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TMI Blog2019 (6) TMI 86X X X X Extracts X X X X X X X X Extracts X X X X ..... ws firstly active members and second nominal members. The active members can give deposit , take loans and also are entitled to vote at the meetings but there is another class of members namely nominal members who are retired employees of Tata Memorial Hospital who cannot give deposits to assessee, nor take loans from assessee as well these nominal members are not entitled to vote at the meetings - assessee is now seeking recall of the said well reasoned order dated 31.07.2018 passed by tribunal on the grounds that there was no dispute between the Revenue and the assessee as to the nominal members and also it is made out that facts in the case of Citizen Co-operative Society Limited [ 2017 (8) TMI 536 - SUPREME COURT] were different HEL ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rising out of assessee s appeal in ITA No.862/Mum/2017 for assessment year 2012-13 seeking recall of the appellate order dated 31.07.2018 passed by Income-Tax Appellate Tribunal, E Bench , Mumbai in ITA no. 862/Mum/2017 for AY 2012-13. The brief facts of the case are that the assessee had claimed deduction u/s 80P of the 1961 Act to the tune of ₹ 82,46,705/- on the grounds that the assessee is a co-operative credit society and the assessee is granting loans to its members. The assessee claimed that it provides credit facilities to its members only and hence it is entitled for deduction u/s 80P(2)(a)(i) of the 1961 Act to the extent of whole of its profits and gains from business of providing credit facilities to its members. The Ass ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... These nominal members can only place their retirement benefits with assessee and get interest on the same. The tribunal observed that there is a recent judgment of Hon ble Supreme Court in the case of The Citizen Co-operative Society Limited v. ACIT, Hyderabad in Civil Appeal No. 10245 of 2017 (arising out of SLP(C) No. 20044 of 2015) ; 397 ITR 1 dealing with nominal members and it was held that for limited purposes of verification of as to the rights, roles, entitlements, duties and responsibilities of these nominal members in context of aforesaid decision of Hon ble Supreme Court in the case of The Citizen Co-operative Society Limited(supra), this matter need to be restored to the file of the AO for limited verification to see whether th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... there was any breach of mutuality . The learned DR has strongly objected to recall of the appellate order passed by tribunal on 31.07.2018 . The scope available with tribunal u/s 254(2) is limited to correcting mistakes apparent from records and we do not find any mistake apparent from records in well reasoned order dated 31.07.2018 passed by tribunal in view of recent decision of Hon ble Supreme Court in the case of The Citizen Co-operative(supra), as in case of the assessee there is also an class of nominal members who are not entitled to give deposits, take loans or even they are not allowed to vote in meetings but they are only allowed to place their retirement benefits. Thus, we find there is no mistake apparent from records in the ap ..... X X X X Extracts X X X X X X X X Extracts X X X X
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