9911796707
TMI Blog2018 (10) TMI 1603X X X X Extracts X X X X X X X X Extracts X X X X ..... e principle of mutuality is tainted and therefore the benefit of Section 80P was denied. Whether the appellant – Assessee accepting the deposits even from the non-members has to be held enquiry afresh by the Assessing Authority. Therefore, the Tribunal has remanded the matter to the Assessing Officer for fresh enquiry and the same is in accordance with law. The Tribunal while remanding the matter ought not to have recorded any finding on merits of the case - No substantial question of law. - I.T.A.NO.100015/2018 - - - Dated:- 10-10-2018 - MR. B. VEERAPPA AND MR. H.T. NARENDRA PRASAD JJ. APPELLANT (BY SRI H.R. KAMBIYAVAR, ADVOCATE) RESPONDENTS (BY SRI Y.V. RAVIRAJ, STANDING COUNSEL FOR RESPONDENTS) JUDGMENT B. VEER ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... IT Vs. Sri Biluru Gurubasava Pattina Sahakari Sangha Niyamitha has allowed the appeal holding that the appellant - Assessee is not a Co-Operative Bank, therefore not hit by provisions of Sub-Section (4) of Section 80P of the Act and also granted relief in respect of addition of Pigmi commission. Therefore, the commission paid on the ground that TDS provisions are not applicable. Therefore, the Revenue filed an appeal in ITA No.827/Bang/2017 before the Income Tax Appellate Tribunal, A Bench, Bangalore. 5. The Income Tax Appellate Tribunal, considering the entire material on record, by the impugned order dated 31.10.2017 allowed the appeal and remanded the matter to the Assessing Officer for reconsideration afresh, in the light of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ative Society which fulfills the conditions of being Primary Co-Operative Bank as provided under the provisions of Section 5(ccv) of Banking Regulations, 1949. 10. The Tribunal considering the entire material on record in proper perspective, recorded a finding that in view of the dictum of the Hon ble Supreme Court in an identical circumstances in the case of the Citizen Co-Operative Society Ltd. Vs. ACIT reported in (2017) 397 ITR 1 (SC), wherein it was held that, business of the Society does not amount to that of Co-Operative Bank, so as to come within the mischief of Sub-Section (4) of Section 80P of the Act. Since the Assessee was catering to the needs of nonmembers also, the principle of mutuality is tainted and therefore the ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
