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 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

Sri Siddeshwar Souharda Pattin Sahakari Niyamitha Vijayapura, Vijayapura vs. Income Tax Officer, Ward 1& Tps, Bijapur

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

ITA 1084/BANG/2024[2017-18]Status: DisposedITAT Bangalore27 Jun 2024AY 2017-18

Bench: Smt. Beena Pillaiassessment Year : 2017-18 M/S. Sri Siddeshwar Souharda Pattin Sahakari Niyamitha, The Income Tax Siddeshwara Road, Officer, Bijapur, Ward 1 & Tps, Vijayapura, Bijapur. Vs. Karnataka – 586 101. Pan: Aaabs1457M Appellant Respondent

For Appellant: Shri Varun Bhat, CA
Section 142(1)Section 143(2)Section 2(19)Section 5(3)Section 80PSection 80P(2)(a)Section 8o

…IN THE INCOME TAX APPELLATE TRIBUNAL SMC-‘B’ BENCH : BANGALORE BEFORE SMT. BEENA PILLAI, JUDICIAL MEMBER Assessment Year : 2017-18 M/s. Sri Siddeshwar Souharda Pattin Sahakari Niyamitha, The Income Tax Siddeshwara Road, Officer, Bijapur, Ward 1 & TPS, Vijayapura, Bijapur. Vs. Karnataka – 586 101. PAN: AAABS1457M APPELLANT RESPONDENT Assessee by : Shri Varun Bhat, CA : Shri Ganesh R Ghale, Advocate, Revenue by Standing Counsel for Revenue Date of Hearing : 27-06-2024 Date of Pronouncement : 27-06-2024 ORDER PER BEENA PILLAI, JUDICIAL MEMBER Present appeal arises out of order dated 22.04.2024 passed by Ld.CIT(A)…

Rehanabad Co-Operative Housing Society Limited, Mumbai vs. Income Tax Officer, Ward 24(1)(1), Mumbai

The appeal is allowed

ITA 4798/MUM/2023[2021-22]Status: DisposedITAT Mumbai24 Jun 2024AY 2021-22

Bench: Shri Prashant Maharishi (Am) I.T.A. No. 4798/Mum/2023 (A.Y. 2021-11) Rehanabad Co- Vs. Ito, Operative Housing Ward-24(1)(1) Society Limited Piramal Chamber 8, Rehanabad Housing Mumbai. Society Limited Spence Road, Byculla Mumbai-400 008. Pan : Aaaar4330D (Appellant) (Respondent) Assessee By Ms. Ritu Punjabi Department By Shri R.R. Makwana Date Of Hearing 04.06.2024 Date Of Pronouncement 24.06.2024 O R D E R 1. This Appeal Is Filed By Rehanabad Cooperative Housing Society Ltd, Mumbai (The Assessee/Appellant) For Assessment Year 2021 – 22 Against The Appellate Order Passed By The Additional Commissioner/Joint Commissioner Of Income Tax (A) Indore (The Learned Cit – A) Dated 31/10/2023 Wherein The Appeal Filed By The Assessee Against Intimation Under Section 143 (1) Of The Income Tax Act, 1961 Dated 19/10/2022 Passed By The Central Processing Centre Bangalore [ The Ld. Ao ] Wherein The Assessee Was Denied The Benefit Of Deduction Under Page 1 Of 9

Section 143Section 80

…under section 80 P (2) (d) of the act. Therefore, the reliance by the learned CIT – A on that decision is misplaced. 15. Even otherwise the honourable Supreme Court in case of citizen cooperative society Ltd versus assistant Commissioner of income tax (2017) 397 ITR 1 (SC) has categorically held that the section 80 P of the act is a benevolent provision, which was enacted by the Parliament in order to encourage and promote the growth of the cooperative sector generally in the economic life of the country and must therefore, berated liberally and in favour of the assessee. Even otherwise if the strict interpretat…

ITO-22(1)(6), Mumbai vs. Ahuja Tower Co Operative Housing Society Ltd., Mumbai

In the result, the appeal by the Revenue is dismissed

ITA 1060/MUM/2024[2018-19]Status: DisposedITAT Mumbai20 Jun 2024AY 2018-19

Bench: Shri Narendra Kumar Billaiya & Shri Sandeep Singh Karhail

For Appellant: Shri Anil SatheFor Respondent: Shri Harmesh Lal, Sr. DR
Section 143Section 143(3)Section 250Section 80PSection 80P(2)(d)

…IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH, MUMBAI BEFORE SHRI NARENDRA KUMAR BILLAIYA, ACCOUNTANT MEMBER AND SHRI SANDEEP SINGH KARHAIL, JUDICIAL MEMBER ITA no.1060/Mum./2024 (Assessment Year : 2018-19) ITO-22(1)(6) ……………. Appellant Room No. 108, Piramal Chambers Lal Baug, Parel, Mumbai-400012 v/s Ahuja Tower Co-operative Housing Society Ltd Plot No. 1087 and 1088, Ahuja ……………. Respondent Tower Co-op Hsg Soc Ltd, Rajabhau Anant Desai Marg Mumbai-400025 PAN – AAFAA0125I Assessee by : Shri Anil Sathe Revenue by : Shri Harmesh Lal, Sr. DR Date of Hearing – 06/06/2024 Date of Order – 20/06/2024 O R D E R PE…

Income Tax Officer-22(1)(6), Mumbai vs. Ahuja Tower Co Operative Housing Society Limited, Mumbai

In the result, the appeal by the assessee is allowed, while the appeal by the Revenue is dismissed

ITA 859/MUM/2024[2020-21]Status: DisposedITAT Mumbai19 Jun 2024AY 2020-21

Bench: Shri Narendra Kumar Billaiya & Shri Sandeep Singh Karhail

For Appellant: Shri Anil SatheFor Respondent: Shri Sunny Kachhwaha
Section 142(1)Section 143(2)Section 250Section 80P(2)(d)

…IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH, MUMBAI BEFORE SHRI NARENDRA KUMAR BILLAIYA, ACCOUNTANT MEMBER AND SHRI SANDEEP SINGH KARHAIL, JUDICIAL MEMBER ITA no.644/Mum./2024 (Assessment Year : 2020-21) Ahuja Tower Co-operative Housing Society Ltd Plot No. 1087 and 1088, Ahuja ……………. Appellant Tower Co-operative Housing Society, Rajabhau Anant Desai Marg, Prabhadevi, Maharashtra PAN – AAFAA0125L v/s Income Tax Officer-22(1)(6) Room No.108, Piramal Chamber, ……………. Respondent Lal Baug, Parel, Maharashtra-400012. ITA no.859/Mum./2024 (Assessment Year : 2020-21) Income Tax Officer-22(1)(6) Room No.108, Piramal…

Ahuja Tower Co-Operative Housing Society Limited, Mumbai vs. Jurisdiction Ward 22(1)(6), Piramal Chamber, Mumbai

ITA 644/MUM/2024[2020-21]Status: DisposedITAT Mumbai19 Jun 2024AY 2020-21

Bench: Shri Narendra Kumar Billaiya & Shri Sandeep Singh Karhail

For Appellant: Shri Anil SatheFor Respondent: Shri Sunny Kachhwaha
Section 142(1)Section 143(2)Section 250Section 80P(2)(d)

…IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH, MUMBAI BEFORE SHRI NARENDRA KUMAR BILLAIYA, ACCOUNTANT MEMBER AND SHRI SANDEEP SINGH KARHAIL, JUDICIAL MEMBER ITA no.644/Mum./2024 (Assessment Year : 2020-21) Ahuja Tower Co-operative Housing Society Ltd Plot No. 1087 and 1088, Ahuja Tower Co-operative Housing Society, Rajabhau Anant Desai Marg, Prabhadevi, Maharashtra PAN - AAFAA0125L Appellant Income Tax Officer-22(1)(6) Room No.108, Piramal Chamber, Lal Baug, Parel, Maharashtra-400012. Respondent v/s ITA no.859/Mum./2024 (Assessment Year : 2020-21) Income Tax Officer-22(1)(6) Room No.108, Piramal Chamber, Lal Bau…

K 637 Pasur Primary Agricultural Co-Op Credit Society, Erode vs. ITO, Ncw2(3), Erode

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

ITA 697/CHNY/2024[2012-13]Status: DisposedITAT Chennai13 Jun 2024AY 2012-13

Bench: Shri Mahavir Singhand Shri S.R. Raghunatha

For Appellant: Shri P.M. Kathir, AdvocateFor Respondent: Shri N. Sanjay Gandhi, JCIT
Section 143(3)Section 2(16)Section 2(6)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 "ी एस.आर. रघुनाथा, लेखा सद"य के सम" BEFORE SHRI MAHAVIR SINGH, VICE PRESIDENTAND SHRI S.R. RAGHUNATHA, ACCOUNTANT MEMBER आयकर अपील सं./ITA No.: 697/CHNY/2024 िनधा"रण वष"/Assessment Year: 2012-13 M/s. K 637 Pasur Primary The Income Tax Officer, Agricultural Co-op Credit Vs. Ward 2(3), Society, Erode. Co-operative Main Road, Pasur, Erode – 638 154. PAN: AABAK 5021B (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ" क" ओर से/Appellant by : Shri P.M. Kathir, Advocate ""यथ" क" ओर से/Respondent by : S…

The Savanoor Primary Agriculture Credit Co-Operative Society Limited, Puttur vs. Income Tax Officer, Ward-1, Puttur

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

ITA 676/BANG/2024[2017-18]Status: DisposedITAT Bangalore13 Jun 2024AY 2017-18

Bench: Shri George George K & Shri Waseem Ahmedr Assessment Year : 2017-18 M/S. Savanoor Primary Agriculture Credit Vs. Ito, Co-Operative Society Ltd., Ward – 1, Savanoor Co-Operative Agricultural Bank Ltd., Puttur. Savanoor – 574 202. Pan : Aaeat 1118 M Appellant Respondent Assessee By : Shri. Srikrishna, Ca Revenue By : Shri. Ramnathan, Addl. Cit(Dr)(Itat), Bengaluru. Date Of Hearing : 12.06.2024 Date Of Pronouncement : 13.06.2024

For Appellant: Shri. Srikrishna, CAFor Respondent: Shri. Ramnathan, Addl. CIT(DR)(ITAT), Bengaluru
Section 143(3)Section 250Section 80PSection 80P(2)(a)

…ction under section 80P of the Act was denied for the reason that assessee is also dealing with non-members. In this context, the AO relied on the judgment of the Hon’ble Apex Court in the case of Citizen Co-operative Society Ltd., Vs. ACIT reported in (2017) 397 ITR 1. The AO also further disallowed deduction claimed under section 80P of the Act for the interest income received from co-operative banks by placing reliance on the judgment of the Hon’ble jurisdictional High Court in the case of PCIT Vs. Totgars Sales Society reported in 395 ITR 611 (Karnataka). 3. Aggrieved by the Assessment Order passed under sec…

Kanifnath Gramin Bigar Sheti Sahakari Patsanstha Maryadit, Ahmednagar vs. Income Tax Officer Ward 2, Ahmednagar

ITA 392/PUN/2024[2018-19]Status: DisposedITAT Pune03 Jun 2024AY 2018-19

Bench: Hon’Ble Shri S. S. Godara & Shri G. D. Padmahshaliआयकर अपील सं. / Ita No.392/Pun/2024 निर्धारण वर्ा / Assessment Year : 2018-19 Kanifnath Gramin Bigar Sheti Sahakari Pathsanstha Maryadit At Post: Maldad, Tal.:Sangamner, Dist.: Ahmednagar-422608 Pan: Abbak1395E . . . . . . . अपीलार्थी / Appellant बिधम / V/S. Income Tax Officer Ward-2, Ahmednagar . . . . . . . प्रत्यर्थी / Respondent द्वधरध / Appearances Assessee By : Mr Pramod Shingte [‘Ld. Ar’] Revenue By : Mr Ramnath Murkunde [‘Ld. Dr’] सुनवाई की तारीख / Date Of Conclusive Hearing : 30/05/2024 घोषणा की तारीख / Date Of Pronouncement : 03/06/2024

For Appellant: Mr Pramod Shingte [‘Ld. AR’]For Respondent: Mr Ramnath Murkunde [‘Ld. DR’]
Section 143(2)Section 143(3)Section 250Section 250(6)Section 251Section 251(1)(a)Section 253(1)(a)Section 80P(2)

…IN THE INCOME TAX APPELLATE TRIBUNAL, PUNE ‘A’ BENCH, PUNE BEFORE HON’BLE SHRI S. S. GODARA, JUDICIAL MEMBER AND SHRI G. D. PADMAHSHALI, ACCOUNTANT MEMBER आयकर अपील सं. / ITA No.392/PUN/2024 निर्धारण वर्ा / Assessment Year : 2018-19 Kanifnath Gramin Bigar Sheti Sahakari Pathsanstha Maryadit At Post: Maldad, Tal.:Sangamner, Dist.: Ahmednagar-422608 PAN: ABBAK1395E . . . . . . . अपीलार्थी / Appellant बिधम / V/s. Income Tax Officer Ward-2, Ahmednagar . . . . . . . प्रत्यर्थी / Respondent द्वधरध / Appearances Assessee by : Mr Pramod Shingte [‘Ld. AR’] Revenue by : Mr Ramnath Murkunde [‘Ld. DR’] सुनवाई की तारीख / D…

Mudur Vyavasaya Seva Sahakari Sangha Ltd., Udupi vs. Income Tax Officer, Ward-2, Udupi

ITA 78/BANG/2024[2017-18]Status: DisposedITAT Bangalore29 May 2024AY 2017-18

Bench: Smt. Beena Pillai & Shri Laxmi Prasad Sahuassessment Year : 2017-18

For Appellant: Shri Mahesh R. Uppin, AdvocateFor Respondent: Shri V. Parithivel, Jt.CIT(DR)(ITAT), Bengaluru
Section 143(1)Section 18Section 40A(7)Section 43(2)Section 56Section 80P

…d in (2017) 395 ITR 611 (Karnataka) dated 16.06.2017. 13.1 The ld. DR also submitted that the assessee has violated the principle of mutuality and relied on the judgment of Hon’ble Apex Court in the case of Citizen Co-operative Society Ltd. reported in (0217) 397 ITR 1 (SC) & Bangalore Club as relied by the ld. CIT (A). Accordingly the assessee is not eligible for deduction as observed by the lower authorities u/s 80P(2)(a)(i). He further submitted that in the case of Kerala State Co-operative Agricultural and Rural Development Bank Ltd. KSCARDB vs. Assessing Officer, (2023) 154 taxmann.com Page 9 of 18 305 the…

Kumbra Vyavasaya Seva Sahakary Bank Limited, Puttur vs. Income Tax Office, Ward-1, Puttur

ITA 513/BANG/2024[2017-18]Status: DisposedITAT Bangalore29 May 2024AY 2017-18

Bench: Smt Beena Pillai & Shri Laxmi Prasad Sahu

For Appellant: Smt. Sheetal Borkar, AdvocateFor Respondent: Shri Srinath S, JCIT –DR
Section 143(2)Section 57Section 80PSection 80P(2)(a)Section 80P(2)(d)

…Page 1 ITA No. 513/Bang/2024 IN THE INCOME TAX APPELLATE TRIBUNAL 'A' BENCH : BANGALORE BEFORE SMT BEENA PILLAI, JUDICIAL MEMBER AND SHRI LAXMI PRASAD SAHU, ACCOUNTANT MEMBER ITA No. 513/Bang/2024 Assessment Year : 2017-18 M/s. Kumbra Vyavasaya Seva Sahakary Bank Ltd., 01 KumbraPACCS Ltd., Post Kumbra, Puttur Taluk, D.K. Puttur, Karnataka – 574 210. PAN: AAALK0352K APPELLANT Vs. The Income Tax Officer, Ward – 1, Puttur. RESPONDENT Assessee by: Smt. Sheetal Borkar, Advocate Revenue by: Shri Srinath S, JCIT –DR Date of Hearing : 09-05-2024 Date of Pronouncement: 29-05-2024 ORDER PER BEENA PILLAI, JUDICIAL MEMBER P…

Sadhana Sahakari Patpedhi Limited, Vasai, Palghar vs. CIT(A), NFAC, Delhi

ITA 57/MUM/2024[2020-21]Status: DisposedITAT Mumbai22 May 2024AY 2020-21
For Appellant: Shri Unmesh NarvekarFor Respondent: Dr. Kishor Dhule
Section 143Section 143(1)Section 143(3)Section 80PSection 80P(2)(a)Section 80P(2)(c)Section 80P(2)(d)Section 80P(4)

…High Court in the case of Katlary Kariyana Sahkari Sarafi Mandli Ltd Vs, ACIT: [2022] 140 Taxmann.com 602 (Gujarat), dated 04/01/2022, and the judgment of the Hon’ble Supreme Court in the case of Citizen Co-operative Society Vs. ACIT, Circle 9(1), Hyderabad: 397 ITR 1 (SC) as well as the provisions contained in Section 80P(4) of the Act. 8. We have given thoughtful consideration to the rival submission, perused the material on record and considered the position in law. We find that the issues raised in the present appeal are no longer res-integra. 9. The Assessing Officer and the CIT(A) have concluded that the…

Sadhana Sahakari Patpedhi Limited, Palghar vs. CIT(A), NFAC, Delhi

ITA 56/MUM/2024[2018-19]Status: DisposedITAT Mumbai22 May 2024AY 2018-19
For Appellant: Shri Unmesh NarvekarFor Respondent: Dr. Kishor Dhule
Section 143Section 143(1)Section 143(3)Section 80PSection 80P(2)(a)Section 80P(2)(c)Section 80P(2)(d)Section 80P(4)

…High Court in the case of Katlary Kariyana Sahkari Sarafi Mandli Ltd Vs, ACIT: [2022] 140 Taxmann.com 602 (Gujarat), dated 04/01/2022, and the judgment of the Hon’ble Supreme Court in the case of Citizen Co-operative Society Vs. ACIT, Circle 9(1), Hyderabad: 397 ITR 1 (SC) as well as the provisions contained in Section 80P(4) of the Act. 8. We have given thoughtful consideration to the rival submission, perused the material on record and considered the position in law. We find that the issues raised in the present appeal are no longer res-integra. 9. The Assessing Officer and the CIT(A) have concluded that the…

ITO-26(2)(1), Mumbai vs. Sangli Vaibhav Co Operative Credit Society Limited, Mumbai

ITA 3770/MUM/2023[2018-19]Status: DisposedITAT Mumbai22 May 2024AY 2018-19

Bench: SHRI NARENDRA KUMAR BILLAIYA, ACCOUNTANT MEMBER SHRI RAHUL CHAUDHARY (Judicial Member)

For Appellant: Shri Ketan L. VajaniFor Respondent: Dr. Kishor Dhule
Section 143Section 143(1)Section 143(3)Section 80P(2)(d)

…2021) Court in the case of Katlary Kariyana Sahkari Sarafi Mandli Ltd Vs, ACIT: [2022] 140 Taxmann.com 602 (Gujarat), dated 04/01/2022, and the judgment of the Hon’ble Supreme Court in the case of Citizen Co-operative Society Vs. ACIT, Circle 9(1), Hyderabad: 397 ITR 1 (SC) as well as the provisions contained in Section 80P(4) of the Act. According to the Ld. Departmental Representative the CIT(A) erred in overturning the decision of the Assessing Officer and deleting the addition/disallowance made by the Assessing Officer in respect of interest income received by the Assessee. Per contra, Authorised Representati…

ITO-26(2)(1), Mumbai vs. Sangli Vaibhav Co Operative Credit Society Limited, Mumbai

ITA 3769/MUM/2023[2017-18]Status: DisposedITAT Mumbai22 May 2024AY 2017-18

Bench: SHRI NARENDRA KUMAR BILLAIYA, ACCOUNTANT MEMBER SHRI RAHUL CHAUDHARY (Judicial Member)

For Appellant: Shri Ketan L. VajaniFor Respondent: Dr. Kishor Dhule
Section 143Section 143(1)Section 143(3)Section 80P(2)(d)

…2021) Court in the case of Katlary Kariyana Sahkari Sarafi Mandli Ltd Vs, ACIT: [2022] 140 Taxmann.com 602 (Gujarat), dated 04/01/2022, and the judgment of the Hon’ble Supreme Court in the case of Citizen Co-operative Society Vs. ACIT, Circle 9(1), Hyderabad: 397 ITR 1 (SC) as well as the provisions contained in Section 80P(4) of the Act. According to the Ld. Departmental Representative the CIT(A) erred in overturning the decision of the Assessing Officer and deleting the addition/disallowance made by the Assessing Officer in respect of interest income received by the Assessee. Per contra, Authorised Representati…

ITO-26(2)(1), Mumbai vs. Sangli Vaibhav Co Operative Credit Society Limited, Mumbai

ITA 3766/MUM/2023[2020-21]Status: DisposedITAT Mumbai22 May 2024AY 2020-21

Bench: SHRI NARENDRA KUMAR BILLAIYA, ACCOUNTANT MEMBER SHRI RAHUL CHAUDHARY (Judicial Member)

For Appellant: Shri Ketan L. VajaniFor Respondent: Dr. Kishor Dhule
Section 143Section 143(1)Section 143(3)Section 80P(2)(d)

…2021) Court in the case of Katlary Kariyana Sahkari Sarafi Mandli Ltd Vs, ACIT: [2022] 140 Taxmann.com 602 (Gujarat), dated 04/01/2022, and the judgment of the Hon’ble Supreme Court in the case of Citizen Co-operative Society Vs. ACIT, Circle 9(1), Hyderabad: 397 ITR 1 (SC) as well as the provisions contained in Section 80P(4) of the Act. According to the Ld. Departmental Representative the CIT(A) erred in overturning the decision of the Assessing Officer and deleting the addition/disallowance made by the Assessing Officer in respect of interest income received by the Assessee. Per contra, Authorised Representati…

Shree Cheerumba Credit Co-Operative Society Limited, Mangaluru vs. Income-Tax Officer, Ward-2(1), Mangaluru

In the result, we pass the following:

ITA 599/BANG/2024[2020-21]Status: DisposedITAT Bangalore17 May 2024AY 2020-21

Bench: Shri George George K & Shri Waseem Ahmed

For Appellant: Shri Sriram V. Rao, CAFor Respondent: Shri. Subramanian S, JCIT(DR)(ITAT), Bengaluru
Section 143(3)Section 250Section 57Section 80PSection 80P(2)(a)

…regular members of assessee society and has violated the principles of mutuality. In this context, the learned AO and the CIT(A) had relied on the judgment of the Hon’ble Apex Court in the case of Citizen Co-operative Society Ltd., Vs. ACIT reported in (2017) 397 ITR 1. The Learned AR, by referring to the latest judgment of the Hon’ble Apex Court in the case of Mavilayi Service Co- operative Bank Ltd., & Ors. Vs. CIT reported in 431 ITR 1 submitted that there is no prohibition under the Karnataka Co-operative Societies Act, 1959, for admission of nominal / associate members. Hence, it was contended that assessee…

Shree Cheerumba Credit Co-Operative Society Limited, Mangaluru vs. Income Tax Officer, Mangaluru

In the result, we pass the following:

ITA 548/BANG/2024[2018-19]Status: DisposedITAT Bangalore17 May 2024AY 2018-19

Bench: Shri George George K & Shri Waseem Ahmed

For Appellant: Shri Sriram V. Rao, CAFor Respondent: Shri. Subramanian S, JCIT(DR)(ITAT), Bengaluru
Section 143(3)Section 250Section 57Section 80PSection 80P(2)(a)

…regular members of assessee society and has violated the principles of mutuality. In this context, the learned AO and the CIT(A) had relied on the judgment of the Hon’ble Apex Court in the case of Citizen Co-operative Society Ltd., Vs. ACIT reported in (2017) 397 ITR 1. The Learned AR, by referring to the latest judgment of the Hon’ble Apex Court in the case of Mavilayi Service Co- operative Bank Ltd., & Ors. Vs. CIT reported in 431 ITR 1 submitted that there is no prohibition under the Karnataka Co-operative Societies Act, 1959, for admission of nominal / associate members. Hence, it was contended that assessee…

Shree Cheerumba Credit Co-Operative Society Limited, Mangaluru vs. ITO Ward 2(1), Mangaluru

In the result, we pass the following:

ITA 547/BANG/2024[2017-18]Status: DisposedITAT Bangalore17 May 2024AY 2017-18

Bench: Shri George George K & Shri Waseem Ahmed

For Appellant: Shri Sriram V. Rao, CAFor Respondent: Shri. Subramanian S, JCIT(DR)(ITAT), Bengaluru
Section 143(3)Section 250Section 57Section 80PSection 80P(2)(a)

…regular members of assessee society and has violated the principles of mutuality. In this context, the learned AO and the CIT(A) had relied on the judgment of the Hon’ble Apex Court in the case of Citizen Co-operative Society Ltd., Vs. ACIT reported in (2017) 397 ITR 1. The Learned AR, by referring to the latest judgment of the Hon’ble Apex Court in the case of Mavilayi Service Co- operative Bank Ltd., & Ors. Vs. CIT reported in 431 ITR 1 submitted that there is no prohibition under the Karnataka Co-operative Societies Act, 1959, for admission of nominal / associate members. Hence, it was contended that assessee…

Income Tax Officer, Ward 1, Udupi vs. Brahmavara Vyavasaya Seva, Brahmavara

ITA 668/BANG/2024[2020-21]Status: DisposedITAT Bangalore16 May 2024AY 2020-21

Bench: Shri George George K & Shri Waseem Ahmed

For Appellant: Ms. Akshaya K. S, CAFor Respondent: Shri. Subramanian S, JCIT(DR)(ITAT), Bengaluru
Section 250Section 80PSection 80P(2)Section 80P(2)(a)Section 80P(2)(d)

…by accepting the deposits and disbursing loans to its nominal members who are more than 15% of the regular members. The AO placed reliance on the judgment of the Hon'ble Apex Court in the case of Citizen Co-operative Society Ltd., Vs. ACIT reported in (2017) 397 ITR 1 in taking the above view. Further, the AO for Assessment Year 2017-18 held that interest income earned on investments with Co-operative Banks is to be assessed as "Income from Other Sources" and same cannot be allowed as deduction under sections 80P(2)(a)(i) or 80P(2)(d) of the Act. In taking the above view, the learned AR relied on the judgment of…

Incometax Officer, Ward 1, Udupi vs. Brahmavara Vyavasaya Seva, Brahmavara

ITA 667/BANG/2024[2018-19]Status: DisposedITAT Bangalore16 May 2024AY 2018-19

Bench: Shri George George K & Shri Waseem Ahmed

For Appellant: Ms. Akshaya K. S, CAFor Respondent: Shri. Subramanian S, JCIT(DR)(ITAT), Bengaluru
Section 250Section 80PSection 80P(2)Section 80P(2)(a)Section 80P(2)(d)

…by accepting the deposits and disbursing loans to its nominal members who are more than 15% of the regular members. The AO placed reliance on the judgment of the Hon'ble Apex Court in the case of Citizen Co-operative Society Ltd., Vs. ACIT reported in (2017) 397 ITR 1 in taking the above view. Further, the AO for Assessment Year 2017-18 held that interest income earned on investments with Co-operative Banks is to be assessed as "Income from Other Sources" and same cannot be allowed as deduction under sections 80P(2)(a)(i) or 80P(2)(d) of the Act. In taking the above view, the learned AR relied on the judgment of…