9911796707
TMI Blog2024 (9) TMI 1110X X X X Extracts X X X X X X X X Extracts X X X X ..... ice Co-operative Bank Ltd. [ 2021 (1) TMI 488 - SUPREME COURT] Their lordships have settled the law that it is the assessee s corresponding registration under the cooperative law which only deserves to be considered in sec. 80P deduction issue. We thus reject the Revenue s instant quantum appeal for latter assessment year in very terms. Revision u/s 263 - DR vehemently contended that case law Totagars Co-operative Sales Society Ltd. [ 2010 (2) TMI 3 - SUPREME COURT] and Katlary Kariyana Merchant Sahkari Sarafi Mandali Ltd. [ 2022 (1) TMI 1309 - GUJARAT HIGH COURT] against the assessee -HELD THAT:- We note that The Vaveru Co-operative Rural Bank Ltd., [ 2017 (4) TMI 663 - ANDHRA PRADESH HIGH COURT] has treated the interest income from nation ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... at the sole identical substantive issue in these cases is that of allowability of these twin assessees claim(s) of sec. 80P deduction in their respective cases. 3. We note in this factual backdrop that there are three appeals pertaining to the former assessee namely Shivkrupa Sahakari Patpedhi Limited filed by the Revenue i.e., ITA.Nos.4297/MUM./2023 [A.Y.2014-2015] in sec. 143(3) r.w.s.263; ITA.No. 4242 4245/MUM./2023 [for latter A.Y. 2017-2018] involving sec. 270A penalty proceedings 143(3) assessment and the latter assessee Shivkrupa Nagari Sahakari Pat Limited s appeal ITA.No.2407/MUM./2024; involving sec. 263 revision proceedings by Pr. CIT, Thane-1, Thane, respectively. 4. It emerges during the course of hearing that the Revenue s app ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s ITA.Nos.4245 4242/MUM./2023 in former assessee s case in assessment year 2017-2018 involving sec. 143(3) assessment and sec. 270A proceedings. 6. Suffice to say, the Revenue s above quantum appeal seeks to disallow the assessee s sec. 80P deduction claim of Rs. 37,78,74,035/- thereby treating it as a cooperative bank than a cooperative society so as to be eligible for the impugned deduction. It s vehement argument during the course of hearing before us is that this assessee deserves to be treated as a cooperative bank only since carrying out regular banking business and therefore, the CIT(A)-NFAC has erred in law and on facts in treating it as a cooperative society for the purpose of allowability of sec. 80P deduction. We find no merit in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ive Sales Society Ltd. vs. ITO, 188 taxmann.com 282 (SC) and Katlary Kariyana Merchant Sahkari Sarafi Mandali Ltd., vs. ACIT [2022] 140 taxman 602 (Guj.) (HC) against the assessee. We note that The Vaveru Co-operative Rural Bank Ltd., vs. CCIT [2017] 396 ITR 371 (AP) has treated the interest income from nationalized banks as well as eligible for sec. 80P deduction. All these divergent judicial opinions from various hon ble non-jurisdictional high courts and absence of the issue being decided in hon ble jurisdictional high court; make it clear that the instant issue of interest income from cooperative banks as eligible for sec. 80P deduction is indeed a debatable one and therefore, the Assessing Officer s regular assessment dated 20.05.2021 ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
