How many judgments cite Citizen Co-operative Society Ltd. v. ACIT?

499 judgments on BharatTax cite Citizen Co-operative Society Ltd. v. ACIT (397 ITR 1), spanning 2017 to 2026.

Which sections of the Income Tax Act does Citizen Co-operative Society Ltd. v. ACIT come up under?

It is most often cited in judgments turning on Section 80P(2)(a)(i), Section 80P(2)(d), Section 143(3), Section 80P, Section 80P(4), Section 56.

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 369,743 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 80P Section 80P(4)Section 56 Section 250 Section 2(19)

Issues it is cited on

section 59(2)section 2(n)section 80p(2)(a)(iii)section 5(b)section 58 section 59 section 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

Yudhishtir Cooperative Housing Society Ltd, Mumbai vs. ITO Ward 42(1)(4), Mumbai

In the result, the appeal of the assessee bearing ITA No

ITA 1784/MUM/2025[2017-18]Status: DisposedITAT Mumbai25 Apr 2025AY 2017-18

Bench: Shri Vikram Singh Yadav & Shri Anikesh Banerjeeyudhishtir Co-Operative Vs Jao, Ward Mum-W-42(1)(4), Housing Society Ltd, Kautilya Bhavan, Bandra East, Anand Nagar, N.L. Complex, Mumbai-400 051 Dahisar (East), Mumbai-400 068 Pan: Aaaay4170G Appellant Respondent

For Appellant: ShriVidyadhar KhandekarFor Respondent: Shri Asif Kamali (SR. DR.)

Section 139(1)Section 143Section 143(3)Section 250Section 80PSection 80P(2)(d)Section 80P(4)

…ve Housing Society Ltd operative society referred to in section 80P(4) of the IT Act. It may be stated that the Hon'ble Supreme Court in its decision in the case Citizen Co-operative Society Ltd Vs. Assistant Commissioner of Income-tax, Circle-9(1), Hyderabad 84 Taxmann.com 114 (2017) has specifically held that co-operative banks are not co-operative societies as they are catering to needs of general public also apart from the members of its own and denied deduction under 80P to such banks. Thus, whether a Co-operative Bank is a Co-operative Society or not is a settled issue as per this decision of the Hon'ble Su…

Assistant Commissioner of Income Tax, Circle 1, Income Tax Department vs. Manorama Coop Bank Ltd, Solapur

In the result, the appeal filed by the Revenue is dismissed

ITA 2157/PUN/2024[2013-14]Status: DisposedITAT Pune22 Apr 2025AY 2013-14

Bench: Shri Manish Borad & Shri Vinay Bhamoreआयकर अपील सं. / Ita No.2157/Pun/2024 िनधा"रण वष" / Assessment Year : 2013-14 Acit, Cricle-2, Solapur. Vs. Manorama Co-Op. Bank Ltd., Plot 4, 5, 6 Vijapur Road, Indiranagar S.O., Maharashtra- 413004. Pan : Aajfm6823C Appellant Respondent Revenue By : Ms. Shilpa N. C. Assessee By : Shri Pramod S. Shingte Date Of Hearing : 22.01.2025 Date Of Pronouncement : 22.04.2025 आदेश / Order Per Vinay Bhamore, Jm: This Appeal Filed By The Revenue Is Directed Against The Order Dated 15.07.2024 Passed By Ld. Cit(A)/Nfac For The Assessment Year 2013-14. 2. The Revenue Has Raised The Following Grounds Of Appeal :- “1) The Ld Cit(A), Nfac Has Erred In Admitting This Exemption U/S 194A (3)(V) To The Assessee For Non-Deduction Of Tds On Interest Credits Of Nominal Members Who Are Not Actual Member As Per Definition Of Person Who Is Eligible For Membership As Per Clause

For Appellant: Shri Pramod S. ShingteFor Respondent: Ms. Shilpa N. C

Section 143(2)Section 143(3)Section 147Section 148Section 194ASection 194A(3)(v)Section 40

…rs’ by way of an application made by them to the bank and then passing a resolution to the extent of their admission as members of the bank in its Board of Directors meeting.’ 10. Reliance of the ld. CIT(A) on Citizen Co-operative Society Ltd. vs. ACIT (2017) 397 ITR 1 (SC) is misconceived. The issue involved in that case was about the denial of deduction u/s 80P of the Act. The AO in that case held that deduction in respect of income of co-operative societies u/s 80P was not admissible to assessee therein as benefit of deduction was admissible, inter alia, to those co-operative societies which carried on busines…

Shri Veershaiv Co. Op. Bank Ltd., Kolhapur vs. ACIT, Circle 2, Kolhapur

In the result, the appeal in ITA No

ITA 175/PUN/2025[2017-18]Status: DisposedITAT Pune09 Apr 2025AY 2017-18

Bench: Dr.Manish Borad & Shri Vinay Bhamoreआयकर अपील सं. / Ita No.175/Pun/2025 Assessment Year : 2017-18

For Appellant: Shri Pramod S. ShingteFor Respondent: Shri A.D. Kulkarni

Section 143(3)Section 250

…om the class B members does not constitute a revenue receipt in the hands of the appellant society. 11. We will be failing in our duty, if we do not refer to the decision of the Hon’ble Apex Court in the case of Citizen Co-operative Society Limited vs. ACIT, 397 ITR 1 wherein the Hon’ble Supreme Court held that a particular class of members having no voting rights cannot be treated as members of the society and consequently the principle of mutuality cannot be made applicable. The dictum laid down in this decision had not application to issue on hand, inasmuch as, the issue in the present appeal does not involve…

Aa531 Kesarimangalam Primary Agrl Co-Op Credit Society Limited, Tirupur vs. Income Tax Officer, Ward 2(1) Erode, Erode

ITA 2611/CHNY/2024[2016-17]Status: DisposedITAT Chennai05 Mar 2025AY 2016-17

Bench: Shri Aby T. Varkey & Shri Jagadishआयकर अपील सं./Ita No.2611/Chny/2024 िनधा&रण वष&/Assessment Year: 2016-17

For Appellant: Ms. A. Vijayalakshmi, CAFor Respondent: Ms. R. Anita, Addl.CIT

Section 80P(2)(a)Section 80P(2)(d)

…appeals filed by the Revenue. Therefore, the Revenue is before us. 10. The learned Senior Standing Counsel for the Revenue submits that the decision of the Hon'ble Supreme Court in the case of Citizen Cooperative Society Limited Vs. ACIT [reported in (2017) 84 Taxmann.com 114] is in favour of the Revenue and that the review petition filed against that decision was dismissed by the Hon'ble Supreme Court in the decision reported in (2017) 88 Taxmann.com 279. He further submits that in the case of CIT, Panaji, Goa Vs. Goa Staff Cooperative Housing Finance & Federation Ltd. [reported in (2016) 73 Taxmann.com 400],…

Income Tax Officer Ward-2, Khamgaon vs. Maharashtra Urban Co-Operative Credit Society Ltd, Mehkar

In the result, appeals for A

ITA 637/NAG/2024[2022]Status: DisposedITAT Nagpur25 Feb 2025

Bench: Shri V. Durga Rao & Shri K.M. Roy, Accountant, Member

For Appellant: NoneFor Respondent: Shri Sandipkumar Salunke

Section 80P(2)(a)Section 80P(2)(c)Section 80P(2)(d)

…IN THE INCOME TAX APPELLATE TRIBUNAL NAGPUR BENCH, NAGPUR BEFORE SHRI V. DURGA RAO, JUDICIAL MEMBER AND SHRI K.M. ROY, ACCOUNTANT, MEMBER ITA no.635, 636 and 637/Nag./2024 (Assessment Year : 2018–19, 20-21 and 2022-23) Income Tax Officer ……………. Appellant Ward–2, Khamgaon v/s Maharashtra Urban Co–operative Credit Society Ltd. ……………. Respondent Shakti Sanstha, Market Road Mehkar 443 301 PAN – AAAAM5777D Assessee by : None Revenue by : Shri Sandipkumar Salunke Date of Hearing – 03/02/2025 Date of Order – 25/02/2025 O R D E R PER V. DURGA RAO, J.M. These appeals by the Revenue are directed against the impugned o…

Income Tax Officer Ward -2, Khamgaon vs. Maharashtra Urban Co-Operative Credit Society Ltd, Mehkar

In the result, appeals for A

ITA 636/NAG/2024[2020]Status: DisposedITAT Nagpur25 Feb 2025

Bench: Shri V. Durga Rao & Shri K.M. Roy, Accountant, Member

For Appellant: NoneFor Respondent: Shri Sandipkumar Salunke

Section 80P(2)(a)Section 80P(2)(c)Section 80P(2)(d)

Income Tax Officer Ward-2, Khamgaon vs. Maharashtra Urban Co-Operative Credit Society Ltd, Mehkar

In the result, appeals for A

ITA 635/NAG/2024[2018]Status: DisposedITAT Nagpur25 Feb 2025

Bench: Shri V. Durga Rao & Shri K.M. Roy, Accountant, Member

For Appellant: NoneFor Respondent: Shri Sandipkumar Salunke

Section 80P(2)(a)Section 80P(2)(c)Section 80P(2)(d)

Edavilangu Service Co-Operative Bank No 3468, Thrissur vs. ITO, Ward-2(1), Thrissur

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

ITA 406/COCH/2024[AY 2020-2021]Status: DisposedITAT Cochin21 Feb 2025

Bench: Shri Inturi Rama Rao & Shri Soundararajan K.

For Appellant: Smt. Leena Lal, Snr. ARFor Respondent: None

Section 2(1)Section 80Section 80PSection 80P(2)Section 80P(2)(a)

…uthority as well as the appellate authority to reject the claim for deduction under 80P of the Act is not legal and justifiable. Page 4 of 15 ITA Nos. 405 & 406/Coch/2024 I. By relying the dictum in Citizens Co-operative Society Limited Vs. ACIT reported in 397 ITR 1), the appellate authority declined the claim under Section 80P of the Act. The reasoning in the said judgment is that principle of mutuality which is the basis criterion for the society to claim deduction under 80(P) of the Act and if there is no identity between contributors and participators, mutuality failed and if there is no mutuality among th…

Edavilangu Service Co-Operative Bank Ltd No 3468, Thrissur vs. ITO, Ward-2(1), Thrissur

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

ITA 405/COCH/2024[2017-2018]Status: DisposedITAT Cochin21 Feb 2025AY 2017-2018

Bench: Shri Inturi Rama Rao & Shri Soundararajan K.

For Appellant: Smt. Leena Lal, Snr. ARFor Respondent: None

Section 2(1)Section 80Section 80PSection 80P(2)Section 80P(2)(a)

The Suvarna Nagar Co Operative Housing Society Ltd, Mumbai vs. ITO, Ward, 34(3), Mumbai

In the result, the appeal by the assessee is allowed

ITA 11/MUM/2025[2019-20]Status: DisposedITAT Mumbai14 Feb 2025AY 2019-20

Bench: Shri Sandeep Singh Karhailshri Girish Agrawalassessment Year : 2019-20

For Appellant: Ms. Parvathy Ganesh, CAFor Respondent: Shri Pravin Salunkhe, Sr. DR

Section 143(1)Section 250Section 80PSection 80P(2)(c)Section 80P(2)(d)

…na Nagar Co.op. Hsg. Soc. Ltd. ITA No. 11/M/2025 7 assessment year 2018-19. As a result, grounds raised by the assessee are allowed.” 7. We find that the decision of the Hon’ble Supreme Court in Citizen Co- operative Society Ltd. v/s ACIT, reported in [2017] 397 ITR 1 (SC), relied upon in the impugned order, is not applicable to the facts of the present case as the Hon’ble Supreme Court was examining the issue whether a taxpayer, who is a co-operative credit society, is entitled to claim deduction under section 80P(2)(a)(i) of the Act when the society was carrying on the banking business for public at large inst…

K6705 Bommanaickenpalayam Primary Agricultural Coop Credit Society Limited, Gobichettipalayam Taluk vs. The Income Tax Officer Ward 2(1), Erode

The appeal stand allowed for statistical purposes

ITA 2800/CHNY/2024[2017-2018]Status: DisposedITAT Chennai03 Feb 2025AY 2017-2018

Bench: Hon’Ble Shri Aby T. Varkey, Jm & Hon’Ble Shri Manoj Kumar Aggarwal, Am आयकरअपील सं./ Ita No.2800/Chny/2024 (िनधा'रणवष' / Assessment Year: 2017-18) K6705 Bommanaickenpalayam Ito Primary Agricultural Co-Operative Ward-2(1), बनाम/ Credit Society Ltd. Erode. Vs. #R2-Nallapa Street, Periyar Nagar, Erode, Chennai-638 001. "थायीलेखासं./जीआइआरसं./Pan/Gir No. Aabak-3912-B (अपीलाथ"/Appellant) : (" थ" / Respondent) अपीलाथ"कीओरसे/ Appellant By : Ms. R. Reshma (Advocate) - Ld.Ar " थ"कीओरसे/Respondent By : Shri Ashwin D. Gowda (Addl.Cit) - Ld. Sr. Dr सुनवाईकीतारीख/Date Of Hearing : 27-01-2025 घोषणाकीतारीख /Date Of Pronouncement : 03-02-2025

For Appellant: Ms. R. Reshma (Advocate) - Ld.ARFor Respondent: Shri Ashwin D. Gowda (Addl.CIT) - Ld. Sr. DR

Section 143(3)Section 37(1)Section 80P(2)(a)

…nly for limited period (maximum 3 years). Such members were not allotted shares and they do not have right to vote and participate in meetings. The Ld. AO, considering the decision of Hon’ble Supreme Court in the case of M/s Citizen Co-operative Society Ltd. (84 Taxmann.com 114), denied impugned deduction u/s 80P(2)(a)(i). The Ld. AO also disallowed expenses u/s 37(1) for Rs.4.65 Lacs since the same were in the nature of provision for overdraft interest, gratuity and depreciation. 3. During appellate proceedings, the assessee relied on the decision of Hon’ble Supreme Court in the case of Mavilayi Service Co-opera…

Haveli Taluka Veej Kamgar Sahakari Pathsanstha Maryadit, Pune vs. Income Tax Officer Ward 6 (1) Pune, Pmt Building, Swargate

In the result, the appeal of the assessee is allowed

ITA 1428/PUN/2024[2017-18]Status: DisposedITAT Pune15 Jan 2025AY 2017-18

Bench: Shri R.K. Panda & Ms. Astha Chandraआयकर अपील सं. / Ita No.1428/Pun/2024 निर्धारण वर्ष / Assessment Year : 2017-18 Haveli Taluka Veej Kamgar Sahakari Pathsanstha Maryadit, 415/2 A, Shrine Complex, Somvar Peth, Pune -411011 Vs. Income Tax Officer, Ward - 6(1), Pune Pan : Aaaah2281D अपीलार्थी / Appellant प्रत्यर्थी / Respondent Assessee By : Department By : Date Of Hearing : Date Of Pronouncement : Shri Deepak S. Sasar Shri Ramnath P. Murkunde 05-11-2024 15-01-2025 आदेश / Order Per Astha Chandra, Jm : The Appeal Filed By The Assessee Is Directed Against The Order Dated 29.04.2024 Of The Ld. Commissioner Of Income Tax (Appeals)/Nfac, Delhi [“Cit(A)"] Pertaining To Assessment Year (“Ay”) 2017-18. 2. The Assessee Has Raised The Following Grounds Of Appeal :- *1. The Ld. Cit(A) Has Wrongly Confirmed The Disallowance Of Deduction Of Rs.8,84,993/- Claimed By The Appellant U/S.80P (2)(A)(I) Of The Income Tax Act, 1961 Of Interest Income Earned From Deposit With Pdcc Bank. 2. Alternatively, The Interest Income Earned By The Appellant From The Investments In A Co-Operative Bank Is Also Eligible For Deduction Under Section 80P (2) (D) Of The Income Tax Act, 1961. 3. The Ld. Cit (A) Has Wrongly Confirmed The Disallowance Of Deduction U/S.80P Of Commission Receipts Of Rs.53,52,723/- After Deducting The Salary Expenses Of Rs.3,00,202/- From The Total Commission Receipts Of Rs.56,52,925/-. Being The Same Income Is Received From The Mseb On Account Of Running Cash Counter For Mseb Bill Payments & The Same Is Treated As Income From Other Sources. 4. The Appellant Crave Leave To Add, Delete, Amend, Alter, Vary And/Or Withdraw All Or Any One Of The Above Grounds Of Appeal.” 2

For Appellant: Department byFor Respondent: Date of hearing

Section 143(1)Section 143(2)Section 143(3)Section 80PSection 80P(2)(a)Section 80P(2)(d)

…ative Bank'. The Hon'ble Supreme Court's observations made in the case of 'Mavilayi (supra) has also applied the ratio decidendi of its judgment rendered in Citizen Co-operative Society Limited V. Assistant Commissioner of Income-Tax, Circle -9(1), Hyderabad (397 ITR 1). Therefore, in view of the law laid down by the Hon'ble Supreme Court in the case of Citizen Co-operative Society Limited V. Assistant Commissioner of Income- Tax, Circle -9(1), Hyderabad (397 ITR 1) that the Cooperative Societies, who are providing the credit facilities to their members their operations would be confined to their members only. As…

ITO-19.3.1, Mumbai vs. Shivsahyadri Sahakari Pathpedhi, Mumbai

In the result, appeals of the Revenue are dismissed

ITA 5905/MUM/2024[2018-19]Status: DisposedITAT Mumbai31 Dec 2024AY 2018-19

Bench: SHRI AMIT SHUKLA, JUDICIAL MEMBER & SHRI, GIRISH AGRAWAL (Accountant Member)

Section 14Section 143(1)Section 143(3)Section 80Section 80PSection 80P(2)Section 80P(2)(d)

…IN THE INCOME TAX APPELLATE TRIBUNAL, ‘A’ BENCH MUMBAI BEFORE: SHRI AMIT SHUKLA, JUDICIAL MEMBER & SHRI, GIRISH AGRAWAL, ACCOUNTANT MEMBER &` ITO- 19(3)(1) Vs. ShivsahyadriSahakariPathpedhi 405, 4th Floor, 118, Devi Bhavan, Piramal Chambers, 5th Floor, Parel, Mumbai- Senapati Bapat Marg, 400012. Matunga, Maharashtra- 400016. PAN/GIR No.AAFAS6090N (Appellant) .. (Respondent) Assessee by Shri Dinesh Ahir Revenue by Shri Pravin Salunkhe (Sr. DR) Date of Hearing 24/12/2024 Date of Pronouncement 31/12/2024 आदेश / O R D E R PER BENCH: The aforesaid appeals have been filed by the Revenue against order dated 13/11/2024…

ITO-19(3)(1), Mumbai vs. Shivsahyadri Sahakari Pathpedhi, Mumbai

In the result, appeals of the Revenue are dismissed

ITA 5901/MUM/2024[2020-21]Status: DisposedITAT Mumbai31 Dec 2024AY 2020-21

Bench: SHRI AMIT SHUKLA, JUDICIAL MEMBER & SHRI, GIRISH AGRAWAL (Accountant Member)

Section 14Section 143(1)Section 143(3)Section 80Section 80PSection 80P(2)Section 80P(2)(d)

Maharashtra Vij Kamgar Mahasangh Sahakari Pathasanshta Maryadit, Aurangabad vs. The ITO, Ward 1(6), Aurangabad

In the result, the appeal of the assessee is allowed for statistical purposes

ITA 2316/PUN/2024[2017-18]Status: DisposedITAT Pune24 Dec 2024AY 2017-18

Bench: Dr.Manish Borad

For Appellant: Shri Kishore PhadkeFor Respondent: Shri Sourabh Nayak

Section 143(2)Section 143(3)Section 250Section 250(6)Section 80P

…IN THE INCOME TAX APPELLATE TRIBUNAL PUNE BENCHES “SMC”, PUNE BEFORE DR.MANISH BORAD, ACCOUNTANT MEMBER आयकर अपील सं. / ITA No.2316/PUN/2024 "नधा"रण वष" / Assessment Year : 2017-18 Maharashtra Vij Kamgar Vs. ITO, Ward-1(6), Mahasangh Sahakari Pathasanstha Aurangabad Maryadit, Malkhare Arcase Talmajla, Sanskruti Mandal Road, Khadekeshwar, Aurangabad-431001 Maharashtra PAN : AAAAV4630J Appellant Respondent Assessee by : Shri Kishore Phadke Revenue by : Shri Sourabh Nayak Date of hearing : 17.12.2024 : Date of pronouncement 24.12.2024 आदेश / ORDER PER DR. MANISH BORAD, ACCOUNTANT MEMBER : This appeal filed b…

Vijaya Credit Co Operative Socitey Limited, Belthangady vs. The Income Tax Officer, Ward-1, Puttur

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

ITA 2048/BANG/2024[2018-19]Status: DisposedITAT Bangalore20 Dec 2024AY 2018-19

Bench: Shri Prashant Maharishi & Shri Soundararajan K.Assessment Year : 2018-19

For Appellant: Shri Ravishankar, AdvocateFor Respondent: Shri V. Parithivel, Jt.CIT(DR)(ITAT), Bengaluru

Section 143(3)Section 18Section 250Section 80P(2)(a)Section 80P(4)

…cieties Act which restricts the number of Associate members to 15% of the total number of members . 8. The learned Assessing Officer has failed to appreciate that the Hon'ble Supreme Court in the case of The Citizen Co Operative Society Ltd reported in (2017) 397 ITR 1 has disallowed deduction u/s 80P(2)(a)(i) for violating the provisions of Mutually Aided Co-operative Societies Act 1995 (MACSA) under which the Appellant is registered and wrongly applied the said decision to the instant case of the appellant. 9. The Learned Assessing Officer failed to distinguish the provisions of Mutually Aided Co-Operative Soci…

Vidharbha Konkan Gramin Bank, Nagpur vs. Income Tax Officer Ward 1(5), Nagpur

In the result, appeal filed by the assessee for A

ITA 8/NAG/2019[2015-2016]Status: DisposedITAT Nagpur28 Nov 2024AY 2015-2016

Bench: Shri V. Durga Rao & Shri K.M. Roy, Accountant, Member

For Appellant: Shri C. NareshFor Respondent: Shri Sandipkumar Salunke

Section 22Section 36(1)Section 36(1)(viia)Section 36(1)(viii)Section 80P

…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 it was a "cooperative society" registered under the Andhra Pradesh Mutually Aided Cooperative Societies Act 1955. I…

Vidharbha Konkan Gramin Bank, Nagpur vs. Income Tax Officer Ward 1(5), Nagpur

In the result, appeal filed by the assessee for A

ITA 7/NAG/2019[2014-15]Status: DisposedITAT Nagpur28 Nov 2024AY 2014-15

Bench: Shri V. Durga Rao & Shri K.M. Roy, Accountant, Member

For Appellant: Shri C. NareshFor Respondent: Shri Sandipkumar Salunke

Section 22Section 36(1)Section 36(1)(viia)Section 36(1)(viii)Section 80P

Peruvemba Sahakarana Urban Credit Society, Pruvemba vs. Income Tax Officer Ward-2, Palakkad

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

ITA 366/COCH/2024[2016-17]Status: DisposedITAT Cochin18 Nov 2024AY 2016-17

Bench: Shri Inturi Rama Raoperuvemba Sahakarana Urban The Income Tax Officer-2 Credit Society Aayakar Bhavan Peruvemba P.O. Vs. English Church Road Palakkad 678531 Palakkad 678014 [Pan: Aaeap1940M] (Appellant) (Respondent)

For Appellant: ------- Nome -------For Respondent: Smt. Leena Lal, Sr. D.R

Section 80PSection 80P(2)(a)

…ities to nominal 2 Peruvemba Sahakarana Urban Credit Society members who are classified as class B and class C members and placing reliance on the decision of the Hon'ble Supreme Court in the case of The Citizen Co-operative Society Ltd. v. Asst. CIT [2017] 397 ITR 1 (SC). 3. Being aggrieved, an appeal was filed before the CIT(A) who vide the impugned order confirmed the action of the AO. 4. Being aggrieved, the assessee is in appeal before the Tribunal. The solitary issue that arises in both the appeals is where the lower authorities were justified in denying deduction u/s. 80P(2)(a)(i) of the Act solely on…

The Kumbadaje Service Co Operative Bank Limited 383 Movvar, Movvar vs. ITO Ward 1 and Tps, Kasaragod

ITA 574/COCH/2024[2014-2015]Status: DisposedITAT Cochin07 Nov 2024AY 2014-2015

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singh

For Appellant: Sri.Suresh Kumar Varma, CAFor Respondent: Smt.V.Swarnalatha, Sr.DR

Section 80P

…these assessment years for the sole reason that it had derived the corresponding interest income from regular members having voting rights as well as nominal/associate members and therefore, going by case law Citizen Cooperative Society Ltd., vs. ACIT [2017] 397 ITR 1 (SC) that it is only the interest income derived from extending credit facilities for the former category which qualifies for sec.80P relief. 3. Faced with this situation, learned DR could hardly dispute the clinching legal developments and their lordships’ latter decision in Mavilayi Service Cooperative Bank Ltd., vs. CIT [2021] 431 ITR 1 (SC) ha…