Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2017 (10) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2017 (10) TMI 1383 - AT - Income TaxDenying the exemption u/s. 80P - assessee society is a bank and is hit by the provisions of sub-section (4) of section 80P - Held that:- As during the course of hearing we had called for the financial statements of the assessee from which it is clear that there is income in the form of interest on investments of ₹ 1,11,84,095 and commission income of ₹ 24,02,183 indicating that the respondent-society had dealings with the other non-members. Furthermore, the fact that the co-operative society had paid commission to Pigmi agents of ₹ 1,70,46,946 goes to indicate that it has accepted deposits even from non-members. These aspects need to be examined thoroughly in the light of the judgment in the case of The Citizen Co-operative Society Ltd. v. ACIT [2017 (8) TMI 536 - SUPREME COURT]. Therefore, we remand this issue back to the file of the AO for de novo assessment on the above lines. - Appeal filed by the revenue is allowed for statistical purposes.
|