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TMI Blog2021 (3) TMI 984X X X X Extracts X X X X X X X X Extracts X X X X ..... /associate members up to 15% for its total membership. In the instant case, the assessee has not provided the details sought by the CIT(A), namely, copies of bye-laws, details of investments, details of income derived from non-members, etc. The Hon'ble Apex Court in the case of The Mavilayi Service Cooperative Bank Ltd. Ors. [ 2021 (1) TMI 488 - SUPREME COURT] had clearly stated that when assessee is accepting deposits and providing credit facilities to non-members, the respective State Coo-operative Act will have application. Since the assessee has not provided the details, in the interest of justice and equity one more opportunity should be granted to the assessee to provide the same. Issues raised in this appeal are restored ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssee was not entitled to the claim of deduction u/s. 80P(2)(a)(i) of the I.T. Act. 4. Aggrieved by the order of the Assessing Officer in denying the claim of deduction u/s. 80P(2)(a)(i) of the I.T. Act, assessee preferred an appeal to the first appellate authority. The CIT(A) partly allowed the appeal of the assessee. The CIT(A) held that the assessee is a co-operative society, eligible for claim of deduction u/s. 80P(2)(a)(i) of the I.T. Act with regard to income derived from business of providing credit facilities to its members. However, the CIT(A) held that income earned from persons other than regular members of the assessee was not eligible for deduction u/s. 80P(2)(a)(i) of the I.T. Act. 5. Aggrieved by the order of the CIT(A) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e society may admit, (a) Any individual as a nominal or associate member; (b) Any banking company as a nominal member; (c) Any firm, company, co operative society or anybody or corporation constituted by or under any law for the time being in force, as a nominal or associate member. A nominal member shall not be entitled to any share in any form whatsoever in the assets or profits of the society and a nominal member who is an individual shall not also be entitled to become an office bearer of the society. An associate member may hold shares but shall not be entitled to become an office bearer of the society. 7.1. Section 18 of the Karnataka Co-operative Societies Act, 1959 was amended whereby the following ..... X X X X Extracts X X X X X X X X Extracts X X X X
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