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Documents citing Commissioner Of Income Tax vs Haryana State Co-Operative Housing ... on 4 March, 1989

Grain Merchants Co-Op.Hsg. Ltd, Mumbai vs Pr.Cit-28, Mumbai on 25 July, 2018

S V PAREKH However no notice issued by the AO seeking such details post assessment is produced and there was no occasion for the AO to have asked the assessee for the explanation so sought is brought on record . It is submitted by ld. Counsel for the assessee that occasion could be the revenue audit objections or it may be that prior to the invocation of revisionary powers by learned Pr. CIT under section 263 of the 1961 Act, it was considered appropriate that 6 I.T.A. No.2187/ Mum/2018 the enquiries be made by the AO . It was submitted by learned counsel for the assessee that the AO has duly considered the assessee‟s activities which are in context of being a housing society dealing with its members on the basis of mutuality and deployment of surplus funds with banks/Co- operative Banks. Thus it was submitted by learned counsel for the assessee that AO has passed assessment order u/s 143(3) of the 1961 Act after due consideration and application of mind. It was submitted by learned counsel for the assessee that co-operative banks are also cooperative societies and hence deduction u/s. 80P(2)(d) cannot be denied to the assessee. It was submitted that one of the possible and plausible view was taken by the AO while framing assessment u/s 143(3) by allowing deduction u/s 80P(2)(d) on interest earned on deposits with co-operative banks and hence learned Pr. CIT cannot interfere with assessment order passed by the AO u/s 143(3) as it is neither erroneous nor prejudicial to the interest of revenue. The assessee relied upon the decision of ITAT-Mumbai in the case of Lands End Co-operative Housing Society Ltd. in ITA no. 3566/Mum/2014 for AY 2009- 10 dated 15.01.2016 , decision of Hon‟ble Punjab and Haryana High Court in the case of CIT v. Haryana State Co-Operative Society (1998) 234 ITR 714(P&H HC) , decision of Hon‟ble Himachal Pradesh in the case of CIT v. Kangra Cooperative Bank Ltd. (2009) 309 ITR 106( HP HC.), and decision of Hon‟ble Supreme Court in the case of CIT(Central) v. Max India Ltd. (2007) 295 ITR 282(SC).
Income Tax Appellate Tribunal - Mumbai Cites 22 - Cited by 0 - Full Document
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