The Tribunal held that the Authorities below had not verified as to whether the Assessee was a Banking Co-Operative Society having the licence/Authority to collect the deposit etc, accordingly the matter remanded to the AO for verification and decide accordance with law. (AY. 2014-15, 2015-16)
Co-Operative House Building Society Ltd. v. DCIT (2020) 182 ITD 415 (Chd.)(Trib.)
S. 80P : Co-operative societies-Deposit from members-Assessing Officer passing the order, without verifying the licence to carryon banking business-Matter remanded to the Assessing Officer. [S. 80P(2)(a)(i)]