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Income Tax Officer,Patan Ward-3,, ... vs Sardar Patel Co.Op.Credit Society ... on 23 December, 2016
cites
Sai University Act, 2018
State Bank Of India (Sbi) Employees ... vs Commissioner Of Income Tax, Ahmedabad 1 on 11 November, 2016
9. We further observe that ld. DR has relied on the judgment of
Hon. Jurisdictional High Court in the case of SBI vs. CIT(supra)
wherein facts of the case were that Co-op. Society registered with
object of accepting deposits from salaried persons of SBI was not
engaged in the business of banking except to give facilities to those
who were employees of SBI and surplus funds in form of deposits
were made with SBI giving rise to interest income. The only issue
ITA No. 2941/Ahd/2013 7
Asst. Year 2010-11
which arose in this appeal was "whether the interest derived by
depositing surplus funds with bank by a credit co-op. society are
eligible for deduction u/s 80P(2)(a)(ia) of the Act" and Hon.
Jurisdictional High Court decided the issue in favour of Revenue.
However, the facts in the appeal before us are quite different because
the issue before us is "whether the assessee, a credit co-op. society
falls under the category of bank as envisaged under the provisions of
section 80P(4) of the Act."
Section 5 in Sai University Act, 2018 [Entire Act]
Section 80P in The Income Tax Act, 1961 [Entire Act]
Jafari Momin Vikas Co-Op. Credit ... vs Assessee on 4 September, 2012
In the light of the decision of the Co-ordinate Bench in the case
of M/s Jafari Momin Vikas Co-op. Credit Society Ltd. vs. ITO (supra),
detailed speaking order of ld. CIT(A) and in the given facts of the
ITA No. 2941/Ahd/2013 9
Asst. Year 2010-11
case we observe that assessee credit co-op. society is not carrying
on the activity in the nature of banking business and is also not
registered under the Banking Regulation Act and is only confined for
accepting and providing finance to its members. Further on going
through the definition of banking as per the Banking Regulation Act -
C.I.T.-Iii vs The Baroda Peoples Co-Op. Bank Ltd. on 29 July, 2005
Considering the above facts, it is clear that the appellant is not allowed to
do banking business as defined under Banking Regulation Act and therefore, is
not a co-operative bank. Therefore, it is not excluded from the benefit of
deduction u/s 80P(2)(a)(i) of the IT Act as it does not fall under the exceptions as
provided u/s 80P(4). I have also noted the decision of Hon'ble ITAT Mumbai
Bench in the case of Salgaon Sanmitra Sahakari Pathped Ltd, 12 taxmann.com
246 ; where both the CIT (Appeals) and the ITAT have held that the corporative
credit society in that case was not a co-operative bank. I also respectfully agree
with the decision of the ITAT Bangalore "B" Bench in the case of ACIT Vs M/s.
Bangalore Commercial Transport Credit Co-operative Society Ltd in ITA
No.l069/Bang/2010 for AY 2007-08 dated 08/04/2011 which has decided the
issue in favour of the appellant.
Section 56 in The Income Tax Act, 1961 [Entire Act]
The Advocates Act, 1961
The Bihar Finance Act, 2006
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