Co-operative Bank Ltd. v. CIT

M/S.Kodiyeri Service Co-Op Bank Ltd, Kannur vs. ITO, Kannur

Bench: S/Shri P.K. Bansal & George George K, Jm M/S Kodiyeri Service Coop Bank Ltd Vs The Income Tax Officer Thalassery, Kannur-71. Ward 2 Kannur ( Appellant) (Respondent)

…It is in this context, the case was heard on 05-10- 2017. 6. We have heard the rival parties and perused the material on record. As regards the belated filing of return, the Hon’ble High Court in the case of Chirakkal Service Co-op Bank Ltd vs CIT reported in 384 ITR 490 has decided the issue in favour of the assessee. The Hon’ble High Court had held that the Tribunal was not justified in denying the benefit of exemption u/s 80P of the Act 2 on the mere ground of belated filing of return of income. The Hon’ble High Court was considering the following substantial question of law: “B Whether the Tribunal is ju…

M/S.Chelannur Service Co-Op Bank Ltd, Calicut vs. The ITO, Calicut

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

Bench: S/Shri Shri P K Bansal & George George K, Jm M/S Chelannur Service Cooperative Vs The Income Tax Officer Bank Ltd Ward 2(3), Calicut No.F 1242 Po Chelannur Calicut 673 616 ( Appellant) (Respondent)

…ed the present appeal before the Tribunal. The ld counsel for the assessee Smt Parvathy Ammal, submitted that the issue is squarely covered by the judgment of the Hon’ble Kerala High Court in the case of Chirakkal Service Cooperative Bank Ltd ., reported in 384 ITR 490. 5.1 On the other hand, the ld DR submitted that the assessee has not filed the return as per the provisions of section 139(1) or 139(4) of the Act and hence, would 2 not be entitled to get the benefit of 80P(2) deduction in light of section 80A(5) of the I T Act. 6 We have heard the rival parties and perused the material on record. The Hon’bl…

M/S.Ezhome Service Co-Op Bank Ltd, Kannur vs. The ITO, Kannur

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

Bench: Shri George George Kthe Azhikode Service Cooperative Bank Vs The Income Tax Officer Ltd , No.F 1149 Ward 1 Azhikode- Kannur Kannur Kerala 670 009 Pan No. Aaaaa7103M M/S Maniat Service Cooperative Bank Vs The Income Tax Officer Po Maniat Ward 2 Kasaragod 671 310 Kasaragod Pan No. Aaaam7608K M/S Madikai Service Cooperative Bank Vs The Income Tax Officer Po Madikai Ward 2 Kasaragod 671 314 Kasaragod Pan No. Aaaat7221K M/S Bedadka Farmers Service Vs The Income Tax Officer Cooperative Bank Ltd Ward 1 Kundamkuzhy Po Kasaragod Kasaragd 671 541 Pan No. Aaaab0892Q The Payyannur Service Cooperative Vs The Income Tax Officer Bank -No.F 1401 Ward 2 Po Payyannur Kannur Kannur 670 307 Pan No. Aaabp0133D ( Appellants) (Respondent)

…ing the benefit of deduction u/s 80P(2) of the Act, the assessee preferred appeal to the first appellate authority. The CIT(A), following the judgment of the Hon’ble jurisdictional High Court in the case of Chirakkal Service Co-op Bank Ltd vs CIT reported in 384 ITR 490, allowed the claim of deduction u/s 80P(2) of the Act. However, with regard to interest received on deposits with Sub Treasury, amounting to Rs.4,03,088/-, the CIT(A) held the same to be income ITA Nos 261/C/2017, ITA No. 208/Coch/2017, ITA No 209/Coch/2017 ITA No. 210/Coch/2017 , ITA No. 263/Coch/2017, ITA No. 268/Coch/2017 & from other source…

The Madai Service Co-Op Bank Ltd, Kannur vs. The ITO, Kannur

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

Bench: Shri George George Kthe Azhikode Service Cooperative Bank Vs The Income Tax Officer Ltd , No.F 1149 Ward 1 Azhikode- Kannur Kannur Kerala 670 009 Pan No. Aaaaa7103M M/S Maniat Service Cooperative Bank Vs The Income Tax Officer Po Maniat Ward 2 Kasaragod 671 310 Kasaragod Pan No. Aaaam7608K M/S Madikai Service Cooperative Bank Vs The Income Tax Officer Po Madikai Ward 2 Kasaragod 671 314 Kasaragod Pan No. Aaaat7221K M/S Bedadka Farmers Service Vs The Income Tax Officer Cooperative Bank Ltd Ward 1 Kundamkuzhy Po Kasaragod Kasaragd 671 541 Pan No. Aaaab0892Q The Payyannur Service Cooperative Vs The Income Tax Officer Bank -No.F 1401 Ward 2 Po Payyannur Kannur Kannur 670 307 Pan No. Aaabp0133D ( Appellants) (Respondent)

…ing the benefit of deduction u/s 80P(2) of the Act, the assessee preferred appeal to the first appellate authority. The CIT(A), following the judgment of the Hon’ble jurisdictional High Court in the case of Chirakkal Service Co-op Bank Ltd vs CIT reported in 384 ITR 490, allowed the claim of deduction u/s 80P(2) of the Act. However, with regard to interest received on deposits with Sub Treasury, amounting to Rs.4,03,088/-, the CIT(A) held the same to be income ITA Nos 261/C/2017, ITA No. 208/Coch/2017, ITA No 209/Coch/2017 ITA No. 210/Coch/2017 , ITA No. 263/Coch/2017, ITA No. 268/Coch/2017 & from other source…

M/S.the Payyannur Service Co-Op Bank Ltd, Kannur vs. The ITO, Kannur

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

Bench: Shri George George Kthe Azhikode Service Cooperative Bank Vs The Income Tax Officer Ltd , No.F 1149 Ward 1 Azhikode- Kannur Kannur Kerala 670 009 Pan No. Aaaaa7103M M/S Maniat Service Cooperative Bank Vs The Income Tax Officer Po Maniat Ward 2 Kasaragod 671 310 Kasaragod Pan No. Aaaam7608K M/S Madikai Service Cooperative Bank Vs The Income Tax Officer Po Madikai Ward 2 Kasaragod 671 314 Kasaragod Pan No. Aaaat7221K M/S Bedadka Farmers Service Vs The Income Tax Officer Cooperative Bank Ltd Ward 1 Kundamkuzhy Po Kasaragod Kasaragd 671 541 Pan No. Aaaab0892Q The Payyannur Service Cooperative Vs The Income Tax Officer Bank -No.F 1401 Ward 2 Po Payyannur Kannur Kannur 670 307 Pan No. Aaabp0133D ( Appellants) (Respondent)

…ing the benefit of deduction u/s 80P(2) of the Act, the assessee preferred appeal to the first appellate authority. The CIT(A), following the judgment of the Hon’ble jurisdictional High Court in the case of Chirakkal Service Co-op Bank Ltd vs CIT reported in 384 ITR 490, allowed the claim of deduction u/s 80P(2) of the Act. However, with regard to interest received on deposits with Sub Treasury, amounting to Rs.4,03,088/-, the CIT(A) held the same to be income ITA Nos 261/C/2017, ITA No. 208/Coch/2017, ITA No 209/Coch/2017 ITA No. 210/Coch/2017 , ITA No. 263/Coch/2017, ITA No. 268/Coch/2017 & from other source…

M/.the Azhikkode Service Co-Op Bank Ltd, Kannur vs. The ITO, Kannur

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

Bench: Shri George George Kthe Azhikode Service Cooperative Bank Vs The Income Tax Officer Ltd , No.F 1149 Ward 1 Azhikode- Kannur Kannur Kerala 670 009 Pan No. Aaaaa7103M M/S Maniat Service Cooperative Bank Vs The Income Tax Officer Po Maniat Ward 2 Kasaragod 671 310 Kasaragod Pan No. Aaaam7608K M/S Madikai Service Cooperative Bank Vs The Income Tax Officer Po Madikai Ward 2 Kasaragod 671 314 Kasaragod Pan No. Aaaat7221K M/S Bedadka Farmers Service Vs The Income Tax Officer Cooperative Bank Ltd Ward 1 Kundamkuzhy Po Kasaragod Kasaragd 671 541 Pan No. Aaaab0892Q The Payyannur Service Cooperative Vs The Income Tax Officer Bank -No.F 1401 Ward 2 Po Payyannur Kannur Kannur 670 307 Pan No. Aaabp0133D ( Appellants) (Respondent)

…ing the benefit of deduction u/s 80P(2) of the Act, the assessee preferred appeal to the first appellate authority. The CIT(A), following the judgment of the Hon’ble jurisdictional High Court in the case of Chirakkal Service Co-op Bank Ltd vs CIT reported in 384 ITR 490, allowed the claim of deduction u/s 80P(2) of the Act. However, with regard to interest received on deposits with Sub Treasury, amounting to Rs.4,03,088/-, the CIT(A) held the same to be income ITA Nos 261/C/2017, ITA No. 208/Coch/2017, ITA No 209/Coch/2017 ITA No. 210/Coch/2017 , ITA No. 263/Coch/2017, ITA No. 268/Coch/2017 & from other source…

M/S.Bedaka Farmers Service Co-Op Bank Ltd, Kasargode vs. The ITO, Kasargode

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

Bench: Shri George George Kthe Azhikode Service Cooperative Bank Vs The Income Tax Officer Ltd , No.F 1149 Ward 1 Azhikode- Kannur Kannur Kerala 670 009 Pan No. Aaaaa7103M M/S Maniat Service Cooperative Bank Vs The Income Tax Officer Po Maniat Ward 2 Kasaragod 671 310 Kasaragod Pan No. Aaaam7608K M/S Madikai Service Cooperative Bank Vs The Income Tax Officer Po Madikai Ward 2 Kasaragod 671 314 Kasaragod Pan No. Aaaat7221K M/S Bedadka Farmers Service Vs The Income Tax Officer Cooperative Bank Ltd Ward 1 Kundamkuzhy Po Kasaragod Kasaragd 671 541 Pan No. Aaaab0892Q The Payyannur Service Cooperative Vs The Income Tax Officer Bank -No.F 1401 Ward 2 Po Payyannur Kannur Kannur 670 307 Pan No. Aaabp0133D ( Appellants) (Respondent)

…ing the benefit of deduction u/s 80P(2) of the Act, the assessee preferred appeal to the first appellate authority. The CIT(A), following the judgment of the Hon’ble jurisdictional High Court in the case of Chirakkal Service Co-op Bank Ltd vs CIT reported in 384 ITR 490, allowed the claim of deduction u/s 80P(2) of the Act. However, with regard to interest received on deposits with Sub Treasury, amounting to Rs.4,03,088/-, the CIT(A) held the same to be income ITA Nos 261/C/2017, ITA No. 208/Coch/2017, ITA No 209/Coch/2017 ITA No. 210/Coch/2017 , ITA No. 263/Coch/2017, ITA No. 268/Coch/2017 & from other source…

M/S.Madikai Service Co-Op Bank Ltd, Trivandrum vs. The ITO, Kasargode

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

Bench: Shri George George Kthe Azhikode Service Cooperative Bank Vs The Income Tax Officer Ltd , No.F 1149 Ward 1 Azhikode- Kannur Kannur Kerala 670 009 Pan No. Aaaaa7103M M/S Maniat Service Cooperative Bank Vs The Income Tax Officer Po Maniat Ward 2 Kasaragod 671 310 Kasaragod Pan No. Aaaam7608K M/S Madikai Service Cooperative Bank Vs The Income Tax Officer Po Madikai Ward 2 Kasaragod 671 314 Kasaragod Pan No. Aaaat7221K M/S Bedadka Farmers Service Vs The Income Tax Officer Cooperative Bank Ltd Ward 1 Kundamkuzhy Po Kasaragod Kasaragd 671 541 Pan No. Aaaab0892Q The Payyannur Service Cooperative Vs The Income Tax Officer Bank -No.F 1401 Ward 2 Po Payyannur Kannur Kannur 670 307 Pan No. Aaabp0133D ( Appellants) (Respondent)

…ing the benefit of deduction u/s 80P(2) of the Act, the assessee preferred appeal to the first appellate authority. The CIT(A), following the judgment of the Hon’ble jurisdictional High Court in the case of Chirakkal Service Co-op Bank Ltd vs CIT reported in 384 ITR 490, allowed the claim of deduction u/s 80P(2) of the Act. However, with regard to interest received on deposits with Sub Treasury, amounting to Rs.4,03,088/-, the CIT(A) held the same to be income ITA Nos 261/C/2017, ITA No. 208/Coch/2017, ITA No 209/Coch/2017 ITA No. 210/Coch/2017 , ITA No. 263/Coch/2017, ITA No. 268/Coch/2017 & from other source…

M/S.Narikkuni Service Co-Op Bank Ltd Service Co-Op Bank Ltd, Calicut vs. The ITO, Calicut

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

Bench: S/Shri Abraham P. George, Am & George George K., Jm

….T.A. No.297 /Coch/2015 3. Now Hon’ble Jurisdictional High Court has remitted the case back to usl for considering the issues afresh based on the judgment of the Hon’ble High Court of Kerala, in the case of Chirakkal Service Co- operative Bank Ltd. vs. CIT (384 ITR 490).. 4. Ld. DR, strongly supporting the orders of the authorities below, submitted that assessee had advanced loans to its members for short term non agricultural purpose and such loans came to 55.35% of the total advances. According to him, deduction u/s. 80P(2)(i)(a) could not be allowed and even if allowed it had to be restricted to the profi…

The ITO, Kottayam vs. M/S.Sahyadri Co-Op Credit Society Ltd, Kottayam

Bench: S/Shri Abraham P. George, Am & George George K., Jm

…IN THE INCOME TAX APPELLATE TRIBUNAL COCHIN BENCH, COCHIN BEFORE S/SHRI ABRAHAM P. GEORGE, AM & GEORGE GEORGE K., JM I.T.A. No.340 /Coch/2016 Assessment Year : 2012-13 The Income Tax Officer, Vs. M/s. Sahyadri Co-operative Credit Ward-4, Kottayam. Society Ltd., 1st Floor, Amal Jyothi building, Cathedral Road, Kanjirapally, Kottayam. (Revenue-Appellant) (Assessee-Respondent) C.O. No.26/Coch/2016 (Arsg. out of I.T.A. No.340/Coch/2016) Assessment Year : M/s. Sahyadri Co-operative Vs. The Income Tax Officer, Credit Society Ltd., Ward-4, Kottayam. 1st Floor, Amal Jyothi building, Cathedral Road, Kanjirapall…

The ITO, Malappuram vs. The Karuvarakundu Service Co-Op Bank Ltd, Malappuram

Bench: S/Shri Abraham P. George, Am & George George K., Jm

…rtance to the classification given to the assessee in the said certificate. According to Ld. DR, CIT(A) himself fell in error when he relied on the judgment of Hon’ble Jurisdictional High Court in the case of Chirakkal Service Co-operative Bank Ltd. v. CIT (384 ITR 490). 3. Per contra, Ld. AR, in support of the order of CIT(A), submitted that reliance placed by the Ld. CIT(A) on the judgment of Hon’ble Jurisdictional High Court in the case of Chirakkal Service Co-operative Bank Ltd. v. CIT (supra) while giving relief to the assessee was correct. 4. We have heard the rival submissions and perused the orders.…

The ITO, Malappuram vs. The Karuvarakundu Service Co-Op Bank Ltd, Malappuram

Bench: S/Shri Abraham P. George, Am & George George K., Jm

…rtance to the classification given to the assessee in the said certificate. According to Ld. DR, CIT(A) himself fell in error when he relied on the judgment of Hon’ble Jurisdictional High Court in the case of Chirakkal Service Co-operative Bank Ltd. v. CIT (384 ITR 490). 3. Per contra, Ld. AR, in support of the order of CIT(A), submitted that reliance placed by the Ld. CIT(A) on the judgment of Hon’ble Jurisdictional High Court in the case of Chirakkal Service Co-operative Bank Ltd. v. CIT (supra) while giving relief to the assessee was correct. 4. We have heard the rival submissions and perused the orders.…

The ITO, Malappuram vs. The Karuvarakundu Service Co-Op Bank Ltd, Malappuram

Bench: S/Shri Abraham P. George, Am & George George K., Jm

…rtance to the classification given to the assessee in the said certificate. According to Ld. DR, CIT(A) himself fell in error when he relied on the judgment of Hon’ble Jurisdictional High Court in the case of Chirakkal Service Co-operative Bank Ltd. v. CIT (384 ITR 490). 3. Per contra, Ld. AR, in support of the order of CIT(A), submitted that reliance placed by the Ld. CIT(A) on the judgment of Hon’ble Jurisdictional High Court in the case of Chirakkal Service Co-operative Bank Ltd. v. CIT (supra) while giving relief to the assessee was correct. 4. We have heard the rival submissions and perused the orders.…

The ITO, Kottayam vs. M/S.Poonjar Service Co-Op Bank Ltd, Kottayam

Bench: S/Shri Abraham P George, Am & George George K, Jm &

…ted 18.10.2016 restored the matter to the Tribunal. The Hon’ble High Court directed the Tribunal to decide the issue afresh in light of the judgment of the Hon’ble jurisdictional High Court in the case of Chirakkal Service Co-op Bank Ltd vs CIT reported in 384 ITR 490 and the Board Circular No. 18/2015 dated 2.11.2015. It is in this context, the cases were heard on 20th March, 2017. 6 The ld counsel for the assessee submitted that the circular no.18 of 2015 dated 2.11.2015 clearly states interest on deposits on non SLR securities is taxable under the head ‘income from business” and are eligible for deduction…

The Poonjar Service Co-Op Bank Ltd, Kottayam vs. The ITO, Kottayam

Bench: S/Shri Abraham P George, Am & George George K, Jm &

…ted 18.10.2016 restored the matter to the Tribunal. The Hon’ble High Court directed the Tribunal to decide the issue afresh in light of the judgment of the Hon’ble jurisdictional High Court in the case of Chirakkal Service Co-op Bank Ltd vs CIT reported in 384 ITR 490 and the Board Circular No. 18/2015 dated 2.11.2015. It is in this context, the cases were heard on 20th March, 2017. 6 The ld counsel for the assessee submitted that the circular no.18 of 2015 dated 2.11.2015 clearly states interest on deposits on non SLR securities is taxable under the head ‘income from business” and are eligible for deduction…

The Valanchery Service Co-Op Bank Ltd, Malappuram vs. The ITO, Tirur

Bench: S/Shri Abraham P George, Am & George George K, Jm The Valanchery Service Coop Bank Vs The Income Tax Officer Ltd Ward 1 Head Office Tirur Vlancherry Po Malappuram 676 552 ( Appellant) (Respondent)

…the issues to the Tribunal. It is in this context, the case was heard on 22nd March 2017. 6. We have heard the rival submissions and perused the material on record. The Hon’ble High Court in the case of Chirakkal Service Co-op Bank Ltd vs CIT reported in 384 ITR 490 had held that the Tribunal was not justified in denying the benefit of exemption u/s 80P of the Act. The Hon’ble High Court was considering the following substantial question of law: a) Whether on the facts and in the circumstances of the case under consideration, the Tribunal is correct in law in deciding against the assessee, the issue regard…

M/S.Tellicherry Co-Op Rural Bank Ltd, Thalassery vs. The ITO, Kannur

Bench: S/Shri Abraham P George, Am & George George K, Jm M/S Tellicherry Coop Rural Bank Ltd Vs The Income Tax Officer Thiruvangad Ward 2 Thalasserry Kannur ( Appellant) (Respondent)

…d the issues to the Tribunal. It is in this context, the case was heard on 22nd March 2017. 6. We have heard the rival submissions and perused the material on record. The Hon’ble High Court in the case of Chirakkal Service Co-op Bank Ltd vs CIT reported in 384 ITR 490 had held that the Tribunal was not justified in denying the benefit of exemption u/s 80P of the Act. The Hon’ble High Court was considering the following substantial question of law: a) Whether on the facts and in the circumstances of the case under consideration, the Tribunal is correct in law in deciding against the assessee, the issue regard…

Mutholy Service Co-Operative Bank Ltd, Kottayam vs. The ITO, Kottayam

Bench: Shri Abraham P. George & Shri George George. K.] आयकर अपील सं./I.T.A. No. 11/Coch/2014. िनधा"रण वष" /Assessment Year : 2010-2011. Vs. M/S. Mutholy Service Co- The Income Tax Officer, Operative Bank Ltd, Ward 4 Puliyannor P.O. Kottayam. Kottayam Dist. 686 573 [Pan Aaajm 0328H] (अपीलाथ" अपीलाथ" अपीलाथ"/Appellant) अपीलाथ" (ू"यथ" ू"यथ" ू"यथ"/Respondent) ू"यथ"

…IN THE INCOME TAX APPELLATE TRIBUNAL : COCHIN BENCH: KOCHI. [BEFORE SHRI ABRAHAM P. GEORGE, ACCOUNTANT MEMBER AND SHRI GEORGE GEORGE. K., JUDICIAL MEMBER] आयकर अपील सं./I.T.A. No. 11/Coch/2014. िनधा"रण वष" /Assessment year : 2010-2011. Vs. M/s. Mutholy Service Co- The Income Tax Officer, Operative Bank Ltd, Ward 4 Puliyannor P.O. Kottayam. Kottayam Dist. 686 573 [PAN AAAJM 0328H] (अपीलाथ" अपीलाथ" अपीलाथ"/Appellant) अपीलाथ" (ू"यथ" ू"यथ" ू"यथ"/Respondent) ू"यथ" : Shri. Jose Kutty Jacob, C.A. अपीलाथ" क" ओर से/ Appellant by ू"यथ" क" ओर से /Respondent by : Shri. A. Dhanaraj, Sr. D.R सुनवाई क" तार"ख/Date of Hearin…

M/S Karassery Service Co-Op Bank, Calicut vs. The ITO, Calicut

Bench: Shri Abraham P. George & Shri George George. K.] आयकर अपील सं./I.T.A. No.417/Mds/2014 िनधा"रण वष" /Assessment Year : 2010-2011. M/S. Karassery Service Co- The Income Tax Officer, Operative Bank, Vs. Ward 2(3) Karassery P.O. Kozhikode. Kozhikode.

…es. Thereupon assessee’s moved in further appeal before Hon’ble Jurisdictional High Court and Hon’ble Jurisdictional High Court through its judgment dated 15.04.2016 following its own judgment in the case of Chirakkal Service Co-operative Bank Ltd vs. CIT 384 ITR 490 held that the assessee was not hit by sub section (4) of Sec. 80P of the Act, since it was classified as a primary agricultural credit society by the competent authority under the State Law relating to Co-operative Societies. Hon’ble Jurisdictional High Court also held that late filing of return of income was not fatal. What was held by the Hon…