2016 (1) TMI 1455

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....n the following paragraphs of this order. ITA No.6903/M/2013 (By Revenue) 2. This appeal filed by the Revenue on 28.11.2013 is against the order of the CIT (A)-33, Mumbai dated 2.9.2013 for the assessment year 2010-2011. 3. In this appeal, the only issue raised by the Revenue relates to the allowability of relief u/s 80P of the Act in respect of the income of the assessee when the assessee is a "credit cooperative society‟. In the assessment, AO treated the same as a "credit cooperative bank‟. During the first appellate proceedings, CIT (A) examined the facts relevant to the definition of "credit cooperative society‟ as well as the applicable citations and came to the conclusion that the assessee is not a "bank&#8....

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....t Sanstha 24 taxman.com 127 Pune Tribunal, and (b) DCIT vs. Jayalkshi Mahila Vividodeshagala Souharda Sahakari Ltd 23 taxmann.com 313 Panaji Tribunal, where the activities of the assessees were limited to the members of a specific group and the area of operation was also limited to the acceptance of deposits of the members and providing credit facilities only to the members, which have been held as not falling under the banking activities as defined in the Banking Regulation Act. Therefore, respectfully following the aforesaid decisions of the ITAT Pune and Panaji Benches, the appellant also cannot be held as a Cooperative Bank, hence the deduction claimed u/s 80P(2)(a)(i) cannot be denied to it. The AO is accordingly directed to allow the ....

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...., issue raised in the Revenue‟s appeal is dismissed. 8. In the result, appeal of the Revenue is dismissed. ITA No. 7465/M/2013 (By Assessee) 9. This appeal filed by the assessee on 18.12.2013 is against the said order of the CIT (A)-33, Mumbai dated 2.9.2013 for the AY 2010-2011. 10. In this appeal, the only issue raised by the assessee in this appeal relates to the taxing of the "commission income‟ of Rs. 2,76,216/- under the head "income from other sources‟. Giving the facts on this issue, Ld Counsel for the assessee demonstrated that certain vendors are allowed to market their products to the members of the credit cooperative society and the credit cooperative society has the responsibility of recovering the....