TaxTMI 
TaxTMI 
2020 (3) TMI 933
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....re the Bench that the arguments advanced in ITA 1006/CHD/2017, would fully apply to the facts, circumstances and arguments in ITA 1598/CHD/2018. 2. The ld. AR submitted that in the facts of the present case, the assessee has been granted 80P deduction in the earlier years and only in these two years, the claim has been denied. The assessee, it was submitted, is Co-operative House Building Society wherein the only activity is the borrowings made from the members and the non-members. The amounts, it was submitted, are further advanced only to the members for a housing loan and not for any other purpose. It was submitted that the maximum limit for advancing housing loan to a member was also fixed at Rs. 2.50 lac. It was his submission that no....
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....ara 3 wherein he categorically observes that the assessee-society does not confirm to the scheme of Section 80P of the Income Tax Act. The specific reasons set out in the order were required to be addressed by the ld. AR. These are extracted hereunder for ready reference: (a) The Society has accepted deposits from non-members by opening savings bank account, FD Account and R.D. Account of non-members. (b) The Society has staked surplus funds in the long-term deposits with Co-operative Bank, Sirhind and had earned interest amounting to Rs. 98,71,332/- on such deposits. 5. The ld. AR in response referred to the submissions advanced before the AO on 15.07.2016 extracted in para 3.1 of the order. A perusal of the same shows that the assess....
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....e members only. The ld. AR in this factual background was required to address referring to the by-laws of the society as to on what terms and conditions, the non-members were depositing money. The ld. AR submitted that in the Paper Books filed, copy of by-laws has not been provided, though one copy maybe available with him. The ld. AR's attention was invited to the order sheet entry, dated 29.04.2019, where he was specifically required to verify whether the assessee-Society was a Banking Co-operative Society having the License/Authority to do so. 8. The ld. AR submitted that the said information is not readily available with him. In the circumstances, ultimately he agreed that the matter maybe remanded back to be decided in accordance ....
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....of the principle on facts of certain cases, the Courts and the Tribunals would set right the mistake. Thus, the generalistic argument that the decision rendered by the Apex Court in the case of M/s Totgar Co-op Sale Society Ltd. is no longer good law has to be outrightly repelled. The principle laid down in the said decision has been followed in each and every case and cannot be ignored at the whims of the assessee. 11. In the facts of M/s Totgar Co-op Sale Society Ltd., the assessee was a Co-operative Society engaged in providing credit facilities to its members and marketing the agricultural products of the members. The interest earned by the assessee-society by investing the surplus funds in short-term deposits and government securities....