TaxTMI 
TaxTMI 
2020 (1) TMI 1692
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.... to law and facts of the case. 2. The learned Commissioner of Income Tax (Appeals), Belgaum erred in treating the appellants as not eligible for deduction as they are not registered under the Cooperative Societies Act as defined under 80P of the Income Tax Act-1961, ignoring ITAT Panaji Bench case of ITO Ward 1(5), Belgaum V/s Shri Jai Jinedra Credit Souhard Sahakari Niyamit ITA No. 151/PNJ/2015 Dt : 04.08.2015. 3. The learned Commissioner of Income Tax (Appeals), Belgaum erred in following ITAT "C" Bench Bangalore case of Udaya Souhard Credit Cooperative Society V/s ITO Ward 5(2)(4), Bangalore ITA No 2831/Bang/2017 dated 17.08.2018 even when ITAT Panaji Bench case of cited above favourable to the assessee where in it was held that "s....
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....Ltd., Vs. ACIT reported in 391 ITR 1 is not applicable in the present case because in that case, the assessee society was following the relevant provisions of Co-operative Societies Act and because of this reason, it was held by the Hon'ble Apex Court that the assessee society is not a Co-operative Society and hence is not eligible for deduction under section 80P of the Act. In reply, the learned AR of the assessee had nothing to say. Learned DR of the Revenue supported the orders of the authorities below. He also placed reliance on the Tribunal order rendered in the case of M/s. Athmashakthi Multipurpose Co-operative Society Ltd., Vs. ITO in ITA Nos.1220 & 1221/Bang/2019 dated 18.10.2019 and he submitted a copy of this Tribunal order and p....
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.... a maximum of 15% Associated Members of total regular members prescribed under the Karnataka Societies Act, 1959. In the light of these facts, the Tribunal orders cited by the learned DR of the Revenue are squarely applicable. For ready reference, I reproduce para No.5 of the Tribunal order cited by him having been rendered in the case of /s. Vikasha Vividhoddesha Sahakara Sangha Niyamitha Vs. ITO (supra). This para reads as under: "5. I have considered the rival submissions. I find that the tribunal order cited by the learned DR of the revenue is squarely applicable in the present case because learned AR of the assessee could not controvert the categorical finding of CIT (A) regarding violation of the provisions of Karnataka Co Operative....