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2015 (10) TMI 1594 - ITAT MUMBAI

2015 (10) TMI 1594 - ITAT MUMBAI - TMI - Deduction under section 80P(2)(a)(i) denied - Held that:- So far as activity of doing the insurance of its members-creditors is concerned, the same can be safely said to be connected to the business activity of providing loan to the members of the society. Moreover, the concept of mutuality will also be applicable to such commission income and policy charges, etc. However, the commission income and policy charges received from non-members though the borro .....

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ted that the assessee society has incurred some expenditure in the course of earning interest income and from doing the insurance of non-members-borrowers and that the expenditure so incurred is required to be deducted and only the net income is liable to be taxed, we find force in this contention of the assessee. Only the net income from non-members is required to be taxed. The Assessing Officer is, therefore, directed to re-compute the taxable income accordingly. - Decided against assessee. - .....

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e sustaining of the additions made by the Assessing Officer consequent to denial of its claim of deduction under section 80P(2)(a)(i) of the Income Tax Act, 1961 (for short "the Act"). 2. Brief facts of the case are that the assessee is a Co-operative Credit Society of the employees of Reserve Bank of India. The major activity of the assessee is in the nature of obtaining contributions from its members and lending the amount so received from such contribution to its members on interest .....

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non-members was not eligible for deduction under section 80P, as the same is restricted to the business of providing credit facilities to the members of the society only. It was submitted by the assessee that the impugned loan amount was given by the society to its employees which was incidental or conducive to the attainment of objects of the society. It was also submitted that the LIC agency was obtained and the insurance of the members was done for the purpose of securing the loan amount. The .....

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that the assessee was not eligible for deduction under section 80P of the Act in respect of interest, insurance commission and LIC charges received from non-members of the assessee society. Aggrieved by the order of the learned CIT(A), the assessee has come in appeal before us. 5. The learned Counsel for the assessee has vehemently stressed that the act of giving loan to the staff members of the society was incidental to the business activities of the assessee of providing credit facilities to i .....

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gross total income includes any income from the activities as referred to in the said section, then the whole of such income attributable to any or more of such activities, as mentioned in sub-section (2) of section 80P of the Act, shall be deducted. We are here concerned with the activity of carrying on the business of banking or providing credit facilities to its members by a co-operative society. The other activities mentioned in the relevant section are not carried on by the assessee society .....

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