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 367,181 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

M/S.Karannur Service Co-Op Bank Ltd, Kozhikkode vs. The ITO, WD-1(2), Kozhikkode

In the result, the appeals by the assessee are allowed

ITA 249/COCH/2020[2015-16]Status: DisposedITAT Cochin16 Nov 2023AY 2015-16

Bench: Shri Sanjay Arora & Shri Manomohan Das

For Appellant: Shri P. Raghunathan, AdvocateFor Respondent: Sh. Sanjith K. Das, CIT-DR
Section 143(3)Section 271DSection 273BSection 274Section 275(1)(c)Section 80P(1)

…s binding. Further, as is well-settled, a decision is an authority for what it actually decides, and not for what may logically flow from the observations made therein, reiterated once again by the Apex Court in Maviyali Service Cooperative Bank v. CIT [2021] 431 ITR 1 (SC). Reference therein is also made to the decision in State of Orissa v. Sudhanshu Sekhar Misra [1968] 2 SCR 15 for the proposition that a decision must be read as applicable to the facts proved or assumed to be proved, and the generality of the expressions are not intended to be exposition of the whole law, but governed and qualified by the part…

The Karannur Service Co-Op Bank Ltd, Kozhikkode vs. The ITO, WD-1(2), Kozhikkode

In the result, the appeals by the assessee are allowed

ITA 248/COCH/2020[2015-16]Status: DisposedITAT Cochin16 Nov 2023AY 2015-16

Bench: Shri Sanjay Arora & Shri Manomohan Das

For Appellant: Shri P. Raghunathan, AdvocateFor Respondent: Sh. Sanjith K. Das, CIT-DR
Section 143(3)Section 271DSection 273BSection 274Section 275(1)(c)Section 80P(1)

…s binding. Further, as is well-settled, a decision is an authority for what it actually decides, and not for what may logically flow from the observations made therein, reiterated once again by the Apex Court in Maviyali Service Cooperative Bank v. CIT [2021] 431 ITR 1 (SC). Reference therein is also made to the decision in State of Orissa v. Sudhanshu Sekhar Misra [1968] 2 SCR 15 for the proposition that a decision must be read as applicable to the facts proved or assumed to be proved, and the generality of the expressions are not intended to be exposition of the whole law, but governed and qualified by the part…

Kedambady Keyyur Primary Agricultural Co-Operative Society Limited, Puttur vs. Income Tax Officer, Ward-1, Puttur

In the result, the additional grounds raised by the assessee are dismissed

ITA 668/BANG/2023[2018-19]Status: DisposedITAT Bangalore08 Nov 2023AY 2018-19

Bench: Shri Chandra Poojari & Smt. Beena Pillai

For Appellant: Ms. Harsha J., A.R. Instructed by Shri SrihariFor Respondent: Shri Nischal B., D.R
Section 234ASection 250Section 80P(2)(a)Section 80P(2)(d)

…by the ld. AO followed the decision of Hon’ble Supreme Court in the case of Citizen Co-operative Society Ltd. (397 ITR 1) (SC). However, we find that the decision of Hon’ble Supreme Court in the case of Mavilayi Service Co- operative Bank Ltd. & Ors. Vs. CIT (431 ITR 1) (SC), wherein held as under: “It is important to note that though the main object of the primary agricultural society in question is to provide financial assistance in the form of loans to its members for agricultural and related purposes, yet, some of the objects go well beyond, and include performing of banking operations "as per rules prevaili…

Kedambady Keyyur Primary Agricultural Co-Operative Society Limited, Puttur vs. Income-Tax Officer, Ward-1, Puttur

In the result, the additional grounds raised by the assessee are dismissed

ITA 667/BANG/2023[2017-18]Status: DisposedITAT Bangalore08 Nov 2023AY 2017-18

Bench: Shri Chandra Poojari & Smt. Beena Pillai

For Appellant: Ms. Harsha J., A.R. Instructed by Shri SrihariFor Respondent: Shri Nischal B., D.R
Section 234ASection 250Section 80P(2)(a)Section 80P(2)(d)

…by the ld. AO followed the decision of Hon’ble Supreme Court in the case of Citizen Co-operative Society Ltd. (397 ITR 1) (SC). However, we find that the decision of Hon’ble Supreme Court in the case of Mavilayi Service Co- operative Bank Ltd. & Ors. Vs. CIT (431 ITR 1) (SC), wherein held as under: “It is important to note that though the main object of the primary agricultural society in question is to provide financial assistance in the form of loans to its members for agricultural and related purposes, yet, some of the objects go well beyond, and include performing of banking operations "as per rules prevaili…

Kona Seema Co Operative Housing Society Limited, Mumbai vs. CPC, Bangalore, Mumbai

In the result, the appeal by the assessee is allowed

ITA 2024/MUM/2023[2015-2016]Status: DisposedITAT Mumbai08 Nov 2023AY 2015-2016

Bench: Shri Prashant Maharishi & Shri Sandeep Singh Karhail

For Appellant: Shri Ashish A. ThakurdesaiFor Respondent: Shri P.D. Choughule
Section 143(1)Section 2(19)Section 234ASection 250Section 80Section 80PSection 80P(1)Section 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…

Blue Rose Industrial Premises Co-Op Society Limited, Mumbai vs. CIT (A), National Faceless Appeal Centre, Delhi

In the result, appeal filed by the Assessee stands allowed in the aforesaid terms

ITA 2227/MUM/2023[2020-21]Status: DisposedITAT Mumbai31 Oct 2023AY 2020-21

Bench: Shri Narender Kumar Choudhryblue Rose Industrial Premises Cit(A), Co-Op. Society Limited Nfac, 43, Blue Rose Industrial Delhi-110 001 Premises Co-Op. Society Limited Vs. Wester Express Highway, Borivali (E), Mumbai-400 068

For Appellant: Shri Ajay Singh, Ld. ARFor Respondent: Ms. Smitha V. Nair, Ld. DR
Section 250Section 56Section 80PSection 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…

DCIT, Cochin vs. Shri M George ( Mukkadayil Joseph George), Cochin

In the result, the Revenue’s appeal is allowed

ITA 525/COCH/2011[2006-07]Status: DisposedITAT Cochin31 Oct 2023AY 2006-07

Bench: Shri Sanjay Arora & Shri Manomohan Dasdy. Cit, Circle 2(1), Range – 2 M.J. George C.R. Building, I.S. Press Road, Mukkadayil House Kochi 682018 Vs. Krishnaswamy Cross Road Ernakulam, Kochi - 682035 [Pan: Adgpg6991D] (Appellant) (Respondent) Revenue By: Sri Sajit Kumar Das, Cit-Dr Assessee By: Sri R. Lokanathan, Ca Date Of Hearing: 17.08.2023 Date Of Pronouncement: 31.10.2023 Order Per Sanjay Arora, Am This Is An Appeal By The Revenue Agitating The Allowance Of The Assessee’S Appeal Contesting It’S Assessment Under Section 143(3) Of The Income Tax Act, 1961 (The Act) Dated 31.12.2008 For Assessment Year (Ay) 2006-07, By The Commissioner Of Income Tax (Appeals)-2, Kochi [Cit(A)] Vide His Order Dated 31.03.2011. 2. The Facts Of The Case In Brief Are That The Assessee, An Individual, Who Had Returned His Income For The Year At Rs.63,420/- (From Business & Other Sources), Was Found To Have A Credit Of Rs.899.10 Lakhs In His Bank Account On 14.02.2006. The Same Was Explained In The Assessment Proceedings As Sale Proceeds Of 5.21 Acres Of Land At Kakkanad Village, Falling Under Thrikkakara Panchayat, Sold For Rs.977.10 Lakhs Vide Registered Sale Deed Dated 13.02.2006. The Sale Was In Pursuance Of An Agreement To Sell Dated 09.01.2006, Receiving Rs.78 Lakhs As Advance. The Said Land

For Appellant: Sri R. Lokanathan, CAFor Respondent: Sri Sajit Kumar Das, CIT-DR
Section 143(3)Section 2(14)(iii)

…limited relevance, what being even otherwise a binding judicial precedence is the ratio decidendi, the principle of law laid down, and not the decision per se, law on which is again well-settled (The Mavilayi Service Cooperative Bank Ltd. & Ors. v. CIT [2021] 431 ITR 1 (SC); Sree Bhagavathi Textiles Ltd. v. CIT[2000] 244 ITR 496 (Ker)). This also explains the decisions one way or the other by the Tribunal. And, further, non-interference by the Hon'ble jurisdictional High Court in the matters referred to it, viz. in Sreedhar Ashok Kumar vs. CIT (in ITA No. 251/2014 dated 11.12.2017) [reported at [2017] 253 Taxman…

SHI vs. Amruddhi Nagari Sahakari Patasanstha Maryadit, Mumbai

In the result, appeal filed by the Assessee stands allowed in the aforesaid terms

ITA 2225/MUM/2023[2020-21]Status: DisposedITAT Mumbai30 Oct 2023AY 2020-21

Bench: Shri N. K. Choudhry, Jm

For Appellant: Ms. Smitha V. Nair, Ld. DRFor Respondent: Date of Hearing
Section 2(24)(viia)Section 250Section 5Section 56Section 80PSection 80P(2)(a)Section 80P(4)

…section 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 obje…

SHI vs. Amruddhi Nagari Sahakari Patasanstha Maryadit, Mumbai

In the result, appeal filed by the Assessee stands allowed in the aforesaid terms

ITA 2224/MUM/2023[2018-19]Status: DisposedITAT Mumbai30 Oct 2023AY 2018-19

Bench: Shri N. K. Choudhry, Jm

For Appellant: Ms. Smitha V. Nair, Ld. DRFor Respondent: Date of Hearing
Section 2(24)(viia)Section 250Section 5Section 56Section 80PSection 80P(2)(a)Section 80P(4)

…section 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 obje…

SHI vs. Amruddhi Nagari Sahakari Patasanstha Maryadit, Mumbai

In the result, appeal filed by the Assessee stands allowed in the aforesaid terms

ITA 2223/MUM/2023[2017-18]Status: DisposedITAT Mumbai30 Oct 2023AY 2017-18

Bench: Shri N. K. Choudhry, Jm

For Appellant: Ms. Smitha V. Nair, Ld. DRFor Respondent: Date of Hearing
Section 2(24)(viia)Section 250Section 5Section 56Section 80PSection 80P(2)(a)Section 80P(4)

…section 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 obje…

Rangaraya Large Sized Cooperative Society, Pasivedala vs. Income Tax Officer, Tanuku

In the result, appeal of the Revenue is dismissed

ITA 160/VIZ/2023[2017-18]Status: DisposedITAT Visakhapatnam18 Oct 2023AY 2017-18

Bench: Shri Duvvuru Rl Reddy, Hon’Bleआयकर अपील सं./I.T.A.No.160/Viz/2023 (ननधधारण वर्ा / Assessment Year :2017-18) Rangaraya Large Sized Cooperative Vs. Income Tax Officer Society Tanuku No Wg 445 Pasivedala Kovvur Mandalam Pasivedala [Pan : Aacat2077R] (अपीलार्थी/ Appellant) (प्रत्यर्थी/ Respondent) अपीलधथी की ओर से/ Appellant By : Shri Drsn Sastry, Ar प्रत्यधथी की ओर से / Respondent By : Shri Madhukar Aves, Dr सुनवधई की तधरीख / Date Of Hearing : 14.09.2023 घोर्णध की तधरीख/Date Of Pronouncement : 18.10.2023 आदेश /O R D E R Per Shri Duvvuru Rl Reddy: This Appeal Is Filed By The Assessee Against The Order Of Commissioner Of Income Tax (Appeal) [Cit(A)], National Faceless Appeal Centre (Nfac), Delhi Vide Din & Order No. Itba/Nfac/S/250/2022- 23/1051742265(1) Dated 31.03.2023 Arising Out Of The Assessment Order Passed U/S 143(3) Of The Income Tax Act, 1961 (In Short “Act”) Dated 28.12.2019 For The Assessment Year (A.Y.)2017-18. 2. Brief Facts Of The Case Are That The Assessee, An Agricultural Cooperative Society Registered Under The Society Act, Provides Credit

For Appellant: Shri DRSN Sastry, ARFor Respondent: Shri Madhukar Aves, DR
Section 143(3)Section 80Section 80P

…edala 3. Aggrieved by the order of the AO, the assessee preferred an appeal before the CIT(A) and the Ld.CIT(A), relying on the decision of the Hon’ble Supreme Court in the case of Mavilayi Service Co-Operative Bank Ltd. Vs. Commissioner of Income Tax (2021) 431 ITR 1(SC) dated 12.01.2021 and Totgars Co-operative Sale Society Ltd. Vs. Income Tax Officer (2010) 311 ITR 283 (SC) dated 08.02.2010, upheld the addition made by the AO, holding that interest income earned by the assessee society from fixed deposits pertaining to reserve fund kept with nationalized (schedule) banks / cooperative banks is not eligible fo…

Andhra Pragathi Farmers Service Co-Op Society, Ramadurgam vs. ITO, Ward-1, Adoni

In the result, the appeal of assessee in ITA

ITA 660/HYD/2022[2016-17]Status: DisposedITAT Hyderabad17 Oct 2023AY 2016-17

Bench: Shri R.K. Panda & Shri Laliet Kumar

For Appellant: Shri K.A. Sai Prasad, C.AFor Respondent: Shri Shakeer Ahamed, Sr.AR
Section 142(1)Section 143(1)Section 143(2)Section 143(3)Section 154Section 80PSection 80P(2)Section 80P(2)(a)

…आयकर अपीलीय अधिकरण, हैदराबाद पीठ में IN THE INCOME TAX APPELLATE TRIBUNAL HYDERABAD BENCHES “A”, HYDERABAD BEFORE SHRI R.K. PANDA, VICE PRESIDENT AND SHRI LALIET KUMAR, JUDICIAL MEMBER आ.अपी.सं / ITA Nos.660 & 661/Hyd/2022 (निर्धारण वर्ष / Assessment Year: 2016-17 and 2018-19) Andhra Pragathi Farmers Income Tax Officer, Service Co-op Society, Vs. Ward – 1, Ramadurgam, Chippagiri Adoni. Mandal, Kurnool. C/o. Katrapati & Associates, 1-1-298/2/B3, 1st Floor, Ashok Nagar, Hyderabad – 500 020. PAN : AAAAR1876J. अपीलार्थीर्थी / Assessee प्रत्‍यर्थी / Respondent /Assessee by: Shri K.A. Sai Prasad, C.A. निर्धारितीती द…

Kangayam Primary Agricultural Co-Operative Credit Society, Kangayam vs. ITO, Ward-1(4), Tirupur

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

ITA 869/CHNY/2023[2016-17]Status: DisposedITAT Chennai11 Oct 2023AY 2016-17

Bench: Shri Mahavir Singh & Shri Manjunatha.G

For Appellant: Shri S. Sridhar, AdvocateFor Respondent: Shri P. Sajit Kumar, JCIT
Section 143(2)Section 143(3)Section 56Section 80PSection 80P(2)Section 80P(2)(a)Section 80P(2)(d)Section 80P(4)

…l considering the decision of Hon’ble Madras High Court in the case of S-1308 Ammapet Primary Agricultural Co- operative Bank Ltd., in TCA Nos.882 and 891 of 2018 and the decision of Hon’ble Supreme Court in the case of Mavilayi Service Co-opertive Bank Ltd., 123 Taxmann.com 161 (SC) decided an exactly identical issue in favour of assessee by observing in para 6 & 7 as under:- 6. We noted that there are interest income from Chennai Central Co- operative Bank, gratuity interest from Chennai Central Co-operative Bank, dividend from shares of CC Cooperative Bank, BDR interest from Chennai Co-operative Bank, RF inter…

Navrang Basant Co-Operative Housing Society Ltd, Mum vs. ITO Ward-17(2)(4), Mumbai

In the result, appeal of assessee is allowed

ITA 1353/MUM/2023[2017-18]Status: DisposedITAT Mumbai11 Oct 2023AY 2017-18

Bench: Shri Prashant Maharishi, Am & Shri Narender Kumar Choudhry, Jm Ito 17(2)(4) Room No. 112, 1 S T Floor, Navrang Basant Co-Operative Housing Society Limited Kautilya Bhavan, Vs. Basant Apartments, Cuffe Parade, C-41 To C-43, G Block, Bandra Mumbai-400 005 Kurla Complex, Bandra (E), Mumbai-400 051 (Appellant) (Respondent) Pan No. Aaaan1511E

For Appellant: Shri Siddhant Khopkar, ARFor Respondent: Shri Adhok Kumar Ambastha
Section 143Section 234BSection 4Section 80Section 80PSection 80P(2)(d)Section 80p(2)(d)

…IN THE INCOME TAX APPELLATE TRIBUNAL “B” BENCH, MUMBAI BEFORE SHRI PRASHANT MAHARISHI, AM AND SHRI NARENDER KUMAR CHOUDHRY, JM ITO 17(2)(4) Room No. 112, 1 s t Floor, Navrang Basant Co-operative Housing Society Limited Kautilya Bhavan, Vs. Basant Apartments, Cuffe Parade, C-41 to C-43, G Block, Bandra Mumbai-400 005 Kurla Complex, Bandra (E), Mumbai-400 051 (Appellant) (Respondent) PAN No. AAAAN1511E Assessee by : Shri Siddhant Khopkar, AR Revenue by : Shri Adhok Kumar Ambastha, DR Date of hearing: 12.07.2023 Date of pronouncement : 11.10.2023 O R D E R PER PRASHANT MAHARISHI, AM: 01. This appeal is filed…

Prathamik Krushi Pattin Sahakari Sangh Niyamit, Bedkihal vs. Income Tax Officer, Ward - 1, Nipani

ITA 24/PAN/2023[2017-18]Status: DisposedITAT Panaji06 Oct 2023AY 2017-18

Bench: Hon’Ble Shri Satbeer Singh Godara & Shri G. D. Padmahshali(Through Virtual Hearing From Pune) Asstt Sr

Section 250Section 253(1)Section 80P(2)

…॥आयकरअपीलीय न्यायाधिकरण, पणजी न्यायपीठ, पणजी में॥ IN THE INCOME TAX APPELLATE TRIBUNAL, PANAJI BENCH, PANAJI BEFORE HON’BLE SHRI SATBEER SINGH GODARA, JUDICIAL MEMBER AND SHRI G. D. PADMAHSHALI, ACCOUNTANT MEMBER (Through Virtual Hearing from Pune) Asstt Sr ITA No. Appellant Vs Respondent Ld. AR Year 1 02/PAN/2023 2013-14 The Marcel Urban Co-op Vs The ITO, Ward-2(3), Mr Rohan Credit Society Ltd., Panaji. Tarkar 2 22/PAN/2023 2017-18 Shri Gopalkrishna Co-op Vs The ITO, Ward-1, Karwar. Credit Society Ltd., Mr Ravish Rao 3 23/PAN/2023 2018-19 Shri Gopalkrishna Co-op Vs The ITO, Ward-1, Karwar. Credit Society Ltd., 4…

Shri Gopalkrishna Co-Operative Society Limited, Bhatkal vs. Income Tax Officer, Ward - 1, Karwar

ITA 23/PAN/2023[2018-19]Status: DisposedITAT Panaji06 Oct 2023AY 2018-19

Bench: Hon’Ble Shri Satbeer Singh Godara & Shri G. D. Padmahshali(Through Virtual Hearing From Pune) Asstt Sr

Section 250Section 253(1)Section 80P(2)

…॥आयकरअपीलीय न्यायाधिकरण, पणजी न्यायपीठ, पणजी में॥ IN THE INCOME TAX APPELLATE TRIBUNAL, PANAJI BENCH, PANAJI BEFORE HON’BLE SHRI SATBEER SINGH GODARA, JUDICIAL MEMBER AND SHRI G. D. PADMAHSHALI, ACCOUNTANT MEMBER (Through Virtual Hearing from Pune) Asstt Sr ITA No. Appellant Vs Respondent Ld. AR Year 1 02/PAN/2023 2013-14 The Marcel Urban Co-op Vs The ITO, Ward-2(3), Mr Rohan Credit Society Ltd., Panaji. Tarkar 2 22/PAN/2023 2017-18 Shri Gopalkrishna Co-op Vs The ITO, Ward-1, Karwar. Credit Society Ltd., Mr Ravish Rao 3 23/PAN/2023 2018-19 Shri Gopalkrishna Co-op Vs The ITO, Ward-1, Karwar. Credit Society Ltd., 4…

Shri Gopalkrishna Co-Operative Society Limited, Bhatkal vs. Income Tax Officer, Ward - 1, Karwar

ITA 22/PAN/2023[2017-18]Status: DisposedITAT Panaji06 Oct 2023AY 2017-18

Bench: Hon’Ble Shri Satbeer Singh Godara & Shri G. D. Padmahshali(Through Virtual Hearing From Pune) Asstt Sr

Section 250Section 253(1)Section 80P(2)

…॥आयकरअपीलीय न्यायाधिकरण, पणजी न्यायपीठ, पणजी में॥ IN THE INCOME TAX APPELLATE TRIBUNAL, PANAJI BENCH, PANAJI BEFORE HON’BLE SHRI SATBEER SINGH GODARA, JUDICIAL MEMBER AND SHRI G. D. PADMAHSHALI, ACCOUNTANT MEMBER (Through Virtual Hearing from Pune) Asstt Sr ITA No. Appellant Vs Respondent Ld. AR Year 1 02/PAN/2023 2013-14 The Marcel Urban Co-op Vs The ITO, Ward-2(3), Mr Rohan Credit Society Ltd., Panaji. Tarkar 2 22/PAN/2023 2017-18 Shri Gopalkrishna Co-op Vs The ITO, Ward-1, Karwar. Credit Society Ltd., Mr Ravish Rao 3 23/PAN/2023 2018-19 Shri Gopalkrishna Co-op Vs The ITO, Ward-1, Karwar. Credit Society Ltd., 4…

The Marcel Urban Co-Operative Credit Society Limited, Marcel vs. Income Tax Officer, Ward - 2(3), Panaji

ITA 2/PAN/2023[2013-14]Status: DisposedITAT Panaji06 Oct 2023AY 2013-14

Bench: Hon’Ble Shri Satbeer Singh Godara & Shri G. D. Padmahshali(Through Virtual Hearing From Pune) Asstt Sr

Section 250Section 253(1)Section 80P(2)

…॥आयकरअपीलीय न्यायाधिकरण, पणजी न्यायपीठ, पणजी में॥ IN THE INCOME TAX APPELLATE TRIBUNAL, PANAJI BENCH, PANAJI BEFORE HON’BLE SHRI SATBEER SINGH GODARA, JUDICIAL MEMBER AND SHRI G. D. PADMAHSHALI, ACCOUNTANT MEMBER (Through Virtual Hearing from Pune) Asstt Sr ITA No. Appellant Vs Respondent Ld. AR Year 1 02/PAN/2023 2013-14 The Marcel Urban Co-op Vs The ITO, Ward-2(3), Mr Rohan Credit Society Ltd., Panaji. Tarkar 2 22/PAN/2023 2017-18 Shri Gopalkrishna Co-op Vs The ITO, Ward-1, Karwar. Credit Society Ltd., Mr Ravish Rao 3 23/PAN/2023 2018-19 Shri Gopalkrishna Co-op Vs The ITO, Ward-1, Karwar. Credit Society Ltd., 4…

Vaibhav Co-Operative Credit Society, Mumbai vs. Principle CIT-27, Mumbai

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

ITA 1868/MUM/2023[2018-2019]Status: DisposedITAT Mumbai28 Sept 2023AY 2018-2019

Bench: Shri Amit Shukla & Shri Gagan Goyalvaibhav Co-Operative Credit Society At Post, Ghansoli Thane-Belapur Road Thane- 400 701 Pan:Aaaav3417F ...... Appellant Vs.

For Respondent: None
Section 143(3)Section 263Section 263oSection 80P

…parties, the issue involved in the present appeal is squarely covered against the Revenue in view of the decision of this Court 8 Vaibhav Co-operative Credit Society in Mavilayi Service Co-operative Bank Ltd. v. CIT [2021] 123 taxmann.com 161/279 Taxman 75/431 ITR 1/ [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, l…

Laxmi Co-Operative Housing Society Ltd, Mumbai vs. Income Tax Officer- 22(2)(3), Mumbai

In the result, both the appeals of the assessee are allowed

ITA 1745/MUM/2023[2015-2016]Status: DisposedITAT Mumbai28 Sept 2023AY 2015-2016

Bench: Shri Amit Shukla & Shri Gagan Goyal & Laxmi Co-Operative Housing Society Ltd. Laxmi Nagar, Khar(W), Mumbai-400 052 Pan: Aaaal1009P ...... Appellant Vs.

For Respondent: Shri. K. Shivram & & Ms. Neelam Jadhav
Section 143(3)Section 147Section 2(19)Section 234ASection 56Section 80Section 80PSection 80P(2)

…el appearing on behalf of 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 Co-operative Bank Ltd. v. CIT [2021] 123 taxmann.com 161/279 Taxman 75/431 ITR 1/ [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, l…