Mavilayi Service Co-operative Bank Ltd. v. CIT

M/S the General Insurance Employees Co-Operative Society Limited, Ernakulam vs. ITO, Non Corporate Ward 1 (5), Kochi

In the result, the appeal filed by the assessee is allowed for statistical purposes and the stay petition is dismissed as rendered infructuous

Bench: Shri Waseem Ahmed & Shri Soundararajan K

…d the deduction claimed u/s 80P of the Act. As against the said order the assessee filed an appeal before the ld.CIT(A) and contended that the Hon’ble Supreme Court in the case of Mavilayi Service Co-operative Bank Ltd. & Ors. v. CIT & Anr. reported in (2021) 431 ITR 1 (SC) had reversed the Full Bench order of the Kerala High Court, and therefore, is entitled for deduction u/s.80P of the Act. The ld.CIT(A) relying on the Full Bench judgment of the Hon’ble Kerala High Court had dismissed the appeal filed by the assessee. As against the said order of the ld.CIT(A), the assessee is in appeal before the Tribunal with…

Kalikavu Service Co-Operative Bank Limited, Kalikavu vs. ITO, Ward-2, Tirur

Appeal of the assessee is hereby allowed

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. 374 & 375/Coch/2024 (Assessment Years: 2008-09 & 2018-19) Kalikavu Service Co- Income Tax Officer Operative Bank Ltd. Ward – 2, Tirur Kalikavy Post vs. Malappuram 676525 [PAN: AAAAK3734C] (Appellant) (Respondent) Appellant by: Shri Hussain, Advocate Respondent by: Smt. Girly Albert, Sr. D.R. Date of Hearing: 24.09.2024 Date of Pronouncement: 26.09.2024 O R D E R Per Bench These appeals filed by the assesseeare directed against separate orders of the Natio…

Kalikavu Service Co-Operative Bank Limited, Kalikavu vs. ITO, Ward-2, Tirur

Appeal of the assessee is hereby allowed

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. 374 & 375/Coch/2024 (Assessment Years: 2008-09 & 2018-19) Kalikavu Service Co- Income Tax Officer Operative Bank Ltd. Ward – 2, Tirur Kalikavy Post vs. Malappuram 676525 [PAN: AAAAK3734C] (Appellant) (Respondent) Appellant by: Shri Hussain, Advocate Respondent by: Smt. Girly Albert, Sr. D.R. Date of Hearing: 24.09.2024 Date of Pronouncement: 26.09.2024 O R D E R Per Bench These appeals filed by the assesseeare directed against separate orders of the Natio…

Aryand Service Co-Oprerative Bank Ltd, Aryand vs. I.T.O, Ward-2(3), Kawdiar

In the result, the appeal is dismissed and decided as above

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singh

…tor. And also 12 ITA.No.597 & SA.No.124/COCH./2024 that the latter head of sec.80P(2)(d) deduction involves interest income derived from co-operative bank(s). We are of the considered view that case law Mavilayi Service Co-operative Bank Ltd., vs., CIT [2021] 431 ITR 1 (SC) regarding former issue and Pr. CIT vs. Peroorkada Service Co-op. Bank Ltd. [2022] 442 ITR 141 (Ker), dealing with both these issues have rejected the Revenue’s identical stand. We accordingly accept the assessee’s instant sec.80P deduction(s). Ordered accordingly. 5. This assessee’s appeal ITA.No.597/Coch./2024 is allowed and stay application…

M/S Chirayinkeezhu Service Co-Operative Bank, Chirayinkeezhu vs. ITO, Ward-2(5), Trivandrum

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singh

…department that such a co-operative bank is not considered as co-operative society and therefore not eligible for 3 ITA.No.913 & SA.No.202/COCH./2023 section 80P deduction which admittedly got overruled in Mavilayi Service Co-operative Bank Ltd. v. CIT [2021] 431 ITR 1 (SC). 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 arose before their lordships in the Kerala State Cooperative Agricultural and Rural Development Bank [2023] 458 ITR 384 (SC) as well. The department therein was identical as in the “Mavilayi” case.…

The Kadanad Service Co-Operative Bank, Kollappally vs. ITO, National E Assessment Center, Kottayam

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

…t the assessee and in favour of the department that such a co-operative bank is not considered as co-operative society and therefore not eligible for section 80P deduction which admittedly got overruled in Mavilayi Service Co-operative Bank Ltd. v. CIT [2021] 431 ITR 1 (SC). 5. 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 arose before their lordships in the Kerala State Cooperative Agricultural and The Kadanad SCB Limited. Rural Development Bank [2023] 458 ITR 384 (SC) as well. The department therein was identical as…

The Kadanad Service Co-Operative Bank Ltd, Kottayam vs. ITO, National E-Assessment Center, Delhi, Kottayam

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

…t the assessee and in favour of the department that such a co-operative bank is not considered as co-operative society and therefore not eligible for section 80P deduction which admittedly got overruled in Mavilayi Service Co-operative Bank Ltd. v. CIT [2021] 431 ITR 1 (SC). 5. 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 arose before their lordships in the Kerala State Cooperative Agricultural and The Kadanad SCB Limited. Rural Development Bank [2023] 458 ITR 384 (SC) as well. The department therein was identical as…

The Kadanad Service Co-Operative Bank Ltd, Kottayam vs. ITO, Ward-2, Kottayam

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

…t the assessee and in favour of the department that such a co-operative bank is not considered as co-operative society and therefore not eligible for section 80P deduction which admittedly got overruled in Mavilayi Service Co-operative Bank Ltd. v. CIT [2021] 431 ITR 1 (SC). 5. 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 arose before their lordships in the Kerala State Cooperative Agricultural and The Kadanad SCB Limited. Rural Development Bank [2023] 458 ITR 384 (SC) as well. The department therein was identical as…

Clappana Service Co-Operative Bank Altd., Karunagappally vs. ITO, Ward 1&Tps, 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: 2017-2018 M/S. Clappana Service Co-Operative The Income Tax Officer Bank Limited No.867 V. Ward 1, Alappuzha. Cp/Viii/410 & 411, Clappana Po Karunagappally, Kollam – 690 525 Pan : Aabac2747A. (Appellant) (Respondent) Appellant By : Shri Rajakannan, Advocate Respondent By : Smt. V. Swarnalatha, Sr. D.R. Date Of Pronouncement : 25.09.2024 Date Of Hearing : 12.08.2024 O R D E R Per Bench : This Assessee’S Appeal For A.Y. 2017-18 Arises Against The National Faceless Appeal Centre, Delhi [Cit(A)]’S Din & Order No. Itba/ Nfac/S/250/2023-24/1055921666(1) Dated 11.09.2023, Passed U/S. 250 Of The Income Tax Act, 1961 (The Act).

…t the assessee and in favour of the department that such a co-operative bank is not considered as co-operative society and therefore not eligible for section 80P deduction which admittedly got overruled in Mavilayi Service Co-operative Bank Ltd. v. CIT [2021] 431 ITR 1 (SC). 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 arose before their lordships in the Kerala State Cooperative Agricultural and Rural Development Bank [2023] 458 ITR 384 (SC) as well. The department therein was identical as in the “Mavilayi” case. W…

The Thachinganadam Service Co-Operative Bank Limited, Thachinganadam vs. Income Tax Officer Ward 4 Tirur, Tirur

Appeal is allowed for statistical purposes in above terms

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singh

…substantive voting rights. We are afraid that accepting the Revenue’s instant latter substantive arguments would go against hon’ble apex court’s yet another landmark decision in Mavilayi Service Cooperative Bank Ltd., vs. CIT [2021] 25 ITA.No.664/COCH./2023 431 ITR 1 (SC) wherein their lordships’ have settled the issue that such a distinction between various types of membership(s) of a cooperative society is not sustainable. The Revenue’s second technical objection stands declined therefore. 7. The Revenue’s third substantive argument is that the assessee has derived it’s interest income from making credit fac…

Vadakkevila Service Co-Operative Bank Ltd, Kollam vs. The ITO, Kollam

Appeal is allowed in above terms

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singh

…against the assessee and in favour of the department that such a co-operative bank is not considered as co-operative society and therefore not eligible for section 80P deduction which admittedly got overruled in Mavilayi Service Co-op Bank Ltd. v. CIT (2021) 431 ITR 1 (SC). 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 arose before their lordships in the Kerala State Co-operative Agricultural and Rural Development Bank (2023) 458 ITR 384 (SC) as well. The department therein was identical as in the “Mavilayi” case.…

Mananthavady Co-Op Urban Society Ltd, Wayanad vs. The ITO Ward 2(5), Calicut

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

…the assessee and in favour of the department that such a co- operative bank is not considered as co-operative society and therefore not eligible for section 80P deduction which admittedly got overruled in Mavilayi Service Co-operative Bank Ltd. v. CIT [2021] 431 ITR 1 (SC). 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 arose before their lordships in the Kerala State Cooperative Agricultural and Rural Development Bank (2023) 458 ITR 384 (SC) as well. The department therein was identical as in the “Mavilayi” case.…

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

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singh

…han a cooperative society. 3. Learned DR submits that the assessee has been rightly taken as a cooperative bank and therefore, not entitled for the impugned deduction u/sec.80P(4) of the Act. She quotes Mavilayi Service Co-operative Bank Ltd., vs., CIT [2021] 431 ITR 1 (SC). 4. We have given thoughtful consideration to the Revenue’s foregoing objection to the assessee’s section 80P deduction claim. The first and foremost issue regarding the same herein is as to whether this assessee is a co-operative society or co-operative bank; within the meaning of section 80P(2) of the Act, so as to be eligible for the impugn…

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

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singh

…han a cooperative society. 3. Learned DR submits that the assessee has been rightly taken as a cooperative bank and therefore, not entitled for the impugned deduction u/sec.80P(4) of the Act. She quotes Mavilayi Service Co-operative Bank Ltd., vs., CIT [2021] 431 ITR 1 (SC). 4. We have given thoughtful consideration to the Revenue’s foregoing objection to the assessee’s section 80P deduction claim. The first and foremost issue regarding the same herein is as to whether this assessee is a co-operative society or co-operative bank; within the meaning of section 80P(2) of the Act, so as to be eligible for the impugn…

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

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singh

…t the assessee and in favour of the department that such a co-operative bank is not considered as co-operative society and therefore not eligible for section 80P deduction which admittedly got overruled in Mavilayi Service Co-operative Bank Ltd. v. CIT [2021] 431 ITR 1 (SC). 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 arose before their lordships in the Kerala State Cooperative Agricultural and Rural Development Bank [2023] 458 ITR 384 (SC) as well. The department therein was identical as in the “Mavilayi” case. W…

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

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singh

…t the assessee and in favour of the department that such a co-operative bank is not considered as co-operative society and therefore not eligible for section 80P deduction which admittedly got overruled in Mavilayi Service Co-operative Bank Ltd. v. CIT [2021] 431 ITR 1 (SC). 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 arose before their lordships in the Kerala State Cooperative Agricultural and Rural Development Bank [2023] 458 ITR 384 (SC) as well. The department therein was identical as in the “Mavilayi” case. W…

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

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singh

…t the assessee and in favour of the department that such a co-operative bank is not considered as co-operative society and therefore not eligible for section 80P deduction which admittedly got overruled in Mavilayi Service Co-operative Bank Ltd. v. CIT [2021] 431 ITR 1 (SC). 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 arose before their lordships in the Kerala State Cooperative Agricultural and Rural Development Bank [2023] 458 ITR 384 (SC) as well. The department therein was identical as in the “Mavilayi” case. W…

M/S Thurayur Service Co -Op Bank Ltd, Kozhikode vs. The ITO Ward 2(1), Kozhikode

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

…t the assessee and in favour of the department that such a co-operative bank is not considered as co-operative society and therefore not eligible for section 80P deduction which admittedly got overruled in Mavilayi Service Co-operative Bank Ltd. v. CIT [2021] 431 ITR 1 (SC). 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 arose before their lordships in the Kerala State Cooperative Agricultural and Rural Development Bank [2023] 458 ITR 384 (SC) as well. The department therein was identical as in the “Mavilayi” case. W…

M/S Thurayur Service Co -Op Bank Ltd, Kozhikode vs. The ITO Ward 2(1), Kozhikode

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

…t the assessee and in favour of the department that such a co-operative bank is not considered as co-operative society and therefore not eligible for section 80P deduction which admittedly got overruled in Mavilayi Service Co-operative Bank Ltd. v. CIT [2021] 431 ITR 1 (SC). 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 arose before their lordships in the Kerala State Cooperative Agricultural and Rural Development Bank [2023] 458 ITR 384 (SC) as well. The department therein was identical as in the “Mavilayi” case. W…