ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE - 2 (1), PANAJI., PANAJI vs. SHREE KALIKA URBAN CO-OP. CREDIT SOCIETY LIMITED , MAPUSA
In the result, the appeal filed by the Revenue stands dismissed
ITA 367/PAN/2017[2014-15]Status: DisposedITAT Panaji15 Nov 2021AY 2014-15
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.
For Appellant: Shri R. K. PikaleFor Respondent: Shri Sourabh Nayak
Section 143(3)Section 194ASection 2(24)(viia)Section 40Section 5Section 80PSection 80P(2)Section 80P(2)(a)Section 80P(2)(c)Section 80P(2)(d)
2)(d) of the Act. As regards to the disallowance of interest paid to the members for non- deduction of TDS u/s 40(a)(ia) of the Act taking into consideration that the respondent-assessee society is not a cooperative bank held that the provisions of section 194A of the Act have no application. Accordingly, he directed the Assessing Officer
