Mavilayi Service Co-operative Bank Ltd. v. CIT

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…

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

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

Bench: Shri Inturi Rama Raokadakam Service Co-Op. The Income Tax Officer Bank Ltd. Ward -1, Kasargod P.O. Kadagam, Mulleria Vs. Kasargod 671453 [Pan: Aabat7767K] (Appellant) (Respondent)

…round 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), 3 Kadakam Service Co-op. Bank Ltd. wherein after making a reference to its earlier judgement in the case of UP Cooperative Cane Unions’ Federation Ltd. 11 SCC 287 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 A…

Cheeranchira Service Co-Operative Bank Limited, Kottayam vs. ITO, Ward 1&Tps, Thiruvalla

In the result, the appeals filed by the appellant are allowed and

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singhassessment Year - 2017-2018

…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 3 Cheeranchra Service Co-op. Bank Ltd. 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 asse…

Chakkittapara Service Co-Operative Bank Ltd, Chakkittapara vs. ITO, Ward-2(1), Kozhikode

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singh

…3 (SC); respectively. 3. Learned CIT-DR’s foremost argument seeking to draw a distinction between assessee’s nominal/associate vis-à-vis regular members hardly deserves to be accepted in light of case law Mavilayi Service Co-operative Bank Ltd. v. CIT [2021] 431 ITR 1 (SC) holding that such a stand is no more admissible in section 80P deduction claim once the interest income is derived from various categories of members recognised under the state co-operative law. We make it clear that there is no material in the case file indicating the assessee having transacted with non- members for the purpose of deriving in…

Chakkittapara Service Co-Operative Bank Ltd, Chakkittapara vs. ITO, Ward-2(1), Kozhikode

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singh

…3 (SC); respectively. 3. Learned CIT-DR’s foremost argument seeking to draw a distinction between assessee’s nominal/associate vis-à-vis regular members hardly deserves to be accepted in light of case law Mavilayi Service Co-operative Bank Ltd. v. CIT [2021] 431 ITR 1 (SC) holding that such a stand is no more admissible in section 80P deduction claim once the interest income is derived from various categories of members recognised under the state co-operative law. We make it clear that there is no material in the case file indicating the assessee having transacted with non- members for the purpose of deriving in…

Chakkittapara Service Co-Operative Bank, Chakkittapara vs. ITO, Ward-2(1), Kozhikode

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singh

…3 (SC); respectively. 3. Learned CIT-DR’s foremost argument seeking to draw a distinction between assessee’s nominal/associate vis-à-vis regular members hardly deserves to be accepted in light of case law Mavilayi Service Co-operative Bank Ltd. v. CIT [2021] 431 ITR 1 (SC) holding that such a stand is no more admissible in section 80P deduction claim once the interest income is derived from various categories of members recognised under the state co-operative law. We make it clear that there is no material in the case file indicating the assessee having transacted with non- members for the purpose of deriving in…

Pulluvila Fisherman Development Welfare Co-Operative Society., Trivandrum vs. The Income Tax Officer, Ward-2(2), Trivandrum

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.748/Coch/2023 : Asst. Year 2016-2017 SA No.170/Coch/2023 Pulluvila Fishermen Development The Income Tax Officer Welfare co-operative Society Ltd. Ward 2(2) v. FT-28, Pulluvila, Pulluvila PO Thiruvananthapuram. Trivandrum – 695 526 PAN : AABAP5397F. (Appellant/Applicant) (Respondent) Appellant/Applicant by : Sri.Harisankar K.Menon Respondent by : Smt.V.Swarnalatha, Sr.DR Date of Pronouncement : 23.10.2024 Date of Hearing : 16.08.2024 O R D E R Per Bench…

Pullur Service Co Operative Bank No 550, Pullur vs. Income Tax Officer, Thrissur

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

Bench: Shri Waseem Ahmed & Shri Soundararajan K.

…IN THE INCOME TAX APPELLATE TRIBUNAL COCHIN BENCH, COCHIN Before Shri Waseem Ahmed, Accountant Member and Shri Soundararajan K., Judicial Member ITA Nos. 609& 610/Coch/2024 (Assessment Years: 2016-17& 2017-18) Pullur Service Co-op. Bank Ltd. Income Tax Officer Pullur, Thrissur 680683 Ward - 2(4), Thrissur vs. [PAN: AABAP6391H] (Appellant) (Respondent) Appellant by: Shri Ramdas, CA Respondent by: Smt. Girly Albert, Sr. D.R. Date of Hearing: 01.10.2024 Date of Pronouncement: 21.10.2024 O R D E R Per Bench These appeals filed by the assessee are directed against the orders of the National Faceless Appeal Centre…

Pullur Service Co Operative Bank No 550, Pullur vs. Income Tax Officer, Thrissur

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

Bench: Shri Waseem Ahmed & Shri Soundararajan K.

…IN THE INCOME TAX APPELLATE TRIBUNAL COCHIN BENCH, COCHIN Before Shri Waseem Ahmed, Accountant Member and Shri Soundararajan K., Judicial Member ITA Nos. 609& 610/Coch/2024 (Assessment Years: 2016-17& 2017-18) Pullur Service Co-op. Bank Ltd. Income Tax Officer Pullur, Thrissur 680683 Ward - 2(4), Thrissur vs. [PAN: AABAP6391H] (Appellant) (Respondent) Appellant by: Shri Ramdas, CA Respondent by: Smt. Girly Albert, Sr. D.R. Date of Hearing: 01.10.2024 Date of Pronouncement: 21.10.2024 O R D E R Per Bench These appeals filed by the assessee are directed against the orders of the National Faceless Appeal Centre…