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TMI Blog2020 (5) TMI 376X X X X Extracts X X X X X X X X Extracts X X X X ..... ion would show that souharda co-operatives are also one form of co-operative societies registered under a law in force in the State of Karnataka for registration of co-operative societies. Therefore the conclusion of the revenue authorities that co-operative societies and co-operatives are different and that co-operative registered as Souharda Sahakari cannot be regarded as co-operative societies is unsustainable. Assessee should be allowed deduction u/s.80P(2)(a)(i) of the Act, as the ground on which the same was denied to the Assessee is held to be incorrect. Other conditions for allowing deduction u/s. 80P(2)(a)(i) needs to be examined by the AO. Remand the question of allowing deduction u/s. 80P(2)(a)(i) to the AO, except the issue a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eet. 9. The ld.AO erred in levying interest u/s 234B 234C of the Act. 3. The facts of the case in brief are that the assessee itself has declared as a co-operative providing financial services and credit facilities to its members. For the assessment year 2016- 2017, the assessee has filed its return of income electronically on 23.09.2016 by declaring total income of ₹ 7,46,770 after claiming deduction u/s 80P of the Act, for ₹ 24,77,850. The case has been selected for scrutiny and notice u/s 143(2) of the Act was issued and served on the assessee. In response to the notice u/s 143(2) dated 26.09.2017 and subsequent notices u/s 142(1), the assessee submitted the details / information called for through e-filing portal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Society Ltd. Vs. ITO ITA Nos. 2606 2607/Bang/2017 in which the Tribunal followed the decision of ITAT Bangalore Bench in the case of M/s. Udaya Souharda Credit Co-operative Society Ltd. ITA No.2831/Bang/2017 order dated 17.8.2018 in which the issue whether souharda registered under the Karnataka Souharda Sahakari Act, 1997 can be regarded as co-operative society entitled to benefit of deduction u/s.80P(2)(a)(i) of the Act was remanded to the AO for fresh consideration. We are of the view that in the present case, the AO and CIT(A) have already considered this issue in the light of the Karnataka Souharda Sahakari Act, 1997 and therefore this issue has to be decided by me and cannot be remanded to the AO as was canvassed by the Revenue. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... -operative societies in the state of Karnataka. A Panchayat, a Cooperative society and a School for every village were considered as the three pillars of the integrated community development. As time passed by, other aspects were included into the Cooperative act thus heralding the resurgence of a new era in cooperative movement. The state and the central governments were investing millions of rupees in the form of shares, grants, subsidy, contributions, government support, etc., but the expected results couldn t be achieved in cooperative movements. This condition continued almost until early 1980s. 9. Keeping this in mind, the Central Government setup a committee under the Chairmanship of Shri Ardhanarishwaran, which submitted its re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... owned, managed and controlled by members as accountable, competitive, self-reliant and economic enterprises guided by cooperative principles and matters connected therewith; WHEREAS it is expedient to provide for recognition encouragement and voluntary formation of co-operatives based on self-help, mutual aid, wholly owned, managed and controlled by members as accountable, competitive self-reliant and economic enterprises guided by co-operative principles and for matters connected therewith; BE it enacted by the Karnataka State Legislature in the Forty-eighth Year of Republic of India as follows:- 10. The Souharda Cooperatives enjoy functional autonomy in design and implementation of their Business plans, customer service activities, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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