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TMI Blog2019 (4) TMI 352X X X X Extracts X X X X X X X X Extracts X X X X ..... , they have not right to interfere in the object, function in the society. Nothing came into noticed that the assessee was doing the business in public at large. There is a lot of difference between cooperative bank and cooperative society. The law relied by the Ld. Representative of the revenue i.e. Citizen Co-operative Society Ltd. speaks about this fact that the society was in the business of co-operative bank and was carrying on banking business for public at large. The factual position in the said cases is quite different to the fact of the present case. CIT(A) has decided the matter of controversy in view of the decision of Bombay High Court in the case of Quepem Urban Credit Co-operative Society [2015 (6) TMI 573 - BOMBAY HIGH COU ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 13.09.2014 for the A.Y. 2014-15 declaring total income to the tune of Rs. Nil after claiming the deduction u/s 80P of the I.T. Act, 1961. Thereafter, the return was processed u/s 143(1) of the I.T. Act, 1961. Thereafter, the case was selected for scrutiny. Notices u/s 143(2) 142(1) of the Act were issued and served upon the assessee. The assessee is an AOP running a Co-operative Credit society and doing banking business for their members. The society was also collecting deposits from members by way of fixed deposits, saving deposits and recurring daily deposits etc. The income of the assessee under the year of assessment was to the tune of ₹ 35,04,13,487/-. The assessee claimed the deduction u/s 80P(2) of the I. T. Act, 1961. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l are against the treating co-operative bank u/s 80P(4) and disallowance u/ 80P(2)(a)(i) of the I.T. Act. The AO proceeded to analyze the provisions of Sec. 80P, the Banking Regulation Act, more particularly sec 56(c)(CCV) and a number cooperative society. He has however not led any fact to show that the appellant is engaged in the business of banking. The AO has examined provision of Banking Regulation Act 1949 and tried to demonstrate how the appellant is a bank. Whether the appellant satisfies the core ingredients of banking business or not has not been examined by the AO at all. Merely because deposits hae been accepted and loan advanced, it cannot be held that the appellant is in the business of banking It is cannot the ease of the AU ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rence between cooperative bank and cooperative society. The law relied by the Ld. Representative of the revenue i.e. Citizen Co-operative Society Ltd. speaks about this fact that the society was in the business of co-operative bank and was carrying on banking business for public at large. The factual position in the said cases is quite different to the fact of the present case. The Ld. CIT(A) has decided the matter of controversy in view of the decision of Bombay High Court in the case of Quepem Urban Credit Co-operative Society 377 ITR 272 (Bom).Taking into account, all the facts and circumstances, we are of the view that the CIT(A) has decided the matter of controversy judiciously and correctly which is not liable to be interfere with at ..... X X X X Extracts X X X X X X X X Extracts X X X X
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