9911796707
TMI Blog2020 (10) TMI 631X X X X Extracts X X X X X X X X Extracts X X X X ..... nt by: Smt. R Premi, JCIT ORDER Beena Pillai, Present appeals have been filed by assessee against order dated 06/01/2020 passed by Ld. CIT (A), Bangalore for assessment years 2015-16 and 2016-17. 2. At the outset Ld. AR submitted that assessee is a cooperative society registered under Karnataka co-operative societies act 1959 and is engaged in the business of providing credit facilities to i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on in case of M/sTotgar's Co-operative sale Society Ltd dated 16/06/2017. b) The principles of maturity were violated relying on the decision of orderable apex court in case of M/s.Citizen Co-operative society Ltd Hydrabad dated 08/09/2017 3. Aggrieved by addition made by Ld.AO, assessee preferred appeal before Ld.CIT(A). 4. Ld.CIT(A) observed that, nominal members do not contribute to share ca ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... society Ltd., (Supra) it was a multistate registered society that dealt with nonmembers and advanced loans to general public as well which was in gross violated of bye laws and provisions of the act and as such, exemption under section 80 P was denied. He submitted that, ratio of Hon'ble Supreme Court in case of Citizen Co-operative Society Ltd., (supra), therefore will not be applicable to the f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... have perused submissions advanced by both sides in light of records placed before us. 10. The grievance of assessee is that, in its case test of mutuality is satisfied however, Ld.CIT(A) did not spell out as to how the said test fails. We are of the view that, such grievance of the assessee would be addressed by setting aside the issue of deduction u/s.80P(2)(a)(i) of the Act to Ld.AO for conside ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ation of (i)the memorandum of association, the articles of association, (ii) the byelaws and other documents explaining the rules and regulations of the society is necessary, so as to clearly understand the purpose and the nature of business done by it. An examination of the facts in light of discussion cited by Ld.CIT(A) as well as decision of Hon'ble Karnataka High Court in case of Tumkur (Supra ..... X X X X Extracts X X X X X X X X Extracts X X X X
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