Quepem Urban Co-operative Credit Society Ltd. v. ACIT

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

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

Bench: Shri Amarjit Singh & Shri Rahul Chaudhary

…cannot be denied to it. The AO is accordingly directed to allow the deduction claimed by the appellant.” 6. Further, we have also perused the judgment of the jurisdictional High Court in the case of Quepem Urban Cooperative Credit Society Ltd vs. ACIT [2015] 377 ITR 272 (Bom), which was relied upon by the Ld Counsel for the assessee for the proposition that such lending activities do not constitute banking activities as the same are transacted between the cooperative society and the members of the society. Since, no public is involved the definition of „banking’ does not cover such activities. As such, there is…

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

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

Bench: Shri Amarjit Singh & Shri Rahul Chaudhary

…cannot be denied to it. The AO is accordingly directed to allow the deduction claimed by the appellant.” 6. Further, we have also perused the judgment of the jurisdictional High Court in the case of Quepem Urban Cooperative Credit Society Ltd vs. ACIT [2015] 377 ITR 272 (Bom), which was relied upon by the Ld Counsel for the assessee for the proposition that such lending activities do not constitute banking activities as the same are transacted between the cooperative society and the members of the society. Since, no public is involved the definition of „banking’ does not cover such activities. As such, there is…

Mumbai Postal Employees Co-Op. Credit Soc. Ltd., Mumbai vs. Pr. CIT -17, Mumbai

The appeal stands allowed for statistical purposes

Bench: Hon’Ble Shri Mahavir Singh, Vp & Hon’Ble Shri Manoj Kumar Aggarwal, Am (Hearing Through Video Conferencing Mode) आयकरअपील िं./ I.T.A. No.682/Mum/2021 (धििाारण वर्ा / Assessment Year: 2015-16) & आयकरअपील िं./ I.T.A. No.681/Mum/2021 (धििाारण वर्ा / Assessment Year: 2016-17) Mumbai Postal Employees Co- Pr. Cit – 17 R. No. 120, 1St Floor, C-41 To C-43, Operative Credit Society Ltd. बिाम/ Gpo Building, Fort, G-Block, Kautilya Bhavan Vs. Mumbai-400 001 Bandra Kurla Complex, Bandra(East), Mumbai-400 051 स्थायीलेखा िं./ जीआइआर िं./ Pan/Gir No. Aaajm-0032-G (अपीलाथी/Appellant) (प्रत्यथी / Respondent) : Assessee By : Shri Deepak Tikkekar, Ld. Ar Revenue By : Shri Sunil Jha, Ld. Cit-Dr ुनवाई की तारीख/ : 05/08/2021 Date Of Hearing घोषणा की तारीख / : 14/09/2021 Date Of Pronouncement आदेश / O R D E R Manoj Kumar Aggarwal () 1.1 Aggrieved By Invocation Of Revisional Jurisdiction U/S 263 For Assessment Years (Ay) 2015-16 & 2016-17 By Learned Pr. Commissioner Of Income Tax-17, Mumbai (Pr. Cit) Vide Separate Orders Dated 22/01/2021 & 09/03/2021, The Assessee Is In Further Appeal Before Us.

…1 आयकर अपीलीय अधिकरण “डी” न्यायपीठ म ुंबई में। IN THE INCOME TAX APPELLATE TRIBUNAL “D” BENCH, MUMBAI माननीय श्री महावीर स िंह, उपाध्यक्ष एवुं माननीय श्री मनोज कुमार अग्रवाल ,लेखा दस्य के मक्ष। BEFORE HON’BLE SHRI MAHAVIR SINGH, VP AND HON’BLE SHRI MANOJ KUMAR AGGARWAL, AM (Hearing Through Video Conferencing Mode) आयकरअपील िं./ I.T.A. No.682/Mum/2021 (धििाारण वर्ा / Assessment Year: 2015-16) & आयकरअपील िं./ I.T.A. No.681/Mum/2021 (धििाारण वर्ा / Assessment Year: 2016-17) Mumbai Postal Employees Co- Pr. CIT – 17 R. No. 120, 1st floor, C-41 to C-43, operative Credit Society Ltd. बिाम/ GPO Building, Fort, G-Block…

Mumbai Postal Employees Co-Op. Credit Soc. Ltd., Mumbai vs. Pr. CIT -17, Mumbai

The appeal stands allowed for statistical purposes

Bench: Hon’Ble Shri Mahavir Singh, Vp & Hon’Ble Shri Manoj Kumar Aggarwal, Am (Hearing Through Video Conferencing Mode) आयकरअपील िं./ I.T.A. No.682/Mum/2021 (धििाारण वर्ा / Assessment Year: 2015-16) & आयकरअपील िं./ I.T.A. No.681/Mum/2021 (धििाारण वर्ा / Assessment Year: 2016-17) Mumbai Postal Employees Co- Pr. Cit – 17 R. No. 120, 1St Floor, C-41 To C-43, Operative Credit Society Ltd. बिाम/ Gpo Building, Fort, G-Block, Kautilya Bhavan Vs. Mumbai-400 001 Bandra Kurla Complex, Bandra(East), Mumbai-400 051 स्थायीलेखा िं./ जीआइआर िं./ Pan/Gir No. Aaajm-0032-G (अपीलाथी/Appellant) (प्रत्यथी / Respondent) : Assessee By : Shri Deepak Tikkekar, Ld. Ar Revenue By : Shri Sunil Jha, Ld. Cit-Dr ुनवाई की तारीख/ : 05/08/2021 Date Of Hearing घोषणा की तारीख / : 14/09/2021 Date Of Pronouncement आदेश / O R D E R Manoj Kumar Aggarwal () 1.1 Aggrieved By Invocation Of Revisional Jurisdiction U/S 263 For Assessment Years (Ay) 2015-16 & 2016-17 By Learned Pr. Commissioner Of Income Tax-17, Mumbai (Pr. Cit) Vide Separate Orders Dated 22/01/2021 & 09/03/2021, The Assessee Is In Further Appeal Before Us.

…1 आयकर अपीलीय अधिकरण “डी” न्यायपीठ म ुंबई में। IN THE INCOME TAX APPELLATE TRIBUNAL “D” BENCH, MUMBAI माननीय श्री महावीर स िंह, उपाध्यक्ष एवुं माननीय श्री मनोज कुमार अग्रवाल ,लेखा दस्य के मक्ष। BEFORE HON’BLE SHRI MAHAVIR SINGH, VP AND HON’BLE SHRI MANOJ KUMAR AGGARWAL, AM (Hearing Through Video Conferencing Mode) आयकरअपील िं./ I.T.A. No.682/Mum/2021 (धििाारण वर्ा / Assessment Year: 2015-16) & आयकरअपील िं./ I.T.A. No.681/Mum/2021 (धििाारण वर्ा / Assessment Year: 2016-17) Mumbai Postal Employees Co- Pr. CIT – 17 R. No. 120, 1st floor, C-41 to C-43, operative Credit Society Ltd. बिाम/ GPO Building, Fort, G-Block…

ITO-26(2)(5), Mumbai vs. M/S Ramaraja Kshatriya Co-Op Credit Soc. Ltd., Mumbai

In the result, Revenue’s appeals stand dismissed

…rative bank. 7.8 In this regard, I also find that the case of the appellant, inter-alia, is covered by the decision of the jurisdictional High Court in the case of Quepem Urban Co-operative Credit Society Ltd. vs. ACIT [2015] 58 taxmann.com 133 (Bom): [2015] 377 ITR 272 (Bombay), decided on 17.04.2015 wherein it is held that the assessee cannot be considered as a co- operative Bank for the purposes of section 80P(4) of the Act, unless the following three conditions are satisfied- (i) the principal business or primary objective should be business of banking (ii) its paid up share capital and reserves should not…

M/S. Himachal Culture Association Co-Op Credit Society Ltd., Mumbai vs. Assistant Commissioner of Income Tax, CPC, Bangalore

In the result, the appeal of the assessee is allowed

Bench: Shri Rajesh Kumar & Shri Pavan Kumar Gadaleassessment Year: 2015-16

…ustice on technical grounds but because it is capable of removing injustice and it is expected to do so.” Even on merits the case of the assessee is squarely covered by the following decisions: 1. Quepem Urban Co-operative Credit Society Ltd. vs. ACIT [2015] 377 ITR 272 (Bombay) [2015] 58 taxmann.com 113 2. Pr. CIT vs. Goa PWD Staff Co-op. Credit Society Ltd. [2016] 73 taxmann.com 381 [Bombay] 3. Belgaum Merchants Co-op. Credit Society Ltd. vs. CIT(A) [2015] 64 taxmann.com 274 (Karnataka) 4. CIT vs. Jafari Momin Vikas Co-op. Credit Society Ltd. [2014] 362 ITR331(Gujarat) 5. CIT vs. Kalpadi Co-operative Township…

ITO 28 (3)(2), Mumbai vs. Shri Kulswami Co.Op.Credit Society Ltd., Mumbai

In the result, appeal of the Revenue as well as the cross-objection of the assessee is dismissed

Bench: Shri Mahavir Singh & Shri Manoj Kumar Aggarwal: A.Y : 2013-14 Income Tax Officer – 28(3)(2), Vs. M/S. Shri Kulswami Co-Op. Credit Mumbai. (Appellant) Society Ltd., F-3, 1St Floor, Central Facility Building, Apmc Market, Sector-19, Turbhe, Navi Mumbai 400 705. Pan : Aaaas2059L (Respondent)

…ant. The appellant’s grounds of appeal on these issues are ‘Allowed’.” 7. We noted that in assessee’s own case the Hon'ble Bombay High Court, relying upon the judgment of co-ordinate bench in the case of Quepem Urban Co-operative Credit Society Ltd V/s ACIT, 377 ITR 272 (Bom), has held that the assessee-society is not a co-operative bank and hence entitled for deduction under Section 80P of the Act. Once the Hon'ble Bombay High Court has considered the issue and nothing new was argued before us, we are of the 6 ITA No. 2672/M/2019 & CO No. 38/M/2020 M/s. Shri Kulswami Co-op. Credit Society Ltd. view that the CIT…

The Thane Zilla Madhyamik Shikshak Sangh Sahakari Patpedhi Maryadit, Thane vs. ACIT Palghar Circle, Palghar, Thane

In the result, appeal of the assessee in ITA No

Bench: Shri M.Balaganesh, Am & Shri Amarjit Singh, Jm

…se disputes to rest and the same is pending disposal according to ld. AR. 6.11. We specifically find that the Hon‟ble Jurisdictional High Court in the case of Quepem Urban Co-operative Credit Society Ltd., vs. Assistant Commissioner of Income Tax reported in 377 ITR 272 (Bom) had categorically held that if the activities of the assessee are confined only to members, then it cannot be construed as a co-operative bank. We find that this decision had also taken note of the point that obtaining licence from RBI for carrying on banking business is a sin qua non for recognising and addressing to be a co-operative bank…

Vadasinor Pragati Samaj Co-Op.Credit Society Ltd., Mumbai vs. Pr. CIT -18, Mumbai

In the result, appeal of the assessee is allowed

Bench: Shri Pawan Singh & Shri S. Rifaur Rahmanm/S Vadasinor Pragati Samaj Principal Commissioner Of Co-Operative Credit Society Ltd. Income Tax – 18 45/49, 1St Floor, Babu Genu Road, Vs. Mumbai. Kalbadevi, Mumbai-400002. Pan: Aaaav6905G Appellant Respondent

…t of his submission, the ld. AR of the assessee relied upon the following decisions:  Malabar Industrial Co. Ltd. vs. CIT [2000] 243 ITR 83(SC),  CIT vs. Max India Ltd. [2007] 295 ITR 282 (SC),  Quepem Urban Co-operative Credit Society Ltd. vs. ACIT [2015] 377 ITR 272 (Bom. HC).  PCIT vs. Goa PWD Staff Co-operative Credit Society Ltd. [2016] 242 Taxman 0422 (Bom. HC.)  CIT vs. Gabriel India Ltd. [1993] 203 ITR 108 (Bom.)  CIT vs. Jafari Momin Vikash Co-op. Credit Society Ltd. [2014] 362 ITR 331 (Guj. HC.  ACIT vs. Metrocity Criminal Courts employees Mutually Aided co- op. Credit Society Ltd. [2015] 39 ITR…

ITO 20(3)(4), Mumbai vs. Tata Memorial Central Employees Co-Op. Credit Society, Mumbai

Bench: Shri Pawan Singh & Shri G. Manjunatha

…IN THE INCOME TAX APPELLATE TRIBUNAL “E” BENCH, MUMBAI BEFORE SHRI PAWAN SINGH, JUDICIAL MEMBER AND SHRI G. MANJUNATHA, ACCOUNTANT MEMBER I.T.A. No.2073/Mum/2018 (Assessment Year: 2013-14) ITO 20(3)(4) M/s. Tata Memorial Central Room No. 616, 6th floor, Employees Co-op Credit Piramal Chambers, Society, Ground Floor, Tata Lalbaug, Parel, Memorial Central, Annex vs. Mumbai-400012 Building, Dr. E. Borges Road, Jerbai Wadia Road, Parel, Mumbai-400012 PAN : AAAAT7660A (Appellant) .. (Respondent) Revenue by : Shri Manoj Kumar Singh (CIT-DR) Assessee by: Shri. Prakash Jhunjhunwala (AR) Date of Hearing : 03.07.2019…

ITO 20(3)4), Mumbai vs. Central Railway Employee Co-Op Credit Society Ltd, Mumbai

Bench: Shri Rajesh Kumar, Am & Shri Amarjit Singh, Jm

…blic at large. The factual position in the said cases is quite different to the fact of the present case. The Ld. CIT(A) has decided the matter of controversy in view of the decision of Bombay High Court in the case of Quepem Urban Credit Co-operative Society 377 ITR 272 (Bom).Taking into account, all the facts and circumstances, we are of the view that the CIT(A) has decided the matter of controversy judiciously and correctly which is not liable to be interfere with at this appellate stage. Accordingly, these issues are decided in favour of the assessee against the revenue. 6. In result, appeal filed by the reve…

Tupurwadi Co Op Credit Society Ltd, Mumbai vs. ITO 21(3)(4), Mumbai

Appeal stands dismissed

Bench: Shri C.N. Prasad, Jm & Shri Manoj Kumar Aggarwal, Am

…refore, would not come within the mischief of sub-section (4) of Section 80P. 5 Tupurwadi Co-Op Credit Society Ltd Assessment Year:2012-13 Similar view has been taken by Hon’ble Bombay High Court in The Quepem Urban Co-operative Credit Society Ltd. Vs. ACIT [377 ITR 272] where the Hon’ble Court has held as under:- 5. The appellant-Assessee is in appeal before us from the impugned order dated 26 November 2014 of the Tribunal. It is contented that it is entitled to the benefit of Section 80P(2)(a)(i) of the Act and not hit by the exclusion in Section 80P(4) of the Act. For the proper consideration of the rival sub…

Shree Datta Prasad Sahakari Patsanstha Ltd, Mumbai vs. ITO 15(3)(4), Mumbai

In the result, the Revenue’s appeal is dismissed and assessee’s appeal is allowed

Bench: Sri Mahavir Singh, Jm & Sri N.K. Pradhan, Am Shree Datta Prasad Sahakari Income Tax Officer Patsanstha Ltd. Ward 15(3)(4) Dion Shelter Co Op Hsg Matru Mandir, Grant Rd, Society Ist Floor, Shop No. 108 Mumbai-07 Vs. S.B. Barve Marg, Kurla (E) Mumbai-400 024 Pan No. Aabas6993E Appellant .. Respondent Vs. Income Tax Officer Shree Datta Prasad Sahakari Ward 15(3)(4) Patsanstha Ltd. Matru Mandir, Grant Rd, Dion Shelter Co Op Hsg Society Mumbai-07 Ist Floor, Shop No. 108 S.B. Barve Marg, Kurla (E)S Mumbai-400 024 Pan No. Aabas6993E Appellant .. Respondent .. Mr. M Subramanian, Ar Assessee By Revenue By .. Mr. K. Ravi Kiran, Dr .. Date Of Hearing 16-05-2017 Date Of Pronouncement .. 24-05-2017 O R D E R Per Mahavir Singh, Jm:

…the co-operative bank so as to be treated under exclusionary clause of sub- section 4 of section 80IP of the Act. We find that this issue has been decided by Hon’ble Bombay High Court in the case of Quepem Urban Co-Operative Credit Society Ltd vs. ACIT [2015] 377 ITR 272 (Bom), Wherein the question referred before Hon’ble Bombay High Court reads as under: - “9. There is no dispute between the parties that the appellant is a cooperative society as the same is registered under the Co-operative Societies Act. The appellant is claiming deduction of income earned on providing credit facilities to its members as provi…

ITO 15(3)(4), Mumbai vs. Shree Datta Prasad Sahakari Patsanstha Ltd, Mumbai

In the result, the Revenue’s appeal is dismissed and assessee’s appeal is allowed

Bench: Sri Mahavir Singh, Jm & Sri N.K. Pradhan, Am Shree Datta Prasad Sahakari Income Tax Officer Patsanstha Ltd. Ward 15(3)(4) Dion Shelter Co Op Hsg Matru Mandir, Grant Rd, Society Ist Floor, Shop No. 108 Mumbai-07 Vs. S.B. Barve Marg, Kurla (E) Mumbai-400 024 Pan No. Aabas6993E Appellant .. Respondent Vs. Income Tax Officer Shree Datta Prasad Sahakari Ward 15(3)(4) Patsanstha Ltd. Matru Mandir, Grant Rd, Dion Shelter Co Op Hsg Society Mumbai-07 Ist Floor, Shop No. 108 S.B. Barve Marg, Kurla (E)S Mumbai-400 024 Pan No. Aabas6993E Appellant .. Respondent .. Mr. M Subramanian, Ar Assessee By Revenue By .. Mr. K. Ravi Kiran, Dr .. Date Of Hearing 16-05-2017 Date Of Pronouncement .. 24-05-2017 O R D E R Per Mahavir Singh, Jm:

…the co-operative bank so as to be treated under exclusionary clause of sub- section 4 of section 80IP of the Act. We find that this issue has been decided by Hon’ble Bombay High Court in the case of Quepem Urban Co-Operative Credit Society Ltd vs. ACIT [2015] 377 ITR 272 (Bom), Wherein the question referred before Hon’ble Bombay High Court reads as under: - “9. There is no dispute between the parties that the appellant is a cooperative society as the same is registered under the Co-operative Societies Act. The appellant is claiming deduction of income earned on providing credit facilities to its members as provi…

The Thane Zilla Madhyamik Shikshak Sangh Sahakari Patpedhi, Thane vs. ACIT Palghar Cir, Palghar, Mumbai

Bench: S/Sh.Rajendra & Amarjit Singhआयकर अपील सं./I.T.A./1249/Mum/2017,िनधा"रण िनधा"रण वष" वष" /Ay.: 2008-09 िनधा"रण िनधा"रण वष" वष" आयकर अपील सं./I.T.A./1250/Mum/2017,िनधा"रण िनधा"रण िनधा"रण वष" िनधा"रण वष" वष" /Ay.: 2012-13 वष" The Thane Zilla Madhyamik Shikshak Acit Palghar Circle Sangh Sahakari Patpedhi Maryadit Palghar. At.Saphale Post,Umbarpada, Taluka Vs. Palghar, Dist. Thane-401 102. Pan:Aaaat 9514 H (अपीलाथ" /Appellant) (""यथ" / Respondent) राज"व क" ओर से / Revenue By: Dr. A.K. Nayak-Dr अपीलाथ" क" ओर से /Assessee By: Shri Bhupendra Shah . सुनवाई क" तारीख / Date Of Hearing: 23/03/2017 घोषणा क" तारीख / Date Of Pronouncement: 17/05/2017 लेखा लेखा सद"य लेखा लेखा सद"य सद"य राजे"" सद"य राजे"" राजे"" केकेकेके अनुसार राजे"" अनुसार अनुसार/ Per Rajendra, Am- अनुसार Challenging The Orders Dated 02.01.2017 Of The Cit(A)- 3,Mumbai,The Assessee Has Filed Appeals For The Above Mentioned Ay.S.It Is Engaged In The Business Of Providing Credit Facilities To Its Members.The Details Of Dates Of Filing Of Returns, Returned Incomes,Dates Of Assessment Etc. Can Be Summarised As Under: Ay. Roi Filed On Returned Income Assessment Date Assessed Income 2008-09 29.09.2008 Nil 04.12.2015 Rs.97,80P,811/- 2012-13 28.09.2012 Nil 20.03.2015 Rs.1,57,72,930/-

…just because of deletion of penalty the assessee could not be treated as cooperative bank,that the CA had mis-represented the facts before the FAA who had adjudicated the penalty appeal.He relied upon the cases of Quepem Urban Cooperative Credit Society Ltd.(377 ITR 272), Goa PWD Staff Cooperative Credit Society Ltd.(242 Taxman 422) Belgaum Merchants Cooperative Credit Society Ltd.(64 taxmann.com 274). The Departmental Represnetative(DR) argued that the assessee itself had submitted before the FAA that it was a cooperative bank.he referred to pages 86 and 87 of the paper book filed by the assessee for the AY. 20…

ITO 17(1)(3), Mumbai vs. The Central Telegraph Office Employees Co Op Credit Society Ltd, Mumbai

In the result, appeal of the assessee is allowed

Bench: Shri C.N. Prasad, Jm & Shri Rajesh Kumar, Am Income Tax Officer-17(1)(3) M/S The Central Telegraph Office Co-Op. Credit Society Room No.116, फनधभ/ Limited, Cto Compound, 1St Floor, Aayakar Bhavan, Vs. Gr. Floor, Fort, M K Road, Mumbai-400001 Mumbai-400020 स्थधमी रेखध सं./ जीआइआय सं./ Pan : Aaaat7914M (अऩीरधथी /Appellant) (प्रत्मथी / Respondent) : अऩीरधथी की ओय से / Appellant By : Smt.Beena Santosh प्रत्मथी की ओय से/Respondent By : S/Shri Chandrakant P Kasat & Rohit Kasat सुनवधई की तधयीख /Date Of Hearing : 26.12.206 घोषणध की तधयीख /Date Of : 29.12.2016 Pronouncement

…id paras 6 and 7 and also for the sake of completeness of this order, the same are extracted as under:- " 6. Further, we have also perused the judgment of the jurisdictional High Court in the case of Quepem Urban Cooperative Credit Society Ltd vs. ACIT [2015} 377 ITR 272 (Bom which was relied upon by the Ld Counsel for the assessee for the proposition that such lending activities do not constitute banking activities as the same are transacted between the cooperative society and the members of the society. Since, no public is involved the definition of 'banking' does not cover such activities. As such, there is no…

ITO 20(3)(1), Mumbai vs. Rahul Urban Co Op Credit Society Ltd, Mumbai

In the result, both the appeals of the Revenue are dismissed

Bench: Shri D. Karunakara Rao & Shri Pawan Singh

…irected to allow the deduction claimed by the appellant. Ground 1 is allowed in favour of the appellant.” 6. Further, we have also perused the judgment of the jurisdictional High Court in the case of Quepem Urban Cooperative Credit Society Ltd vs. ACIT [2015] 377 ITR 272 (Bom), which was relied upon by the Ld Counsel for the assessee for the proposition that such lending activities do not constitute banking activities as the same are transacted between the cooperative society and the members of the society. Since, no public is involved the definition of „banking‟ does not cover such activities. As such, there is…

ITO 15(1)(1), Mumbai vs. The Central Telegraph Office Co Op Credit Society Ltd, Mumbai

The appeal of the assessee is allowed

Bench: Shri Joginder Singh & Shri Rajendraassessment Year-2010-11 Income Tax Officer-15(1)(1) M/S The Central Telegraph Room No.119, Office Co-Op. Credit बनाम/ Matru Mandir Society Limited, Vs. 1St Floor, Tardeo Road, Cto Compound, Gr. Floor, Mumbai-400007 Fort, Mumbai-400001 Pan No. Aaaat7914M (राज"व /Revenue) ("नधा"रती /Assessee) Assessment Year-2010-11 M/S The Central Telegraph Income Tax Officer-15(1)(1) Office Co-Op. Credit Society Room No.119, बनाम/ Limited, Matru Mandir Vs. Cto Compound, Gr. Floor, 1St Floor, Tardeo Road, Fort, Mumbai-400007 Mumbai-400001 Pan No. Aaaat7914M ("नधा"रती /Assessee) (राज"व /Revenue)

…iled this appeal before us. 4. We have heard the parties on this issue and perused the record. The ld. AR placed reliance on the decision of the Hon'ble Bombay High Court in the case of Quepem Urban Co-operative Credit Society Ltd V/s ACIT reported in (2015) 377 ITR 272 (Bom) and submitted that a Co- operative Society transacting mainly with its members cannot be treated as Co-operative Bank. The ld. AR further submitted that in the case before the Hon'ble Bombay High Court, the assessee therein was providing credit mainly to its members and transaction with non-members was ITA No.2936 & 3414/Mum/2014 11 M/s The…

The Hooseini Co Operative Credit Society Ltd, Mumbai vs. ITO 15(1)(4), Mumbai

In the result, the appeal filed by the assessee is allowed and the appeal of the revenue is dismissed

Bench: S/Shri B.R.Baskaran, Am & Pawan Singh, Jm आमकय अऩीर सं./I.T.A. No.2965/Mum/ 2014 (ननधधायण वषा / Assessment Year: 2010-11) Income Tax Officer 15(1)(4), बनाम/ M/S Hooseini Co-Op Credit Matru Mandir, Room No.108, Soc.Ltd., Vs. Tardeo Road, 496-498, Sir J J Road, Mumbai-400007 Opp J J Hospital, Mumbai. (अऩीरधथी /Appellant) (प्रत्मथी / Respondent) .. आमकय अऩीर सं./I.T.A. No.3556/Mum/ 2014 (ननधधायण वषा / Assessment Year: 2010-11) M/S Hooseini Co-Op Credit बनाम/ Income Tax Officer 15(1)(4), Soc.Ltd., Matru Mandir, Room No.108, Vs. 496-498, Sir J J Road, Tardeo Road, Opp J J Hospital, Mumbai-400007 Mumbai. (अऩीरधथी /Appellant) (प्रत्मथी / Respondent) ..

…filed this appeal before us. 4. We have heard the parties on this issue and perused the record. The ld. AR placed reliance on the decision of the Hon’ble Bombay High Court in the case of Quepem Urban Co-operative Credit Society Ltd V/s ACIT reported in (2015) 377 ITR 272 (Bom) and submitted that a Co- operative Society transacting mainly with its members cannot be treated as Co-operative Bank. The ld. AR further submitted that in the case before the Hon’ble Bombay High Court, the assessee therein was providing credit mainly to its members and transaction with non-members was insignificant. Despite this fact, the…

ITO 22(2)(2), Navi Mumbai vs. Rcf Employees Co Op Credit Society Ltd, Mumbai

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

Bench: Shri D. Karunakara Rao & Shri Sandeep Gosaini.T.A. No.6903/M/2013 (Assessment Year: 2010-2011) Ito-22(2)(2), फनाभ/ M/S. Rcf Employee‟S 4Th Floor, Tower No.6, Cooperative Credit Society Vs. R.No.20, Station Complex, Ltd., Type 1A/21/481-484, Vashi, Navi Mumbai, Chembur, Mumbai-400074. Mumbai-400703. स्थामी रेखा सं./ Pan : Aaaar1076N (अऩीराथी /Appellant) .. (प्रत्मथी / Respondent)

…cannot be denied to it. The AO is accordingly directed to allow the deduction claimed by the appellant.” 6. Further, we have also perused the judgment of the jurisdictional High Court in the case of Quepem Urban Cooperative Credit Society Ltd vs. ACIT [2015] 377 ITR 272 (Bom), which was relied upon by the Ld Counsel for the assessee for the proposition that such lending activities do not constitute banking activities as the same are transacted between the cooperative society and the members of the society. Since, no public is involved the definition of „banking‟ does not cover such activities. As such, there is…