Mavilayi Service Co-operative Bank Ltd. v. CIT

431 ITR 1Supreme Court of India2021#42 most cited

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.

999

judgments rely on this decision, according to BharatTax’s citation analysis of 367,296 Indian tax judgments — from 2017 to 2026.

Also referred to as

Mavilayi Service Co-operative Bank Ltd. v. CIT · Section 80P(4) · Section 80P(1) · Section 80P(2) · cooperative bank deduction · RBI license · banking business · cooperative society · deduction under Section 80P(2)(d) · exclusion from 80P · 431 ITR 1

Also reported as

123 Taxmann.com 161279 Taxmann 75

Sections most often in play

Section 80P(2)(d)Section 80P(4)Section 80P(2)(a)(i)Section 80PSection 143(3)Section 250Section 2(19)Section 56

Issues it is cited on

section 22(1)(b)section 5(b)section 80p(1)section 80p(4)section 2(19)section 80p(2)(c)section 22(1)section 80p(2)(a)section 80p(2)(a)(i)section 70section 80p(2)section 80p(2)(d)

Judgments citing Mavilayi Service Co-operative Bank Ltd. v. CIT

Brighton Co Op Hsg Soc Ltd, Mumbai vs. ITO Ward 19(1)(1), Mumbai

In the result, all the appeals are allowed

ITA 33/MUM/2024[2018-19]Status: DisposedITAT Mumbai25 Jun 2024AY 2018-19

Bench: Shri Narender Kumar Choudhry & Smt. Renu Jauhriassessment Year: 2018-19 Assessment Year: 2020-21 & Assessment Year: 2021-22

For Appellant: Ms. Kinjal Bhuta, A.RFor Respondent: Shri Nagnath Pasale, D.R
Section 143(1)Section 154Section 250Section 80P(2)(c)Section 80P(2)(d)

…ection 80P(2Xd) of the Act on the basis that the Co- operative Bank is covered under the provisions of section 80P(4) of the Act. We find that the Hon'ble Supreme Court in Mavilayi Service Co-operative Bank Ltd. v. CIT [2021] 123 taxmann.com 161/279 Taxman 75/431 ITR 1 while analysing the provisions of section 80P(4) of the Act held that section 80P(4) is a proviso to the main provision contained in section 80P(1) and (2) and excludes only Co-operative Banks, which are Co-operative Societies and also possesses a licence from RBI to do banking business. The Hon'ble Supreme Court further held that the limited objec…

Shah and Nahar Industrial Premises A2Co-Op Society Limited, Mumbai vs. Assistant Commissioner of Income Tax Circle 22(3), Mumbai

In the result, the appeals for AY 2017-18, 2018-19 & 2020-21 of the assessee are allowed

ITA 544/MUM/2024[2017-2018]Status: DisposedITAT Mumbai21 Jun 2024AY 2017-2018

Bench: Ms Padmavathy S, Am & Shri Raj Kumar Chauhan, Jm

For Appellant: Shri Ashish A. Thakurdesai, CAFor Respondent: Shri Dr. Kishor Dhule, CIT-DR &
Section 80PSection 80P(2)(d)

…nly in a case where the taxpayer, who is a Co-operative Bank, claims a deduction under section 80P of the Act which is not the facts of the present case. We find that the Hon’ble Supreme Court in Mavilayi Service Co-operative Bank Ltd. vs CIT, Calicut, [2021] 431 ITR 1 (SC) while analysing the provisions of section 80P(4) of the Act held that section 80P(4) is a proviso to the main provision contained in section 80P(1) and (2) and excludes only Co-operative Banks, which are Co-operative Societies and also possesses a licence from RBI to do banking business. The Hon’ble Supreme Court further held that the limited…

Shah and Nahar Industrial Premises A2Co-Op Society Limited, Mumbai vs. National E-Assessment Centre, New Delhi

In the result, the appeals for AY 2017-18, 2018-19 & 2020-21 of the assessee are allowed

ITA 542/MUM/2024[2020-2021]Status: DisposedITAT Mumbai21 Jun 2024AY 2020-2021

Bench: Ms Padmavathy S, Am & Shri Raj Kumar Chauhan, Jm

For Appellant: Shri Ashish A. Thakurdesai, CAFor Respondent: Shri Dr. Kishor Dhule, CIT-DR &
Section 80PSection 80P(2)(d)

…nly in a case where the taxpayer, who is a Co-operative Bank, claims a deduction under section 80P of the Act which is not the facts of the present case. We find that the Hon’ble Supreme Court in Mavilayi Service Co-operative Bank Ltd. vs CIT, Calicut, [2021] 431 ITR 1 (SC) while analysing the provisions of section 80P(4) of the Act held that section 80P(4) is a proviso to the main provision contained in section 80P(1) and (2) and excludes only Co-operative Banks, which are Co-operative Societies and also possesses a licence from RBI to do banking business. The Hon’ble Supreme Court further held that the limited…

ITO-22(1)(6), Mumbai vs. Ahuja Tower Co Operative Housing Society Ltd., Mumbai

In the result, the appeal by the Revenue is dismissed

ITA 1060/MUM/2024[2018-19]Status: DisposedITAT Mumbai20 Jun 2024AY 2018-19

Bench: Shri Narendra Kumar Billaiya & Shri Sandeep Singh Karhail

For Appellant: Shri Anil SatheFor Respondent: Shri Harmesh Lal, Sr. DR
Section 143Section 143(3)Section 250Section 80PSection 80P(2)(d)

…the Co- operative Bank cannot be considered as Co-operative Society and Co-operative Bank is covered under the provisions of section 80P(4) of the Act. We find that the Hon’ble Supreme Court in Mavilayi Service Co-operative Bank Ltd. v/s CIT, Calicut, [2021] 431 ITR 1 (SC) while analysing the provisions of section 80P(4) of the Act held that section 80P(4) is a proviso to the main provision contained in section 80P(1) and (2) and excludes only Co-operative Banks, which are Co- operative Societies and also possesses a licence from RBI to do banking business. The Hon’ble Supreme Court further held that the limited…

Income Tax Officer-22(1)(6), Mumbai vs. Ahuja Tower Co Operative Housing Society Limited, Mumbai

In the result, the appeal by the assessee is allowed, while the appeal by the Revenue is dismissed

ITA 859/MUM/2024[2020-21]Status: DisposedITAT Mumbai19 Jun 2024AY 2020-21

Bench: Shri Narendra Kumar Billaiya & Shri Sandeep Singh Karhail

For Appellant: Shri Anil SatheFor Respondent: Shri Sunny Kachhwaha
Section 142(1)Section 143(2)Section 250Section 80P(2)(d)

…the Co-operative Bank cannot be considered as Co- operative Society and Co-operative Bank is covered under the provisions of section 80P(4) of the Act. We find that the Hon’ble Supreme Court in Mavilayi Service Co-operative Bank Ltd. v/s CIT, Calicut, [2021] 431 ITR 1 (SC) while analysing the provisions of section 80P(4) of the Act held that section 80P(4) is a proviso to the main provision contained in section 80P(1) and (2) and Ahuja Tower Co-operative Housing Society Ltd ITA no.644/Mum./2024 ITA no. 859/Mum./2024 excludes only Co-operative Banks, which are Co-operative Societies and also possesses a licence f…

Ahuja Tower Co-Operative Housing Society Limited, Mumbai vs. Jurisdiction Ward 22(1)(6), Piramal Chamber, Mumbai

ITA 644/MUM/2024[2020-21]Status: DisposedITAT Mumbai19 Jun 2024AY 2020-21

Bench: Shri Narendra Kumar Billaiya & Shri Sandeep Singh Karhail

For Appellant: Shri Anil SatheFor Respondent: Shri Sunny Kachhwaha
Section 142(1)Section 143(2)Section 250Section 80P(2)(d)

…the Co-operative Bank cannot be considered as Co- operative Society and Co-operative Bank is covered under the provisions of section 80P(4) of the Act. We find that the Hon'ble Supreme Court in Mavilayi Service Co-operative Bank Ltd. v/s CIT, Calicut, [2021] 431 ITR 1 (SC) while analysing the provisions of section 80P(4) of the Act held that section 80P(4) is a proviso to the main provision contained in section 80P(1) and (2) and excludes only Co-operative Banks, which are Co-operative Societies and also possesses a licence from RBI to do banking business. The Hon'ble Supreme Court further held that the limited…

Johnson & Johnson Employees Co-Operative Credit Society Limited, Mumbai vs. Commissioner of Income Tax (Appeals) Add/JCIT (A)-5 Income Tax Department, Mumbai

In the result, the appeal by the assessee is allowed

ITA 1473/MUM/2024[2021-22]Status: DisposedITAT Mumbai19 Jun 2024AY 2021-22

Bench: Shri B.R. Baskaran & Shri Sandeep Singh Karhail

For Appellant: Shri Jitendra SinghFor Respondent: Shri Surendra Meena
Section 143(1)Section 250Section 80PSection 80P(1)Section 80P(2)(a)Section 80P(2)(d)

…posits in District Central Co-operative Banks and earned interest, which was claimed as a deduction under section 80P(2)(d) of the Act. It is pertinent to note that the Hon’ble Supreme Court in Mavilayi Service Co- operative Bank Ltd. v/s CIT, Calicut, [2021] 431 ITR 1 (SC) while analysing the provisions of section 80P(4) of the Act held that section 80P(4) is a proviso to the main provision contained in section 80P(1) and (2) and excludes only Co-operative Banks, which are Co-operative Societies and also possesses a licence from RBI to do banking business. The Hon’ble Supreme Court further held that the limited…

Income Tax Officer, Ward-1(7), Hubballi vs. The Dharwad Urban Credit Souharda Sahakari, Dharwad

In the result, the appeal filed by the revenue stands partly allowed for statistical purposes

ITA 552/BANG/2024[2017]Status: DisposedITAT Bangalore18 Jun 2024

Bench: Smt. Beena Pillai & Shri Laxmi Prasad Sahuassessment Year : 2017-18

For Appellant: Shri Shree Raksha D, CAFor Respondent: Shri V. Parithivel, JCIT – DR
Section 142(1)Section 143(2)Section 143(3)Section 68Section 80P(2)(a)Section 80P(2)(d)

…IN THE INCOME TAX APPELLATE TRIBUNAL ‘C’ BENCH : BANGALORE BEFORE SMT. BEENA PILLAI, JUDICIAL MEMBER AND SHRI LAXMI PRASAD SAHU, ACCOUNTANT MEMBER Assessment Year : 2017-18 The Dharwad Urban Credit Souharda The Income Tax Sahakari Ltd. CTS, Officer, 96/B2, G F, PB Road, Ward – 1(7), F F Ducss, Alur Hubballi. Venkat Rao Circle, Vs. Dharwad – 580 001. PAN: AABAT3406D APPELLANT RESPONDENT Assessee by : Shri Shree Raksha D, CA Revenue by : Shri V. Parithivel, JCIT – DR Date of Hearing : 30-05-2024 Date of Pronouncement : 18-06-2024 ORDER PER BEENA PILLAI, JUDICIAL MEMBER Present appeal by revenue arises out of t…

Income Tax Officer, Bkc, Mumbai vs. Idbi Staff Co-Operative Society Ltd, Mumbai

ITA 1209/MUM/2024[2020-21]Status: DisposedITAT Mumbai18 Jun 2024AY 2020-21

Bench: Shri Anikesh Banerjee & Shri Gagan Goyal

Section 143(3)Section 144BSection 14ASection 194ASection 250Section 80P(2)(a)Section 80P(2)(d)Section 80P(4)Section 8U

…ITA Nos. 1207 to 1209 /Mum/2024 IDBI Staff Co-operative Credit Society Ltd IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “C”, MUMBAI BEFORE SHRI ANIKESH BANERJEE, JUDICIAL MEMBER AND SHRI GAGAN GOYAL, ACCOUNTANT MEMBER ITA 1207/Mum/2024 Α.Υ. 2013-14 ITA 1208/Mum/2024 Α.Υ. 2017-18 ITA 1209/Mum/2024 Α.Υ. 2020-21 Income-tax Officer VS IDBI Staff Co-operative Credit Society Ltd, 25(1)(1), Mumbai 1st Floor, Room No.115, Kautilya Bhavan, G Block, Bandra Kurla Complex, Bandra (E), Mumbai-400 051 IDBI Tower, Cuffe Parade, Colaba, Mumbai-400005 PAN: AAAAI0083Q APPELLANT RESPONDENT Assessee by Shri Mandar Vaidya Respon…

Income Tax Officer, Mumbai vs. Idbi Staff Co-Operative Credit Society Ltd, Mumbai

ITA 1207/MUM/2024[2013-14]Status: DisposedITAT Mumbai18 Jun 2024AY 2013-14

Bench: Shri Anikesh Banerjeeand Shri Gagan Goyal

Section 143(3)Section 144BSection 14ASection 194ASection 250Section 80P(2)(a)Section 80P(2)(d)Section 80P(4)Section 8U

…ITA Nos. 1207 to 1209 /Mum/2024 IDBI Staff Co-operative Credit Society Ltd IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “C”, MUMBAI BEFORE SHRI ANIKESH BANERJEE, JUDICIAL MEMBERAND SHRI GAGAN GOYAL, ACCOUNTANT MEMBER ITA 1207/Mum/2024 A.Y. 2013-14 ITA 1208/Mum/2024 A.Y. 2017-18 ITA 1209/Mum/2024 A.Y. 2020-21 Income-tax Officer 25(1)(1), Mumbai 1st Floor, Room No.115, Kautilya Bhavan, G Block, Bandra Kurla Complex, Bandra (E), Mumbai-400 051 VS IDBI Staff Co-operative Credit Society Ltd, IDBI Tower, Cuffe Parade, Colaba, Mumbai-400005 PAN: AAAAI0083Q APPELLANT RESPONDENT Assessee by Shri Mandar Vaidya Respond…

Mananthavady Co-Op Urban Society Ltd, Wayanad vs. ITO Ward 2, Kalpetta

In the result, appeal of the assessee is partly allowed for statistical purposes

ITA 161/COCH/2023[2013-14]Status: DisposedITAT Cochin14 Jun 2024AY 2013-14

Bench: Shri Chandra Poojari & Shri Soundararajan K.Assessment Year: 2013-14

For Appellant: N O N EFor Respondent: Smt. Jamuna Devi, Sr. D.R
Section 143(1)Section 143(3)Section 250Section 80Section 80PSection 80P(2)(a)

…the case of the assessee. The Tribunal accepted the entire claim of deduction of interest income earned by the assessee as business income. On appeal to the High Court: Held, (i) that the Supreme Court in Mavilayi Service Co-operative BankLtd. V. CIT (2021) 431 ITR 1 (SC), held that since the assessee was a registered co-operative society and the deduction claimed was interest earned from loans lent to members and amount invested with a co-operative bank the threshold eligibility of deduction was admissible to the assessee and accordingly the income earned by way of interest from members was eligible for deduct…

K 637 Pasur Primary Agricultural Co-Op Credit Society, Erode vs. ITO, Ncw2(3), Erode

In the result, the appeal filed by the assessee is allowed

ITA 697/CHNY/2024[2012-13]Status: DisposedITAT Chennai13 Jun 2024AY 2012-13

Bench: Shri Mahavir Singhand Shri S.R. Raghunatha

For Appellant: Shri P.M. Kathir, AdvocateFor Respondent: Shri N. Sanjay Gandhi, JCIT
Section 143(3)Section 2(16)Section 2(6)Section 80PSection 80P(2)(a)

…e and Rural Development Bank Limited, in ITA Nos.31 to 33/Chny/2021, order dated 29.04.2022, wherein we have already considered the decision of Hon’ble Supreme Court in the case of Mavilayi Service Co-operative Bank Limited vs. CIT, Calicut reported in [2021] 123 Taxmann.com 161 (SC) and held as under:- 30. In view of the above facts discussed and the case-laws of the Hon’ble Supreme Court in the case of Mavilayi Service Co-operative Bank Limited vs. Commissioner of Income Tax, Calicut (supra), we are of the view that the Assessee is a Co-operative Society under the name and style as “Tamil Nadu Co-operative Sta…

The Savanoor Primary Agriculture Credit Co-Operative Society Limited, Puttur vs. Income Tax Officer, Ward-1, Puttur

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

ITA 676/BANG/2024[2017-18]Status: DisposedITAT Bangalore13 Jun 2024AY 2017-18

Bench: Shri George George K & Shri Waseem Ahmedr Assessment Year : 2017-18 M/S. Savanoor Primary Agriculture Credit Vs. Ito, Co-Operative Society Ltd., Ward – 1, Savanoor Co-Operative Agricultural Bank Ltd., Puttur. Savanoor – 574 202. Pan : Aaeat 1118 M Appellant Respondent Assessee By : Shri. Srikrishna, Ca Revenue By : Shri. Ramnathan, Addl. Cit(Dr)(Itat), Bengaluru. Date Of Hearing : 12.06.2024 Date Of Pronouncement : 13.06.2024

For Appellant: Shri. Srikrishna, CAFor Respondent: Shri. Ramnathan, Addl. CIT(DR)(ITAT), Bengaluru
Section 143(3)Section 250Section 80PSection 80P(2)(a)

…(3) of the Act, assessee preferred appeal before the CIT(A). The CIT(A) partly allowed the appeal of the assessee. The CIT(A), following the judgment of the Hon’ble Apex Court in the case of Mavilayi Service Co-operative Bank Ltd., & Ors. Vs. CIT, reported in 431 ITR 1, directed the AO to verify and grant proportionate deduction under section 80P of the Act with regard to the interest income earned by the assessee from its dealing it had with its members. 4. Aggrieved by the Order of the CIT(A), assessee has filed the present appeal before the Tribunal. The learned AR submitted that on identical facts, the Banga…

K 2038 Mangalam Primary Agricultural Co Operative Credit Society, Tirupur vs. The Income Tax Officer, Ward 2 (1), Tirupur

ITA 612/CHNY/2024[2016-17]Status: DisposedITAT Chennai12 Jun 2024AY 2016-17

Bench: Hon’Ble Shri Manoj Kumar Aggarwal, Am & Hon’Ble Shri Manu Kumar Giri, Jm आयकरअपील सं./ Ita No.612/Chny/2024 (िनधा"रणवष" / Assessment Year: 2016-17) K 2038 Mangalam Primary Vs. The Income Tax Officer, Agricultural Co-Operative Credit Ward 2(1) Society, Tirupur. 1, Mangalam Paccs, Mangalam Post, Tirupur 641 663. [Pan:Aaeak 0276D] (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ" क" ओर से/ Appellant By : Ms. A. Vijayalakshmi, C.A., ""यथ" क" ओर से /Respondent By : Mr. S. Easwar, Irs, Jcit. सुनवाई क" तार"ख/Date Of Hearing : 20.05.2024 घोषणा क" तार"ख /Date Of Pronouncement : 12.06.2024 आदेश / O R D E R Per Manu Kumar Giri ()

For Appellant: Ms. A. Vijayalakshmi, C.AFor Respondent: Mr. S. Easwar, IRS, JCIT
Section 143(3)Section 80PSection 80P(2)Section 80P(2)(a)

…sment order dated 22.03.2021. Even, the assessment order u/s 143(3) dated 22.03.2021 for AY 2018-19 is duly accepted by the revenue. In the recent judgment of Hon’ble Supreme Court in the case of Mavilayi Service Co-op Bank Ltd & Ors Vs CIT reported in (2021) 431 ITR 1 (SC) held that section 80P is a benevolent provision, which was enacted by parliament in order to encourage and promote the growth of the cooperative sector in the economic life of the country and must, therefore, be read liberally and in favour of the assessee. The Hon’ble Supreme Court also relied upon the ‘head note’ of the section by saying tha…

Kavradi Co-Operative Agricultural Bank, Udupi vs. Income-Tax Officer, Ward-2, Udupi

ITA 93/BANG/2024[2017-18]Status: DisposedITAT Bangalore10 Jun 2024AY 2017-18

Bench: Shri Waseem Ahmed & Shri Soundararajan K.Assessment Year: 2017-18

For Appellant: Sri Akshay K.S., A.RFor Respondent: Shri Ganesh R. Ghale, Standing Counsel for department
Section 18Section 250Section 80PSection 80P(2)Section 80P(2)(a)Section 80P(2)(d)Section 80P(2)(i)

…nominal or associate members would not be a reason for disallowing the deduction u/s 80P(2)(a)(i) of the Act. The ld AR also relied on the judgement of the Hon’ble Supreme Court in the case of Mavilayi Service Co-operative Bank Ltd. Vs. CIT reported in (2021) 431 ITR 1 (SC). The ld. A.R. further contended that the AO cannot come to a conclusion that the assessee lost its cooperative status in view of the violation of the Cooperative Society provision. The ld AR further contended that the interest income received from the co- operative bank and other scheduled banks are eligible for deduction u/s 80P(2)(a)(i) of t…

Raitara Seva Sahakara Sanga Niyamitha, Bhadravathi vs. Income Tax Officer, Ward-1 & Tps, Shivmoga

In the result, appeal of the assessee is partly allowed for statistical purposes

ITA 896/BANG/2024[2020-21]Status: DisposedITAT Bangalore10 Jun 2024AY 2020-21

Bench: Shri Chandra Poojari & Shri Keshav Dubeyassessment Year: 2020-21

For Appellant: Shri S.V. Ravishankar, A.RFor Respondent: Shri Ganesh R. Ghale, Standing Counsel for Revenue
Section 250Section 56Section 80P(2)(a)Section 80P(2)(d)

…ITA No.896/Bang/2024 Raitara Seva Sahakara Sanga Niyamitha, Bhadravathi IN THE INCOME TAX APPELLATE TRIBUNAL “C’’ BENCH: BANGALORE BEFORE SHRI CHANDRA POOJARI, ACCOUNTANT MEMBER AND SHRI KESHAV DUBEY, JUDICIAL MEMBER Assessment Year: 2020-21 Raitara Seva Sahakara Sanga Niyamitha Hollehonnure ITO Bhadravathi 577 227 Vs. Ward-1 & TPS Karnataka Shivmogga PAN NO : AAAAR2168M APPELLANT RESPONDENT Appellant by : Shri S.V. Ravishankar, A.R. Respondent by : Shri Ganesh R. Ghale, Standing Counsel for Revenue. Date of Hearing : 10.06.2024 Date of Pronouncement : 10.06.2024 O R D E R PER KESHAV DUBEY, JUDICIAL MEMBE…

Jindesha Madar Jm Minority Co-Op Credit Society Limited, Guledgudd vs. Income Tax Officer, Ward-1, Bagalkot

In the result, appeal of the assessee is partly allowed for statistical purposes

ITA 831/BANG/2024[2017-18]Status: DisposedITAT Bangalore06 Jun 2024AY 2017-18

Bench: Shri Chandra Poojari & Shri Keshav Dubeyassessment Year: 2017-18

For Appellant: Shri Ravishankar, A.RFor Respondent: Shri V. Parithivel, D.R
Section 2(1)(a)Section 250Section 5Section 68Section 69Section 69ASection 80P(2)(a)

…ITA No.831/Bang/2024 Jindesha Madar JM Minority Co-op. Credit Society Limited, Bagalkot IN THE INCOME TAX APPELLATE TRIBUNAL “C’’ BENCH: BANGALORE BEFORE SHRI CHANDRA POOJARI, ACCOUNTANT MEMBER AND SHRI KESHAV DUBEY, JUDICIAL MEMBER Assessment Year: 2017-18 Jindesha Madar JM Minority Co-Op. Credit Society Ltd. Near TMC, Main Road Guledgudd 587 203 ITO Tq. Badami Vs. Ward-1 Dist. Bagalkot 587 203 Bagalkot Karnataka PAN NO : AAAAJ4639D APPELLANT RESPONDENT Appellant by : Shri Ravishankar, A.R. Respondent by : Shri V. Parithivel, D.R. Date of Hearing : 06.06.2024 Date of Pronouncement : 06.06.2024 O R D E R…

Yashwant Nagari Sahakari Patsanstha Maryadit, Pune vs. ITO Ward 10(1) Pune, Pune

In the result, appeal of the assessee is allowed

ITA 644/PUN/2024[2017-18]Status: DisposedITAT Pune04 Jun 2024AY 2017-18

Bench: AND SHRI VINAY BHAMORE (Judicial Member)

Section 143(3)Section 80PSection 80P(2)Section 80P(2)(a)Section 80P(2)(d)

…s of the Assessee. No where neither the AO nor the CIT(A) has stated that the Assessee has received Banking License from RBI under the Banking Regulation Act. 5.3 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 5.4 Thus, a Co-Operative Soc…

Dahisar Sanskruti Cooperative Housing Society Ltd., Mumbai vs. Centralized Processing Unit, Income Tax Department, Bangalore

In the result, the appeal filed by the assessee stands allowed

ITA 209/MUM/2024[2020-21]Status: DisposedITAT Mumbai04 Jun 2024AY 2020-21

Bench: Shri Narender Kumar Choudhry & Smt. Renu Jauhariassessment Year: 2020-21

For Appellant: Shri Anand Desai, A.RFor Respondent: Shri C.T. Mathews, Sr. DR
Section 234ASection 250Section 80PSection 80P(2)(d)

…ction 80P(2)(d) of the Act on the basis that the Co- operative Bank is covered under the provisions of section 80P(4) of the Act. We find that the Hon'ble Supreme Court in Mavilayi Service Co-operative Bank Ltd. v. CIT [2021] 123 taxmann.com 161/279 Taxman 75/431 ITR 1 while analysing the provisions of section 80P(4) of the Act held that section 80P(4) is a proviso to the main provision contained in section 80P(1) and (2) and excludes only Co-operative Banks, which are Co- operative Societies and also possesses a licence from RBI to do banking business. The Hon'ble Supreme Court further held that the limited obje…

Shri Hariom Nagari Sahakari Patsanstha Maryadit, Nashik vs. Income Tax Officer Ward-1(1), Nashik

In the result, both the appeals filed by the assessee are allowed

ITA 680/PUN/2024[2020-21]Status: DisposedITAT Pune03 Jun 2024AY 2020-21

Bench: Shri Inturi Rama Rao & Ms. Astha Chandraआयकर अपील सं. / Ita Nos.679 & 680/Pun/2024 "नधा"रण वष" Assessment Years : 2018-19 & 2020-21

For Respondent: Shri Shanshank Deogadkar
Section 143(3)Section 80PSection 80P(2)(a)Section 80P(2)(d)

…IN THE INCOME TAX APPELLATE TRIBUNAL PUNE BENCH “SMC”, PUNE BEFORE SHRI INTURI RAMA RAO, ACCOUNTANT MEMBER AND Ms. ASTHA CHANDRA, JUDICIAL MEMBER आयकर अपील सं. / ITA Nos.679 & 680/PUN/2024 "नधा"रण वष" Assessment Years : 2018-19 & 2020-21 Shri Hariom Nagari Sahakari Vs. ITO, Ward-1(1), Patsanstha Maryadit, Nashik 1, Malegaon Road, Satana, Nashik 423 301 Maharashtra PAN : AAAJH0183R Appellant Respondent Assessee by Shri Pramod Shingte : Revenue by : Shri Shanshank Deogadkar Date of hearing : 03.06.2024 Date of pronouncement : 03.06.2024 आदेश / ORDER PER BENCH: These two appeals filed by the assessee are direct…