Mavilayi Service Co-operative Bank Ltd. v. CIT

Chittur Service Co-Operative Bank, Palakkad vs. ITO, Ward 1 & Tps, Palakkad

In the result, the appeals filed by the assessee stand allowed

Bench: Shri Inturi Rama Rao, Am & Shri Prakash Chand Yadav, Jm

…)(i) was disallowed solely on the ground that the appellant is engaged in lending money to non-members also, placing reliance on the Full Bench decision of the Hon'ble Jurisdictional High Court in the case Mavilayi Service Co-operative Bank Ltd. v. CIT [2019] 414 ITR 67 (Ker) (FB). On appeal before this Tribunal the matter was remanded back to the file of the AO with a direction to examine whether the loans were provided for non-agricultural purposes or not. We find that the Full Bench judgement of the Hon'ble High Court in the case Mavilayi Service Co-operative Bank Ltd. v. CIT [2019] 414 ITR 67 (Ker) (FB) was o…

Chittur Service Co-Operative Bank, Palakkad vs. ITO, Ward 1 & Tps, Palakkad

In the result, the appeals filed by the assessee stand allowed

Bench: Shri Inturi Rama Rao, Am & Shri Prakash Chand Yadav, Jm

…)(i) was disallowed solely on the ground that the appellant is engaged in lending money to non-members also, placing reliance on the Full Bench decision of the Hon'ble Jurisdictional High Court in the case Mavilayi Service Co-operative Bank Ltd. v. CIT [2019] 414 ITR 67 (Ker) (FB). On appeal before this Tribunal the matter was remanded back to the file of the AO with a direction to examine whether the loans were provided for non-agricultural purposes or not. We find that the Full Bench judgement of the Hon'ble High Court in the case Mavilayi Service Co-operative Bank Ltd. v. CIT [2019] 414 ITR 67 (Ker) (FB) was o…

Vilavattam Service Co-Operative Bank Ltd No 337, Kurichikkara vs. The Income Tax Officer Ward 2(1), Thrissur

Bench: Shri George George K., Vp & Shri Inturi Rama Rao, Am Assessment Year: 2018-19 Vilavattam Service Co-Op. Bank Ltd. .......... Appellant Kurichikkara P.O., Thrissur 680028 [Pan: Aaaav9819K] Vs. The Income Tax Officer, Ward - 2(1), Thrissur .......... Respondent Appellant By: Shri Alan Priyadarshi Dev, Advocate Respondent By: Smt. Leena Lal, Sr. D.R. Date Of Hearing: 02.04.2025 Date Of Pronouncement: 03.04.2025 O R D E R Per: George George K., Vp This Appeal At The Instance Of The Assessee Is Directed Against The Order Of The National Faceless Appeal Centre, Delhi [Cit(A)], Dated 23.08.2024 Passed U/S. 250 Of Income Tax Act, 1961 (Hereinafter "The Act"). The Relevant Assessment Year Is 2018-19. 2. The Solitary Issue Raised Is Whether The Cit(A) Is Justified In Confirming The Assessing Officer’S Action In Rejecting The Assessee’S Claim Of Deduction U/S. 80P Of The Act.

…disallowing the claim of deduction u/s. 80P of the Act. The AO rejected assessee’s claim of deduction u/s. 80P primarily relying on the Full Bench judgement of the Hon'ble Kerala High Court in the case of Mavilayi Service Co-operative Bank Ltd. v. CIT [2019] 414 ITR 67 (Ker) (FB). The AO held that the assessee has not proved that it is registered as a co-operative society under the Kerala State Co- operative Societies Act, 1969. 4. Aggrieved by the denial of claim for deduction u/s. 80P of the Act the assessee society filed appeal before the first appellate authority. The CIT(A) confirmed the view of the AO in d…

Vadakkevila Service Co Operative Bank Ltd, Kollam vs. Income-Tax Office, Ward 2, Kollam

In the result, the appeals filed by the assessee stand allowed

Bench: Shri Inturi Rama Rao, Am

…ppeal was filed before the CIT(A), who vide order dated 05.03.2019 allowed the appeal. Subsequently, the learned CIT(A), noticing the Full Bench judgement of the Hon'ble High Court of Kerala in the case of Mavilayi Service Co-operative Bank Ltd. v. CIT [2019] 414 ITR 67 (Ker) (FB) issued a notice u/s. Vadakkevila Service Co-op. Bank Ltd. 154 of the Act proposing to rectify the order passed by him in view of the above decision in the absence of any objection filed by the appellant. The learned CIT(A) rectified the order by withdrawing the deduction claimed u/s. 80P(2)(a)(i) of the Act. 6. Being aggrieved, the ap…

Vadakkevila Service Co Operative Bank Ltd, Kollam vs. Income-Tax Office, Ward 2, Kollam

In the result, the appeals filed by the assessee stand allowed

Bench: Shri Inturi Rama Rao, Am

…ppeal was filed before the CIT(A), who vide order dated 05.03.2019 allowed the appeal. Subsequently, the learned CIT(A), noticing the Full Bench judgement of the Hon'ble High Court of Kerala in the case of Mavilayi Service Co-operative Bank Ltd. v. CIT [2019] 414 ITR 67 (Ker) (FB) issued a notice u/s. Vadakkevila Service Co-op. Bank Ltd. 154 of the Act proposing to rectify the order passed by him in view of the above decision in the absence of any objection filed by the appellant. The learned CIT(A) rectified the order by withdrawing the deduction claimed u/s. 80P(2)(a)(i) of the Act. 6. Being aggrieved, the ap…

Vadakkevila Service Co Operative Bank Ltd, Kollam vs. Income-Tax Office, Ward 2, Kollam

In the result, the appeals filed by the assessee stand allowed

Bench: Shri Inturi Rama Rao, Am

…ppeal was filed before the CIT(A), who vide order dated 05.03.2019 allowed the appeal. Subsequently, the learned CIT(A), noticing the Full Bench judgement of the Hon'ble High Court of Kerala in the case of Mavilayi Service Co-operative Bank Ltd. v. CIT [2019] 414 ITR 67 (Ker) (FB) issued a notice u/s. Vadakkevila Service Co-op. Bank Ltd. 154 of the Act proposing to rectify the order passed by him in view of the above decision in the absence of any objection filed by the appellant. The learned CIT(A) rectified the order by withdrawing the deduction claimed u/s. 80P(2)(a)(i) of the Act. 6. Being aggrieved, the ap…

Vadakkevila Service Co Operative Bank Ltd, Kollam vs. Income-Tax Office, Ward 2, Kollam

In the result, the appeals filed by the assessee stand allowed

Bench: Shri Inturi Rama Rao, Am

…ppeal was filed before the CIT(A), who vide order dated 05.03.2019 allowed the appeal. Subsequently, the learned CIT(A), noticing the Full Bench judgement of the Hon'ble High Court of Kerala in the case of Mavilayi Service Co-operative Bank Ltd. v. CIT [2019] 414 ITR 67 (Ker) (FB) issued a notice u/s. Vadakkevila Service Co-op. Bank Ltd. 154 of the Act proposing to rectify the order passed by him in view of the above decision in the absence of any objection filed by the appellant. The learned CIT(A) rectified the order by withdrawing the deduction claimed u/s. 80P(2)(a)(i) of the Act. 6. Being aggrieved, the ap…

Vadakkevila Service Co Operative Bank Ltd, Kollam vs. Income-Tax Office, Ward 2, Kollam

In the result, the appeals filed by the assessee stand allowed

Bench: Shri Inturi Rama Rao, Am

…ppeal was filed before the CIT(A), who vide order dated 05.03.2019 allowed the appeal. Subsequently, the learned CIT(A), noticing the Full Bench judgement of the Hon'ble High Court of Kerala in the case of Mavilayi Service Co-operative Bank Ltd. v. CIT [2019] 414 ITR 67 (Ker) (FB) issued a notice u/s. Vadakkevila Service Co-op. Bank Ltd. 154 of the Act proposing to rectify the order passed by him in view of the above decision in the absence of any objection filed by the appellant. The learned CIT(A) rectified the order by withdrawing the deduction claimed u/s. 80P(2)(a)(i) of the Act. 6. Being aggrieved, the ap…

Vilavattam Service Co-Operative Bank Ltd No 337, Thrissur vs. Income Tax Officer, Ward 2(3), Thrissur

The appeal of the assessee stands allowed

Bench: Shri Inturi Rama Rao, Am & Shri Soundararajan K., Jm

….w.s. 147 of the Act at a total income of Rs. 39.03,419/- by holding that the assessee is a co-operative bank placing reliance of the Full Bench judgement of the Hon'ble Kerala High Court in the case of Pr.CIT v. Mavilayi Service Co-operative Bank Ltd. [2019] 414 ITR 67 (Ker) (FB). 4. Being aggrieved, an appeal was filed before the CIT(A), who wide the impugned order held that the assessee is co-operative bank and accordingly denied exemption by placing reliance on the provisions of sub-section (4) of section 80P of the Act. 5. Being aggrieved, assessee is in appeal before us in the present appeal. 6. When the…

Vilavattam Service Co-Operative Bank Ltd No 337, Thrissur vs. Income Tax Officer, Ward 2(4), Thrissur

The appeal of the assessee stands allowed

Bench: Shri Inturi Rama Rao, Am & Shri Soundararajan K., Jm

….w.s. 147 of the Act at a total income of Rs. 39.03,419/- by holding that the assessee is a co-operative bank placing reliance of the Full Bench judgement of the Hon'ble Kerala High Court in the case of Pr.CIT v. Mavilayi Service Co-operative Bank Ltd. [2019] 414 ITR 67 (Ker) (FB). 4. Being aggrieved, an appeal was filed before the CIT(A), who wide the impugned order held that the assessee is co-operative bank and accordingly denied exemption by placing reliance on the provisions of sub-section (4) of section 80P of the Act. 5. Being aggrieved, assessee is in appeal before us in the present appeal. 6. When the…

Vilavattam Service Co-Operative Bank Ltd No 337, Thrissur vs. Income Tax Officer, Ward 2(3), Thrissur

The appeal of the assessee stands allowed

Bench: Shri Inturi Rama Rao, Am & Shri Soundararajan K., Jm

….w.s. 147 of the Act at a total income of Rs. 39.03,419/- by holding that the assessee is a co-operative bank placing reliance of the Full Bench judgement of the Hon'ble Kerala High Court in the case of Pr.CIT v. Mavilayi Service Co-operative Bank Ltd. [2019] 414 ITR 67 (Ker) (FB). 4. Being aggrieved, an appeal was filed before the CIT(A), who wide the impugned order held that the assessee is co-operative bank and accordingly denied exemption by placing reliance on the provisions of sub-section (4) of section 80P of the Act. 5. Being aggrieved, assessee is in appeal before us in the present appeal. 6. When the…

M/S. Karkurisi Service Cooperative Bank Limited, Palakkad vs. ITO, Ward-2, Palakkad

Bench: Shri Inturi Rama Rao & Shri Prakash Chand Yadav

…, i.e. the claim of deduction u/s.80P, back to the file of the A.O. The ITAT directed the AOto examine the issue afresh in the light of the judgment of the Full Bench of the Kerala High Court in the case of CIT v. Mavilayi Service Co-operative Bank Ltd.[2019] 414 ITR 67 (FB) (Ker.). Accordingly, the A.O. commenced the impugned proceedings vide notice dated 23rd November, 2021 and asked the assessee to produce the details vis-a-vis its claim of sec.80P. However, the assessee could not submit any detail before the A.O. regarding its business activities of the loan alleged to have been given to the members only. The…

M/S. Karkurissi Service Cooperative Bank Limited, Palakkad vs. ITO, NFAC, Delhi

Bench: Shri Inturi Rama Rao & Shri Prakash Chand Yadav

…, i.e. the claim of deduction u/s.80P, back to the file of the A.O. The ITAT directed the AOto examine the issue afresh in the light of the judgment of the Full Bench of the Kerala High Court in the case of CIT v. Mavilayi Service Co-operative Bank Ltd.[2019] 414 ITR 67 (FB) (Ker.). Accordingly, the A.O. commenced the impugned proceedings vide notice dated 23rd November, 2021 and asked the assessee to produce the details vis-a-vis its claim of sec.80P. However, the assessee could not submit any detail before the A.O. regarding its business activities of the loan alleged to have been given to the members only. The…

M/S. Karkurissi Service Cooperative Bank Limited, Palakkad vs. ITO, Ward-2, Palakkad

Bench: Shri Inturi Rama Rao & Shri Prakash Chand Yadav

…, i.e. the claim of deduction u/s.80P, back to the file of the A.O. The ITAT directed the AOto examine the issue afresh in the light of the judgment of the Full Bench of the Kerala High Court in the case of CIT v. Mavilayi Service Co-operative Bank Ltd.[2019] 414 ITR 67 (FB) (Ker.). Accordingly, the A.O. commenced the impugned proceedings vide notice dated 23rd November, 2021 and asked the assessee to produce the details vis-a-vis its claim of sec.80P. However, the assessee could not submit any detail before the A.O. regarding its business activities of the loan alleged to have been given to the members only. The…

M/S. Karkurissi Service Co-Operative Bank Limited, Palakkad vs. ITO, Ward-2, Palakkad

Bench: Shri Inturi Rama Rao & Shri Prakash Chand Yadav

…, i.e. the claim of deduction u/s.80P, back to the file of the A.O. The ITAT directed the AOto examine the issue afresh in the light of the judgment of the Full Bench of the Kerala High Court in the case of CIT v. Mavilayi Service Co-operative Bank Ltd.[2019] 414 ITR 67 (FB) (Ker.). Accordingly, the A.O. commenced the impugned proceedings vide notice dated 23rd November, 2021 and asked the assessee to produce the details vis-a-vis its claim of sec.80P. However, the assessee could not submit any detail before the A.O. regarding its business activities of the loan alleged to have been given to the members only. The…

M/S.Punalur Service Co-Operative Bank Ltd., Kollam vs. Income Tax Officer, Ward 2, Kollam

Appeal is allowed in above terms and the stay application SA

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singhalong With Sa No.177/Coch/2023 – Assessment Year - 2015-2016 Punalur Service Co-Operative Bank Limited, Office Building The Income Tax Officer Punalur Post Vs. Ward 2 Kollam. Kollam – 691 305. Pan : Aagas6534C. (Appellant/Applicant) (Respondent) Appellant/Applicant By : Sri.Santhosh P.Abraham Respondent By : Smt.V.Swarnalatha, Sr.Dr Date Of Date Of Hearing : Pronouncement : 07.11.2024 23.08.2024 O R D E R Per Bench : This Assessee’S Appeal

…his order reversed the said disallowance. 3. We are informed during the course of hearing as per the assessee’s pleadings that in the meantime, hon’ble jurisdictional high court’s decision in case of Pr. CIT vs. Mavilayi Service Cooperative Bank Ltd., [2019] 414 ITR 67 (Ker.) came to be pronounced in department’s favour. This made the learned CIT(A) to invoke his sec.154 rectification 3 ITA No.784 & SA No.177/Coch/2023. M/s.Punalur SCB Limited. jurisdiction to recall his foregoing order allowing the assessee’s appeal. There is hardly any dispute between the parties that it is in consequence to the said rectific…

The Teekoy Service Co-Operative Bank Ltd., Kottayam vs. Income Tax Officer, Kottayam

Appeal is allowed in above terms

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singh

…g both the learned lower authorities action disallowing it’s sec.80P deduction for the first and foremost reason that it has in fact a co-operative bank than a credit cooperative society as per The Mavilayi Service Co-operative Bank Ltd. & Ors. vs. CIT [2019] 414 ITR 67 (FB) (Ker.). The Revenue could hardly dispute the clinching fact that hon’ble apex court’s subsequent decision in Mavilayi Service Co-oprative Bank Ltd., vs. CIT [2021] 431 ITR 1 (SC) and Kerala State Cooperative Cooperative Agricultural and Rural Development Bank [2023] 458 ITR 384 (SC) have settled the very issue in assessee’s favour and against…

The Thrikkovil Vattom Panchayath Service Co-Op Bank Ltd, Kollam vs. ITO, Kollam

Appeal is allowed in above terms

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singh

…IN THE INCOME TAX APPELLATE TRIBUNAL COCHIN BENCH, COCHIN BEFORE SHRI SATBEER SINGH GODARA, JUDICIAL MEMBER AND SHRI AMARJIT SINGH, ACCOUNTANT MEMBER ITA.No.476/Coch/2023 Assessment Year - 2017-2018 The Thrikkoovilvattom Panchayath Service Co- The Income Tax Officer operative Bank Limited, Ward 4 Q No.78 Thrikkovilvattom vs. Mukhathala PO Kollam. Kollam – 691 577. PAN : AADAT9393D. (Appellant) (Respondent) Appellant by : ---- None ---- Respondent by : Smt.V.Swarnalatha, Sr.DR Date of Date of Hearing : 13.08.2024 Pronouncement : 07.11. 2024 ORDER PER BENCH : This assessee’s appeal, ITA No.476/Coch/2023 for ass…

Vilavattam Service Co-Op Bank Ltd No 337, Thrissur vs. ITO Ward 2(3), Thrissur

In the result, the appeals filed by the appellant are allowed and the order(s) of the Kerala High Court and other authorities to the contrary are set aside

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singh

…d accordingly. Vilvattam Service Co-op. Bank Ltd. 5. The Revenue’s next vehement contentions seeks to treat the assessee as a cooperative bank u/sec.80P(2)(4) than a credit cooperative society as per Pr. CIT vs. Mavilayi Service Cooperative Bank Ltd., [2019] 414 ITR 67 (Ker.) (FB) and Mavilayi Service Cooperative Bank Ltd., vs. CIT [2021] 431 ITR 1 (SC). 6. We note in this factual backdrop that hon'ble apex court’s recent landmark decision in Kerala State Cooperative Cooperative Agricultural and Rural Development Bank [2023] 458 ITR 384 (SC) has rejected the Revenue’s very argument reading as under : “14. We s…

Vilavattam Service Co-Op Bank Ltd No 337, Thrissur vs. ITO Ward 2(3), Thrissur

In the result, the appeals filed by the appellant are allowed and the order(s) of the Kerala High Court and other authorities to the contrary are set aside

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singh

…d accordingly. Vilvattam Service Co-op. Bank Ltd. 5. The Revenue’s next vehement contentions seeks to treat the assessee as a cooperative bank u/sec.80P(2)(4) than a credit cooperative society as per Pr. CIT vs. Mavilayi Service Cooperative Bank Ltd., [2019] 414 ITR 67 (Ker.) (FB) and Mavilayi Service Cooperative Bank Ltd., vs. CIT [2021] 431 ITR 1 (SC). 6. We note in this factual backdrop that hon'ble apex court’s recent landmark decision in Kerala State Cooperative Cooperative Agricultural and Rural Development Bank [2023] 458 ITR 384 (SC) has rejected the Revenue’s very argument reading as under : “14. We s…