pr.CIT v. Poonjar Service Co-op. Bank Ltd. [2019] 414 ITR 67 (Ker)(FB), which in turn follows The Citizen Co-operative Society Ltd. v. Asst. CIT [2017] 397 ITR 1 (SC), also relied upon by the Assessing Officer (AO). 2.2 The decision in Poonjar SCB Ltd. (supra), however, stands reversed by the Hon'ble Apex Court in Mavilayi Service Co-operative Bank Ltd. v. CIT [2021] 431 ITR 1 (SC), also explaining the ratio of it’s decision in The Citizen Co-operative Society Ltd. (supra).The question of the assessee-soci…

M/S Chavakkad Service Co-Op Bank Ltd No F 9991, Thrissur vs. ITO Ward 1 &Tps, Guruvayoor

ITA 30/COCH/2023[2017-18]Status: DisposedITAT Cochin12 Jun 2023AY 2017-18

Bench: Shri Sanjay Arora, Am & Shri Aby T.Varkey, Jm

For Respondent: Smt.J.M.Jamuna Devi, Sr. DR
Section 271BSection 80PSection 80P(2)(a)Section 80P(4)

…(2)(a)(i) of the Act following the decision by the Hon'ble jurisdictional High Court in Pr.CIT v. Poonjar Service Co-op. Bank Ltd. [2019] 414 ITR 67 (Ker)(FB), relying, among others, on the decision in The Citizen Co-operative Society Ltd. v. Asst. CIT [2017] 397 ITR 1 (SC). It read the legislative intent of sec.80P(4), as inserted on the statute by the Finance Act, 2006 w.e.f. 01.04.2007, to deny the deduction u/s.80P to co-operative banks, i.e., other than PACS and Primary Co-operative Agricultural and Rural Development Banks (PCARDB). A PACS, by definition, and as explained by it in Muhammed Usman v.…

M/S Chavakkad Service Co-Op Bank Ltd No F 9991, Thrissur vs. ITO Ward 1 &Tps, Guruvayoor

ITA 29/COCH/2023[2012-13]Status: DisposedITAT Cochin12 Jun 2023AY 2012-13

Bench: Shri Sanjay Arora, Am & Shri Aby T.Varkey, Jm

For Respondent: Smt.J.M.Jamuna Devi, Sr. DR
Section 271BSection 80PSection 80P(2)(a)Section 80P(4)

…(2)(a)(i) of the Act following the decision by the Hon'ble jurisdictional High Court in Pr.CIT v. Poonjar Service Co-op. Bank Ltd. [2019] 414 ITR 67 (Ker)(FB), relying, among others, on the decision in The Citizen Co-operative Society Ltd. v. Asst. CIT [2017] 397 ITR 1 (SC). It read the legislative intent of sec.80P(4), as inserted on the statute by the Finance Act, 2006 w.e.f. 01.04.2007, to deny the deduction u/s.80P to co-operative banks, i.e., other than PACS and Primary Co-operative Agricultural and Rural Development Banks (PCARDB). A PACS, by definition, and as explained by it in Muhammed Usman v.…

Uppinangady Catholic Multipurpose Co-Operative Society Ltd., Puttur vs. Income-Tax Officer, Ward-1, Puttur

In the result, appeal filed by the assessee is partly allowed for statistical purposes

ITA 292/BANG/2023[2016-17]Status: DisposedITAT Bangalore07 Jun 2023AY 2016-17

Bench: Shri George George Kassessment Year : 2016-17 M/S. Uppinangady Catholic Multipurpose The Income Tax Officer, Co-Operative Society Ltd., Ward - 1, Uppinangadi, Puttur Taluk, Vs. Puttur, D. K. District – 574 241. D. K. District – 574 201. Pan : Aaaau 8482 H Appellant Respondent Assessee By : Shri. Mahesh R. Uppin, Advocate Revenue By : Shri. Ganesh R. Ghale, Advocate – Standing Counsel For Revenue. Date Of Hearing : 07.06.2023 Date Of Pronouncement : 07.06.2023

For Appellant: Shri. Mahesh R. Uppin, AdvocateFor Respondent: Shri. Ganesh R. Ghale, Advocate – Standing Counsel for Revenue
Section 143(1)Section 80P(2)(a)Section 80P(2)(d)

…wherein the claim of deduction under section 80P(2)(a)(i) of the Act was denied for the reason that assessee was primarily dealing with non-members and in view of the Hon’ble Apex Court’s judgment in the case of Citizen Co-operative Society Ltd., reported in 397 ITR 1, the assessee is not entitled to claim deduction under section 80P(2)(a)(i) of the Act. Further, the AO has held that interest income earned from scheduled banks amounting to Rs.16,217/- would not be entitled to deduction either under sections 80P(2)(a)(i) or 80P(2)(d) of the Act. 4. Aggrieved by the order of the AO, assessee preferred the appeal…

The ACIT-24(1), Mumbai vs. Oberoi Spring Co-Op Hsg Soc. Ltd, Mumbai

In the result, the appeals filed by the revenue are dismissed

ITA 847/MUM/2023[2018-2019]Status: DisposedITAT Mumbai29 May 2023AY 2018-2019

Bench: Shri Amit Shukla & Shri Amarjit Singh

For Appellant: Ujjwal ChavhanFor Respondent: Anil Mehta
Section 143(3)Section 80PSection 80P(2)(a)Section 80P(2)(d)Section 80P(4)

…P a g e | 1 ITA Nos.846 & 847/Mum/2023 The ACIT-24(1) Vs. Oberoi Spring Coop Housing Society Ltd. IN THE INCOME TAX APPELLATE TRIBUNAL “C” BENCH, MUMBAI BEFORE SHRI AMIT SHUKLA, JUDICIAL MEMBER & SHRI AMARJIT SINGH, ACCOUNTANT MEMBER ITA Nos. 846 & 847/Mum/2023 (A.Ys.2017-18 & 2018-19) The ACIT-24(1) Vs. Oberoi Spring Coop Room No. 601, Piramal Housing Society Ltd. Chambers, Jeejeebhoy Oshiwara Link Road, Lane, Lalbaug, Parel, Near Monginis Cake Mumbai – 400012 Factory, Oshiwara Andheri (W) Mumbai - 400053 स्थायी लेखा सं./जीआइआर सं./PAN/GIR No: AAAAO2236K Appellant .. Respondent Appellant by : Ujjwal Chavhan…

The ACIT-24(1), Mumbai vs. Oberoi Spring Co-Op Hsg Soc. Ltd, Mumbai

In the result, the appeals filed by the revenue are dismissed

ITA 846/MUM/2023[2017-18]Status: DisposedITAT Mumbai29 May 2023AY 2017-18

Bench: Shri Amit Shukla & Shri Amarjit Singh

For Appellant: Ujjwal ChavhanFor Respondent: Anil Mehta
Section 143(3)Section 80PSection 80P(2)(a)Section 80P(2)(d)Section 80P(4)

…P a g e | 1 ITA Nos.846 & 847/Mum/2023 The ACIT-24(1) Vs. Oberoi Spring Coop Housing Society Ltd. IN THE INCOME TAX APPELLATE TRIBUNAL “C” BENCH, MUMBAI BEFORE SHRI AMIT SHUKLA, JUDICIAL MEMBER & SHRI AMARJIT SINGH, ACCOUNTANT MEMBER ITA Nos. 846 & 847/Mum/2023 (A.Ys.2017-18 & 2018-19) The ACIT-24(1) Vs. Oberoi Spring Coop Room No. 601, Piramal Housing Society Ltd. Chambers, Jeejeebhoy Oshiwara Link Road, Lane, Lalbaug, Parel, Near Monginis Cake Mumbai – 400012 Factory, Oshiwara Andheri (W) Mumbai - 400053 स्थायी लेखा सं./जीआइआर सं./PAN/GIR No: AAAAO2236K Appellant .. Respondent Appellant by : Ujjwal Chavhan…

M/S. University of Agricultural Employees House Building Co-Operative Limited, Bangalore vs. Assistant Commissioner of Income Tax, Circle- 6(3)(1), Bangalore

In the result, the appeal filed by assessee stands allowed

ITA 319/BANG/2023[2016-17]Status: DisposedITAT Bangalore18 May 2023AY 2016-17

Bench: Shri. Chandra Poojari & Smt. Beena Pillaiassessment Year : 2016-17

For Appellant: Shri P.R. Suresh, CAFor Respondent: Advocate-Standing Counsel for Dept
Section 57Section 80P(2)(d)

…he Hon'ble Supreme Court in case of Mavilayi Service Co- operative Bank Ltd. v. CIT reported in 431 ITR 1. 4.2 On the contrary, the Ld.DR relied on the decision of the Hon'ble Supreme Court in the case of Citizens Co-operative Society Ltd. v. ACIT reported in 397 ITR 1, and submitted that, the assessee violated the principles of mutuality by dealing with Page 4 of 10 nominal members, and hence, was not entitled to the benefit of mutuality. The Ld.DR also relied on a subsequent decision of the Hon'ble Karnataka High Court in the case of PCIT Vs. Totgars Co- operative Sale Society Ltd., reported in 395 ITR 611. We…

K 2046 Palangarai P A C C, Tiruppur vs. CIT(A), Coimbatore

In the result, the appeal filed by the assessee is allowed

ITA 1057/CHNY/2022[2016-2017]Status: DisposedITAT Chennai08 Mar 2023AY 2016-2017

Bench: Shri Mahavir Singh

For Appellant: NoneFor Respondent: Shri S. Chandrasekaran, JCIT
Section 143(3)Section 56Section 80PSection 80P(2)(a)

…see’s claim of deduction cannot be allowed. Aggrieved, assessee preferred appeal before CIT(A). The CIT(A) also confirmed the action of the AO by following the decision of the Hon’ble Supreme Court in the case of Citizen Co-operative Society Limited vs. ACIT, 397 ITR 1 (SC). Aggrieved, now assessee is in appeal before the Tribunal. 5. I have heard ld. Senior DR and gone through facts and circumstances of the case. Admitted facts are that assessee is a Co- operative Society registered under TamilNadu Co-operative Societies Act, 1983 providing credit facilities only to its Members based on requirement and eligibil…

The Kundayam Service Co-Op Bank Ltd, Kollam vs. The ITO Ward 4, Kollam

In the result, appeal filed by the assessee is allowed

ITA 976/COCH/2022[2017-18]Status: DisposedITAT Cochin08 Mar 2023AY 2017-18

Bench: Shri George George K. & Ms. Padmavathy S.

For Appellant: Shri Santosh P. Abraham, AdvocateFor Respondent: Smt. J M Jamuna Devi, Sr. AR
Section 143(1)Section 143(2)Section 143(3)Section 15(1)(A)Section 40Section 80PSection 80P(2)(d)

…and include performing of banking operations "as per rules prevailing from time to time", opening of medical stores, running of showrooms and providing loans to members for purposes other than agriculture. (para 15) Court in Citizen Cooperative Society Ltd. [397 ITR 1] held as follows: "13. If the income of a society is falling within any one head of exemption, it has to be exempted from tax notwithstanding that the condition of other heads of exemption are not satisfied. A reading of the provisions of Section 80-P of the Act would indicate the manner in which the exemption under the said provisions is sought to…

Karimthottuva Service Co-Operative Bank Ltd., Kollam vs. The ITO, Ward-2, Kollam

In the result, the appeal filed by the assessee is allowed

ITA 849/COCH/2022[2018-2019]Status: DisposedITAT Cochin08 Mar 2023AY 2018-2019

Bench: Shri George George K. & Ms. Padmavathy Sassessment Year : 2018-19 M/S. Karimthottuva Service Vs. The Assessing Officer, Co-Operative Bank Ltd., Ward – 2, No.2594, Kunnathur East, Sasthamkotta, Kollam. Kollam – 690 540. Pan : Aaaak 9696 D Appellant Respondent

For Appellant: Shri. Anil D Nair, AdvocateFor Respondent: Smt. J M Jamuna Devi, Sr DR
Section 143Section 144BSection 80PSection 80P(2)Section 80P(2)(a)Section 80P(4)

…and include performing of banking operations "as per rules prevailing from time to time", opening of medical stores, running of showrooms and providing loans to members for purposes other than agriculture. (para 15) Court in Citizen Cooperative Society Ltd. [397 ITR 1] held as follows: "13. If the income of a society is falling within any one head of exemption, it has to be exempted from tax notwithstanding that the condition of other heads of exemption are not satisfied. A reading of the provisions of Section 80-P of the Act would indicate the manner in which the exemption under the said provisions is sought to…

The Kalpetta Service Co-Operative Bank Ltd, Kalpetta vs. The ITO, Ward 1, Kalpetta

ITA 852/COCH/2022[2015-2016]Status: DisposedITAT Cochin27 Feb 2023AY 2015-2016

Bench: Shri Sanjay Arora, Am & Ms. Kavitha Rajagopal, Jm

For Appellant: Sri.Anil D.Nair, AdvocateFor Respondent: Sri.Sanjit Kumar Das, CIT-DR
Section 269SSection 271DSection 273B

…ts from or gives loans to such members, who could, paying a nominal sum, become nominal members, it amounts to transacting business with the public at large. Heavy reliance is placed on the decision in The Citizen Co-operative Society Ltd. v. Asst. CIT [2017] 397 ITR 1(SC), quoting there-from. Walk-in customers, as in that case, are required to fill-up a form, enrolling them thus as nominal members, i.e., members of the public, albeit drawn from a particular area (refer paras 5.14 and 5.17 of the assessment order). It, in fact, invests, both by way of loans to and shares in – earning interest and dividend, Distri…