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TMI Blog2022 (9) TMI 1080X X X X Extracts X X X X X X X X Extracts X X X X ..... ce of Rs.3,49,386/- in very terms therefore. The assessee s third substantive grievance is accepted. - ITA No.522/PUN/2020 - - - Dated:- 29-8-2022 - SHRI S.S.GODARA, JM AND SHRI DR. DIPAK P. RIPOTE, AM Assessee by : Shri Pramod S. Shingte Revenue by : Shri Arvind Desai ORDER PER S. S. GODARA, JM : 1. This assessee s appeal for A.Y. 2010-11 is directed against the CIT(A)-7, Pune s order dated 24/02/2020 passed in case No. PN/CIT(A)-7/Cir-2/10203/2017-18 involving proceeding u/s. 143(3) of the Income Tax Act, 1961; in short the Act . Heard both the parties. Case file perused. 2. We straightway come to the assessee s first substantive grievance challenging correctness of the both the lower authorities actio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of operation of the bank. ii) An employee of the bank may be admitted as a nominal member and he will be entitled to the same facilities as admissible to other nominal members. iii) A co-operative society registered under the Act shall not be eligible and as such, shall not be admitted to nominal membership in terms of the provisions of this by law, The appellant further relied on the section 2(19) of Maharashtra State Cooperative Societies Act as per which Member includes Nominal member, Associate member and Sympathizer member. Relying on this, the appellant had claimed that the AO had erred in treating the above mentioned entities as non-members. 5.2 Various claims made by the appellant have been examined. It is a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt have no application to the facts of the appellant's case. It is only the Karta who can act on behalf of the HUF and not any co-parcener. Therefore there is no merit in making the claim that if co-parcener is a member, HUF is deemed to be a member. Similar is the case of a Trust as the Trustee has two roles both as a Trustee and also in his individual capacity. The actions in the individual capacity have no bearing as a Trustee to affect the Trust. Therefore these- claims are dismissed as not legally tenable. 5.2.1 As regards the interest paid to other cooperative societies, there is merit in the appellant s claim. In view of the Circular No. 19/2015 explaining the provisions of the Finance Act 2015, the appellant bank is not re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cooperative bank has been excluded from the purview of section 194(A)(3)(v) vide Finance Act 2015 w.e.f. 01.06.2015 only. This tribunal s Special Bench decision is The Virudhunagar Central District Co-Operative Bank Ltd., V/s. ITO, ITA NO. 2055 2056/CHNY/2014; dated 09/10/2014 (Chennai) has followed hon ble Madras high court s judgment M/s. Coimbatore District Central Co-Operative Bank Ltd. V/s. ITO, Tax case (Appeal) Nos. 588-645/2015 dated 15/10/2015 while adjudicating the very issue against the department. This is coupled with the fact that hon ble jurisdictional high court in (2004) 134 taxmann.com 1 (BOM) Jalgaon district Central Co-operative Bank Ltd., V/s Union Of India has quashed the CBDT s circular dated 11.09.2002 as ultra vir ..... X X X X Extracts X X X X X X X X Extracts X X X X
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