TMI Blog2018 (10) TMI 987X X X X Extracts X X X X X X X X Extracts X X X X ..... er the Karnataka Souhardha Sahakari Act 1977 has been examined by Tribunal in the case of M/s Udaya Souharda Credit Co-operative Society Limited [2018 (8) TMI 1063 - ITAT BANGALORE] in which it has been held that a Society has to be registered under the Karnataka Society Act 1977 as Cooperative society for claiming deduction under 80P of the Act. Matter was to be referred to the AO to examine whether the assessee was registered under the Karnataka Cooperative Souhardha Act or Karnataka Cooperative Society Act to make eligible for deduction under sec. 80P of the Act. In the instant case undisputedly there is a reference of registration No. on the 1st page of bye laws. Therefore it becomes necessary to verify that in what connection the re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ess and ₹ 32,44,647/- being the interest received by the appellant from its investment and claimed deduction under the provisions of section 80 P [2][d] of the Act on the facts and circumstances of the case. 4. The learned Commissioner of Income-tax [Appeals] failed to appreciate that the appellant is not a Co- Operative Bank within the meaning of Part - V of the Banking Regulation Act, 1949, to which the Explanation to section 80 P [4] of the Act draws reference and consequently, the provisions of section 80 P [4] of the Act are not applicable to the case of the appellant. 5. The learned Commissioner of Income-tax [Appeals] is not justified in holding that the Appellant has violated the bye-laws and the Karnataka Societies ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 234 B of the Income Tax Act under the facts and circumstances of the case. Further the levy of interest under section 234 B of the Act is also bad in law as the period, rate, quantum and method of calculation adopted on which interest is levied are all not discernible and are wrong on the facts of the case. 10. The appellant craves leave to add, alter, substitute and delete any or all of the grounds of appeal urged above. 11. For the above and other grounds to be urged during the hearing of the appeal the Appellant prays that the appeal be allowed in the interest of equity and justice. 2. During the course of hearing, the learned DR has invited our attention to the order of the AO with the submission that AO has recorded that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o-operative Society Act. The ld counsel for the assessee however agreed that let the matter be sent back to AO for readjudication of the issue in the light of the judgment of the Apex Court in the case of the Citizen Co-operative Ltd. Vs. ACIT, 397 ITR 1. 5. Having carefully examined the order of the authorities below and the documents filed before us and also in the light of rival submissions, we find that assessee has placed registration certificate dated 28/6/2000 in order to demonstrate that it was registered under the Karnataka Souhardha Sahakari Act 1959 Act as Cooperative Society but side by side AO has categorically observed in its order that assessee has registered under the Karnataka Souhardha Sahakari Act 1977 and in the asst. ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
