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.Mukkam Mega Multipurpose Co-Op Soceity Ltd, Kozhikkode vs. The ITO, Kozhikkode

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

ITA 952/COCH/2022[2019-20]Status: DisposedITAT Cochin08 Mar 2023AY 2019-20

Bench: Shri George George K. & Ms. Padmavathy S.

For Appellant: Shri Johnson George, CAFor Respondent: Smt. J M Jamuna Devi, Sr. AR
Section 139(1)Section 139(4)Section 143(1)(a)Section 154Section 80Section 80ASection 80PSection 80P(2)

…IN THE INCOME TAX APPELLATE TRIBUNAL BENCH : COCHIN BEFORE SHRI GEORGE GEORGE K., JUDICIAL MEMBER AND Ms. PADMAVATHY S., ACCOUNTANT MEMBER SP No.76/Coch/2022 & Assessment Year : 2019-20 Mukkam Megala Multipurpose Vs. The Income Tax Officer, Co-operative Society Ltd., Ward 1(1), D2890, Mukkam P.O. Kozhikode. Kozhikode, Kerala. 673 602. PAN : AAALM 1066A APPELLANT RESPONDENT Assessee by : Shri Johnson George, CA Revenue by : Smt. J M Jamuna Devi, Sr. AR Date of hearing : 02.03.2023 Date of Pronouncement : 08.03.2023 O R D E R Per Padmavathy S, Accountant Member: The stay petition and the appeal by the assessee…

Karimthottuva Service Co-Operative Bank Ltd., Kollam vs. The ITO, Ward-2, Kollam

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

ITA 849/COCH/2022[2018-2019]Status: DisposedITAT Cochin08 Mar 2023AY 2018-2019

Bench: Shri George George K. & Ms. Padmavathy Sassessment Year : 2018-19 M/S. Karimthottuva Service Vs. The Assessing Officer, Co-Operative Bank Ltd., Ward – 2, No.2594, Kunnathur East, Sasthamkotta, Kollam. Kollam – 690 540. Pan : Aaaak 9696 D Appellant Respondent

For Appellant: Shri. Anil D Nair, AdvocateFor Respondent: Smt. J M Jamuna Devi, Sr DR
Section 143Section 144BSection 80PSection 80P(2)Section 80P(2)(a)Section 80P(4)

…sessing Officer to grant deduction in respect of interest income earned on investment in sub- treasuries and bank deposits u/s 80P(2)(a)(i) of the Act.” Further, Hon’ble Supreme Court in the case of 6. Mavilayi Service Co-operative Bank Ltd. & Others Vs. CIT (431 ITR 1) wherein held as under:- Page 5 of 9 “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 pr…

Manickpur Urban Co-Op Credit Soc.Ltd., Vasai vs. ITO Ward-4(1), Thane

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

ITA 3083/MUM/2022[2018-19]Status: DisposedITAT Mumbai27 Feb 2023AY 2018-19

Bench: Shri Prashant Maharishi & Shri Sandeep Singh Karhail

For Appellant: Shri Dharan GandhiFor Respondent: Smt. Mahita Nair
Section 143(3)Section 250Section 80PSection 80P(1)Section 80P(2)(a)Section 80P(2)(d)

…ould be entitled for claim of deduction under Sec.80P(2)(d) of the Act.‖ Manikpur Urban Co–Operative Society Ltd. ITA no.3083/Mum./2022 8. As regards the decision of the Hon‟ble Supreme Court in Mavilayi Service Co-operative Bank Ltd. vs CIT, Calicut, [2021] 431 ITR 1 (SC), on which reliance has been placed by the learned CIT(A) as well as by the learned DR, we find that the said decision only clarifies the aspect that section 80P(4) is a proviso to the main provision and excludes only co-operative banks, which are co-operative societies and also possesses a licence from RBI to do banking business. After perusal…

Ishwar Bhavan Co-Operative Housing Society Ltd, Mumbai vs. Commissioner of Income Tax, NFAC, Delhi, Mumbai

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

ITA 3285/MUM/2022[2020-2021]Status: DisposedITAT Mumbai24 Feb 2023AY 2020-2021
Section 143(1)Section 80PSection 80P(2)(d)

…nce on the decision of the Hon’ble Supreme Court in the case of Totgars Co-operative Society Ltd vs ITO reported in 322 ITR 283 and the decision of the Hon’ble Supreme Court in the case of Mavilayi Service Co-operative Bank Ltd. and others vs. CIT reported in 431 ITR 1 held that assessee would not be entitled for deduction M/s. Ishwar Bhavan Co-operative Housing Society Ltd. u/s.80P(2)(d) of the Act in respect of interest earned from co-operative banks. The ld. CIT(A) also reproduced the provisions of Section 80P(2)(d) of the Act and concluded that the said clause shall apply only if the interest is earned from c…

Ishwar Bhavan Co-Operative Housing Society Ltd, Mumbai vs. CIT(A)-NFAC, Delhi, Mumbai

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

ITA 3269/MUM/2022[2021-22]Status: DisposedITAT Mumbai24 Feb 2023AY 2021-22
Section 143(1)Section 80PSection 80P(2)(d)

…nce on the decision of the Hon’ble Supreme Court in the case of Totgars Co-operative Society Ltd vs ITO reported in 322 ITR 283 and the decision of the Hon’ble Supreme Court in the case of Mavilayi Service Co-operative Bank Ltd. and others vs. CIT reported in 431 ITR 1 held that assessee would not be entitled for deduction M/s. Ishwar Bhavan Co-operative Housing Society Ltd. u/s.80P(2)(d) of the Act in respect of interest earned from co-operative banks. The ld. CIT(A) also reproduced the provisions of Section 80P(2)(d) of the Act and concluded that the said clause shall apply only if the interest is earned from c…

Brahman Pattin Sangh Niyamit Jamkhandi, Jamakhandi vs. Assistant Commissioner of Income-Tax, Circle-1, Bijapur

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

ITA 35/BANG/2023[2017-18]Status: DisposedITAT Bangalore23 Feb 2023AY 2017-18

Bench: Shri Laxmi Prasad Sahuassessment Year : 2017-18

For Appellant: NoneFor Respondent: Shri.Ganesh R. Gale, Standing Counsel
Section 80P(2)(a)Section 80P(2)(c)

…IN THE INCOME TAX APPELLATE TRIBUNAL “SMC - A” BENCH : BANGALORE BEFORE SHRI LAXMI PRASAD SAHU, ACCOUNTANT MEMBER Assessment Year : 2017-18 M/s. Brahman Pattin Sahakari Sangh ACIT, Niyamit, Circle – 1, CTS No.2472, Near Mallikarjuna Gudi, Vs. Bijapur. Ramadev Galli Jamakhandi, Bagalkota District – 587 301, Karnataka – 587301. PAN : AABAB 8253 A APPELLANT RESPONDENT Assessee by : None Revenue by : Shri.Ganesh R. Gale, Standing Counsel Date of hearing : 20.02.2023 Date of Pronouncement : 23.02.2023 O R D E R This is an appeal filed by the assessee against the order passed by the National Faceless Appeal Centre…

M/S Shiragao Prathamik Krishi Pattin Sahakari Bank Niyamit, Belagavi vs. Income Tax Officer, Ward - 1(3), Belagavi

The appeals of the assessee are allowed

ITA 8/PAN/2019[2012-13]Status: DisposedITAT Panaji25 Jan 2023AY 2012-13

Bench: Shri Satbeer Singh Godara

For Appellant: Shri S. Gadadi, C.AFor Respondent: Shri N. Shrikant
Section 143(3)Section 80PSection 80P(2)(d)Section 80P(4)

….No.8/PAN/2019 deduction u/s 80P(2)(a)(i) of the Act. Accordingly the appeals of the assessee are allowed.” 5. This is indeed coupled with the fact that hon'ble apex court’s recent land mark decision in Mavilayi Service Co- operative Bank Ltd. vs. CIT [2021] 431 ITR 1 (SC) has already rejected the Revenue’s stand regarding nominal and regular member-ship of such credit cooperative society. I, therefore, accept the assessee’s instant sole substantive grievance in very terms. 6. Learned counsel at this stage invited my attention to the assessee’s income derived from harvesting alleged rent and tractor rent as als…

The Vividha Urban Co-Operative Credit Society Limited, Navelim, Sanquelim, Bicholim vs. ITO, Ward - 2(3), Panaji

Appeal is allowed in above terms

ITA 231/PAN/2019[2016-17]Status: DisposedITAT Panaji25 Jan 2023AY 2016-17

Bench: Shri Satbeer Singh Godara

For Appellant: Shri S.J. KamatFor Respondent: Shri N. Srikant
Section 143(3)Section 80PSection 80P(2)(a)Section 8P(2)(a)

…IN THE INCOME TAX APPELLATE TRIBUNAL PANAJI ‘SMC’ BENCH : PANAJI (THROUGH VIRTUAL HEARING) BEFORE SHRI SATBEER SINGH GODARA, JUDICIAL MEMBER ITA.No.231/PAN/2019 Assessment Year 2016-17 The Vividha Urban Co- The Income Tax Officer, Operative Credit Society Ltd., Bicholim, Goa. Ward-2(3), Aaykar PAN AAAAV2508F C/o. M/s. S.J. Kamat & Bhavan, Plot No.5, EDC vs., Associates, Flat No.17/A, 1st Floor, Shriji Complex, Complex, Patto Plaza, Near Hotel Manoshanti, Dr. Gama Pinto Road, Panaji, Panaji, Goa – 403 001. Goa – 403 001. (Appellant) (Respondent) For Assessee : Shri S.J. Kamat For Revenue : Shri N. Srikant Date of…

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

In the result, the appeal filed by the assessee in ITA

ITA 42/PAN/2019[2015-16]Status: DisposedITAT Panaji24 Jan 2023AY 2015-16

Bench: Shri Satbeer Singh Godara

For Appellant: Shri S.J. Kamat, C.AFor Respondent: Shri N. Shrikant
Section 143(3)Section 194ASection 251Section 40Section 80P

…dispute that this distinction between member-ship i.e., nominal or regular members hardly carries any significance now in light of hon'ble apex court’s recent landmark decision in Mavilayi Service Co-operative Bank Ltd., 7 ITA.No.42/PAN/2019 vs., CIT [2021] 431 ITR 1 (SC) has settled the law that even such a registered cooperative society is also entitled for the impugned deduction. The latter limb of interest income derived from cooperative banks also found to have been adjudicated in assessee’s favour as per this tribunal’s recent coordinate benche’s order in the case of Shri Chandraprabhu Urban Co-operative…

Bharat Co-Operative Credit Society Limited, Harugeri, Belgavi vs. Income Tax Officer, Ward - 2(2), Belgavi

In the result, the appeal filed by the assessee in ITA

ITA 14/PAN/2019[2012-13]Status: DisposedITAT Panaji24 Jan 2023AY 2012-13

Bench: Shri Satbeer Singh Godara

For Appellant: Shri Chetan Chougule, C.AFor Respondent: Shri N. Shrikant
Section 143(3)Section 2(19)Section 40Section 80P(2)Section 80P(2)(a)Section 80P(2)(d)Section 80P(4)

…ities hold the assessee to be a primary cooperative bank only than a cooperative credit society eligible for the same. It is noted in this factual backdrop hon'ble apex court’s recent landmark decision in Mavilayi Service Co-operative Bank Ltd. vs. CIT [2021] 431 ITR 1 (SC) has already rejected the very distinction thereby deciding the issue in assessee’s favour and against the department. This is further coupled with the fact that hon'ble jurisdictional high court in Government of India Ministry of Finance v. Karnataka State Souharda Federal Co-operative Ltd. [2022] 134 taxmann.com 170 (Karnataka) has treated a…

Sree Renukamba Credit Co-Op. Society Ltd., Davanagere vs. ITO, Ward-1, Davanagere

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

ITA 1122/BANG/2022[2020-21]Status: DisposedITAT Bangalore17 Jan 2023AY 2020-21

Bench: Shri Chandra Poojarisree Renukamba Credit Co- Vs The Income Tax Officer Operative Society Ltd. Ward - 1 Vinobanagara, Pb Road Davanagere Davanagere 577006 Pan – Abias7107E (Appellant) (Respondent) Assessee By: Shri Sandeep C, Ca Revenue By: Shri Ganesh R. Ghale, Standing Counsel Date Of Hearing: 17.01.2023 Date Of Pronouncement: 17.01.2023 O R D E R Per: Chandra Poojari, A.M. This Appeal By The Assessee Is Directed Against The Order Of The Cit(A), Nfac, Delhi Dated 23.11.2022 For Ay 2020-21. 2. The Assessee Has Raised The Following Grounds Of Appeal: - “1. That The Order Of The Learned Commissioner Of Income-Tax (Appeals) In So Far It Is Prejudicial To The Interests Of The Appellant Is Bad & Erroneous In Law & Against The Facts & Circumstances Of The Case. 2. That The Learned Commissioner Of Income-Tax (Appeals) Erred In Law & On Facts In Deciding The Appeal Ex-Parte On The Ground That The Appellant Did Not Respond To The Hearing Notices & Such Finding Is Perverse As The Appellant Has Sought Adjournment. 3. That The Learned Commissioner Of Income-Tax (Appeals) Erred In Law & On Facts In Not Considering The Fact That The Appellant Responded To The Intimation U/S 143(1) Of The Act

For Appellant: Shri Sandeep C, CAFor Respondent: Shri Ganesh R. Ghale, Standing Counsel
Section 143(1)Section 143(1)(a)Section 80P(2)(a)Section 80P(2)(d)

…IN THE INCOME TAX APPELLATE TRIBUNAL BENGALURU (SMC) “B” BENCH, BENGALURU Before Shri Chandra Poojari, Accountant Member Sree Renukamba Credit Co- vs The Income Tax Officer operative Society Ltd. Ward - 1 Vinobanagara, PB Road Davanagere Davanagere 577006 PAN – ABIAS7107E (Appellant) (Respondent) Assessee by: Shri Sandeep C, CA Revenue by: Shri Ganesh R. Ghale, Standing Counsel Date of hearing: 17.01.2023 Date of pronouncement: 17.01.2023 O R D E R Per: Chandra Poojari, A.M. This appeal by the assessee is directed against the order of the CIT(A), NFAC, Delhi dated 23.11.2022 for AY 2020-21. 2. The assessee has…

Vennandur Coop Primary Agricultural Credit Society, Namakkal vs. ITO, Ward 3, Namakkal

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

ITA 852/CHNY/2022[2017-2018]Status: DisposedITAT Chennai11 Jan 2023AY 2017-2018
For Appellant: Shri T.S. Lakshmi VenkatramanFor Respondent: Shri D. Hema Bhupal, JCIT
Section 143(3)Section 80PSection 80P(2)(a)

…आयकर अपीलीय अिधकरण, ‘बी’ "यायपीठ,चे"ई IN THE INCOME TAX APPELLATE TRIBUNAL ‘B’ BENCH, CHENNAI "ी महावीर "सह, उपा"य" एवं "ी जी. मंजुनाथ, लेखा सद"य के सम" BEFORE SHRI MAHAVIR SINGH, VICE PRESIDENTAND SHRI G. MANJUNATHA, ACCOUNTANT MEMBER आयकर अपील सं./ITA No.: 852/CHNY/2022 िनधा"रण वष"/Assessment Year: 2017-18 M/s. Vennandur Coop The Income Tax Officer, Primary Agricultural Credit vs. Ward 3, Society, Namakkal. D.No.5/120-1, Rasipuram Main Road, Vennadur-Post, Rasipuram-Tk., Namakkal – 637 505. PAN: AAAAV 2120R (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ" क" ओर से/Appellant by : Shri T.S. Lakshmi Venkatraman,…

Income Tax Officer Ward-1, Chhindwara vs. M. P. Rastriya Koyla Khadan Majdoor Sangh Colliery Employee Cooperative Society, Chhindwara

ITA 4/JAB/2021[2017-18]Status: DisposedITAT Jabalpur11 Jan 2023AY 2017-18

Bench: Shri Sanjay Arora, Hon‘Ble & Shri Manomohan Das, Hon'Ble

For Appellant: Sh. G.N. Purohit, Sr. Advocate &For Respondent: Smt. Maya Maheshwari & Sh
Section 143(3)Section 44Section 5Section 80Section 80P(1)Section 80P(2)(a)

…g u/s. 80P(2)(a)(i), is rather it‘s only activity, so that it‘s entire income is, as claimed, deductible u/s. 80P(1). The assessee‘s case is in fact fully covered by the decision by the Apex Court in Mavilayi Service Cooperative Bank Ltd. & Ors. v. CIT [2021] 431 ITR 1 (SC). On being questioned by the Bench on this in view of the decision in Totgars Cooperative Sale Society Ltd. v. ITO [2010] 322 ITR 283 (SC), he would submit that said decision in 2 | P a g e ITO v. MP Rastriya Koyla Khadan ECS distinguishable as in that case the surplus funds, interest on which was held as assessable as income from other source…

Kutta Prathamika Krishi Pathina Sahakara Sangha Niyamitha, Kodagu vs. The Income Tax Officer, Ward-Madikeri, Madikeri

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

ITA 1002/BANG/2022[2017-18]Status: DisposedITAT Bangalore10 Jan 2023AY 2017-18
For Appellant: Shri V. Srinivasan (Advocate)For Respondent: Shi Ganesh R Gale, Standing Counsel for Department.(DR)
Section 80PSection 80P(2)(a)

…the Income Tax Appellate Tribunal. 4. The Authorised Representative (ld. AR) at the outset of hearing submitted that the case is squarely covered by the judgment of the Hon’ble Supreme Court in the case of Mavilayi Service Co- operative Bank Ltd. reported in 431 ITR 1 (SC) and further submitted that the case may be remanded back to the AO for fresh examination and the assessee shall file details of all category of members to prove that the assessee has not violated any provisions of the Karnataka Co-operative Act. The assessee is dealing only with its members. The AR of the assessee has filed paper book containi…

State Bank of India, Mumbai vs. DCIT, Mumbai

In the result, the present appeal is partly allowed

ITA 2446/MUM/2021[2015-16]Status: DisposedITAT Mumbai10 Jan 2023AY 2015-16
For Appellant: Shri Ketan Ved & Ms. ShraddhaFor Respondent: Shri Sanyam Suresh Joshi
Section 143(3)Section 14ASection 254

…nce u/s 14A does not arise. 4. The ld. CIT(A) failed to take into consideration the submission that since interest free funds far exceed the investments in securities earning tax free income as held by Hon‟ble Supreme Court in appellants own case reported in 432 ITR 1, no disallowance u/s 14A was warranted.” 3. The Appellant, i.e. State Bank of India (successor to State Bank of Patiala), filed return of income for the Assessment Year 2015-16 on 23.11.2015. The case of the Appellant was selected for scrutiny and assessment under Section 143(3) of the Act was framed on the Appellant, vide Assessment Order, dated 2…

M/S. Syndicate Bank Staff Co-Op. Society Ltd., Bengaluru vs. DCIT, CPC, Bengaluru

ITA 1062/BANG/2022[2018-19]Status: DisposedITAT Bangalore03 Jan 2023AY 2018-19
For Appellant: N O N EFor Respondent: Shi Ganesh R Gale, Standing Counsel for Department
Section 139(1)Section 139(4)Section 143(1)Section 234ASection 234BSection 234CSection 234FSection 80Section 80ASection 80P

…i) of the Act on account of a mere technical ground of belated filing, without considering that section 80P is a benevolent provision and the deduction has to be liberally construed as held in the case of Mavilayi Service Cooperative Bank Ltd. & Others v. CIT 431 ITR 1 (SC). 5. The Learned Appellate Commissioner erred in upholding the disallowance of deduction claimed u/s 80P(2)(a)(i) of the Act disregarding the principles laid down by the Jurisdictional High Court of Karnataka in ITA No.435 of 2004 in the case of FATHIMA BAI v. ITO. 6. The Learned Appellate Commissioner erred in upholding the levy of fee u/s 234…

Sada Urban Co-Operative Credit Society Limited, Vasco vs. Income Tax Officer, Ward - 2(5), Panaji

Appeals are allowed in above terms

ITA 227/PAN/2019[2016-17]Status: DisposedITAT Panaji23 Dec 2022AY 2016-17

Bench: Shri Satbeer Singh Godara

For Appellant: Shri Peter DsouzaFor Respondent: Smt. Neelima Nadkarni, Sr.DR
Section 143(3)Section 80PSection 80P(2)(a)Section 80P(2)(d)

…argued that the assessee is a cooperative bank than a cooperative credit society which is also derived interest income from nominal members. I find that hon’ble apex court’s recent landmark decision in Mavilayi Service Co-operative Bank Ltd., vs., CIT [2021] 431 ITR 1 (SC) has rejected the Revenue’s both arguments thereby settling the law that assessee’s registration under the respective cooperative law holds the field and further that there could be no distinction between nominal and regular members, as the case may be. I thus accept the assessee’s impugned deduction of claim qua interest income derived from th…

Sada Urban Co-Operative Credit Society Limited, Vasco vs. Income Tax Officer, Ward - 2(5), Panaji

Appeals are allowed in above terms

ITA 226/PAN/2019[2015-16]Status: DisposedITAT Panaji23 Dec 2022AY 2015-16

Bench: Shri Satbeer Singh Godara

For Appellant: Shri Peter DsouzaFor Respondent: Smt. Neelima Nadkarni, Sr.DR
Section 143(3)Section 80PSection 80P(2)(a)Section 80P(2)(d)

…argued that the assessee is a cooperative bank than a cooperative credit society which is also derived interest income from nominal members. I find that hon’ble apex court’s recent landmark decision in Mavilayi Service Co-operative Bank Ltd., vs., CIT [2021] 431 ITR 1 (SC) has rejected the Revenue’s both arguments thereby settling the law that assessee’s registration under the respective cooperative law holds the field and further that there could be no distinction between nominal and regular members, as the case may be. I thus accept the assessee’s impugned deduction of claim qua interest income derived from th…

The Ponda Education Society Employee Co-Operative Credit Society Limited, Ponda vs. Income Tax Officer, Ward - 2(2), Panaji

Appeal is allowed in above terms

ITA 132/PAN/2019[2015-16]Status: DisposedITAT Panaji23 Dec 2022AY 2015-16

Bench: Shri Satbeer Singh Godara

For Appellant: Shri S.J. KamatFor Respondent: Smt. Neelima Nadkarni, Sr.DR
Section 143(3)Section 80PSection 80P(2)(a)Section 80P(2)(d)

…a cooperative bank or a credit cooperative society as per the Revenue’s and assessee’s arguments, respectively. 5. There could be hardly any dispute that hon’ble apex court’s recent landmark decision in Mavilayi Service Co-operative Bank Ltd., vs., CIT [2021] 431 ITR 1 (SC) has settled the issue that assessee’s registration under the respective cooperative law itself forms the decisive factor. This assessee is further found registered as credit cooperative society only. I thus reject the Revenue’s instant arguments to this effect. 6. Learned DR next argued that the assessee had deposited its surplus in cooperativ…

Jai Malhar Cooperative Credit Society Ltd, Mumbai vs. Assessing Officer 29(1)(5), Mumbai

In the result, appeal is allowed

ITA 1797/MUM/2022[2018-19]Status: DisposedITAT Mumbai20 Dec 2022AY 2018-19
For Appellant: NoneFor Respondent: Shri Nishant Somaiya
Section 142(1)Section 143Section 143(3)Section 80Section 80PSection 80P(2)(d)

…of the Maharashtra State Cooperative Societies Act, 1960 and rules there made under. Further, by placing reliance upon the judgment of Hon‟ble Supreme Court in the case of Mavilayi Service Co-operative Bank Ltd. vs. Commissioner of Income Tax, Calicut: [2021] 431 ITR 1 (SC)[12-01-2021] it was contended on behalf of the Assessee that the provision of Section 80P(4) are attracted only in case of co-operative society holding a banking license issued by the Reserve Bank of India. The Assessee is not registered with RBI under Banking Regulation Act, 1949 and does not hold any license issued by RBI. We note that the Ho…