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

Rashtriya Chemicals and Ffertilisers Employees Co-Op. Credit Society, Navi Mumbai vs. ITO, Ward-27(3)(1), Navi Mumbai

In the result, the appeal by the assessee for the assessment year 2014-

ITA 1240/MUM/2023[2014-15]Status: DisposedITAT Mumbai27 Jul 2023AY 2014-15

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

For Appellant: Shri Hasmukh RavariaFor Respondent: Smt. Mahita Nair
Section 142(1)Section 143(2)Section 234BSection 250Section 80PSection 80P(2)Section 80P(2)(a)Section 80P(2)(c)Section 80P(4)

…f 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 Cooperative Bank Limited and Others Vs. Commissioner of Income Tax, Calicut and Another (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. Ms. Aakansha Kaul, learned counsel appear…

Rashtriya Chemicals and Fertilisers Employees Co-Op. Credit Society, Mumbai vs. ITO, Ward-27(3)(1), Mumbai

In the result, the appeal by the assessee for the assessment year 2014-

ITA 1239/MUM/2023[2013-14]Status: DisposedITAT Mumbai27 Jul 2023AY 2013-14

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

For Appellant: Shri Hasmukh RavariaFor Respondent: Smt. Mahita Nair
Section 142(1)Section 143(2)Section 234BSection 250Section 80PSection 80P(2)Section 80P(2)(a)Section 80P(2)(c)Section 80P(4)

…f 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 Cooperative Bank Limited and Others Vs. Commissioner of Income Tax, Calicut and Another (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. Ms. Aakansha Kaul, learned counsel appear…

The Gokak Taluka Primary Teachers Co-Operative Society, Gokak vs. Income Tax Officer, Ward - 1, Gokak

Appeal is allowed in above terms

ITA 213/PAN/2019[2010-11]Status: DisposedITAT Panaji26 Jul 2023AY 2010-11

Bench: Shri Satbeer Singh Godara & Shri G.D. Padmahshali

For Appellant: Shri Sateesh NadagoudaFor Respondent: Shri N. Shrikanth
Section 143(3)Section 2(19)Section 80PSection 80P(2)(i)

…comprises of both regular as well as nominal members. We find no merit in the Revenue’s instant arguments seeking to invoke sec.80P(iv) of the Act in light of hon’ble apex court’s landmark decision in in Mavilayi Service Cooperative Bank Ltd., vs. CIT [2021] 431 ITR 1 (SC) holding that an assessee’s status has to be seen as per it’s registration and nature of membership hardly forms the eligibility criteria to deny the impugned deduction. We accept the assessee’s instant sole substantive grievance accordingly. 3 ITA.No.213/PAN./2019 5. We find at the outset that the assessee’s instant appeal instituted on 12.03…

Sindhudurg Nagri Sahakari Pathpedhi Ltd, Mumbai vs. PCIT, Thane 1, Thane

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

ITA 1592/MUM/2023[2018-19]Status: DisposedITAT Mumbai25 Jul 2023AY 2018-19

Bench: Shri Pavan Kumar Gadale () & Ms. Padmavathy S. ()

Section 143(3)Section 263Section 80PSection 80P(2)Section 80P(2)(a)Section 80P(2)(d)

…tive society holding a 4 ITA 1592/Mum/2023 Sahyadri Nagari Sahakri Patpedhi Ltd banking licence issued by RBI. For this proposition, he relied on the judgement of the Hon’ble Supreme Court in the case of The Mavilayi Service Co Operative Bank Ltd & Ors vs CIT 431 ITR 1 (SC)(2001). The Ld.DR relied on the order of the PCIT. 5. Undisputedly, assessee has invested its surplus fund with co-operative bank and earned the interest income of Rs.1,28,41,962/-, part of which the assessee claimed as a deduction under section 80P(2)(d) of the Act. The PCIT held that the interest earned by the assessee from investments with…

Deputy Commissioner of Income Tax, Circle - 1(1), Panaji vs. The Old Goa Urban Co-Operative Credit Society Limited, Old Goa

Appeal is dismissed in above terms

ITA 175/PAN/2019[2016-17]Status: DisposedITAT Panaji24 Jul 2023AY 2016-17

Bench: Shri Satbeer Singh Godara & Shri G.D. Padmahshali

For Appellant: Shri Sham KamatFor Respondent: Shri N. Shrikanth
Section 143(3)Section 40Section 80PSection 80P(2)(a)

…e CBDT’s circular no.37/2016 dated 02.11.2016 that such a disallowance u/sec.40(a)(ia); in turn, enhances business income which is otherwise eligible for Chapter-VIA deduction. Coupled with this, case law Mavilayi Service Cooperative Bank Ltd., vs. CIT [2021] 431 ITR 1 (SC) holds that the status of the corresponding members i.e., those having voting rights and nominal memberships; hardly forms a condition precedent for the purpose of allowing sec.80P deduction. We see no merit in Revenue’s instant sole substantive grievance. Rejected accordingly. 5. This Revenue’s appeal is dismissed in above terms. Order pron…

Bee Co-Operative Society Limited, Bengaluru vs. Income Tax Officer, Ward- 6(2)(4), Bengaluru

In the result, the appeal of the assessee stands allowed for statistical purpose

ITA 366/BANG/2023[2017-18]Status: DisposedITAT Bangalore19 Jul 2023AY 2017-18

Bench: Shri Chandra Poojari & Smt. Beena Pillaiassessment Year : 2017-18

For Appellant: Shri Madhukar G Hegde, CAFor Respondent: Smt. Supriya Rao O.N, Addl. CIT (DR)
Section 143(1)Section 143(2)Section 80PSection 80P(2)(a)Section 80P(2)(d)

…rder dated 28.02.2022for assessment A 2015-16. The Ld.AR submitted that, this Tribunal in above cited case, directed the Ld.AO to consider the dictum laid down by the Hon'ble Supreme Court in case of Mavilayi Service Co- operative Bank Ltd. v. CIT reported in 431 ITR 1. 5. This Tribunal in case of M/s. Bhavasar Kshtriya Co-operative Credit Society Ltd. vs. ITO/ADIT in ITA Nos. 581 to 583/Bang/2022 by order dated 19.10.2022 wherein it was held as under: 2.6. We have heard both sides in light of records placed before us. The Ld.AO denied the claim of the assessee on the ground that interest income earned by making…

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

Appeal is allowed in above terms

ITA 56/PAN/2019[2015-16]Status: DisposedITAT Panaji19 Jul 2023AY 2015-16

Bench: Shri Satbeer Singh Godara & Shri G.D. Padmahshali

For Appellant: -None-For Respondent: Shri N. Shrikanth
Section 143(3)Section 251Section 40Section 80PSection 80P(4)

…IN THE INCOME TAX APPELLATE TRIBUNAL PANAJI BENCH : PANAJI (THROUGH VIRTUAL HEARING) BEFORE SHRI SATBEER SINGH GODARA, JUDICIAL MEMBER AND SHRI G.D. PADMAHSHALI, ACCOUNTANT MEMBER ITA.No.56/PAN./2019 Assessment Year 2015-2016 Mahalsa Urban Cooperative The Income Tax Officer, Credit Society Limited, Ward – 2 (3), Aaykar Mardol Shindhu Residency, vs. Bhavan, Pato Plaza, Ponda Goa – 403 404. Panaji, Goa – 403 001. PAN AADAM2636E (Appellant) (Respondent) For Assessee : -None- For Revenue : Shri N. Shrikanth Date of Hearing : 11.07.2023 Date of Pronouncement : 19.07.2023 ORDER PER SATBEER SINGH GODARA, J.M. : T…

Vividha Urban Co-Operative Credit Society Limited, Sankhlim, Bicholim, Goa vs. Income Tax Officer, Ward-2(3), Panaji

Appeal is allowed in above terms

ITA 55/PAN/2019[2014-15]Status: DisposedITAT Panaji19 Jul 2023AY 2014-15

Bench: Shri Satbeer Singh Godara & Shri G.D. Padmahshali

For Appellant: Shri Sham KamatFor Respondent: Shri Prabhakar Anand DJ
Section 143(3)Section 251Section 40Section 80PSection 80P(4)

…n functioning as a co-operative society, duly registered under the state law(s) as well as the Banking Regulations Act, 1949. That being the case, we quote hon’ble apex court’s recent landmark decision in Mavilayi Service Co-operative Bank Ltd. vs. CIT [2021] 431 ITR 1 (SC), that the impugned deduction could not be denied either by treating a cooperative society as a cooperative bank nor taking into consideration the alleged nominal members. We accordingly accept it’s impugned deduction claim of sec.80P representing interest income of Rs.49,34,008/-. 5. Next comes sec.40(a)(ia) disallowance issue of Rs.70,07,948…

Grameena Vyavasaya Sahakari Bank Limited, Jali vs. Income Tax Officer, Ward - 1, Karwar

Appeals of the assessee are allowed in above terms

ITA 228/PAN/2019[2015-16]Status: DisposedITAT Panaji19 Jul 2023AY 2015-16

Bench: Shri Satbeer Singh Godara & Shri G.D. Padmahshali

For Appellant: For Revenue : Shri N. ShrikanthFor Respondent: Shri N. Shrikanth
Section 143(3)Section 80P(2)(a)

…R also vehemently relied on both the authorities impugned sole reason for denying sec.80P(2)(a)(i) deduction to the assessee. He could hardly dispute that their lordships’ subsequent landmark decision in Mavilayi Service Co-operative Bank Ltd., vs. CIT [2021] 431 ITR 1 (SC) has settled the law that such a reason of an assessee having nominal members as well would hardly disentitle it for the impugned sec.80P(2)(a)(i) deduction. Faced with the situation, we accept the assessee’s instant identical sole substantive ground in both the appeals in very terms. Ordered accordingly. 4. These twin appeals of the assessee…

Gramina Vyavasaya Seva Sahakari Bank Niyamit, Bhatkal vs. Income Tax Officer, Ward -, Karwar

Appeals of the assessee are allowed in above terms

ITA 214/PAN/2019[2016-17]Status: DisposedITAT Panaji19 Jul 2023AY 2016-17

Bench: Shri Satbeer Singh Godara & Shri G.D. Padmahshali

For Appellant: For Revenue : Shri N. ShrikanthFor Respondent: Shri N. Shrikanth
Section 143(3)Section 80P(2)(a)

…R also vehemently relied on both the authorities impugned sole reason for denying sec.80P(2)(a)(i) deduction to the assessee. He could hardly dispute that their lordships’ subsequent landmark decision in Mavilayi Service Co-operative Bank Ltd., vs. CIT [2021] 431 ITR 1 (SC) has settled the law that such a reason of an assessee having nominal members as well would hardly disentitle it for the impugned sec.80P(2)(a)(i) deduction. Faced with the situation, we accept the assessee’s instant identical sole substantive ground in both the appeals in very terms. Ordered accordingly. 4. These twin appeals of the assessee…

M/S Jamkhandi Credit Co-Op Credit Society Limited, Jamkhandi vs. Income Tax Officer Ward-2, Bagalkot

Appeal is allowed in above terms

ITA 180/PAN/2019[2015-16]Status: DisposedITAT Panaji18 Jul 2023AY 2015-16

Bench: Shri Satbeer Singh Godara & Shri G.D. Padmahshali

For Appellant: Smt. Pratibha R. AdvocateFor Respondent: Shri N. Shrikanth
Section 143(3)Section 68Section 80PSection 80P(2)(a)

…irst and foremost issue of the impugned sec.80P deduction disallowance being disallowed on account of the fact that the assessee is also having nominal members, hon’ble apex court’s landmark decision in Mavilayi Service Co- operative Bank Ltd., vs. CIT [2021] 431 ITR 1 (SC) elaborately guides us in holding that the same could hardly form a reason to deny the relief in issue to an eligible assessee only for the reason of distinction in categories of memberships having voting rights and others. 5. Coming to the latter issue of sec.68 addition of unexplained cash credits, we note that it is not the assessee but it’…

ITO-22(1)(6), Mumbai vs. M/S. Casa Grande Co-Op Housing Society, Mumbai

In the result, the appeal by the Revenue is dismissed

ITA 1259/MUM/2023[2018-19]Status: DisposedITAT Mumbai14 Jul 2023AY 2018-19

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

For Appellant: NoneFor Respondent: Shri Ashok Kumar Ambartha
Section 143(3)Section 250Section 80PSection 80P(2)(d)

…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 Casa Grande Co–operative Housing Society – ITA no.1259/Mum./2023 from RBI to do banking…

Bellad Bagewadi Krishi Seva Sahakari Ssangh Niyamit, Hukkeri vs. Assessing Officer, National E-Assessment Centre, Delhi

ITA 89/PAN/2022[2018-19]Status: DisposedITAT Panaji13 Jul 2023AY 2018-19

Bench: Shri Satbeer Singh Godara & Shri G.D. Padmahshalistay Application Nos.01, 02 & 03/Pan./2023 Arising Out Of Ita.Nos.11, 89 & 116/Pan./2022 Assessment Years 2017-2018, 2018-2019 & 2020-2021 Along With Ita.Nos.11, 89 & 116/Pan./2022 Assessment Years 2017-2018, 2018-2019 & 2020-2021 & Ita.Nos. 05 & 06/Pan./2020 Assessment Years 2007-2008 & 2008-2009 Bellad Bagewadi Krishi Seva The Income Tax Officer, Sahakari Sangh Bellad Ward-1, Bagewadi, Taluka Hukkeri, Dr. Ghogeri Building, Dist. Belagavi – 591 305 Vs. Belgaum Road, State Of Karnataka. Gokak – 591 307. Pan Aaaat0640C State Of Karnataka (Appellant) (Respondent) For Assessee : Shri Shivanand Halbhavi For Revenue : Shri N. Shrikanth Date Of Hearing : 10.07.2023 Date Of Pronouncement : 13.07.2023 Order

For Appellant: Shri Shivanand HalbhaviFor Respondent: Shri N. Shrikanth
Section 143(3)Section 80P(2)(a)

…have rightly held it as not eligible for sec.80P deduction. 5. We find no merit in the Revenue’s foregoing arguments. We first of all make it clear that hon’ble apex court’s recent landmark decisions in Mavilayi Service Co- operative Bank Ltd. vs. CIT [2021] 431 ITR 1 (SC) and PCIT vs. 8 ITA.Nos.11, 89 & 116/PAN./2022 S.A.Nos.01, 02 & 03/PAN./2023 & ITA.Nos.05 & 06/PAN./2020 Annasaheb Patil Mathadi Kamgar Sahakari Pattapedi Ltd., [2023] 150 taxmann.com 173 (SC) have settled the law that a co- operative society could not be treated as a co-operative bank. So far as the issue of sec.80P deduction qua interest inc…

Bellad Bagewadi Krishi Seva Sahakari Sangh Niyamit, Belagavi vs. Assessing Officer, National E-Assessment Centre, Delhi

ITA 116/PAN/2022[2020-21]Status: DisposedITAT Panaji13 Jul 2023AY 2020-21

Bench: Shri Satbeer Singh Godara & Shri G.D. Padmahshalistay Application Nos.01, 02 & 03/Pan./2023 Arising Out Of Ita.Nos.11, 89 & 116/Pan./2022 Assessment Years 2017-2018, 2018-2019 & 2020-2021 Along With Ita.Nos.11, 89 & 116/Pan./2022 Assessment Years 2017-2018, 2018-2019 & 2020-2021 & Ita.Nos. 05 & 06/Pan./2020 Assessment Years 2007-2008 & 2008-2009 Bellad Bagewadi Krishi Seva The Income Tax Officer, Sahakari Sangh Bellad Ward-1, Bagewadi, Taluka Hukkeri, Dr. Ghogeri Building, Dist. Belagavi – 591 305 Vs. Belgaum Road, State Of Karnataka. Gokak – 591 307. Pan Aaaat0640C State Of Karnataka (Appellant) (Respondent) For Assessee : Shri Shivanand Halbhavi For Revenue : Shri N. Shrikanth Date Of Hearing : 10.07.2023 Date Of Pronouncement : 13.07.2023 Order

For Appellant: Shri Shivanand HalbhaviFor Respondent: Shri N. Shrikanth
Section 143(3)Section 80P(2)(a)

…have rightly held it as not eligible for sec.80P deduction. 5. We find no merit in the Revenue’s foregoing arguments. We first of all make it clear that hon’ble apex court’s recent landmark decisions in Mavilayi Service Co- operative Bank Ltd. vs. CIT [2021] 431 ITR 1 (SC) and PCIT vs. 8 ITA.Nos.11, 89 & 116/PAN./2022 S.A.Nos.01, 02 & 03/PAN./2023 & ITA.Nos.05 & 06/PAN./2020 Annasaheb Patil Mathadi Kamgar Sahakari Pattapedi Ltd., [2023] 150 taxmann.com 173 (SC) have settled the law that a co- operative society could not be treated as a co-operative bank. So far as the issue of sec.80P deduction qua interest inc…

Bellad Bagewadi Krishi Seva Sahakari Bank Limited, Hukkeri vs. Income Tax Officer, Ward-1, Gokak

ITA 11/PAN/2022[2017-18]Status: DisposedITAT Panaji13 Jul 2023AY 2017-18

Bench: Shri Satbeer Singh Godara & Shri G.D. Padmahshalistay Application Nos.01, 02 & 03/Pan./2023 Arising Out Of Ita.Nos.11, 89 & 116/Pan./2022 Assessment Years 2017-2018, 2018-2019 & 2020-2021 Along With Ita.Nos.11, 89 & 116/Pan./2022 Assessment Years 2017-2018, 2018-2019 & 2020-2021 & Ita.Nos. 05 & 06/Pan./2020 Assessment Years 2007-2008 & 2008-2009 Bellad Bagewadi Krishi Seva The Income Tax Officer, Sahakari Sangh Bellad Ward-1, Bagewadi, Taluka Hukkeri, Dr. Ghogeri Building, Dist. Belagavi – 591 305 Vs. Belgaum Road, State Of Karnataka. Gokak – 591 307. Pan Aaaat0640C State Of Karnataka (Appellant) (Respondent) For Assessee : Shri Shivanand Halbhavi For Revenue : Shri N. Shrikanth Date Of Hearing : 10.07.2023 Date Of Pronouncement : 13.07.2023 Order

For Appellant: Shri Shivanand HalbhaviFor Respondent: Shri N. Shrikanth
Section 143(3)Section 80P(2)(a)

…have rightly held it as not eligible for sec.80P deduction. 5. We find no merit in the Revenue’s foregoing arguments. We first of all make it clear that hon’ble apex court’s recent landmark decisions in Mavilayi Service Co- operative Bank Ltd. vs. CIT [2021] 431 ITR 1 (SC) and PCIT vs. 8 ITA.Nos.11, 89 & 116/PAN./2022 S.A.Nos.01, 02 & 03/PAN./2023 & ITA.Nos.05 & 06/PAN./2020 Annasaheb Patil Mathadi Kamgar Sahakari Pattapedi Ltd., [2023] 150 taxmann.com 173 (SC) have settled the law that a co- operative society could not be treated as a co-operative bank. So far as the issue of sec.80P deduction qua interest inc…

The Canacona Urban Co-Operative Credit Society Limited, Canacona vs. Income Tax Officer, Ward - 5, Margao

Appeals are allowed in above terms

ITA 104/PAN/2022[2011-12]Status: DisposedITAT Panaji13 Jul 2023AY 2011-12

Bench: Shri Satbeer Singh Godara & Shri G.D. Padmahshali

For Appellant: Shri Amogh ArlekarFor Respondent: Shri N. Shrikanth
Section 143(3)Section 80P(2)(a)Section 80P(4)

…ciety as well as the fact that the impugned interest income had been derived from cooperative banks and 5 ITA.Nos.104 & 103/PAN./2022 similar institutions. Hon’ble apex court’s recent landmark decision in Mavilayi Service Co-operative Bank Ltd. vs. CIT [2021] 431 ITR 1 (SC) has already settled the issue in assessee’s favour and against the department that a co-operative society is not a co-operative bank. 4.1. Coupled with this, this tribunal’s recent order in ITA.No.84/PAN./2018 The Ugar Sugar Works Kamgar & Dr. Shirgaokar Shaikshanik Trust Nokar Co-op Credit Society, Belgaum vs. ITO dated 27.05.2022 has also d…

The Canacona Urban Co-Operative Credit Society Limited, Canacona vs. Income Tax Officer, Ward - 5, Margao

Appeals are allowed in above terms

ITA 103/PAN/2022[2018-19]Status: DisposedITAT Panaji13 Jul 2023AY 2018-19

Bench: Shri Satbeer Singh Godara & Shri G.D. Padmahshali

For Appellant: Shri Amogh ArlekarFor Respondent: Shri N. Shrikanth
Section 143(3)Section 80P(2)(a)Section 80P(4)

…ciety as well as the fact that the impugned interest income had been derived from cooperative banks and 5 ITA.Nos.104 & 103/PAN./2022 similar institutions. Hon’ble apex court’s recent landmark decision in Mavilayi Service Co-operative Bank Ltd. vs. CIT [2021] 431 ITR 1 (SC) has already settled the issue in assessee’s favour and against the department that a co-operative society is not a co-operative bank. 4.1. Coupled with this, this tribunal’s recent order in ITA.No.84/PAN./2018 The Ugar Sugar Works Kamgar & Dr. Shirgaokar Shaikshanik Trust Nokar Co-op Credit Society, Belgaum vs. ITO dated 27.05.2022 has also d…

Bellad Bagewadi Krishi Seva Sahakari Bank Limited, Hukkeri vs. Income Tax Officer, Ward-1, Gokak

ITA 6/PAN/2020[2008-09]Status: DisposedITAT Panaji13 Jul 2023AY 2008-09

Bench: Shri Satbeer Singh Godara & Shri G.D. Padmahshalistay Application Nos.01, 02 & 03/Pan./2023 Arising Out Of Ita.Nos.11, 89 & 116/Pan./2022 Assessment Years 2017-2018, 2018-2019 & 2020-2021 Along With Ita.Nos.11, 89 & 116/Pan./2022 Assessment Years 2017-2018, 2018-2019 & 2020-2021 & Ita.Nos. 05 & 06/Pan./2020 Assessment Years 2007-2008 & 2008-2009 Bellad Bagewadi Krishi Seva The Income Tax Officer, Sahakari Sangh Bellad Ward-1, Bagewadi, Taluka Hukkeri, Dr. Ghogeri Building, Dist. Belagavi – 591 305 Vs. Belgaum Road, State Of Karnataka. Gokak – 591 307. Pan Aaaat0640C State Of Karnataka (Appellant) (Respondent) For Assessee : Shri Shivanand Halbhavi For Revenue : Shri N. Shrikanth Date Of Hearing : 10.07.2023 Date Of Pronouncement : 13.07.2023 Order

For Appellant: Shri Shivanand HalbhaviFor Respondent: Shri N. Shrikanth
Section 143(3)Section 80P(2)(a)

…have rightly held it as not eligible for sec.80P deduction. 5. We find no merit in the Revenue’s foregoing arguments. We first of all make it clear that hon’ble apex court’s recent landmark decisions in Mavilayi Service Co- operative Bank Ltd. vs. CIT [2021] 431 ITR 1 (SC) and PCIT vs. 8 ITA.Nos.11, 89 & 116/PAN./2022 S.A.Nos.01, 02 & 03/PAN./2023 & ITA.Nos.05 & 06/PAN./2020 Annasaheb Patil Mathadi Kamgar Sahakari Pattapedi Ltd., [2023] 150 taxmann.com 173 (SC) have settled the law that a co- operative society could not be treated as a co-operative bank. So far as the issue of sec.80P deduction qua interest inc…

Bellad Bagewadi Krishi Seva Sahakari Bank Limited, Hukkeri vs. Income Tax Officer, Ward-1, Gokak

ITA 5/PAN/2020[2007-08]Status: DisposedITAT Panaji13 Jul 2023AY 2007-08

Bench: Shri Satbeer Singh Godara & Shri G.D. Padmahshalistay Application Nos.01, 02 & 03/Pan./2023 Arising Out Of Ita.Nos.11, 89 & 116/Pan./2022 Assessment Years 2017-2018, 2018-2019 & 2020-2021 Along With Ita.Nos.11, 89 & 116/Pan./2022 Assessment Years 2017-2018, 2018-2019 & 2020-2021 & Ita.Nos. 05 & 06/Pan./2020 Assessment Years 2007-2008 & 2008-2009 Bellad Bagewadi Krishi Seva The Income Tax Officer, Sahakari Sangh Bellad Ward-1, Bagewadi, Taluka Hukkeri, Dr. Ghogeri Building, Dist. Belagavi – 591 305 Vs. Belgaum Road, State Of Karnataka. Gokak – 591 307. Pan Aaaat0640C State Of Karnataka (Appellant) (Respondent) For Assessee : Shri Shivanand Halbhavi For Revenue : Shri N. Shrikanth Date Of Hearing : 10.07.2023 Date Of Pronouncement : 13.07.2023 Order

For Appellant: Shri Shivanand HalbhaviFor Respondent: Shri N. Shrikanth
Section 143(3)Section 80P(2)(a)

…have rightly held it as not eligible for sec.80P deduction. 5. We find no merit in the Revenue’s foregoing arguments. We first of all make it clear that hon’ble apex court’s recent landmark decisions in Mavilayi Service Co- operative Bank Ltd. vs. CIT [2021] 431 ITR 1 (SC) and PCIT vs. 8 ITA.Nos.11, 89 & 116/PAN./2022 S.A.Nos.01, 02 & 03/PAN./2023 & ITA.Nos.05 & 06/PAN./2020 Annasaheb Patil Mathadi Kamgar Sahakari Pattapedi Ltd., [2023] 150 taxmann.com 173 (SC) have settled the law that a co- operative society could not be treated as a co-operative bank. So far as the issue of sec.80P deduction qua interest inc…

M/S.Elavally Service Co-Op Bank Ltd, Thrissur vs. ITO Ward 1& Tps, Guruvayoor

ITA 31/COCH/2023[2017-18]Status: DisposedITAT Cochin30 Jun 2023AY 2017-18

Bench: Shri Sanjay Arora, Am &Shriabyt.Varkey, Jm

For Appellant: Sri.Ramdas, CAFor Respondent: Smt.J.M.Jamuna Devi, Sr. DR
Section 139(1)Section 142(1)Section 271BSection 274Section 44ASection 80PSection 80P(2)(a)

…% of the reported turnover of Rs.324.94 lakhs. In appeal, the assessee, apart from reiterating it’s tax- exempt status as a primary agricultural credit society (PACS), for which it relied on the decision in Mavilayi Service Cooperative Bank Ltd. v. CIT [2021] 431 ITR 1 (SC), claimed delayed receipt of audit report from the Joint…