TMI Blog2019 (4) TMI 207X X X X Extracts X X X X X X X X Extracts X X X X ..... nother is possible. Thereafter the Tribunal held that the deduction u/s.80P can only be applied to a cooperative society registered under the Karnataka Co- Operative Societies Act, 1959 and thereafter the matter was restored back to the AO for fresh decision after making necessary enquiry and investigation. In the present case, the facts are identical and one more plea was raised pertaining to mutuality. Thus following the decision of Citizen Cooperative Society (2017 (8) TMI 536 - SUPREME COURT) and Udaya Souharda Cooperative Society (supra), we remand the appeal to the file of the CIT (A) to decide the issue afresh in the light of the observations made hereinabove - Appeal of the Revenue allowed for statistical purpose. - I.T.A No.748 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the assessee is a co-operative society meant for its members only and whether any income was earned by way of investment/loans etc to non-members (5) The Id.CIT(A) erred in not applying the ratio of the decision of Hon'ble Supreme Court in the case of Citizen Co-op Society Ltd, Hyderabad v. ACIT, C-9(1), Hyderabad in Civil Appeal No.10245 of 2017 (Arising out of SLP (C) No.20044 of 2015) dated 8.08.2017since the assessee is also catering to the category of members called associate members which is not akin to regular member. (6) The Id.CIT(A) erred in coming to the conclusion that the assessee society is a co- operative society meant only for its members and eligible for deduction u er section 80P(2)(a)(i) ignoring the ratio laid ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ee and came to the conclusion that the assessee is not entitled for deduction u/s.80P(2)(a)(i) because the principle of mutuality is not followed. 04. Per contra, the Ld. AR relies on the decision of the Tribunal in the matter of M/s. Udaya Souharda Credit Co operative Society Ltd [ITA No.2831/Bang/2017, dt.17.08.2018. The Ld. AR submitted that the assessee is not into banking business and therefore no licence is required from the RBI. Further it was submitted that the assessee is registered under the Karnataka Cooperative Societies Act, 1959, and therefore the assessee is entitled to deduction u/s.80P(2)(a)(i) of the Act. 05. We have heard the rival contentions and perused the material on record. We have reproduced hereinabove, para ..... X X X X Extracts X X X X X X X X Extracts X X X X
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