Mavilayi Service Co-operative Bank Ltd. v. CIT

Shri Veershaiv Co-Op Credit Society Ltd, Belgaum vs. ITO, Ward - 1, Nipani

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

…IN THE INCOME TAX APPELLATE TRIBUNAL PANAJI BENCH, PANAJI – VIRTUAL COURT BEFORE SHRI INTURI RAMA RAO, AM AND SHRI S. S. VISWANETHRA RAVI, JM आयकर अपील सं. / ITA No.109/PAN/2018 िनधा"रण वष" / Assessment Year : 2012-13 Shri Veershaiv Co-op. Credit Society Ltd., Nipani, Tal: Chikodi, Dist: Belgaum. .......अपीलाथ" / Appellant PAN : AAAAS4512J बनाम / V/s. ITO, Ward- 1, ……""यथ" / Respondent Nipani. Assessee by : Shri Pramod Vaidya Revenue by : Shri Sourabh Nayak सुनवाई क" तारीख / Date of Hearing : 12.11.2021 घोषणा क" तारीख / Date of Pronouncement : 18.11.2021 आदेश / ORDER PER INTURI RAMA RAO, AM: This is an appeal fil…

Shri Laxmi Venkatesh Credit Souharda Sahakari Niyamit, Belgavi vs. ITO, Nipani

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

Bench: Shri Inturi Rama Rao, Am & Shri S. S. Viswanethra Ravi, Jm आयकर अपील सं. / Ita No.90/Pan/2018 िनधा"रण वष" / Assessment Year : 2012-13 Shri Laxmi Venkatesh Credit Souharda Sahakari Ltd., Nipani, Dist. Belagavi, C/O S. Parthasarathi, Advocate, 3/1, Pranava Complex, 5Th Cross, Malleswaram, Bangalore- 560003. .......अपीलाथ" / Appellant Pan : Aabas6351A बनाम / V/S. ……""यथ" / Respondent Ito, Nipani. Assessee By : Smt. Pratibha R. Revenue By : Shri Sourabh Nayak सुनवाई क" तारीख / Date Of Hearing : 12.11.2021 घोषणा क" तारीख / Date Of Pronouncement : 17.11.2021 आदेश / Order Per Inturi Rama Rao, Am: This Is An Appeal Filed By The Assessee Directed Against The Order Of Ld. Commissioner Of Income Tax (Appeals), Gulbarga (‘Cit(A)’ For Short) Dated 29.12.2017 For The Assessment Year 2012-13. 2. Briefly, The Facts Of The Case Are That The Appellant Is A Cooperative Society Registered Under The Karnataka State Co-Operative Society Act, 1959 With The Object Of Accepting Deposits From Its Members & Providing Credit Facilities To Its Members. The Return Of Income For The Assessment Year 2012- 13 Was Filed On 23.09.2012 Declaring Total Income Of Rs.Nil After Claiming Exemption U/S 80P(2)(A)(I) Of The Income Tax Act, 1961 (‘The Act’) Of Rs.4,27,305/-. Against The Said Return Of Income, The Assessment Was Completed By The Income Tax Officer, Nipani (‘The Assessing Officer’) Vide Order

…IN THE INCOME TAX APPELLATE TRIBUNAL PANAJI BENCH, PANAJI – VIRTUAL COURT BEFORE SHRI INTURI RAMA RAO, AM AND SHRI S. S. VISWANETHRA RAVI, JM आयकर अपील सं. / ITA No.90/PAN/2018 िनधा"रण वष" / Assessment Year : 2012-13 Shri Laxmi Venkatesh Credit Souharda Sahakari Ltd., Nipani, Dist. Belagavi, C/o S. Parthasarathi, Advocate, 3/1, Pranava Complex, 5th Cross, Malleswaram, Bangalore- 560003. .......अपीलाथ" / Appellant PAN : AABAS6351A बनाम / V/s. ……""यथ" / Respondent ITO, Nipani. Assessee by : Smt. Pratibha R. Revenue by : Shri Sourabh Nayak सुनवाई क" तारीख / Date of Hearing : 12.11.2021 घोषणा क" तारीख / Date of Prono…

Principal Commissioner of Income Tax vs. M/S Ajmer Vidyut Vitran Nigam Ltd

Bench: AKIL KURESHI,REKHA BORANA

Havyaka Credit Souharda Sahakari Niyamita, Kumta vs. Income Tax Officer, Ward - 2, Karwar

In the result, the appeal of the assessee stands allowed

…IN THE INCOME TAX APPELLATE TRIBUNAL PANAJI BENCH, PANAJI – VIRTUAL COURT BEFORE SHRI INTURI RAMA RAO, AM AND SHRI S. S. VISWANETHRA RAVI, JM आयकर अपील सं. / ITA No.27/PAN/2018 िनधा"रण वष" / Assessment Year : 2013-14 Havyaka Credit Souharda Sahakari Niyamita, Samruddhi Complex, Mastikatta, Kumta-581343. PAN : AABAH1683E .......अपीलाथ" / Appellant बनाम / V/s. ITO, Ward-2, ……""यथ" / Respondent Karwar. Assessee by : Shri Parameshwar Bhat Revenue by : Shri Sourabh Nayak सुनवाई क" तारीख / Date of Hearing : 09.11.2021 घोषणा क" तारीख / Date of Pronouncement : 16.11.2021 आदेश / ORDER PER INTURI RAMA RAO, AM: This is an a…

Assistant Commissioner of Income Tax, Circle - 2 (1), Panaji. vs. Shree Kalika Urban Co-Op. Credit Society Limited, Mapusa

In the result, the appeal filed by the Revenue stands dismissed

Bench: Shri Inturi Rama Rao, Am & Shri S. S. Viswanethra Ravi, Jm आयकर अपील सं. / Ita No.367/Pan/2017 िनधा"रण वष" / Assessment Year : 2014-15 Acit, Circle-2(1), .......अपीलाथ" / Appellant Panaji. बनाम / V/S. Shree Kalika Urban Co-Op. Credit Society Ltd., Block No.6, Om Chambers, Feira Baiya, Near Laxminarayan Temple, Mapusa Bardes, Goa. ……""यथ" / Respondent Pan : Aacas1697Q Revenue By : Shri Sourabh Nayak Assessee By : Shri R. K. Pikale सुनवाई क" तारीख / Date Of Hearing : 09.11.2021 घोषणा क" तारीख / Date Of Pronouncement : 15.11.2021 आदेश / Order Per Inturi Rama Rao, Am: This Is An Appeal Filed By The Revenue Directed Against The Order Of Ld. Commissioner Of Income Tax (Appeals)-2, Panaji (‘Cit(A)’ For Short) Dated 20.09.2017 For The Assessment Year 2014-15. 2. The Revenue Raised The Following Grounds Of Appeal :- “1. The Order Of The Ld. Cit (A) Is Opposed To Law & Facts Of The Case. 2. The Ld. Cit(A) Has Erred In Deleting Addition On Account Of Disallowance Of Deduction In Respect Of Income Of Co-Operative Society U/S. 80P(2)(A)(I), 80P(2)(C)(Ii), 80P(2)(D) & 40(A)(Ia) On The Ground That The Assessee Is A Co- Operative Society, Accepts Deposits Only From Its Members & Can Lend Money Only To Its Members & It Cannot Issue Cheque Books, When The Assessee Accepts Deposits & Grants Loans To Its Members On Which It Makes Profit & Gain By Way Of Charging Interest, Thus Providing Credit Facility Is Akin To Banking Business As Per Section 2(24)(Viia) & Part-V Of The Banking Regulation Act, 1949, Hence The Assessee Is Not Eligible For Deduction U/S. 80P.

…IN THE INCOME TAX APPELLATE TRIBUNAL PANAJI BENCH, PANAJI – VIRTUAL COURT BEFORE SHRI INTURI RAMA RAO, AM AND SHRI S. S. VISWANETHRA RAVI, JM आयकर अपील सं. / ITA No.367/PAN/2017 िनधा"रण वष" / Assessment Year : 2014-15 ACIT, Circle-2(1), .......अपीलाथ" / Appellant Panaji. बनाम / V/s. Shree Kalika Urban Co-op. Credit Society Ltd., Block No.6, Om Chambers, Feira Baiya, Near Laxminarayan Temple, Mapusa Bardes, Goa. ……""यथ" / Respondent PAN : AACAS1697Q Revenue by : Shri Sourabh Nayak Assessee by : Shri R. K. Pikale सुनवाई क" तारीख / Date of Hearing : 09.11.2021 घोषणा क" तारीख / Date of Pronouncement : 15.11.2021 आदेश…

The Principal Commissioner of Income Tax vs. Peroorkada Service Co-Operative Bank Ltd

Appeals are allowed as indicated above

Bench: HONOURABLE MR.JUSTICE S.V.BHATTI,HONOURABLE MR.JUSTICE BASANT BALAJI

…mbers and amount invested with Co-operative Bank and Treasury, so the threshold eligibility of deduction is admissible to assessee and accordingly the income earned by way of interest from members is eligible for deduction under Section 1 [2021] 431 ITR 1 (SC) ITA Nos.142 & 323/2019; 5/2020 -10- 80P(2)(a)(i) of the Act. Accordingly the questions can be answered against the Revenue and in favour of the assessee. Statement is placed on record. Substantial question nos.1 to 4 are answered in favour of the assessee and against the Revenue. Substantial Question nos.5 and 6 5. Substantial Que…

The Principal Commissioner of Income Tax vs. Vilappil Service Co-Operative Bank Ltd

Appeals are allowed as indicated above

Bench: HONOURABLE MR.JUSTICE S.V.BHATTI,HONOURABLE MR.JUSTICE BASANT BALAJI

…mbers and amount invested with Co-operative Bank and Treasury, so the threshold eligibility of deduction is admissible to assessee and accordingly the income earned by way of interest from members is eligible for deduction under Section 1 [2021] 431 ITR 1 (SC) ITA Nos.142 & 323/2019; 5/2020 -10- 80P(2)(a)(i) of the Act. Accordingly the questions can be answered against the Revenue and in favour of the assessee. Statement is placed on record. Substantial question nos.1 to 4 are answered in favour of the assessee and against the Revenue. Substantial Question nos.5 and 6 5. Substantial Que…

The Kararinakam Service Co-Operative Bank Ltd vs. Commissioner of Income Tax

Appeal is allowed by following the judgment of

Bench: HONOURABLE MR.JUSTICE S.V.BHATTI,HONOURABLE MR.JUSTICE BASANT BALAJI

…ties state that the questions raised in the appeal are substantially covered by the judgment of Supreme Court in Mavilayi Service Co-operative Bank Ltd. v. Commissioner of Income Tax1 and the appeal could be allowed by following the said judgment. 1 [2021] 431 ITR 1 (SC) I.T.A. No.3/2019 -3- 4. The statement is placed on record. Accordingly, the Income Tax appeal is allowed by following the judgment of Supreme Court in Mavilayi Service Co-operative Bank Ltd. (supra). Sd/- S.V.BHATTI JUDGE Sd/- BASANT BALAJI JUDGE jjj I.T.A. No.3/2019 -4- APPENDIX OF ITA 3/2019 PETITIONER ANNEXURE ANNEXURE A TRUE COPY…

The Principal Commissioner of Income-Tax vs. M/S.Edackodu Service Co-Operative Bank Ltd

Appeal is dismissed by following the judgments in

Bench: HONOURABLE MR.JUSTICE S.V.BHATTI,HONOURABLE MR.JUSTICE BASANT BALAJI

…ts of Supreme Court in Mavilayi Service Co-operative Bank Ltd. v. Commissioner of Income Tax1 and this Court in Chirakkal Service Co-operative Bank Ltd v. Commissioner of Income Tax2 and the appeal be disposed of by following the said judgments. 1 [2021] 431 ITR 1 (SC) 2 (2016) 384 ITR 490 (Ker.) ITA NO. 64 OF 2019 -3- The statement is placed on record. Accordingly, the Income Tax Appeal is dismissed by following the judgments in Mavilayi Service Co-operative Bank and Chirakkal Service Co-operative Bank (supra) and questions are answered accordingly. Sd/- S.V.BHATTI JUDGE Sd/-…

The Principal Commissioner of Income Tax vs. M/S. Edackodu Service Co-Operative Bank Limited

Appeal is dismissed by following the judgments in

Bench: HONOURABLE MR.JUSTICE S.V.BHATTI,HONOURABLE MR.JUSTICE BASANT BALAJI

…questions raised in the appeal are substantially covered by the judgments of Supreme Court in Mavilayi Service Co- operative Bank Ltd. v. Commissioner of Income Tax1 and Chirakkal Service Co-operative Bank Ltd v. Commissioner of Income Tax2 and 1 [2021] 431 ITR 1 (SC) 2 (2016) 384 ITR 490 (Ker.) I T A No.79/2019 -3- the appeal be disposed of by following the said judgments. The statement is placed on record. Accordingly, the Income Tax Appeal is dismissed by following the judgments in Mavilayi Service Co-operative Bank and Chirakkal Service Co- operative Bank (supra) and questions are answe…

The Principal Commissioner of Income-Tax vs. Karakulam Service Co-Operative Bank Ltd

Appeal is dismissed by following the judgments in

Bench: HONOURABLE MR.JUSTICE S.V.BHATTI,HONOURABLE MR.JUSTICE BASANT BALAJI

…l are substantially covered by the judgments of Supreme Court in Mavilayi Service Co-operative Bank Ltd. v. Commissioner of Income Tax1 and this Court in Chirakkal Service Co-operative Bank Ltd v. Commissioner of Income Tax2 and the appeal be 1 [2021] 431 ITR 1 (SC) 2 (2016) 384 ITR 490 (Ker.) ITA NO. 301 OF 2019 -3- disposed of by following the said judgments. The statement is placed on record. Accordingly, the Income Tax Appeal is dismissed by following the judgments in Mavilayi Service Co-operative Bank and Chirakkal Service Co-operative Bank (supra) and questions are answered according…

The Principal Commissioner of Income Tax vs. Ayirooppara Farmers Service Co-Operative Bank Ltd

Appeal is dismissed by following the judgments in

Bench: HONOURABLE MR.JUSTICE S.V.BHATTI,HONOURABLE MR.JUSTICE BASANT BALAJI

…questions raised in the appeal are substantially covered by the judgments of Supreme Court in Mavilayi Service Co- operative Bank Ltd. v. Commissioner of Income Tax1 and Chirakkal Service Co-operative Bank Ltd v. Commissioner of Income Tax2 and 1 [2021] 431 ITR 1 (SC) 2 (2016) 384 ITR 490 (Ker.) I T A No. 321/2019 -3- the appeal be disposed of by following the said judgments. The statement is placed on record. Accordingly, the Income Tax Appeal is dismissed by following the judgments in Mavilayi Service Co-operative Bank and Chirakkal Service Co- operative Bank (supra) and questions are answ…

The Principal Commissioner of Income Tax vs. M/S. Poonjar Service Co-Operative Bank Ltd

Appeal is dismissed by following the judgments in Mavilayi

Bench: HONOURABLE MR.JUSTICE S.V.BHATTI,HONOURABLE MR.JUSTICE BASANT BALAJI

…eal are substantially covered by the judgment of Supreme Court in Mavilayi Service Co-operative Bank Ltd. and others v. Commissioner of Income Tax and another1 and this Court in Chirakkal Service Co-operative Bank Ltd v. Commissioner of 1 [2021] 431 ITR 1 (SC) ITA NO. 55 OF 2017 -3- Income Tax2 and the appeal decided by following the said judgments. The statement is placed on record. Accordingly, the Income Tax appeal is dismissed by following the judgments in Mavilayi Service Co-operative Bank and Chirakkal Service Co- operative Bank (supra). Sd/- S.V.BHATTI JUDGE Sd/- BASANT BALAJI…