The Citizen Co-Operative Society Ltd. vs Assistant Commissioner Of Income Tax

Authority: Supreme Court Date: 2017-08-08 AY: 2009-10 Section: "5(b), 80P(2)(a)(i), 80P(4) Acts: Income-tax Act, 1961 (sections 80P(2)(a)(i), 80P(4), 2(19), 68, 143(2), 269SS, 269T, 260A); Banking Regulation Act, 1949 (section 5(b), Part V); Andhra Pradesh Mutually Aided Co-operative Societies Act, 1995; Multi State Co-operative Societies Act, 2002 Result: Revenue Citation: (2017) 156 DTR (SC) 1 : (2017) 397 ITR 1 (SC) Justices: Judge(s) A.K. Sikri & Ashok Bhushan, JJ. Appeal No: Civil Appeal No. 10245 of 2017*
Whether a co-operative society carrying on banking-like activities for both members and non-members is entitled to deduction under section 80P(2)(a)(i) of the Income-tax Act, 1961, or is barred by section 80P(4) as a co-operative bank? --- Held: No, the society is not entitled to deduction as it functions as a co-operative bank and falls under the exclusion in section 80P(4).

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