TMI Blog2022 (11) TMI 587X X X X Extracts X X X X X X X X Extracts X X X X ..... under the category of a member as provided in the Karnataka Co-operative Societies Act, 1959 and bye-laws of the society, if so, allow the exemption u/s 80P(2)(a)(i) as held by the Hon ble Supreme Court in the case of Mavilayi Service Co-operative Bank Ltd [ 2021 (1) TMI 488 - SUPREME COURT] . Thus, the matter stands remanded to the file of the Assessing Officer for fresh adjudication in accordance with law. Hence, the grounds of appeal raised by the appellant stand partly allowed for statistical purposes. - ITA No.09/PAN/2019 - - - Dated:- 10-11-2022 - Shri Inturi Rama Rao, Accountant Member For the Assessee : Shri Pramod Y. Vaidya For the Revenue : Shri N. Shrikanth ORDER PER INTURI RAMA RAO, AM: This is an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f the Act. ii) Totagar s co-operative Sale Society's case is distinguishable on facts. iii) The learned CIT(A) erred in adopting the figure of interest from loans as Rs.4,40,55,950/- instead of actual amount as per records of Rs.57,07,735/-. 3. The Appellant craves leave to add, alter, amend or modify any of the grounds of appeal. 3. Briefly, the facts of the case are as under : The appellant is a cooperative society formed with object of providing credit facilities to its members. The return of income for the assessment year 2012-13 was filed on 31.03.2014 decaling at Nil income after claiming exemption of Rs.13,87,164/- u/s 80P(2)(a)(i) of the Income Tax Act, 1961 ( the Act ). Against the said return of income, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lifies for exemption under the provisions of section 80P(2)(a)(i) of the Act. The question whether nominal members are treated on par with the members is to be decided with reference to the provisions of State Legislation under which this appellant society was formed and the bye-laws governing the appellant society. I have carefully gone through the orders of the lower authorities and find that the lower authorities had failed to decide the issue with reference to the provisions of the Statute under which the appellant society was formed and the bye-laws of the appellant society. Therefore, I remit the matter to the file of the Assessing Officer to decide the issue whether a nominal member also falls under the category of a member as p ..... X X X X Extracts X X X X X X X X Extracts X X X X
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