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TMI Blog2020 (6) TMI 405X X X X Extracts X X X X X X X X Extracts X X X X ..... rative Sale Society Ltd. [ 2008 (9) TMI 493 - KARNATAKA HIGH COURT] In view of above said legal developments, we feel it appropriate to restore all the issues to the file of the Assessing Officer for examining them afresh in the light of various decisions rendered by Hon'ble High Court and Hon'ble Supreme Court. Accordingly, we set aside the orders passed by the CIT (Appeals) in all the three years under consideration and restore them to the file of Assessing Officer for examining them afresh. Appeals filed by the assessee allowed for statistical purposes - ITA Nos.279 to 281/Bang/2020 AND S.P. Nos.92 to 94/Bang/2020 (In ITA Nos.279 to 281/Bang/2020) - - - Dated:- 15-6-2020 - Shri B.R. Baskaran, Accountant Member And Shri ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... raised in all the three appeals on merits are covered by the decisions rendered by Hon'ble jurisdictional High Court of Karnataka and Hon'ble Supreme Court, with the concurrence of both the parties, all the three appeals are taken up for hearing. 4. We heard both the parties and perused the material on record. The learned Authorised Representative submitted that the assessee is a credit co-operative society registered under Karnataka Souharda Sahakari Act. It claimed exemption under Section 80P of the Act claiming that it is a co-operative society. The Assessing Officer however rejected the claim under Section 80P of the Act by holding that the assessee is carrying on banking activities and hence it will be hit by provisions of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rder passed by the Assessing Officer. 7. The learned Authorised Representative submitted that the Hon'ble Karnataka High Court has decided the issue relating to eligibility of the Co-operative societies registered under Karnataka Souharda Sahakari Act, 1997 to claim deduction under Section 80P of the Act in the case of Swabhimnani Souharda Co-operative Bank Ltd. (supra) and it was held that the entities registered under the above said act fit into the definition of co-operative society as enacted under Section 2(19) of the Income Tax Act, 1961. He further submitted that the Hon'ble Supreme Court in the case of Totgar Co-operative Sale Society Limited (supra) has not decided the issue on taxability of interest earned by the co-o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he file of the Assessing Officer for examining them afresh. 8. The learned Departmental Representative also agreed that the matters may be restored to the file of the Assessing Officer in view of the binding decisions of Hon'ble Karnataka High Court. 9. We notice that the Hon'ble Karnataka High Court has held in the case of Swabhimani Souharda Co-operative Bank Ltd. (supra) that the entities registered under Karnataka Souhardha Sahakari Act will also fall under the definition of cooperative society given under the Income Tax Act. In view of the above said binding decision, the view of the assessing officer on this point has been overruled. We have noticed that the AO has disallowed the claim for deduction u/s 80P of the A ..... X X X X Extracts X X X X X X X X Extracts X X X X
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