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

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

ITA 851/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…

Ishwar Bhavan Co-Operative Housing Society Ltd, Mumbai vs. Commissioner of Income Tax, NFAC, Delhi, Mumbai

In the result, both the appeals of the assessee are allowed

ITA 3285/MUM/2022[2020-2021]Status: DisposedITAT Mumbai24 Feb 2023AY 2020-2021
Section 143(1)Section 80PSection 80P(2)(d)

…IN THE INCOME TAX APPELLATE TRIBUNAL, ‘SMC‘ BENCH MUMBAI BEFORE: SHRI M.BALAGANESH, ACCOUNTANT MEMBER & SHRI SANDEEP SINGH KARHAIL, JUDICIAL MEMBER & M/s. Ishwar Bhavan Co- Vs. CIT(A), NFAC operative Housing Society Delhi Ltd Ishwar Bhavan A-Road, Churchgate Mumbai – 400 020 PAN/GIR No.AAAAI1470K (Appellant) .. (Respondent) Assessee by Shri Ashok Rao Revenue by Shri Rajeev Kumar Singh Date of Hearing 22/02/2023 Date of Pronouncement 24/02/2023 आदेश / O R D E R PER M. BALAGANESH (A.M): These appeals in ITA No.3285/Mum/2022 & 3269/Mum/2022 for A.Y.2020-21 & 2021-22 arises out of the order by the ld. Commis…

Ishwar Bhavan Co-Operative Housing Society Ltd, Mumbai vs. CIT(A)-NFAC, Delhi, Mumbai

In the result, both the appeals of the assessee are allowed

ITA 3269/MUM/2022[2021-22]Status: DisposedITAT Mumbai24 Feb 2023AY 2021-22
Section 143(1)Section 80PSection 80P(2)(d)

…IN THE INCOME TAX APPELLATE TRIBUNAL, ‘SMC‘ BENCH MUMBAI BEFORE: SHRI M.BALAGANESH, ACCOUNTANT MEMBER & SHRI SANDEEP SINGH KARHAIL, JUDICIAL MEMBER & M/s. Ishwar Bhavan Co- Vs. CIT(A), NFAC operative Housing Society Delhi Ltd Ishwar Bhavan A-Road, Churchgate Mumbai – 400 020 PAN/GIR No.AAAAI1470K (Appellant) .. (Respondent) Assessee by Shri Ashok Rao Revenue by Shri Rajeev Kumar Singh Date of Hearing 22/02/2023 Date of Pronouncement 24/02/2023 आदेश / O R D E R PER M. BALAGANESH (A.M): These appeals in ITA No.3285/Mum/2022 & 3269/Mum/2022 for A.Y.2020-21 & 2021-22 arises out of the order by the ld. Commis…

K274 Uthukuli Primary Agricultural Cooperative Credit Society Ltd, Tirupur vs. ITO, NFAC, Delhi

ITA 860/CHNY/2022[2018-2019]Status: DisposedITAT Chennai08 Feb 2023AY 2018-2019

Bench: Shri V. Durga Rao, Hon’Ble & Shri G. Manjunatha, Hon’Bleआयकर अपील सं./Ita No.: 860/Chny/2022 िनधा"रण वष" / Assessment Year: 2018-19

For Appellant: Ms. G. Vardini Karthik, Advocate
Section 143(3)Section 80PSection 80P(2)(a)Section 80P(2)(d)Section 8O

…21 dated 18.07.2022 has allowed the claim of deduction u/s 80P(2)(a)(i) in regard to interest income earned from Associate Members also. 3. The CIT(A) ought to have seen that the ratio descending in the case of Citizen Cooperative Society Ltd .v. ACIT, [2017] 397 ITR 1 (SC) is that Section 80P of the Act, being a benevolent provision to encourage and promote the credit of the co-operative sector in general, must be read liberally and reasonably, and if there is ambiguity, in favour of the assessee. 4. The CIT(A) failed to see that the total amount claimed u/s BOP includes both interest earned from members as well…

Jwil Infra Ltd, New Delhi vs. DCIT Circle-13(2), New Delhi

ITA 7789/DEL/2019[2014-15]Status: DisposedITAT Delhi17 Jan 2023AY 2014-15

Bench: Sh. Anil Chaturvedi & Sh. Anubhav Sharma

Section 143(3)

…288 ITR 1 (SC) 2. Hero Cycles Pvt. Ltd. Vs. CIT 379 ITR 347 (SC) 3. CIT vs. Orissa Cement Ltd. 252 ITR 878 (Del.) 4. CIT vs. Tin Box Co. 260 ITR 637 (Del) 5. PCIT vs. Basti Sugars Mills Ltd. 408 ITR 184 (Delhi)] 6. DCIT vs. Raghuvir Singh Synthetics Ltd. 397 ITR 1 7. CIT (LTU) Vs. Reliance Industries Ltd. 410 ITR 466 8. CIT vs. Vegetable Products Ltd. 88 ITR 192(SC) 6. Giving thoughtful consideration to the matter on record and the submissions in regard to the ground presses to be decided, at the outset, it will be relevant to reproduce the observations of Supreme Court in the case of S.A.Builders (Supra)…

Vennandur Coop Primary Agricultural Credit Society, Namakkal vs. ITO, Ward 3, Namakkal

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

ITA 852/CHNY/2022[2017-2018]Status: DisposedITAT Chennai11 Jan 2023AY 2017-2018
For Appellant: Shri T.S. Lakshmi VenkatramanFor Respondent: Shri D. Hema Bhupal, JCIT
Section 143(3)Section 80PSection 80P(2)(a)

…आयकर अपीलीय अिधकरण, ‘बी’ "यायपीठ,चे"ई IN THE INCOME TAX APPELLATE TRIBUNAL ‘B’ BENCH, CHENNAI "ी महावीर "सह, उपा"य" एवं "ी जी. मंजुनाथ, लेखा सद"य के सम" BEFORE SHRI MAHAVIR SINGH, VICE PRESIDENTAND SHRI G. MANJUNATHA, ACCOUNTANT MEMBER आयकर अपील सं./ITA No.: 852/CHNY/2022 िनधा"रण वष"/Assessment Year: 2017-18 M/s. Vennandur Coop The Income Tax Officer, Primary Agricultural Credit vs. Ward 3, Society, Namakkal. D.No.5/120-1, Rasipuram Main Road, Vennadur-Post, Rasipuram-Tk., Namakkal – 637 505. PAN: AAAAV 2120R (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ" क" ओर से/Appellant by : Shri T.S. Lakshmi Venkatraman,…

Jai Malhar Cooperative Credit Society Ltd, Mumbai vs. Assessing Officer 29(1)(5), Mumbai

In the result, appeal is allowed

ITA 1797/MUM/2022[2018-19]Status: DisposedITAT Mumbai20 Dec 2022AY 2018-19
For Appellant: NoneFor Respondent: Shri Nishant Somaiya
Section 142(1)Section 143Section 143(3)Section 80Section 80PSection 80P(2)(d)

…therefore the Assessee is not entitled to claim any deduction under Section 80P(2)(a)(i) of the Act. Reliance in this regard was placed on the judgment of Hon‟ble Supreme Court in the case of Citizen Co-operative Society Ltd. vs. ACIT Circle 9(1), Hyderabad : 397 ITR 1 (SC). Before CIT(A), the Assessee had contended that the judgment in the case of Citizen Co-operative Society Ltd. (supra) is not applicable to the Assessee to the extent that the Assessee does not carry on any business activities with non- members and therefore, the concept of mutuality is satisfied in the case of the Assessee. The Society had 4,0…

Deputy Commissioner of Income Tax, Circle-1(1), Hubballi vs. M/S. Karnataka Vikas Grameen Bank Limited, Dharwad

In the result, the appeal of assessee is partly allowed and the appeal of the revenue is dismissed

ITA 720/BANG/2020[2016-17]Status: DisposedITAT Bangalore05 Dec 2022AY 2016-17

Bench: Shri George George K. & Shri Laxmi Prasad Sahuassessment Year : 2016-17

For Appellant: Shri S Ananthan, C.AFor Respondent: Ms. Susan D George, CIT (DR)
Section 143Section 234BSection 250Section 36

…ndia Savings and Investment Corporation Ltd. reported in [2010] 321 ITR 371." 54. So far as claim of exemption of its income is concerned, we have noted the decision of Hon'ble Supreme Court in the case of Citizen Coopèrative Society Ltd. v. Asstt. CIT [2017] 397 ITR 1, dated 8-1-2017, wherein denial of the appellant's claim for exemption, by the authorities below had been upheld, owing mainly 'to the bar contained in sub- section (4) of section 80P of the Act. The facts of the said case were, that ITA Nos.611 & 720/Bang/2020 Page 21 of 27 it was a "cooperative society" registered under the Andhra Pradesh Mutual…

M/S Karnataka Vikas Grameena Bank, Dharwad vs. Assistant Commissioner of Income Tax, Circle-2(1), Hubballi

In the result, the appeal of assessee is partly allowed and the appeal of the revenue is dismissed

ITA 611/BANG/2020[2016-17]Status: DisposedITAT Bangalore02 Dec 2022AY 2016-17

Bench: Shri George George K. & Shri Laxmi Prasad Sahuassessment Year : 2016-17

For Appellant: Shri S Ananthan, C.A, S.V Ravishankar, AdvocateFor Respondent: Ms. Susan D George, CIT (DR)
Section 143Section 234BSection 250Section 36

…ndia Savings and Investment Corporation Ltd. reported in [2010] 321 ITR 371." 54. So far as claim of exemption of its income is concerned, we have noted the decision of Hon'ble Supreme Court in the case of Citizen Coopèrative Society Ltd. v. Asstt. CIT [2017] 397 ITR 1, dated 8-1-2017, wherein denial of the appellant's claim for exemption, by the authorities below had been upheld, owing mainly 'to the bar contained in sub- section (4) of section 80P of the Act. The facts of the said case were, that ITA Nos.611 & 720/Bang/2020 Page 21 of 27 it was a "cooperative society" registered under the Andhra Pradesh Mutual…

M/S. Bhavasar Kshatriya Co-Operative Credit Society Limited, Hubballi vs. Assistant Director of Income Tax, CPC, Bangalore

In the result, all the three appeals filed by assessee stands allowed for statistical purposes

ITA 583/BANG/2022[2019-20]Status: DisposedITAT Bangalore19 Oct 2022AY 2019-20

Bench: Smt. Beena Pillai & Shri Laxmi Prasad Sahuassessment Appeal No. Appellant Respondent Year The Income-Tax

For Appellant: Smt. Pratibha, Advocate
Section 56Section 57Section 80PSection 80P(2)(a)Section 80P(2)(d)

…e Hon'ble Supreme Court in case of Mavilayi Service Co- operative Bank Ltd. v. CIT reported in 431 ITR 1. 2.5. 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 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. 2.6. We have hea…

M/S. Bhavasar Kshatriya Co-Operative Credit Society Limited, Hubballi vs. Income Tax Officer Ward-1(1), Hubballi

In the result, all the three appeals filed by assessee stands allowed for statistical purposes

ITA 582/BANG/2022[2017-18]Status: DisposedITAT Bangalore19 Oct 2022AY 2017-18

Bench: Smt. Beena Pillai & Shri Laxmi Prasad Sahuassessment Appeal No. Appellant Respondent Year The Income-Tax

For Appellant: Smt. Pratibha, Advocate
Section 56Section 57Section 80PSection 80P(2)(a)Section 80P(2)(d)

…e Hon'ble Supreme Court in case of Mavilayi Service Co- operative Bank Ltd. v. CIT reported in 431 ITR 1. 2.5. 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 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. 2.6. We have hea…

M/S. Bhavasar Kshatriya Co-Operative Credit Society Limited, Hubballi vs. Income Tax Officer Ward-3(3), Hubballi

In the result, all the three appeals filed by assessee stands allowed for statistical purposes

ITA 581/BANG/2022[2015-16]Status: DisposedITAT Bangalore19 Oct 2022AY 2015-16

Bench: Smt. Beena Pillai & Shri Laxmi Prasad Sahuassessment Appeal No. Appellant Respondent Year The Income-Tax

For Appellant: Smt. Pratibha, Advocate
Section 56Section 57Section 80PSection 80P(2)(a)Section 80P(2)(d)

…e Hon'ble Supreme Court in case of Mavilayi Service Co- operative Bank Ltd. v. CIT reported in 431 ITR 1. 2.5. 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 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. 2.6. We have hea…

M/S. Bhavana Co-Operative Credit Society Niyamita, Sirsi vs. Income Tax Officer, Ward-1, Sirsi

In the result, the appeal filed by the assessee in ITA No

ITA 361/BANG/2022[2017-18]Status: DisposedITAT Bangalore16 Sept 2022AY 2017-18

Bench: Shri Chandra Poojari & Smt. Beena Pillaiassessment Year : 2017-18 M/S. Bhavana Co- Operative Credit The Income-Tax Society Niyamita, Officer, #38, Market Road, Ward – 1, Sirsi – 581 401. Sirsi. Vs. Pan: Aacab5033D Appellant Respondent

For Appellant: Shri V. Srinivasan, AdvocateFor Respondent: Shri Praveen Karanth, CIT-DR
Section 250Section 263Section 68Section 80P

…to a share in the profits as per the bye-laws of the appellant cannot be allowed as deduction u/s. 80P[2][a][i] of the Act having regard to the rationale behind the judgment of the Hon'ble Supreme Court in the case of Citizen Co-Operative Society reported in 397 ITR 1 under the facts and in the circumstances of the appellant's case. 4. The learned CIT[A] erred in holding that the activities of the appellant undertaken with associate members amounts to dealing with non-members without appreciating that there is no prohibition under the Karnataka Cooperatives Societies Act, 1959 and thus, there was no violation of…

M/S. Bhavana Co-Operative Credit Society Niyamita, Sirsi vs. Income Tax Officer, Ward- 1, Sirsi

In the result, the appeal filed by the assessee in ITA No

ITA 739/BANG/2021[2017-18]Status: DisposedITAT Bangalore16 Sept 2022AY 2017-18

Bench: Shri Chandra Poojari & Smt. Beena Pillaiassessment Year : 2017-18 M/S. Bhavana Co- Operative Credit The Income-Tax Society Niyamita, Officer, #38, Market Road, Ward – 1, Sirsi – 581 401. Sirsi. Vs. Pan: Aacab5033D Appellant Respondent

For Appellant: Shri V. Srinivasan, AdvocateFor Respondent: Shri Praveen Karanth, CIT-DR
Section 250Section 263Section 68Section 80P

…to a share in the profits as per the bye-laws of the appellant cannot be allowed as deduction u/s. 80P[2][a][i] of the Act having regard to the rationale behind the judgment of the Hon'ble Supreme Court in the case of Citizen Co-Operative Society reported in 397 ITR 1 under the facts and in the circumstances of the appellant's case. 4. The learned CIT[A] erred in holding that the activities of the appellant undertaken with associate members amounts to dealing with non-members without appreciating that there is no prohibition under the Karnataka Cooperatives Societies Act, 1959 and thus, there was no violation of…

The Adarsh Co-Op. Credit Society Limited., Belagavi vs. Income Tax Officer, Ward -1(2), Belagavi

ITA 28/PAN/2019[2013-14]Status: DisposedITAT Panaji29 Aug 2022AY 2013-14

Bench: Shri Chandra Mohan Garg & Shri Girish Agrawalita Nos.26 To 28/Pan/2019 Assessment Year: 2009-10, 2012-13 & 2013-14 The Adarsh Co-Op. Credit Ito, Ward-1(2), Society Ltd. Bagalkot Vs. A-P: Jugul, Tal: Athani, Dist: Belgaum-591252. Pan: Aaaas 5616 H (Appellant) (Respondent) Present For: Appellant By : Shri Pramod Vaidhya, Advocate Respondent By : Shri Mayur Kamble, Sr. Dr Date Of Hearing : 17.06.2022 Date Of Pronouncement : 30.08.2022 O R D E R Per Girish Agrawal: These Appeals Filed By The Assessee Are Directed Against Different Orders Of Learned Commissioner Of Income Tax (Appeals) – Belagavi In Ita No. Cit(A)/Bgm/10349/2015-16, Cit(A)/Bgm/10518/2014-15 & Cit(A)/Bgm/10136/2015-16 All Dated 27.12.2018. The Assessments Were Framed By The Ito, Ward-1(2), Belgaum U/S 143(3) R.W.S. 254 Of The Income-Tax Act, 1961 (Hereinafter ‘The Act’), For The Assessment Year 2009-10 Vide Order Dated 27.12.2018 & For The Assessment Years 2012-13 & 2013-14 U/S 143(3) Of The Act Vide Order Dated 30.09.2014 & 24.08.2015. 2. The Only Issue In These Three Appeals Of Assessee Is As Regards To The Order Of Cit(A) Confirming The Denial Of Claim Of Deduction U/S 80P(2)(A)(I) Of The Act. The Assessee Has Raised Identical Grounds In All The Appeals & Hence, We Take The Facts & Grounds From Ita No. The Adarsh Co-Operative Credit Society Ltd. A.Y. 2009-10, 2012-13 & 2013-14 26/Pan/2019 For The Assessment Year 2009-10. The Relevant Grounds Raised By Assessee Are Reads As Under:

For Appellant: Shri Pramod Vaidhya, AdvocateFor Respondent: Shri Mayur Kamble, Sr. DR
Section 143(3)Section 5Section 80PSection 80P(2)(a)

…of the Act. Aggrieved, assessee preferred appeal before CIT(A). The Adarsh Co-operative Credit society Ltd. A.Y. 2009-10, 2012-13 & 2013-14 4. Ld. CIT(A) took note of the decision of Hon’ble Supreme Court in the case of Citizen Co-operative Bank Ltd. vs ACIT, 397 ITR 1 (SC) for confirming the action of AO in denying the claim of deduction u/s.80P(2)(a)(i) of the Act to the assessee. Aggrieved, assessee preferred appeal before the Tribunal. 5. Now, before us the ld. counsel for the assessee argued that the issue has been concluded by the decision of Hon’ble Supreme Court in the case of The Mavilayi Service Co-ope…

The Adarsh Co-Op. Credit Society Limited., Belagavi vs. Income Tax Officer, Ward -1(2), Belagavi

ITA 27/PAN/2019[2012-13]Status: DisposedITAT Panaji29 Aug 2022AY 2012-13

Bench: Shri Chandra Mohan Garg & Shri Girish Agrawalita Nos.26 To 28/Pan/2019 Assessment Year: 2009-10, 2012-13 & 2013-14 The Adarsh Co-Op. Credit Ito, Ward-1(2), Society Ltd. Bagalkot Vs. A-P: Jugul, Tal: Athani, Dist: Belgaum-591252. Pan: Aaaas 5616 H (Appellant) (Respondent) Present For: Appellant By : Shri Pramod Vaidhya, Advocate Respondent By : Shri Mayur Kamble, Sr. Dr Date Of Hearing : 17.06.2022 Date Of Pronouncement : 30.08.2022 O R D E R Per Girish Agrawal: These Appeals Filed By The Assessee Are Directed Against Different Orders Of Learned Commissioner Of Income Tax (Appeals) – Belagavi In Ita No. Cit(A)/Bgm/10349/2015-16, Cit(A)/Bgm/10518/2014-15 & Cit(A)/Bgm/10136/2015-16 All Dated 27.12.2018. The Assessments Were Framed By The Ito, Ward-1(2), Belgaum U/S 143(3) R.W.S. 254 Of The Income-Tax Act, 1961 (Hereinafter ‘The Act’), For The Assessment Year 2009-10 Vide Order Dated 27.12.2018 & For The Assessment Years 2012-13 & 2013-14 U/S 143(3) Of The Act Vide Order Dated 30.09.2014 & 24.08.2015. 2. The Only Issue In These Three Appeals Of Assessee Is As Regards To The Order Of Cit(A) Confirming The Denial Of Claim Of Deduction U/S 80P(2)(A)(I) Of The Act. The Assessee Has Raised Identical Grounds In All The Appeals & Hence, We Take The Facts & Grounds From Ita No. The Adarsh Co-Operative Credit Society Ltd. A.Y. 2009-10, 2012-13 & 2013-14 26/Pan/2019 For The Assessment Year 2009-10. The Relevant Grounds Raised By Assessee Are Reads As Under:

For Appellant: Shri Pramod Vaidhya, AdvocateFor Respondent: Shri Mayur Kamble, Sr. DR
Section 143(3)Section 5Section 80PSection 80P(2)(a)

…of the Act. Aggrieved, assessee preferred appeal before CIT(A). The Adarsh Co-operative Credit society Ltd. A.Y. 2009-10, 2012-13 & 2013-14 4. Ld. CIT(A) took note of the decision of Hon’ble Supreme Court in the case of Citizen Co-operative Bank Ltd. vs ACIT, 397 ITR 1 (SC) for confirming the action of AO in denying the claim of deduction u/s.80P(2)(a)(i) of the Act to the assessee. Aggrieved, assessee preferred appeal before the Tribunal. 5. Now, before us the ld. counsel for the assessee argued that the issue has been concluded by the decision of Hon’ble Supreme Court in the case of The Mavilayi Service Co-ope…

The Adarsh Co-Op. Credit Society Limited., Belagavi vs. Income Tax Officer, Ward -1(2), Belagavi

ITA 26/PAN/2019[2009-10]Status: DisposedITAT Panaji29 Aug 2022AY 2009-10

Bench: Shri Chandra Mohan Garg & Shri Girish Agrawalita Nos.26 To 28/Pan/2019 Assessment Year: 2009-10, 2012-13 & 2013-14 The Adarsh Co-Op. Credit Ito, Ward-1(2), Society Ltd. Bagalkot Vs. A-P: Jugul, Tal: Athani, Dist: Belgaum-591252. Pan: Aaaas 5616 H (Appellant) (Respondent) Present For: Appellant By : Shri Pramod Vaidhya, Advocate Respondent By : Shri Mayur Kamble, Sr. Dr Date Of Hearing : 17.06.2022 Date Of Pronouncement : 30.08.2022 O R D E R Per Girish Agrawal: These Appeals Filed By The Assessee Are Directed Against Different Orders Of Learned Commissioner Of Income Tax (Appeals) – Belagavi In Ita No. Cit(A)/Bgm/10349/2015-16, Cit(A)/Bgm/10518/2014-15 & Cit(A)/Bgm/10136/2015-16 All Dated 27.12.2018. The Assessments Were Framed By The Ito, Ward-1(2), Belgaum U/S 143(3) R.W.S. 254 Of The Income-Tax Act, 1961 (Hereinafter ‘The Act’), For The Assessment Year 2009-10 Vide Order Dated 27.12.2018 & For The Assessment Years 2012-13 & 2013-14 U/S 143(3) Of The Act Vide Order Dated 30.09.2014 & 24.08.2015. 2. The Only Issue In These Three Appeals Of Assessee Is As Regards To The Order Of Cit(A) Confirming The Denial Of Claim Of Deduction U/S 80P(2)(A)(I) Of The Act. The Assessee Has Raised Identical Grounds In All The Appeals & Hence, We Take The Facts & Grounds From Ita No. The Adarsh Co-Operative Credit Society Ltd. A.Y. 2009-10, 2012-13 & 2013-14 26/Pan/2019 For The Assessment Year 2009-10. The Relevant Grounds Raised By Assessee Are Reads As Under:

For Appellant: Shri Pramod Vaidhya, AdvocateFor Respondent: Shri Mayur Kamble, Sr. DR
Section 143(3)Section 5Section 80PSection 80P(2)(a)

…of the Act. Aggrieved, assessee preferred appeal before CIT(A). The Adarsh Co-operative Credit society Ltd. A.Y. 2009-10, 2012-13 & 2013-14 4. Ld. CIT(A) took note of the decision of Hon’ble Supreme Court in the case of Citizen Co-operative Bank Ltd. vs ACIT, 397 ITR 1 (SC) for confirming the action of AO in denying the claim of deduction u/s.80P(2)(a)(i) of the Act to the assessee. Aggrieved, assessee preferred appeal before the Tribunal. 5. Now, before us the ld. counsel for the assessee argued that the issue has been concluded by the decision of Hon’ble Supreme Court in the case of The Mavilayi Service Co-ope…

The Ekta Co.Op. Credit Society Ltd., Mehsana vs. The Pr. CIT, Gandhinagar

In the result, the appeal of the assessee is allowed

ITA 562/AHD/2019[2014-15]Status: DisposedITAT Ahmedabad24 Aug 2022AY 2014-15

Bench: Us Is A Co-Operative Credit Society, Provide Credit Facility To Its Members By Giving Loan & Advances & Accepting Deposits From Members Of The Society. For The Assessment Year, 2014-15, The Assessee Field Its Return Of Income Was E-Filed On 26/11/2014 Declaring Total Income At Rs. Nil After Claiming Deduction Of Rs. 1,04,56,923/- U/S 80P Of The Act. The Return Was Processed U/S 143(1) & Then Scrutiny Assessment Was Completed By Making Addition On Account Of Interest Receipt Of Rs. 15,595/- & Addition Of Interest On Refund Received U/S 244A Of The Act Of Rs. 21,980/-. Thus Assessed The Total Income As Rs. 37,575/-.

For Appellant: Shri Sunil H. Talati, A.RFor Respondent: Shri James Kurian, CIT/D.R
Section 143(1)Section 244ASection 263Section 80PSection 80P(2)Section 80P(2)(a)Section 80P(2)(d)

…140 (Karnataka) PCIT vs. Totagars Co-operative Sale Society has settled the law that such an income is not allowable as Section 80P deduction in view of the legislative amendment hereinabove. Mr. Kabra thereafter files hon'ble apex court's judgment in (2017) 397 ITR 1 (SC). The Citizen Co-operative Society Ltd. vs. ACIT settling Section 80P deduction issue in respect of ordinary and nominal members. We however find that the above former decision goes contrary to hon'ble jurisdictional high court's judgment in Tax Appeal No. 473 of 2014 CIT vs. Sabarkantha District Cooperative Milk Producers Union Ltd. declining…

Panchaganga Raithara Seva Sahakara Sangha Limited, Udupi vs. Income Tax Officer, Ward-2, Udupi

ITA 589/BANG/2022[2017-18]Status: DisposedITAT Bangalore16 Aug 2022AY 2017-18

Bench: Smt. Beena Pillai & Shri Laxmi Prasad Sahu & S.P. No. 35/Bang/2022 (In Ita No. 589/Bang/2022) Assessment Year : 2017-18 M/S. Panchaganga Raithara Seva Sahakara The Income Tax Sangha Ltd., Officer, Hemmady, Ward 2, Kundapura Taluk Udupi. Udupi Dist. – 576 230. Vs. Pan: Aaaap0513A Appellant Respondent

For Respondent: Shri Mahesh R Uppin
Section 143(3)Section 18(1)Section 250Section 28Section 40A(7)Section 43(2)Section 56Section 80PSection 80P(2)(a)Section 80P(2)(d)

…IN THE INCOME TAX APPELLATE TRIBUNAL ‘B’ BENCH : BANGALORE BEFORE SMT. BEENA PILLAI, JUDICIAL MEMBER AND SHRI LAXMI PRASAD SAHU, ACCOUNTANT MEMBER & S.P. No. 35/Bang/2022 (in ITA No. 589/Bang/2022) Assessment Year : 2017-18 M/s. Panchaganga Raithara Seva Sahakara The Income Tax Sangha Ltd., Officer, Hemmady, Ward 2, Kundapura Taluk Udupi. Udupi Dist. – 576 230. Vs. PAN: AAAAP0513A APPELLANT RESPONDENT : Shri Mahesh R Uppin, Assessee by Advocate : Shri K.R. Narayana, Addl.CIT Revenue by (DR) Date of Hearing : 05-08-2022 Date of Pronouncement : 16-08-2022 ORDER PER BEENA PILLAI, JUDICIAL MEMBER Present appeal by t…

M/S. Shri Mahishasuramardini Urban Co-Operative Credit Society Limited, Haveri vs. Income Tax Officer, Wrd-1, Haveri

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

ITA 566/BANG/2022[2017-18]Status: DisposedITAT Bangalore16 Aug 2022AY 2017-18

Bench: Shri Chandra Poojari

For Appellant: Sri.Vishal S Rao, CAFor Respondent: Sri.Ganesh R.Ghale, Standing Counsel
Section 234ASection 234BSection 69ASection 80P(2)(a)

…A.O. also held that the assessee has violated the principle of mutuality since it was dealing with non-members. In this context, the A.O. relied on the judgment of the Hon’ble Apex Court in the case of The Citizen Co-operative Society Ltd. v. ACIT reported in 397 ITR 1 (SC). The Assessing Officer also denied the interest income earned out of investments with banks and others amounting to Rs.2,99,011 and brought to tax the same under the head “income from other sources”. 3. Aggrieved, the assessee filed an appeal to the first appellate authority. The CIT(A) upheld the view taken by the A.O. that the assessee has…