2016 (9) TMI 909

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.... a Co-operative Bank mainly involved in lending credit facilities to its members in nature of bank transaction, treated on par with the new clause introduced in the definition of income in section 2(24)(viia) of the Act and comes under the purview of section 80P(4) w.e.f 1/4/2007?:" 2. When the matter is taken up for hearing, the learned Counsel for the appellants-Revenue fairly conceded that the matter is covered by the decision of this Court in ITA No.273/2013 dated 27.06.2014 and hence he prays that the matter be disposed of in terms of the said judgment. 3. We may record that in the above referred decision of this Court dated 27.06.2014 it was observed thus: "This appeal is preferred by the revenue challenging the order passed by t....

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....vings bank account, current account, issue letter of credit, discounting bills of exchange, issue cheque, demand drafts, pay orders, gift cheques, lockers, bank guarantees etc.   3. Society cannot act clearing agent, for cheques, DDs, pay orders and other forms. 4. Society are bound by rules and regulations as specified by in the co- operative societies act.   Filing of returns   Co-operative banks have to submit annual return to RBI every year   Society has to submit the annual return to Registrar of Societies.   Inspection   RBI has the power to inspect accounts and over all functioning of the Bank   Registrar has the power to inspect accounts and over all functioning of the bank. ....