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2020 (3) TMI 45 - AT - Income TaxDeduction u/s 80P[2][a][i] & 80P [2][d] - income derived from business of providing credit facilities to its members and Godown rent earned by the appellant under the facts and in the circumstances of the appellant's case - HELD THAT:- Assessee is an Agricultural Co-operative Society, registered under the Karnataka Co-operative Societies Act, 1959. The assessee filed its return of income for the assessment year 2016-2017 declaring total income of ₹ 8,23,810 after claiming deduction u/s 80P. The return of income was selected for scrutiny through CASS. The Assessing Officer noticed that the principles of mutuality were violated by the assessee-society and therefore denied the deduction in view of the Hon’ble Supreme Court judgment in the case of M/s.Citizen Co-operative Society Ltd. [2017 (8) TMI 536 - SUPREME COURT]. Tribunal in the case of Sindhu Credit Souharda Sahakari Niyamita [2019 (12) TMI 1277 - ITAT BANGALORE] , respectfully following the same, we remit the matter to the file of the Assessing Officer for adjudication afresh, on similar line. - Decided in favour of assessee allowed for statistical purposes.
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