TaxTMI 
TaxTMI 
2020 (5) TMI 376
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....able opportunity of being heard. 3. The order is passed against the principles of natural justice and thus liable to be quashed. 4. The ld.AO erred in disallowing deduction u/s 80P of the Act and the ld.CIT(A) erred in confirming the same. 5. The ld.AO erred in concluding that the appellant is not a co-operative society within the meaning of section 2(19) as it is registered under the Karnataka Souharda Sahakari Act. 6. The ld.AO erred in denying deduction u/s 80P on the premise that the Appellant has appointed Nominal Members and the CIT(A) erred in confirming the same. 7. The ld.AO erred in denying deduction u/s 80P in respect of interest earned from Nationalized banks. 8. The ld.AO erred in computing the total income of the a....
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....sue came up before the ITAT Bangalore Benches in the case of Siddartha Pattina Souharda Sahakari Niyamitha v. ITO in ITA No.1234/Bang/ 2019, wherein the Tribunal vide its order dated 26.07.2019, remitted the matter to the files of the Assessing Officer for fresh consideration, by observing as under:- "5. I have heard the rival submissions. The learned counsel for the Assessee submitted that Souharda Sahakari registered under the Karnataka Souharda Sahakari Act, 1997 are also co-operative societies within the meaning of Sec.2(19) of the Act and therefore the revenue authorities were not justified in denying the benefit of deduction to the Assessee. The learned DR relied on a decision of the ITAT Bangalore Bench in the case of M/s. Millenni....
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....rate on the principle of co-operation and adopt the principles of co-operation. Cooperative Societies and Co-operatives are all founded on the principle of cooperation. 8. Since the beginning of mankind the concept of 'co-operation' has been the foundation for harmonious existence In India, the Co-operative Societies Act 1912 regulated formation, management, winding up and other supervision by the Government etc. This Act became the model for the provincial governments to form their own Cooperative Acts. Post- Independence, various state governments framed their own independent Cooperative Acts and the Central Government its Multi-State Cooperative Act. Accordingly, Karnataka State Cooperative Societies Act, 1959 (KSCS Act, 1959) regula....
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....s to adopt this. Accordingly, in 1997 a bill on parallel cooperative act was tabled in the state legislature of Karnataka. Demanding an early approval of this bill by both the houses of Karnataka Legislature, a committee 'Souharda Samvardhana Samithi' under the chairmanship of Justice Rama Jois came into existence. It was due to the combined efforts of Sahakara Bharathi Karnataka and Souharda Samvardhana Samithi, "The Karnataka Souharda Sahakari Act-1997 (KSSA, 1997)" was passed in the legislature. With the consent of The President of India, it was enforced from January 2001. Preamble to the Act reads thus:- "An Act to provide for recognition, encouragement and voluntary formation of Co-operatives based on self-help, mutual aid, wholly ow....