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2018 (3) TMI 309

ban Co-operative Credit Society ltd., Vs ACIT Circle-1 [2015 (6) TMI 573 - BOMBAY HIGH COURT] held that assessee-Co-operative society is eligible for deduction u/s. 80P. The finding recorded by CIT(A) has not been controverted by learned DR by bringing any positive material on record. No reason to interfere in the order of CIT(A). - Decided against revenue - ITA No.4058/Mum/2017 - Dated:- 6-3-2018 - SHRI R.C.SHARMA, AM For The Revenue : Ms. Aarju Garodia For The Assessee : Shri Parrati Ganesh ORDER PER R.C.SHARMA (A.M): This is an appeal filed by Revenue against the order of CIT(A)-37, Mumbai dated 15/03/2017 for A.Y.2012-13 in the matter of order passed u/s.143(3) of the IT Act. 2. Only grievance of Revenue relates to allowing claim of ded .....

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in sections 80P(4), where as a cooperative Bank is to be treated as a co-operative Society for the purpose of allowing deduction as per section 80P(2)(d). 5.8 The Hon'ble Bombay High court as Goa, in the case of M/s. The Quepem Urban Co-operative Credit Society ltd., Vs ACIT Circle-1, Margoa in Tax Appeals No. 22, 23, & 24 of 2015 has examined the issue in detail and after considering al the relevant provisions and facts of the case has come to a conclusion and held that the assesses could not be considered to be a Co-operative Bank for the purpose of sections 80P(4) of the Act. Further, Hon'ble Income tax Appellate Tribunal A Bench, Mumbai in the case of Lands End Co-operative Housing Society Ltd. vs ITO, in ITA No. 3566/Mum/20 .....

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decided on 24 August, 2016 is held that. Thus it is amply clear that a cooperative society can only avail deduction u/s 80P(2)(d)(i) in respect of its income assessable as business income and not as income from other sources if it carries on business of the banking or providing credit facilities to its members and has income assessable under the head business whereas for claiming u/s 80P(2)(d) it must have income of interest and dividend on investments with other Co-operative society may or may not be engaged in the banking for providing credit facilities to its members and the head under which the income is assessable is not material for the claim of deduction under this section. The provisions of section 80(P)(2)(d) of the Act provides fo .....

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ve heard rival parties and have gone through the material placed on record. We find that total income earned by the assessee included income on fixed deposits placed with Bombay Mercantile Bank, interest income from a scheduled bank and dividend income from Delhi Cooperative Bank. From the certificate as placed at paper book page 30, we find that Bombay Mercantile Cooperative Bank is a cooperative society registered under Maharashtra Cooperative Societies Act and we further find that the said society has been assessed u/s 143(3) as a cooperative society and its income was allowed to be exempt u/s SOP(2) (i) as held by Mumbai Tribunal in I. T.A. No. 4128 and 4129 vide its order dated 30.11.2005, for Assessment Year 1990-91 and 1991-92 and fu .....

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ents of the appellant and draw strength from various judicial pronouncements of the jurisdiction at ITAT like The Nutan Laxmi Chs Ltd, Mumbai vs Assessee decided on 24 August, 2016, Lands End Cooperative Housing Society Ltd vs. I.T.O. I.T.A. No. 3566/Mum/2014 (ITAT) dated 15-01-2016 and ACIT vs. M/s. Jawala Cooperative Urban Thrift & Credit Society Ltd. A Cooperative Bank is always registered under the relevant Co-operative Societies Act of the relevant State. However, during the appellate proceedings, appellant has submitted that the claim of deduction u/s.80P has been accepted in the subsequent year and no addition on the above ground has been made in the AY 2013-14 and AY 2014-15 In view of above, the appellant is entitled to claim o .....

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