Mavilayi Service Co-operative Bank Ltd. v. CIT

The Trivandrum Govt.Employees Co-Op. Society Ltd, Trivandrum vs. The Additional Joint Deputy Assistant, Commissioner of Income Tax, Trivandrum

Appeal is partly allowed in above terms

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singh

…funds deposited is to be treated under the head "Income from Other Sources", the learned CIT(A) ought to have allowed deduction u/s 80P(2)(d) following the rationale in the decision of the Hon. Supreme Court in the case of Mavilayail Service Co-operative Bank 431 ITR 1. 3. Learned counsel submits very fairly that the assessee’s section 80P(2)(c) ground of Rs.50,000/- is not pressed keeping in mind smallness of the amount herein. Rejected in very terms. 4. Next comes the assessee’s claim of section 80P(2)(a)(i) deduction claim of Rs.38,35,586/- wherein the Revenue vehemently contends that it is infact a cooperati…

Kaniyabetta Service Co-Operative Bank Ltd, Wayanad vs. The JCIT, Range-2, Kozhikode

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.Nos.192 & 193/COCH./2024 Assessment Year 2015-2016 Kaniyambetta Service Co.Op The Joint Commissioner of Bank Ltd., Kaniyambetta Income Tax, Range-2, P.O. Wayanad District. vs. KOZHIKODE – 673 001. PIN – 673 122. KERALA. KERALA. PAN AADAT0778L (Appellant) (Respondent) Date of Hearing : 20.08.2024 ITA.No.172/Coch./2024 Assessment Year 2015-2016 Kaniyambetta Service Co.Op The Joint Commissioner of Bank Ltd., Kaniyambetta Income Tax, Range-2, vs. P.O. Wayanad Distr…

Kaniyabetta Service Co-Opertive Bank Ltd, Kaniyabetta vs. JCIT, Range-2, Kozhikode

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.Nos.192 & 193/COCH./2024 Assessment Year 2015-2016 Kaniyambetta Service Co.Op The Joint Commissioner of Bank Ltd., Kaniyambetta Income Tax, Range-2, P.O. Wayanad District. vs. KOZHIKODE – 673 001. PIN – 673 122. KERALA. KERALA. PAN AADAT0778L (Appellant) (Respondent) Date of Hearing : 20.08.2024 ITA.No.172/Coch./2024 Assessment Year 2015-2016 Kaniyambetta Service Co.Op The Joint Commissioner of Bank Ltd., Kaniyambetta Income Tax, Range-2, vs. P.O. Wayanad Distr…

Income Tax Officer, Ward-1, Kalpetta, Wayanad, Kerala vs. Madakkimala Service Cooperative Bank Ltd, Madakkimala, Wayanad

Accordingly, the penalty of Rs.33,02,43,427/- imposed u/s. 271E of the Act by the JCIT is deleted and the grounds of appeal no. 1 to 8 are hereby allowed

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singh

…IN THE INCOME TAX APPELLATE TRIBUNAL COCHIN BENCH, COCHIN Before Shri Satbeer Singh Godara, Judicial Member & Shri Amarjit Singh, Accountant Member ITA No.18/Coch/2024 : Asst.Year 2015-2016 ITA No.19/Coch/2024 : Asst.Year 2015-2016 The Income Tax Officer Madakkimala Service Co- Ward 1 operative Bank Limited v. Kalpetta. Madakkimala, Wayanad – 673 122. PAN : AACTM7277K. (Appellant) (Respondent) Appellant by : --- None--- Respondent by : Dr.S.Pandian, CIT-DR Date of Pronouncement : 07.11.2024 Date of Hearing : 23.08.2024 O R D E R Per Bench : Revenue’s instant twin appeals ITA No.18/Coch/2024 & 19/Coch/2024 for as…

Income Tax Officer, Ward-1, Kalpetta, Wayanad vs. Madakkimala Service Cooperative Bank Ltd, Madakkimala, Wayanad

Accordingly, the penalty of Rs.33,02,43,427/- imposed u/s. 271E of the Act by the JCIT is deleted and the grounds of appeal no. 1 to 8 are hereby allowed

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singh

…IN THE INCOME TAX APPELLATE TRIBUNAL COCHIN BENCH, COCHIN Before Shri Satbeer Singh Godara, Judicial Member & Shri Amarjit Singh, Accountant Member ITA No.18/Coch/2024 : Asst.Year 2015-2016 ITA No.19/Coch/2024 : Asst.Year 2015-2016 The Income Tax Officer Madakkimala Service Co- Ward 1 operative Bank Limited v. Kalpetta. Madakkimala, Wayanad – 673 122. PAN : AACTM7277K. (Appellant) (Respondent) Appellant by : --- None--- Respondent by : Dr.S.Pandian, CIT-DR Date of Pronouncement : 07.11.2024 Date of Hearing : 23.08.2024 O R D E R Per Bench : Revenue’s instant twin appeals ITA No.18/Coch/2024 & 19/Coch/2024 for as…

Income Tax Officer, Ward-1, Kalpetta, Wayanad vs. The Kaniyambetta Service Cooperative Bank Limited, Kaniyambetta, Wayanad, Kerala

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.Nos.192 & 193/COCH./2024 Assessment Year 2015-2016 Kaniyambetta Service Co.Op The Joint Commissioner of Bank Ltd., Kaniyambetta Income Tax, Range-2, P.O. Wayanad District. vs. KOZHIKODE – 673 001. PIN – 673 122. KERALA. KERALA. PAN AADAT0778L (Appellant) (Respondent) Date of Hearing : 20.08.2024 ITA.No.172/Coch./2024 Assessment Year 2015-2016 Kaniyambetta Service Co.Op The Joint Commissioner of Bank Ltd., Kaniyambetta Income Tax, Range-2, vs. P.O. Wayanad Distr…

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

…the vehement rival stands against and in support of the impugned penalty. There would be hardly any dispute between the parties qua the clinching fact that hon’ble apex court’s recent landmark decision in Mavilayi Service Cooperative Bank Ltd., vs. CIT [2021] 431 ITR 1 (SC) has already reversed the hon’ble jurisdictional high court’s decision forming the basis of the CIT(A)’s rectification withdrawing the relief granted to the taxpayer u/sec.80P of the Act. This is indeed apart from the fact that we find that case law CIT vs., Reliance Petro Products [2010] 322 ITR 158 (SC) would also apply herein as it is only a…

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

…ociety 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 department that the impugned deduction could not be disallowed once the taxpayer concerned neither carries any banking business with general public nor does it have any corres…

Ramapuram North Aiswarya Pradayini Scb Ltd, Alappuzha vs. The ITO Ward 3, Alappuzha

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 Singhassessment Year 2017-18 Ramapuram North Aiswarya Pradayini Scb Ltd. Ramapuram North, The Income Tax Officer Vs. Keerikadu P.O., Alappuzha Ward - 3, Pin - 690508 Alappuzha Pan Aacar2023D (Appellant) (Respondent)

…case is that assessee had violated the corresponding norms by not having extended credit facility by way of agricultural loans to the eligible members. We find that hon’ble apex court’s landmark decision Mavilayi Service Cooperative Bank Ltd., vs. CIT [2021] 431 ITR 1 (SC) has already rejected the Revenue’s instant arguments. Ordered accordingly. 5. Learned DR’s next argument is that assessee has derived it’s interest income from both nominal/associate member(s) which disentitles it from claiming sec.80P deduction qua the said latter category. We quote Mavilayi Service Cooperative Bank Ltd., vs. CIT (supra) to…

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

…o as to be eligible for the impugned deduction. 25 ITA No.476/Coch/2023. The Thrikkovilvattom Panchayath SCB Ltd. 7. We note in this factual backdrop that hon’ble apex court’s recent landmark decision in Mavilayi Service Cooperative Bank Ltd., vs. CIT [2021] 431 ITR 1 (SC) has already settled the issue in assessee’s favour and against the department that the impugned deduction could not be disallowed for this sole reason qua any interest income duly falls u/sec.80P(2)(a)(i) of the Act since derived from member(s) only. We accordingly accept the assessee’s instant sole substantive grievance in principle and leave…

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

…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 shall now analyse the aforesaid judgments in a common conspectus. 14.1. In Apex Co…

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

…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 shall now analyse the aforesaid judgments in a common conspectus. 14.1. In Apex Co…

M/S Poyiloor Service Co-Op Bank Ltd, Kannur vs. ITO Ward 2, Kannur

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 Singhassessment Year - 2014-15 Poyiloor Service Co-Op.Bank The Income Tax Officer-2, Kannothumchal Ltd., Poyiloor Post, Kannur. Vs. Pin – 670002 Pan Aacap8990R Kannur - 670 006 (Respondent) (Appellant)

…ed as co-operative society and therefore no eligible for section 80P deduction. The matter thereafter appears to have travelled before the hon'ble apex court wherein their lordships full bench judgement in Mavilayi Service Co-operative Bank Ltd. v. CIT [2021] 431 ITR 1 (SC) has held that it is only a co-operative bank under the state cooperative law than mere nomenclature, which a decisive factor in such a deduction claim. 4. We further notice that the question of co-operative bank vis-à- vis a co-operative society; for the purpose of the impugned deduction further arises before their lordships in the Kerala Stat…

Kannur Town Service Co-Op Bank, Kannur vs. ITO Ward 1, Kannur

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 Singhkannur Town Service Co-Op. The Income Tax Officer-1 Bank Ltd. Aayakar Bhavan Vs. Kannur 670002 Kannothumchal [Pan: Aabak8385N] Kannur 670006 (Appellant) (Respondent)

…d as co- operative society and therefore no eligible for section 80P deduction. The matter thereafter appears to have travelled before the hon'ble apex court wherein their lordships full bench judgement in Mavilayi Service Co-operative Bank Ltd. v. CIT [2021] 431 ITR 1 (SC) has held that it is only a co-operative bank under the state cooperative law than mere nomenclature, which a decisive factor in such a deduction claim. 4. We further notice that the question of co-operative bank vis-à-vis a co- operative society; for the purpose of the impugned deduction further arises before their lordships in the Kerala Stat…

Mazhuvannoor Service Co-Operative Bank Ltd No. E21, Mazhuvannoor vs. ITO, Non Corporate Ward-1(1), Ernakulam

Appeal is dismissed in above terms

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singhasst.Year 2020-21 Mazhuvannoor Service Cooperative Ito, Bank Ltd. No.E21, V. Non Corporate 635, Mazhuvannoor, Ward-1(1), South Mazhuvannoor P.O., Ernakulam Ernakulam- 686669 Kerala Pan : Aabam 9326M (Appellant) (Respondent) Appellant By : None Respondent By : Smt.V.Swarnalatha, Sr.Dr Date Of Pronouncement : 06.11.2024 Date Of Hearing : 14.08.2024 O R D E R Per Bench : This Assessee’S Appeal Ita No.113/Coch/2024 For Assessment Year 2020-21 Arises Out Of The Order Of The Commissioner Of Income-Tax (Appeals) / Nfac Vide Din & Order No.Itba/Nfac/S/250/2023-24/1058876986(1) Dated 19.12.2023, In Proceedings U/S.250 Of The Income-Tax Act, 1961; In Short “The Act” Hereinafter. Case Called Twice. None Appears At Assessee’S Behest. It Is Accordingly Proceed Exparte.

…IN THE INCOME TAX APPELLATE TRIBUNAL COCHIN BENCH, COCHIN Before Shri Satbeer Singh Godara, Judicial Member & Shri Amarjit Singh, Accountant Member Asst.Year 2020-21 Mazhuvannoor Service Cooperative ITO, Bank Ltd. No.E21, v. Non Corporate 635, Mazhuvannoor, Ward-1(1), South Mazhuvannoor P.O., Ernakulam Ernakulam- 686669 Kerala PAN : AABAM 9326M (Appellant) (Respondent) Appellant by : None Respondent by : Smt.V.Swarnalatha, Sr.DR Date of Pronouncement : 06.11.2024 Date of Hearing : 14.08.2024 O R D E R Per Bench : This assessee’s appeal ITA No.113/Coch/2024 for assessment year 2020-21 arises out of the order of…

Karassery Service Co-Op Bank Ltd, Kozhikode vs. The ITO Ward 2(3), Kozhikode

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.426/Coch/2023 - Asst.Year 2015-2016 ITA No.427/Coch/2023 - Asst.Year 2015-2016 Karassery Service Co-operative Bank Limited, vs. The Income Tax Officer Mukkam Ward 2(3) Kozhikode – 673 602. Kozhikode. PAN AACAK0055A (Appellant) (Respondent) Appellant by : --- None--- Respondent by : Sri.Sanjit Kumar Das, CIT-DR Date of Pronouncement : 06.11.2024 Date of Hearing : 13.08.2024 ORDER PER BENCH : These twin assessee’s appeals in ITA Nos.426/Coch/2023 and 427/Coch…

Karassery Service Co-Op Bank Ltd, Kozhikode vs. The ITO Ward 2(3), Kozhikode

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.426/Coch/2023 - Asst.Year 2015-2016 ITA No.427/Coch/2023 - Asst.Year 2015-2016 Karassery Service Co-operative Bank Limited, vs. The Income Tax Officer Mukkam Ward 2(3) Kozhikode – 673 602. Kozhikode. PAN AACAK0055A (Appellant) (Respondent) Appellant by : --- None--- Respondent by : Sri.Sanjit Kumar Das, CIT-DR Date of Pronouncement : 06.11.2024 Date of Hearing : 13.08.2024 ORDER PER BENCH : These twin assessee’s appeals in ITA Nos.426/Coch/2023 and 427/Coch…

Vaipur Service Co-Operative Bank Ltd, Vaipur vs. ITO, Ward-4, Thiruvalla

In the result, the appeal of the appellant is partly allowed

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singhalong With Sa No.187/Coch/2023 Assessment Year - 2017-2018 Vaipur Service Co-Operative Bank Limited, No.A-203, The Income Tax Officer Iii/395, Vaipur, V. Ward - 4 Pathanamthitta – 689 588 Thiruvalla. Pan Aaaat6880E (Appellant/Applicant) (Respondent) Appellant/Applicant By : Ms.Anoopa, Advocate Respondent By : Smt.V.Swarnalatha, Sr.Dr Date Of Pronouncement : 05.11.2024 Date Of Hearing : 16.08.2024 Order Per Bench : This Assessee’S Appeal In Ita No.834/Coch/2023 (Along With Its Stay Application Sa No.187/Coch/2023 Therein) For Assessment Year 2017-2018 Arises Out Of The Order Of The Commissioner Of Income-Tax (Appeals) / Nfac Vide Din & Order No.Itba/Nfac/S/250/2022-23/ 1042970919(1) Dated 06.05.2022 In Proceedings U/S.143(3) Of The Income-Tax Act, 1961; In Short “The Act”, Hereinafter.

…5. Faced with this limited issue, we are of the considered view that there is no merit in the foregoing sole technical objection raised by the learned CIT(A) once hon’ble apex court’s landmark decision in Mavilayi Service Cooperative Bank Ltd., vs. CIT [2021] 431 ITR 1 (SC) has already settled the very issue in assessee’s favour and against the department thereby rejecting the latter’s endeavour seeking to impose a cap on income eligible for relief u/sec.80P(2)(a)(i) of the Act. Ordered accordingly. 6 ITA No.834/Coch/2023 & SA No.187/Coch/2023. Vaipur SCB Limited. 6. This assessee’s appeal ITA.No.834/Coch./2023…

Kannur District Ex Serviceman Multipurpose Co-Op Society, Kannur vs. The ITO Ward 1 & Tps, Kannur

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 Singhassessment Year - 2016-2017 Kannur District Ex-Servicemen Multipurpose V. The Income Tax Officer Co-Operative Society Limited, Ward 1 & Tps Payangadi Rs Kannur. Kannur 670 303. Pan : Aaaak8922A. (Appellant) (Respondent) Appellant By : Shri George Thomas, C.A. Respondent By : Smt. V. Swarnalatha, Sr. Dr Date Of Date Of Hearing : 13.08.2024 Pronouncement : 05.11.2024 Order Per Bench : This Assessee’S Appeal, Ita.No.432/Coch/2023, For Assessment Year 2016-2017, Arises Out Of The Order Of The Commissioner Of Income-Tax (Appeals) / Nfac Vide Din & Order No.Itba/Nfac/S/250/2022-23/1051675600(1) Dated 30.03.2023, In Proceedings U/S.143(3) Of The Income-Tax Act, 1961; In Short “The Act” Hereinafter.

…IN THE INCOME TAX APPELLATE TRIBUNAL COCHIN BENCH, COCHIN BEFORE SHRI SATBEER SINGH GODARA, JUDICIAL MEMBER AND SHRI AMARJIT SINGH, ACCOUNTANT MEMBER Assessment Year - 2016-2017 Kannur District Ex-Servicemen Multipurpose v. The Income Tax Officer Co-operative Society Limited, Ward 1 & TPS Payangadi RS Kannur. Kannur 670 303. PAN : AAAAK8922A. (Appellant) (Respondent) Appellant by : Shri George Thomas, C.A. Respondent by : Smt. V. Swarnalatha, Sr. DR Date of Date of Hearing : 13.08.2024 Pronouncement : 05.11.2024 ORDER PER BENCH : This assessee’s appeal, ITA.No.432/Coch/2023, for assessment year 2016-2017, arise…

M/S the Kalanad Service Co-Operative Bank Ltd., Kasaragod vs. ITO Ward 1 & Tps, Kasaragod

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

Bench: Shri Inturi Rama Rao

…tive society also provided credit facilities to nominal members. The issue in Kalanad Service Co-op. Bank Ltd. 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…