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1 - 6 of 6 (0.27 seconds)The Maharashtra Co-Operative Societies Act, 1960
M/S The Totgars Co-Operative Sale ... vs The Income Tax Officer on 30 September, 2008
9. Regarding whether the interest and dividend earned by the assessee
from Co-operative Bank is eligible for claim u/s. 80P2(d) of the Act, the ld.
DR placed on record the decision of Hon'ble High Court of Karnataka in the
case of The Totagars Co-operative Sale Society (supra) wherein in paras 13,
14 and 15 it is clearly observed that a Co-operative Bank may have the
corporate body or skeleton of a Co-operative Society but its business is
entirely different and that is the banking business, which is governed and
regulated by the provisions of the Banking Regulation Act, 1949. Further,
the Hon'ble High Court held that only the Primary Agricultural Credit
Societies with their limited work of providing credit facility to its members
continued to be governed by the ambit and scope of deduction u/s. 80P of
the Act. For ready reference para 13, 14 and 15 are reproduced here-in-
below :
Pr. Commissioner Of Income Tax 3 Nagpur vs Ballarpur Industries Ltd. on 22 April, 2019
7. In reply, the ld. DR, Shri Deepak Garg submits that the amount in
question was not credited to the profit and loss account and the assessee
did not file income tax return and computation before this Tribunal.
Further, the assessee did not claim the deduction in return of income.
Referring to the contentions made with regard to pages 99, 91, and 80, he
submitted that the assessee made no specific claim u/s. 80P2(d) of the Act.
The AO without examining the details of said claim, accepted the
submissions of assessee straightway and allowed deduction which is a lack
of enquiry as rightly held by the Pr. CIT. Further, the ld. DR prayed to take
on record written submissions filed by him. He referred to decision of
Hon'ble High Court of Bombay in the case of CIT Vs. Ballarpur Industries
Ltd. reported in (2017) 85 taxmann.com 10 (Bombay) and submitted that
the AO has not examined the claim before him in detail and no opinion
whatsoever rendered by him on the claim made by the assessee. He
argued that the principle laid down by the Honb'ble High Court of Bombay
in the said case is applicable to the facts on hand.
Finance Act, 2015
Section 142 in The Maharashtra Co-Operative Societies Act, 1960 [Entire Act]
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