What is Mavilayi Service Co-operative Bank Ltd. v. CIT authority for?

Section 80P(4) serves as a proviso to Section 80P(1) and (2), excluding only cooperative banks that are cooperative societies and possess an RBI license for banking business. Its purpose is to exclude cooperative banks operating like commercial banks that lend money to the public.

How many judgments cite Mavilayi Service Co-operative Bank Ltd. v. CIT?

999 judgments on BharatTax cite Mavilayi Service Co-operative Bank Ltd. v. CIT (431 ITR 1), spanning 2017 to 2026.

Which sections of the Income Tax Act does Mavilayi Service Co-operative Bank Ltd. v. CIT come up under?

It is most often cited in judgments turning on Section 80P(2)(d), Section 80P(4), Section 80P(2)(a)(i), Section 80P, Section 143(3), Section 250.

Mavilayi Service Co-operative Bank Ltd. v. CIT (431 ITR 1)

Kadalumdi Service Co-Operative Bank, Kadalundi vs. ITO, Ward-2(3), Kozhikode

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

ITA 386/COCH/2024[2020-2021]Status: DisposedITAT Cochin29 Nov 2024AY 2020-2021

Bench: Shri Inturi Rama Rao & Shri Prakash Chand Yadav

For Appellant: --- None ---For Respondent: Smt.Leena Lal, Senior AR

Section 80Section 80P(2)(d)

…T v. Peroorkada Service Co-operative Bank Ltd.and Vilappil Service Co-operative Bank Ltd.reported in 442 ITR 141 (Ker.). The assessee also relied upon the judgment of the Hon’ble Supreme Court in the case of Mavilayi Service Co-operative Bank Ltd. reported in 431 ITR 1 (SC). 5 The learned Departmental Representative relied upon the orders of the authorities below. 6. After hearing the parties, we are of the considered view that the assessee is entitled for deduction u/s.80P(2)(d) in respect of interest income and dividend income earned from co-operative bank as held in the case of Peroorkada Service Co- operati…

Hubli Saraku Saganikedrara Sahakari Pattina Sangha Niyamita, Hubballi vs. Income Tax Officer, Ward - 2(1), Hubli

Appeal of the assessee is allowed for both these years

ITA 1663/BANG/2024[2015-16]Status: DisposedITAT Bangalore29 Nov 2024AY 2015-16

Bench: Shri Prashant Maharishi & Shri Keshav Dubey

For Appellant: Shri. Hemant Pai and Ms. Smrithi Athreya, CAFor Respondent: Ms. Neera Malhotra

Section 143Section 271Section 80Section 80P(2)(a)

…lar members of the society is eligible for deduction. The interest income earned on fixed deposit was also not granted as deduction to the assessee. So far as the interest income earned from members, the issue is now decided by the honourable Supreme Court in 431 ITR 1. However, we are not on the issue that whether the claim of the assessee is correct or not. We are on the issue whether the issue is highly debatable or not when it is ultimately settled by the honourable Supreme Court with respect to the deduction of interest income earned by the assessee from which kind of members. If the issue is so debatable, t…

Hubli Saraku Saganikedarara Sahakari Pattina Sangha Niyamita, Hubballi vs. Income Tax Officer, Ward- 2(1), Hubli

Appeal of the assessee is allowed for both these years

ITA 1662/BANG/2024[2014-15]Status: DisposedITAT Bangalore29 Nov 2024AY 2014-15

Bench: Shri Prashant Maharishi & Shri Keshav Dubey

For Appellant: Shri. Hemant Pai and Ms. Smrithi Athreya, CAFor Respondent: Ms. Neera Malhotra

Section 143Section 271Section 80Section 80P(2)(a)

…lar members of the society is eligible for deduction. The interest income earned on fixed deposit was also not granted as deduction to the assessee. So far as the interest income earned from members, the issue is now decided by the honourable Supreme Court in 431 ITR 1. However, we are not on the issue that whether the claim of the assessee is correct or not. We are on the issue whether the issue is highly debatable or not when it is ultimately settled by the honourable Supreme Court with respect to the deduction of interest income earned by the assessee from which kind of members. If the issue is so debatable, t…

Murthedarara Seva Sahakari Sangha (N) Uppunda, Uppunda vs. ITO Ward- 1 Tps, Udupi

ITA 1474/BANG/2024[2020-21]Status: DisposedITAT Bangalore29 Nov 2024AY 2020-21

Bench: Shri Waseem Ahmed & Shri Keshav Dubeyassessment Year: 2020-21

For Appellant: Shri Ravindra Poojari, C.AFor Respondent: Shri Ganesh R Gale, Standing Counsel for Dept

Section 56Section 57Section 80PSection 80P(2)(a)Section 80P(2)(d)Section 8o

…IN THE INCOME TAX APPELLATE TRIBUNAL ‘C’ BENCH, BANGALORE BEFORE SHRI WASEEM AHMED, ACCOUNTANT MEMBER AND SHRI KESHAV DUBEY, JUDICIAL MEMBER Assessment Year: 2020-21 Murthedarara Seva Sahakari Sangha (N) Vs. The Income Tax Officer, Uppunda, Ward – 1 & TPS, Uppunda Post Byndoor, Udupi. Udupi – 576 232. PAN – AAIAM 7616 H APPELLANT RESPONDENT Assessee by : Shri Ravindra Poojari, C.A Revenue by : Shri Ganesh R Gale, Standing Counsel for Dept. Date of hearing : 05.09.2024 Date of Pronouncement : 29.11.2024 O R D E R PER WASEEM AHMED, ACCOUNTANT MEMBER: This appeal is filed by the assessee challenging the ord…

Swami Samarth Sahakari Bank Ltd, Akkalkot vs. Income Tax Officer Ward 2(3), Solapur

In the result, appeal of the assessee is allowed

ITA 2138/PUN/2024[2020-2021]Status: DisposedITAT Pune25 Nov 2024AY 2020-2021

Bench: DR.DIPAK P. RIPOTE (Accountant Member), SHRI VINAY BHAMORE (Judicial Member)

Section 250Section 80P(2)(a)Section 80P(2)(d)Section 80p

…ed, it has been claimed by the assessee that said investments are mandatory for the assessee and it is part of the activity of providing credit facility. 6 4.6 The Hon’ble Supreme Court in the case of Mavilayi Service Co-operative Bank Limited Vs. CIT [2021] 431 ITR 1(SC) observed as under : Quote “Further, section 80P(4) is to be read as a proviso, which proviso now specifically excludes co-operative banks which are co- operative -societies engaged in banking business i.e. engaged in lending money to members of the public, which have a licence in this behalf from the RBI. ” Unquote. 4.7 The Hon’ble High Court…

Prakashchand Jain Multi State Co.Operative Credit Society Ltd., Jamner vs. ITO Ward 1(4), Jalgaon

In the result, appeal of the assessee is allowed

ITA 1802/PUN/2024[2018-19]Status: DisposedITAT Pune21 Nov 2024AY 2018-19

Bench: Dr.Dipak P. Ripote & Shri Vinay Bhamoreआयकर अपील सं. / Ita Nos.1791, 1801 & 1802/Pun/2024 िनधा"रण वष" / Assessment Years: 2020-21, 2014-15 & 2018-19 The Prakashchand Jain Multi V The Income Tax Officer, State Co-Operative Credit S Ward-1(4), Jalgaon. Society Ltd., Mayur Complex, Bajrangpura Road, Jamner, Jalgaon – 424206. Pan: Aaaap4677K Appellant/ Assessee Respondent / Revenue Assessee By Shri Vinay Kawdia – Ar Revenue By Shri Arvind Desai – Addl.Cit(Dr) Date Of Hearing 18/11/2024 Date Of Pronouncement 21/11/2024 आदेश/ Order Per Dr. Dipak P. Ripote, Am: This Bunch Of Three Appeals Filed By The Assessee Directed Against The Separate Orders Of Ld.Commissioner Of Income Tax(Appeals)[Nfac] Under Section 250 Of The Income Tax Act, 1961 For A.Y.2020-21 Dated 10.07.2024, A.Y.2014-15 & A.Y.2018-19 Dated 09.07.2024 Respectively. Since The Issue Involved Is Common & Facts Are Identical, All The Three Appeals

Section 250Section 80PSection 80P(2)(a)

…Interest Income earned by investing Income derived from Business and Profession by a Co-Operative Society was eligible for deduction u/s.80P(2)(a) of the Act. 4.3 The Hon’ble Supreme Court in the case of Mavilayi Service Co-operative Bank Ltd. Vs. CIT [2021] 431 ITR 1(SC) observed as under : Quote “Further, section 80P(4) is to be read as a proviso, which proviso now specifically excludes co-operative banks which are co- operative -societies engaged in banking business i.e. engaged in lending money to members of the public, which have a licence in this behalf from the RBI. ”Unquote. 4.4 No contrary decision of t…

The Prakashchand Jain Multi State Co Operative Society Ltd., Jamner vs. ITO Ward 1(4), Jalgaon

In the result, appeal of the assessee is allowed

ITA 1801/PUN/2024[2014-15]Status: DisposedITAT Pune21 Nov 2024AY 2014-15

Bench: Dr.Dipak P. Ripote & Shri Vinay Bhamoreआयकर अपील सं. / Ita Nos.1791, 1801 & 1802/Pun/2024 िनधा"रण वष" / Assessment Years: 2020-21, 2014-15 & 2018-19 The Prakashchand Jain Multi V The Income Tax Officer, State Co-Operative Credit S Ward-1(4), Jalgaon. Society Ltd., Mayur Complex, Bajrangpura Road, Jamner, Jalgaon – 424206. Pan: Aaaap4677K Appellant/ Assessee Respondent / Revenue Assessee By Shri Vinay Kawdia – Ar Revenue By Shri Arvind Desai – Addl.Cit(Dr) Date Of Hearing 18/11/2024 Date Of Pronouncement 21/11/2024 आदेश/ Order Per Dr. Dipak P. Ripote, Am: This Bunch Of Three Appeals Filed By The Assessee Directed Against The Separate Orders Of Ld.Commissioner Of Income Tax(Appeals)[Nfac] Under Section 250 Of The Income Tax Act, 1961 For A.Y.2020-21 Dated 10.07.2024, A.Y.2014-15 & A.Y.2018-19 Dated 09.07.2024 Respectively. Since The Issue Involved Is Common & Facts Are Identical, All The Three Appeals

Section 250Section 80PSection 80P(2)(a)

…Interest Income earned by investing Income derived from Business and Profession by a Co-Operative Society was eligible for deduction u/s.80P(2)(a) of the Act. 4.3 The Hon’ble Supreme Court in the case of Mavilayi Service Co-operative Bank Ltd. Vs. CIT [2021] 431 ITR 1(SC) observed as under : Quote “Further, section 80P(4) is to be read as a proviso, which proviso now specifically excludes co-operative banks which are co- operative -societies engaged in banking business i.e. engaged in lending money to members of the public, which have a licence in this behalf from the RBI. ”Unquote. 4.4 No contrary decision of t…

The Prakashchand Jain Multi State Co Operative Credit Society Ltd., Jamner vs. ITO Ward 1(4) Jalgaon, Jalgaon

In the result, appeal of the assessee is allowed

ITA 1791/PUN/2024[2020-21]Status: DisposedITAT Pune21 Nov 2024AY 2020-21

Bench: Dr.Dipak P. Ripote & Shri Vinay Bhamoreआयकर अपील सं. / Ita Nos.1791, 1801 & 1802/Pun/2024 िनधा"रण वष" / Assessment Years: 2020-21, 2014-15 & 2018-19 The Prakashchand Jain Multi V The Income Tax Officer, State Co-Operative Credit S Ward-1(4), Jalgaon. Society Ltd., Mayur Complex, Bajrangpura Road, Jamner, Jalgaon – 424206. Pan: Aaaap4677K Appellant/ Assessee Respondent / Revenue Assessee By Shri Vinay Kawdia – Ar Revenue By Shri Arvind Desai – Addl.Cit(Dr) Date Of Hearing 18/11/2024 Date Of Pronouncement 21/11/2024 आदेश/ Order Per Dr. Dipak P. Ripote, Am: This Bunch Of Three Appeals Filed By The Assessee Directed Against The Separate Orders Of Ld.Commissioner Of Income Tax(Appeals)[Nfac] Under Section 250 Of The Income Tax Act, 1961 For A.Y.2020-21 Dated 10.07.2024, A.Y.2014-15 & A.Y.2018-19 Dated 09.07.2024 Respectively. Since The Issue Involved Is Common & Facts Are Identical, All The Three Appeals

Section 250Section 80PSection 80P(2)(a)

…Interest Income earned by investing Income derived from Business and Profession by a Co-Operative Society was eligible for deduction u/s.80P(2)(a) of the Act. 4.3 The Hon’ble Supreme Court in the case of Mavilayi Service Co-operative Bank Ltd. Vs. CIT [2021] 431 ITR 1(SC) observed as under : Quote “Further, section 80P(4) is to be read as a proviso, which proviso now specifically excludes co-operative banks which are co- operative -societies engaged in banking business i.e. engaged in lending money to members of the public, which have a licence in this behalf from the RBI. ”Unquote. 4.4 No contrary decision of t…

Peringottukara Service Co-Operatrive Bank Ltd No 110, Thrissur vs. ITO, Ward-2(1), Thrissur

ITA 149/COCH/2024[2017-2018]Status: DisposedITAT Cochin19 Nov 2024AY 2017-2018

Bench: Shri Waseem Ahmed & Shri Soundararajan K.

For Appellant: Shri Ramdas, CAFor Respondent: Smt. Girly Albert, Snr.DR

Section 250Section 80Section 80PSection 80P(2)(a)

…IN THE INCOME TAX APPELLATE TRIBUNAL COCHIN BENCH : COCHIN BEFORE SHRI WASEEM AHMED, ACCOUNTANT MEMBER AND SHRI SOUNDARARAJAN K., JUDICIAL MEMBER S.P. No. 12/Coch/2024 (Arising out of ITA No. 149/Coch/2024) & Assessment Year : 2017-18 M/s. Peringottukara Service Co-op. Bank Ltd. No. 110, XVI/508 The Income Tax Thanniyam, Officer, Peringottukara P O, Ward – 2(1), Kizhakenada, Thrissur. Vs. Thrissur – 680 565. PAN: AACAP4955G APPELLANT RESPONDENT Assessee by : Shri Ramdas, CA Revenue by : Smt. Girly Albert, Snr.DR Date of Hearing : 18-09-2024 Date of Pronouncement : 19-11-2024 ORDER PER SOUNDARARAJAN K., JUDIC…

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)

…ground that the assessee co-operative society also provided credit facilities to nominal members. The issue in the appeal is no more res integra as it is settled by the Hon'ble Supreme Court in the case of Mavilayi Service Co-operative Bank Ltd. v. CIT [2021] 431 ITR 1 (SC) after making a reference to its earlier judgement in the case of UP Cooperative Cane Unions’ Federation Ltd. 11 SCC 287 wherein it is held that the expression “member” includes nominal members under the Kerala Cooperative Societies Act and therefore it was held that denial of exemption u/s. 80P(2)(a)(i) of the Act is unjustified solely on the…

Siddakatte Sahakari Vyavasayika Sangha Ltd., Bantwal vs. Income Tax Officer, Ward-2(1), Mangalore

ITA 1336/BANG/2024[2017-18]Status: DisposedITAT Bangalore12 Nov 2024AY 2017-18

Bench: Shri Laxmi Prasad Sahu & Shri Keshav Dubeyassessment Year : 2017-18

For Appellant: Shri A. Shiva Rao, CAFor Respondent: Shri Ganesh R. Ghale, Standing Counsel

Section 4Section 80PSection 80P(2)(a)Section 80P(2)(d)

…IN THE INCOME TAX APPELLATE TRIBUNAL “B” BENCH : BANGALORE BEFORE SHRI LAXMI PRASAD SAHU, ACCOUNTANT MEMBER AND SHRI KESHAV DUBEY, JUDICIAL MEMBER Assessment year : 2017-18 Siddakatte Sahakari Vyavasayika Vs. The Income Tax Officer, Sangha Ltd., Ward 2(1), Siddakatte, Mangaluru. Bantwal – 574 237. PAN : AABAS 2750F APPELLANT RESPONDENT Appellant by : Shri A. Shiva Rao, CA Respondent by : Shri Ganesh R. Ghale, Standing Counsel Date of hearing : 23.09.2024 Date of Pronouncement : 13.11.2024 O R D E R Per Laxmi Prasad Sahu, Accountant Member This appeal is filed by the assessee against the order dated 15.05.202…

ITO, Mumbai vs. The Central Railway Employees Co-Operative Credit Society Ltd., Mumbai

In the result, appeals filed by the revenue are dismissed in the above terms

ITA 2783/MUM/2024[2020-21]Status: DisposedITAT Mumbai11 Nov 2024AY 2020-21

Bench: Shri. Narendra Kumar Billaiya & Shri. Raj Kumar Chauhan & & Ito, Mumbai Vs. The Central Railway Lower Parel, 306, Piramal Employees Co-Operative Chamber, Mumbai – 400012. Credit Society Ltd. 665-A, The Creccs Society, N.M. Joshi Marg, Byculla (West), Mumbai – 400027. Pan: Aaatt3547K (Appellant) (Respondent)

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

…f the respective parties, the issue involved in the present appeal is squarely covered against the Revenue in view of the decision of this Court in Mavilayi Service Cooperative Bank Limited and Others Vs. Commissioner of Income Tax, Calicut and Another (2021) 7 SCC 90. This Court, in the aforesaid decision has specifically observed and held that primary Agricultural Credit Societies cannot be termed as Co-operative Banks under the Banking Regulation Act and, therefore, such credit societies shall be entitled to exemption under Section 80(P)(2) of the Income Tax Act, 1961. 4. Ms. Aakansha Kaul, learned counsel app…

I.T.O, Mumbai vs. The Central Railway Employees Co-Operative Credit Society Ltd., Mumbai

In the result, appeals filed by the revenue are dismissed in the above terms

ITA 2693/MUM/2024[2018-19]Status: DisposedITAT Mumbai11 Nov 2024AY 2018-19

Bench: Shri. Narendra Kumar Billaiya & Shri. Raj Kumar Chauhan & & Ito, Mumbai Vs. The Central Railway Lower Parel, 306, Piramal Employees Co-Operative Chamber, Mumbai – 400012. Credit Society Ltd. 665-A, The Creccs Society, N.M. Joshi Marg, Byculla (West), Mumbai – 400027. Pan: Aaatt3547K (Appellant) (Respondent)

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

…f the respective parties, the issue involved in the present appeal is squarely covered against the Revenue in view of the decision of this Court in Mavilayi Service Cooperative Bank Limited and Others Vs. Commissioner of Income Tax, Calicut and Another (2021) 7 SCC 90. This Court, in the aforesaid decision has specifically observed and held that primary Agricultural Credit Societies cannot be termed as Co-operative Banks under the Banking Regulation Act and, therefore, such credit societies shall be entitled to exemption under Section 80(P)(2) of the Income Tax Act, 1961. 4. Ms. Aakansha Kaul, learned counsel app…

I.T.O., Mumbai vs. The Central Railway Employees Co-Operative Credit Society Ltd., Mumbai

In the result, appeals filed by the revenue are dismissed in the above terms

ITA 2692/MUM/2024[2017-18]Status: DisposedITAT Mumbai11 Nov 2024AY 2017-18

Bench: Shri. Narendra Kumar Billaiya & Shri. Raj Kumar Chauhan & & Ito, Mumbai Vs. The Central Railway Lower Parel, 306, Piramal Employees Co-Operative Chamber, Mumbai – 400012. Credit Society Ltd. 665-A, The Creccs Society, N.M. Joshi Marg, Byculla (West), Mumbai – 400027. Pan: Aaatt3547K (Appellant) (Respondent)

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

…f the respective parties, the issue involved in the present appeal is squarely covered against the Revenue in view of the decision of this Court in Mavilayi Service Cooperative Bank Limited and Others Vs. Commissioner of Income Tax, Calicut and Another (2021) 7 SCC 90. This Court, in the aforesaid decision has specifically observed and held that primary Agricultural Credit Societies cannot be termed as Co-operative Banks under the Banking Regulation Act and, therefore, such credit societies shall be entitled to exemption under Section 80(P)(2) of the Income Tax Act, 1961. 4. Ms. Aakansha Kaul, learned counsel app…

Uzhuva Service Co-Operative Bank Ltd, Pattanakkad vs. ITO, Ward-4, Alappuzha

Appeal is allowed in above terms

ITA 97/COCH/2024[AY-2017-18]Status: DisposedITAT Cochin07 Nov 2024

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singhuzhuva Service Co-Op. Bank The Income Tax Officer Ltd. Pattanakkad P.O. Vs. Ward - 4, Alappuzha 685531 Alappuzha Pan: Aaaau3986B (Respondent) (Appellant)

For Appellant: ------- None -------For Respondent: Smt. V. Swarnalatha, Sr

Section 2Section 22Section 250Section 5Section 56Section 80PSection 80P(2)

…ssessee has not complied with the relevant restrictions qua the specified percentage of loans/credit facilities extended to agricultural sector. We find that hon'bleble apex court’s landmark decision in Mavilayi Service Co-operative Bank Ltd., vs., CIT [2021] 431 ITR 1 (SC) has already rejected the Revenue’s very stand thereby accepting the assessee’s corresponding arguments. Ordered accordingly. 7. This assessee’s appeal is allowed in above terms. 24 Uzhuva Service Co-op. Bank Ltd. Order pronounced in the open court on 07th November, 2024. (Amarjit Singh) Judicial Member Cochin, Dated: 07th November, 2024 V…