Mavilayi Service Co-operative Bank Ltd. v. CIT

Om Shri Yashodhan Co-Op Hsg., Soc., Mumbai vs. ITO Ward 41(4)(3), Mumbai

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

Bench: Shri Om Prakash Kant, Am & Ms. Kavitha Rajagopal, Jm Om Shri Yashodhan Co-Op Hsg Soc Ito-Ward-41(4)(3) Road No 5 Ay Prakash Nagar Mumbai Vs. Goregaon (E) Mumbai-400 063

…appellate authority and the ld. CIT(A) vide order dated 11.03.2023 upheld the disallowance made by the AO/CPC u/s. 80P(2)(d) of the Act by relying on the decision of the Hon'ble Apex Court in the case of Mavilayi Service Co-operative Bank Ltd vs CIT [2021] 431 ITR 1 (SC). 5. The assessee is in appeal before us challenging the impugned order of the ld. CIT(A). 6. The learned Authorised Representative ('ld. AR' for short) for the assessee contended that the assessee had received interest income from the fixed deposit and dividend from Mumbai District Central Co-operative Bank Ltd. amounting to Rs.1,13,143/-…

Janseva Co-Operative Credit Society Ltd, Mumbai vs. PCIT-17, Mumbai

Bench: Shri Amit Shukla & Shri Amarjit Singhjanseva Co-Operative Vs. Pcit-17 Credit Society Limited Room No. 120, 1 St Floor, 408, Maker Bhavan No. 3, Kautilya Bhavan, C-41 To 21, New Marine Lines, C-43, G Block, Bandra Mumbai – 400 020 Kurla Complex, Bandra (East) Mumbai – 400 051 स्थायी लेखा सं./जीआइआर सं./Pan/Gir No: Aaaaj7811P Appellant .. Respondent [ Appellant By : Tanzil Padvekar Respondent By : Ankush Kapoor Date Of Hearing 25.07.2023 Date Of Pronouncement 21.08.2023 आदेश / O R D E R Per Amarjit Singh (Am): This Appeal Filed By The Assesse Is Directed Against The Order Passed By The Ld. Pcit-17, Mumbai, Dated 30.03.2023 For A.Y. 2018-19. The Assesse Has Raised The Following Grounds Before Us: “1. On The Facts & In Law, The Ld. Principal Commissioner Of Income Tax, Mumbai-17 Erred In Passing The Impugned Order Under Section 263 Of The Act By Invoking Powers Under Section 263 Of The Act Without Jurisdiction. Hence, The Impugned Order Passed Under Section 263 Of The Act Is Bad In Law & Without Meeting Jurisdictional Requirement As Twin Mandatory Conditions Are Not Fulfilled For Invoking Power Under Section 263 Of The Act. 2. On The Facts & In Law, The Ld. Principal Commissioner Of Income Tax, Mumbai-17 Has Erred In Relying On The Decision Of The Hon'Ble Supreme Court In The Case Of Totgars Co-Operative Sale Society V/S. Income Tax

…P a g e | 1 Janseva Cooperative Credit Society Ltd. VS. PCIT-17 IN THE INCOME TAX APPELLATE TRIBUNAL “F” BENCH, MUMBAI BEFORE SHRI AMIT SHUKLA, JUDICIAL MEMBER & SHRI AMARJIT SINGH, ACCOUNTANT MEMBER Janseva Co-operative Vs. PCIT-17 Credit Society Limited Room No. 120, 1 st Floor, 408, Maker Bhavan No. 3, Kautilya Bhavan, C-41 to 21, New Marine Lines, C-43, G Block, Bandra Mumbai – 400 020 Kurla Complex, Bandra (East) Mumbai – 400 051 स्थायी लेखा सं./जीआइआर सं./PAN/GIR No: AAAAJ7811P Appellant .. Respondent [ Appellant by : Tanzil Padvekar Respondent by : Ankush Kapoor Date of Hearing 25.07.2023 Date of Prono…

Pathare Prabhu Co Op Hstg Soc. Ltd, Mumbai vs. Income Tax Officer 22(2)(1), Mumbai

In the result, appeals filed by the assessee for the assessment years

Bench: Shri G.S. Pannu & Shri Sandeep Singh Karhail

…d the deduction under section 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. 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 Pathare Pra…

Pathare Prabhu Co Op Hstg Soc. Ltd, Mumbai vs. Income Tax Officer 22(2)(1), Mumbai

In the result, appeals filed by the assessee for the assessment years

Bench: Shri G.S. Pannu & Shri Sandeep Singh Karhail

…d the deduction under section 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. 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 Pathare Pra…