9911796707
TMI Blog2021 (9) TMI 899X X X X Extracts X X X X X X X X Extracts X X X X ..... The Hon ble Apex Court held that if associate / nominal members are treated as members under the State Co-operative Societies Act, there is no violation of the provisions under the State Co-operative Societies Act, and therefore, the assessee would be entitled to the benefit of deduction u/s 80P - the issue of deduction u/s 80P needs to be reconsidered afresh by the A.O - The issues raised in this appeal are restored to the files of the A.O - Appeal filed by the assessee is allowed for statistical purposes. - ITA No.186/Bang/2021 - - - Dated:- 20-9-2021 - Shri George George K, Judicial Member For the Appellant : Sri.Ravishankar, Advocate For the Respondent : Sri.Ganesh R.Ghale, Standing Counsel ORDER This ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... able here. The assessee has also stated that the erroneous treatment has been given to interest received from as associate members as interest received from non members. I have gone through the entire written submission and find no force in the arguments. The judgment of Hon ble Supreme Court in the case of citizen Co-operative Society Ltd. is clearly applicable to the fact of this case. The assessee has not been able to contradict the argument of the A.O. and to challenge the asking given as income from non-members. The assessee has also failed to challenge the order of the A.O., where it is mentioned that principle of mutuality is missing. 5. Aggrieved, the assessee has preferred this appeal to the Tribunal. The learned AR has file ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Act. The Hon ble Apex Court held that if associate / nominal members are treated as members under the State Co-operative Societies Act, there is no violation of the provisions under the State Co-operative Societies Act, and therefore, the assessee would be entitled to the benefit of deduction u/s 80P of the I.T.Act. In the light of the principles laid down by the Hon ble Apex Court in the case of Mavilayi Service co-operative Bank Ltd. Ors. v. CIT Anr. (supra), I am of the view that the issue of deduction u/s 80P of the I.T.Act needs to be reconsidered afresh by the A.O. Accordingly, the issues raised in this appeal are restored to the files of the A.O. The A.O. is directed to afford a reasonable opportunity of hearing to the assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X
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