Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2018 (5) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2018 (5) TMI 2158 - AT - Income TaxDeduction u/s 80P - interest and dividend income earned From surplus fund parked in short term deposits with co-operative banks and nationalized banks - HELD THAT:- The assessee is a co-operative society engaged in the business of providing credit facilities to its members. We have perused the order in the assessee’s own case for A.Y 2012-13 as allowed assessee claim as relying on GOA VERSUS JAYALAKSHMI MAHILA VIVIDODESHAGALA SOUHARDA SAHAKARI LTD. AND DWARKA SOUHARDA CREDIT SAHAKARI LTD. [2012 (8) TMI 185 - ITAT PANAJI] and BULDANA URBAN CO-OPERATIVE CREDIT SOCIETY LTD. [2013 (12) TMI 237 - ITAT NAGPUR] appellant cannot be held as a cooperative bank, hence deduction claimed u/s 80P(2)(a)(i) cannot be denied to it I find that the A.O in the present AY has nowhere led any facts to show that banking facilities such as cheque books, drafts have been provided. Neither is it the case of the A.O that facilities have been provided to members of the general public without restricting on/v to its own members. On facts therefore the A.O has not demonstrated as to how the appellant qualifies to be a bank. Thus hold that the appellant is a cooperative society and not a cooperative bank and is therefore eligible for deduction u/s 80P(2)(a)(i). A.O is accordingly directed to allow the deduction claimed by the appellant - Decided against revenue.
|