TaxTMI 
TaxTMI 
2017 (5) TMI 1399
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....made on account of Interest earned from Non-members of the Society U/s 80p(2)(a)(i) of the Income-tax Act, 1961. 3. The CIT(A), Davanager te, erred in delet ing the addi t ions made u/s.80P(2)(a)(i) by deciding the Cooperative Societies are distinct from Cooperative Banks and deduction U/s 80P(2)(a)(i) is applicable to Co-operative Societies as well as deduction U/s 80P(2)(d). On similar issues, SLP filed in Supreme Court in the case of Sri Biluru Gurubasava Pattina Sahakari Sangha Niyamitha, Bagalkot and also in the case of M/s Honnali Urban Co-operative Society, Honnali. 4. For these reasons the order of the CIT(A) may be reversed and that of the AO may be restored. 5. For these and other grounds that may be urged upon, the order of....
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....iety and (b) The assessee should be engaged in the activity of providing Credit facility to its members. Here, in the present case, the assessee is a Co-op Society engaged in the activity of providing credit facility to its members also made transactions with non members. The Hon'ble CIT(A) while coming to the conclusion has relied on the order of Hon'ble Karnataka High Court's decision in the case of Tumkur Merchants Souharda Credit Co-op Ltd. However, it is observed in the entire order there is no discussion about non-member transactions. It is an undisputed fact that the Nationalized and Co-op Banks are not the members of the Society. Section 80P(2)(a)(i) allowable/applicable only in respect of the Societies who are dealing w....
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....iyamitha, Bagalkot and also in the case of M/s Honnali Urban Co-operative Society, Honnali. 4. For these reasons the order of the CIT(A) may be reversed and that of the AO may be restored. 5. For these and other grounds that may be urged upon, the order of the CIT(A) may be reversed and that assessment order be restored. 6. The appellant craves leave to add, alter, amend or delete any other grounds on or before hearing of the appeal. In case of a combined order or order in a group case, involving more than one assessee falling under jurisdiction of different CsIT, the CIT shall communicate the stand taken on common issues to the CIT having jurisdiction over other case(s). N.A 8. Categorization of final decision by CIT A. The app....