2019 (6) TMI 86

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....umbai in ITA no. 862/Mum/2017 for AY 2012-13. The brief facts of the case are that the assessee had claimed deduction u/s 80P of the 1961 Act to the tune of Rs. 82,46,705/- on the grounds that the assessee is a co-operative credit society and the assessee is granting loans to its members. The assessee claimed that it provides credit facilities to its members only and hence it is entitled for deduction u/s 80P(2)(a)(i) of the 1961 Act to the extent of whole of its profits and gains from business of providing credit facilities to its members. The Assessing Officer was of the view that the assessee is not entitled for deduction u/s 80P(2)(a)(i) of the 1961 Act by holding that the assessee is a Co-operative Bank in the category of primary co-op....

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....Hyderabad in Civil Appeal No. 10245 of 2017 (arising out of SLP(C) No. 20044 of 2015) ; 397 ITR 1 dealing with nominal members and it was held that for limited purposes of verification of as to the rights, roles, entitlements, duties and responsibilities of these nominal members in context of aforesaid decision of Hon'ble Supreme Court in the case of The Citizen Co-operative Society Limited(supra), this matter need to be restored to the file of the AO for limited verification to see whether there is a breach of principles of mutuality as to whether there is a complete identity between contributor or participant of surplus or not . The authorities below did not look into this aspect of nominal members being enrolled by the assessee who are r....