Citizen Co-operative Society Ltd. v. ACIT

Income Tax Officer Ward - 5 (2) (3), Bengaluru vs. M/S Bbr & Rd Kptcl Employees Credit Co-Operative Society Ltd., Bengaluru

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

Bench: Shri Arun Kumar Garodia & Shri Laliet Kumarassessment Year : 2014-15

…decide the issue afresh as per law after providing adequate opportunity of being heard to the assessee. The AO should also examine the applicability of the judgment of Hon’ble apex court rendered in the case of Citizen Co – operative Society Limited vs. ACIT, 397 ITR 1 because this judgment is relevant for deciding this issue as to whether the present assessee is a co operative bank or not. 5. In the result, the appeal filed by the revenue is allowed for statistical purposes. Order pronounced in the open court on the date mentioned on the caption page. (LALIET KUMAR) Accountant Member Bangalore, Dated, the 16th N…

Sub-Ordinate Courts Employees Credit Co-Operative Society Ltd, Bengaluru vs. Income Tax Officer, Ward-5(2)(3), Bengaluru

In the result, the assessee’s appeals for assessment years for both

Bench: Shri Jason P Boaz & Shri Laliet Kumar

…nder, the learned AR submitted that the above issue; in so far as to whether a Co-operative Society was a Co-operative Bank has already been settled by the Hon’ble Apex Court in the case of M/s. Citizens Co-operative Society Ltd., Vs. ACIT, reported in (2017) 397 ITR 1 (SC). 3.6.1 We have heard the rival contentions, perused and carefully considered the material on record; including the judicial decisions cited. The primary issues for consideration is whether the assessee is a Co- operative Society, eligible for the claim of deduction under section 80P(2) of the Act as claimed by assessee, or whether the assesse…

M/S. Srinagara Credit Co-Operative Society Limited, Bengaluru vs. Income Tax Officer, Ward-5(2)(4), Bengaluru

In the result, appeals of the assessee are allowed for statistical purposes

Bench: Shri Sunil Kumar Yadav & Shri A.K Garodiaita Nos.2603 & 2604/Bang/2017 (Asst. Year – 2013-14 & 2014-15) M/S Srinagara Credit Co-Operative Society Ltd., No.36-2/48, Sapthasri, 15Th Main Road, Sri Ramanjenaya Street Sriranga, Bengaluru. . Appellant Pan – Aaaa59196A. Vs. The Income-Tax Officer, Ward-5(2)(4), Bengaluru. . Respondent Appellant By : Shri S.V Ravishankar, Advocate Respondent By : Dr. P.V Pradeepkumar, Addl. Cit Date Of Hearing : 04-10-2018 Date Of Pronouncement : 15-10-2018 O R D E R

…IN THE INCOME TAX APPELLATE TRIBUNAL, BANGALORE BENCH ‘C’ BEFORE SHRI SUNIL KUMAR YADAV, JUDICIAL MEMBER AND SHRI A.K GARODIA, ACCOUNTANT MEMBER ITA Nos.2603 & 2604/Bang/2017 (Asst. Year – 2013-14 & 2014-15) M/s Srinagara Credit Co-operative Society Ltd., No.36-2/48, Sapthasri, 15th Main Road, Sri Ramanjenaya Street Sriranga, Bengaluru. . Appellant PAN – AAAA59196A. Vs. The Income-tax Officer, Ward-5(2)(4), Bengaluru. . Respondent Appellant by : Shri S.V Ravishankar, Advocate Respondent by : Dr. P.V Pradeepkumar, Addl. CIT Date of Hearing : 04-10-2018 Date of Pronouncement : 15-10-2018 O R D E R PER SHRI SU…

Income Tax Officer Ward-3(4), Hubli vs. Bsnl Employees Co-Operative Credit Society Ltd, Hubli

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

…rsed and that of AO should be restored. 4. As against this, the ld. AR of assessee supported the order of CIT(A). He also placed reliance on a judgment of Hon’ble Apex Court rendered in the case of The Citizen Co-operative Society Ltd. Vs. ACIT as reported in 397 ITR 1. Our attention was drawn to para no. 24 of this judgement and it was pointed out that as per this para of this judgement of Hon’ble Apex Court, it was held that in order to do the business of a co-operative bank, it is imperative to have a license from the Reserve Bank of India and since the assessee in that case did not possess the same, it was he…

Bannanje Grahakara Sahakari Sangha Ltd, Udupi vs. Income Tax Officer, Ward-1, Udupi

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

Bench: Shri Arun Kumar Garodiaassessment Year :2013-14

…llowed in the interest of equity and justice.” 3. At the very outset, it was submitted by ld. AR of assessee that ld. CIT(A) has followed the judgement of Hon’ble Apex Court rendered in the case of The Citizen Co-operative Society Ltd. Vs. ACIT as reported in 397 ITR 1. But this judgement is not applicable in the present case because the facts are different. 4. At this juncture, it was pointed out by the bench that since there is no discussion in the order of CIT(A) regarding comparison of the facts in the present case and in that case, the matter has to be restored back to the file of CIT(A) for fresh decision…

M/S Bbr & Rdcc Bank Employees Co-Operative Society Ltd, Bengaluru vs. Income Tax Officer, Ward-5(2)(4), Bengaluru

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

Bench: Shri Arun Kumar Garodiaassessment Year :2014-15

…d Justicerendered.” 3. It was submitted by ld. AR of assessee that the ld. CIT(A) has decided the issue against the assessee by following the judgement of Hon’ble Apex Court rendered in the case of The Citizen Co-operative Society Ltd. Vs. ACIT as reported in 397 ITR 1 without comparing the facts of the present case with the facts of that case. He submitted that in the interest of justice, the matter may be restored back to the file of CIT(A) for fresh decision after comparing the facts of the present case with the facts of that case. The ld. DR of revenue supported the order of CIT(A). 4. I have considered the…

Janapragathi Credit Co-Operative Society Ltd, Bangalore vs. Income Tax Officer Ward-7(2)(3), Bangalore

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

Bench: Shri Arun Kumar Garodiaassessment Year :2013-14

…He further submitted that when the matter was carried in appeal before CIT(A), he has decided the issue against the assessee by following the judgement of Hon’ble Apex Court rendered in the case of The Citizen Co-operative Society Ltd. Vs. ACIT as reported in 397 ITR 1. He has also referred to judgement of Hon'ble Karnataka High Court rendered in the case of PCIT and Another Vs. Totagars Co-operative Sale Society as reported in 395 ITR 611 (Karn). He submitted that the judgement of Hon’ble Apex Court rendered in the case of The Citizen Co-operative Society Ltd. vs. ACIT (supra) is not applicable in the facts of t…

Sri Durga Ganesh Co-Op Society Ltd, Udupi vs. Income Tax Officer Ward-2, Udupi

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

Bench: Shri Arun Kumar Garodiaassessment Year :2013-14

…g of this appeal.” 3. It was submitted by ld. AR of assessee that the ld. CIT(A) has decided the issue against the assessee by following the judgement of Hon’ble Apex Court rendered in the case of The Citizen Co-operative Society Ltd. Vs. ACIT as reported in 397 ITR 1 but this judgement is not applicable in the present case because the facts are different. He also submitted that there is no discussion in the order of CIT(A) in respect of comparability of the facts of the present case with the facts of that case. He submitted that the matter may be restored back to the file of CIT(A) for fresh decision by way of…

M/S Sri Nagendra Credit Co-Op Society Ltd, Bangalore vs. Income Tax Officer Ward-5(2)(5), Bangalore

In the result, both the appeals filed by the assessee are allowed for statistical purposes

Bench: Shri Arun Kumar Garodia

…assessee by holding that the assessee is not eligible for deduction u/. 80P(2)(d) of IT Act. He further submitted that CIT(A) has followed the judgment of Hon’ble Apex Court rendered in the case of The Citizen Co-operative Society Ltd. Vs. ACIT as reported in 397 ITR 1. But that judgment of Hon’ble Apex Court is not applicable in the facts of the present case. Regarding the judgment of Hon’ble Apex Court in the case of Totgar’s Co-op Sale Society Ltd. (supra), it was submitted that on this issue, there are two judgments of Hon'ble Karnataka High Court rendered in the case of PCIT and Another Vs. Totagars Co- oper…

M/S Sri Nagendra Credit Co-Op Society Ltd, Bangalore vs. Income Tax Officer Ward-5(2)(5), Bangalore

In the result, both the appeals filed by the assessee are allowed for statistical purposes

Bench: Shri Arun Kumar Garodia

…assessee by holding that the assessee is not eligible for deduction u/. 80P(2)(d) of IT Act. He further submitted that CIT(A) has followed the judgment of Hon’ble Apex Court rendered in the case of The Citizen Co-operative Society Ltd. Vs. ACIT as reported in 397 ITR 1. But that judgment of Hon’ble Apex Court is not applicable in the facts of the present case. Regarding the judgment of Hon’ble Apex Court in the case of Totgar’s Co-op Sale Society Ltd. (supra), it was submitted that on this issue, there are two judgments of Hon'ble Karnataka High Court rendered in the case of PCIT and Another Vs. Totagars Co- oper…

M/S Bbr & Rdcc Bank Employees Co-Operative Society Limited, Bangalore vs. The Income Tax Officer Ward-5(2)(4), Bangalore

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

Bench: Shri Arun Kumar Garodiaassessment Year :2013-14

…Justice rendered.” 3. It was submitted by ld. AR of assessee that the ld. CIT(A) has decided the issue against the assessee by following the judgement of Hon’ble Apex Court rendered in the case of The Citizen Co-operative Society Ltd. Vs. ACIT as reported in 397 ITR 1 without comparing the facts of the present case with the facts of that case. He submitted that in the interest of justice, the matter may be restored back to the file of CIT(A) for fresh decision after comparing the facts of the present case with the facts of that case. The ld. DR of revenue supported the order of CIT(A). 4. I have considered the…

Income Tax Officer, Ward-1 & Tps, Bengaluru vs. M/S Merchants Credit Co-Operative Society Ltd, Bengaluru

In the result, Revenue’s appeal for Assessment Year 2013-14 is allowed for statistical purposes

Bench: Shri N.V. Vasudevan & Shri Jason P Boaz

…nd placed reliance upon. According to the learned Departmental Representative, in the impugned order, the learned CIT (Appeals) erred in not applying the ratio of the decision of the Hon'ble Apex Court in the case of Citizen Co-op Society Ltd. Vs. ACIT (2017) 397 ITR 1 (SC) for the 4 reason that the assessee also caters to the category of members called associate members who are not akin to regular members. It was submitted that the learned CIT (Appeals), while considering the assessee's eligibility for deduction under Section 80P(2)(a)(i) of the Act, ought to have called for a remand report from the Assessing Of…

M/S Shree Siddeshwara Souhardha Credit Co-Operative Ltd, Bengaluru vs. Income Tax Officer, Ward-7(2)(2), Bengaluru

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

Bench: Shri Arun Kumar Garodiaassessment Year :2013-14

…IN THE INCOME TAX APPELLATE TRIBUNAL “SMC-B” BENCH : BANGALORE BEFORE SHRI ARUN KUMAR GARODIA, ACCOUNTANT MEMBER Assessment Year :2013-14 M/s. Shree Siddeshwara Souharda Credit Co-operative Ltd., No. 2, Janaka Prasad, 2nd Cross, The Income Tax Officer, Lalbagh Road, CKC Garden, Vs. Ward 7 (2) (2), Bangalore – 560 027. Bangalore. PAN: AAFAS2584R APPELLANT RESPONDENT : Shri M.Devraju, Vice-President of Appellant by assessee company Respondent by : Shri Guruprasad, Addl. CIT (DR) Date of hearing : 11.04.2018 Date of Pronouncement : 13.04.2018 O R D E R Per Shri A.K. Garodia, Accountant Member This appeal is fil…