Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2022 (4) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2022 (4) TMI 1008 - AT - Income TaxExemption u/s 80P - Denying the exemption as principle of mutuality is absent in the cooperative society due to distinction in the rights of ordinary members and the nominal members - HELD THAT:- We find that assessee has submitted the details in support of claim of deduction U/sec 80P of the Act. The A.O. has observed that it is a mutually aided cooperative society and activities are confined to members only. Whereas the assessee being a cooperative society provided services to its nominal members who does not have equal rights compared to ordinary members and the concept of mutuality principle is nullified. CIT(A) was not satisfied with explanations of the assessee on the concept of mutuality and relied on the the Hon’ble Supreme Court decision in the case of Citizen Cooperative Society [2017 (8) TMI 536 - SUPREME COURT] We considering the facts, circumstances and the ratio of the Hon’ble Supreme Court decision do not find any infirmity in the order of the CIT(A) and uphold the same and dismiss the grounds of appeal of the assessee.
|