2023 (5) TMI 372

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...., A.S.G. (Not present) Ms. Aakansha Kaul, Adv. Mr. Raj Bahadur Yadav, AOR Mr. Akshay Amritanshu, Adv. Mr. Ashok Panigrahi, Adv. Ms. Niranjna Singh, Adv. Mr. Rupender Singhmar, Adv. Mr. Naman Todon, Adv. For Respondent(s) Mr. Sachin Patil, AOR Mr. Geo Joseph, Adv. Mr. Risvi Muhammed, Adv. Mr. Durgesh Gupta, Adv. Mr. C. Aravind, Adv. ORDER Feeling aggrieved and dissatisfied with the impugned or....

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....ciety Ltd. (supra),the Special Leave Petition has been dismissed, having heard learned counsel appearing on behalf of the respective parties, the issue involved in the present appeal is squarely covered against the Revenue in view of the decision of this Court in Mavilayi Service Cooperative Bank Limited and Others Vs. Commissioner of Income Tax, Calicut and Another (2021) 7 SCC 90. This Court, in....

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....ence between the credit societies giving credit to their own members only and the Banks providing banking services including the credit to the public at large also. There are concurrent findings recorded by CITA, ITAT and the High Court that the respondent/Assessee cannot be termed as Banks/Cooperative Banks and that being a credit society, they are entitled to exemption under Section 80(P)(2) of....