INCOME TAX ACT, 1961

Section 80P(2)

Deduction under section 80P(2) - Allowability - Assessee carrying of banking business -

Issue arose for consideration as to whether Tribunal was right in allowing the relief to assessee by holding that assessee being Co-operative Credit Society was not a Co-operative Bank, hence entitled for deduction under section 80P(4), despite the fact that assessee was carrying on the banking business and was categorized as Co-operative Bank. Held: Tribunal dismissed Revenue's appeal by relying upon the decision of its co-ordinate Bench in the case of Kulswami Co-operative Society [[ITA Nos. 3223/Mum/2011 & 505/Mum/2012, dt. 28-3-2014]] and question as proposed did not give rise to any substantial question of law.

REFERRED : Totgars´ Cooperative Sale Society Limited v. ITO (1998) 229 CTR 209 (Bom) : 1998 TaxPub(DT) 0665 (Bom-HC) CIT v. Shri Kulswami Coop. Credit Society Ltd. (Income Tax Appeal No.1682 of 2014, decided on 20-3-2017) Annasaheb Patil Mathadi Kamgar Sahakari Patpedhi Maryadit v. CIT [I.T.A. No.2774/Mum/2014, dt. 23-9-2016] ITO v. Kulswami Coop. Credit Society Ltd. [ITA Nos. 3223/Mum/2011 & 505/Mum/2012, dt. 28-3-2014] CIT v. The Goa Staff Co-Operative Housing Finance & Federation Ltd. (2016) 242 taxman 0366 (SC) : 2016 TaxPub(DT) 4360 (SC) ACIT v. Quepem Urban Cooperative Credit Society Ltd (2015) 63 taxmann.com 300 (SC)

FAVOUR : In assessee's favor

A.Y. :

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