M/s. Vasavi Credit Co-operative Society Limited, Bangalore V. Income Tax Officer (TDS), Ward- 3(4), Bangalore

ITA 413/BANG/2020

• Counselvise Citation: [2021] 109 COUNSELVISE.COM (IT) 7893 (ITAT-BANGALORE)
• Duration Of Justice: 7 month(s) 28 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 18-01-2021
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: B
• Next Hearing Date: 28-10-2020
• Assessment Year: 2016-2017
• Appeal Filed On: 21-05-2020
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Keywords: TDS; Set aside
• Section: 201(1); 80P; 201; 194A

Judgement Text

ITA NO.412 & 413/BANG/2020 VASAVI CREDIT CO-OP. SOCIETY LTD., BANGALORE IN THE INCOME TAX APPELLATE TRIBUNAL BBENCH: BANGALORE BEFORE SHRI B. R. BASKARAN, ACCOUNTANT MEMBER AND SMT. BEENA PILLAI, JUDICIAL MEMBER ITA NOS.412&413/BANG/2020 ASSESSMENT YEAR:2016-17 VASAVI CREDIT CO-OPERATIVE SOCIETY LTD. NO.108/1, SRI CHAKRA, EAST PARK ROAD OPP. VASAVI MAHAL MALLESHWARAM BANGALORE-560 003 PAN NO : AAAJV0152C VS. ITO (TDS) WARD-3(4) BANGALORE APPELLANT RESPONDENT APPELLANT BY : SHRI C. SANDEEP, A.R. RESPONDENT BY : SHRI PRIYADARSHI MISHRA, D.R. DATE OF HEARING : 13.01.2021 DATE OF PRONOUNCEMENT : 18.01.2021 O R D E R PER B.R. BASKARAN, ACCOUNTANT MEMBER: THE ASSESSEE HAS FILED THESE APPEALS CHALLENGING TH E COMMON ORDER PASSED BY LD. CIT(A)-13, BENGALURU FOR THE FI NANCIAL YEAR 2015-16 RELEVANT TO THE ASSESSMENT YEAR 2016-17 CON FIRMING THE DEMAND RAISED BY THE A.O. ON THE ASSESSEE U/S 201(1 ) & 201(1A) OF THE INCOME-TAX ACT,1961 ['THE ACT' FOR SHORT]. 2. THE ASSESSEE IS A CREDIT CO-OPERATIVE SOCIETY AN D IT IS ENGAGED IN THE BUSINESS OF ACCEPTING DEPOSITS FROM ITS MEMBERS ITA NO.412 & 413/BANG/2020 VASAVI CREDIT CO-OP. SOCIETY LTD., BANGALORE PAGE 2 OF 9 AND LENDING LOAN TO ITS MEMBERS. THE REVENUE CARRI ED OUT A SURVEY OPERATION IN THE HANDS OF THE ASSESSEE. IT WAS NOT ICED THAT THE ASSESSEE HAS NOT DEDUCTED TAX AT SOURCE FROM THE PA YMENT OF INTEREST MADE ON DEPOSITS. HENCE, THE PROCEEDINGS U/S 201 OF THE ACT WAS INITIATED AGAINST THE ASSESSEE FOR THE YEAR UNDER CONSIDERATION. THE ASSESSEE SUBMITTED BEFORE THE A .O. THAT IT HAS PAID INTEREST TO ITS MEMBERS ONLY AND HENCE, AS PER THE PROVISIONS OF SECTION 194A(3)(V) OF THE ACT, THE ASSESSEE IS N OT REQUIRED TO DEDUCT TAX AT SOURCE FROM THE INTEREST PAID TO ITS MEMBERS. 3. THE A.O. NOTICED THAT THE ASSESSEE IS HAVING TWO TYPES OF MEMBERS, VIZ., REGULAR MEMBERS AND ASSOCIATE MEMBER S. IT HAS PAID INTEREST TO BOTH ITS REGULAR MEMBERS AND ALSO ASSOCIATE MEMBERS. THE AO NOTICED THAT ASSOCIATE MEMBERS BEC OME MEMBERS ONLY FOR THE PURPOSE OF MAKING DEPOSITS AND TAKING LOANS. THEY ARE NOT ENTITLED TO VOTING RIGHTS IN THE GENER AL BODY MEETINGS. HENCE THE AO TOOK THE VIEW THAT THE ASSOCIATE MEMBE RS ARE NOT ELIGIBLE FOR EXEMPTION U/S 194A(3)(V) OF THE ACT. IN THIS REGARD, THE A.O., PLACED HIS RELIANCE UPON THE CBDT CIRCULAR NO .9/2002 DATED 11.9.2002, WHEREIN IT WAS STATED N PARAGRAPH 3 AS U NDER:- 3. A QUESTION HAS ALSO BEEN RAISED AS TO WHETHER NOMIN AL MEMBERS, ASSOCIATE MEMBERS AND SYMPATHIZER MEMBERS ARE ALSO COVERED BY THE EXEMPTION UNDER SECTION 194A(3)(V ). IT IS HEREBY C LARIFIED THAT THE EXEMPTION IS AVAILABLE ONLY TO SUCH MEMBERS WHO HAV E JOINED IN APPLICATION FOR THE REGISTRATION OF THE CO-OPERATIV E SOCIETY AND THOSE WHO ARE ADMITTED TO MEMBERSHIP AFTER REGISTRATION IN AC CORDANCE WITH THE BYE- LAWS AND RULES. A MEMBER ELIGIBLE FOR EXEMPTION UND ER SECTION 194A(3)(V) MUST HAVE SUBSCRIBED TO AND FULLY PAID FOR AT LEAST ONE SHARE OF THE CO- OPERATIVE BANK, MUST BE ENTITLED TO PARTICIPATE AND VOTE IN THE GENERAL BODY MEETINGS AND/OR SPECIAL GENERAL BODY MEETINGS OF THE CO-OPERATIVE BANK AND MUST BE ENTITLED TO RECEIVE SHARE FROM THE PROFITS OF THE CO- OPERATIVE BANK. ITA NO.412 & 413/BANG/2020 VASAVI CREDIT CO-OP. SOCIETY LTD., BANGALORE PAGE 3 OF 9 ACCORDINGLY, THE AO TOOK THE VIEW THAT THE EXEMPTIO N GIVEN U/S 194A(3)(V) OF THE ACT FOR NOT DEDUCTING TDS WILL NO T APPLY TO THE INTEREST GIVEN TO THE ASSOCIATE MEMBERS. THE A.O. ALSO TOOK SUPPORT OF THE DECISION RENDERED BY HONBLE SUPREME COURT I N THE CASE OF THE CITIZEN CO-OPERATIVE SOCIETY VS. ACIT (CIVIL AP PEAL NOI.10245 OF 2017) AND OBSERVED THAT THE DECISION RENDERED BY HO NBLE SUPREME COURT OF INDIA CLEARLY CLASSIFIES MEMBERS AND NON-M EMBERS AND HENCE THE ABOVE SAID DECISION SHALL APPLY TO THE IN STANT CASE. ACCORDINGLY, THE A.O. HELD THAT THE ASSESSEE IS LIA BLE TO DEDUCT TAX AT SOURCE FROM THE INTEREST PAYMENTS MADE TO ASSOCI ATE MEMBERS. THE ASSESSEE HAD PAID INTEREST OF RS.2,61,74,593/- TO THE ASSOCIATE MEMBERS, WHICH WERE ABOVE THE THRESHOLD LIMIT OF RS .10,000/- PRESCRIBED FOR NOT DEDUCTING TAX AT SOURCE. ACCORDI NGLY, THE AO RAISED DEMAND OF RS.261,74,593/- U/S 201(1) OF THE ACT AND RS.10,19,440/- AS INTEREST U/S 201(1A) OF THE ACT. 4. THE LD. CIT(A) CONFIRMED THE ORDERS PASSED BY THE A.O. HE NOTICED THAT THOUGH THE ASSOCIATE MEMBERS HOLD SHAR ES AND ENTITLED TO DIVIDEND, YET THEY DO NOT HAVE RIGHT TO VOTE AND TO BECOME OFFICE BEARERS OF THE SOCIETY. ACCORDINGLY, THE LD. CIT(A ) HELD THAT THE PRINCIPLES OF MUTUALITY WILL NOT APPLY TO ASSOCIATE MEMBERS. WITH REGARD TO THE PRINCIPLES OF MUTUALITY, THE LD CIT(A ) PLACED HIS RELIANCE ON THE DECISION RENDERED IN THE CASE OF CI T VS. BANKIPUR CLUB (226 ITR 97) AND CHELMSFORD CLUB (243 ITR 89). ACCORDINGLY, HE HELD THAT THE ASSOCIATE MEMBERS ARE DISTINCTLY D IFFERENT AND THEY CANNOT BE EQUATED WITH REGULAR MEMBERS. ACCORDINGLY , THE LD CIT(A) HELD THAT THE A.O. WAS JUSTIFIED IN RAISING THE IMPUGNED DEMANDS. AGGRIEVED, THE ASSESSEE HAS FILED THESE A PPEALS BEFORE US, I.E., ONE AGAINST THE DEMAND RAISED U/S 201(1) AND ANOTHER ON THE INTEREST CHARGED U/S 201(1A) OF THE ACT. ITA NO.412 & 413/BANG/2020 VASAVI CREDIT CO-OP. SOCIETY LTD., BANGALORE PAGE 4 OF 9 5. WE HEARD THE PARTIES AND PERUSED THE RECOR D. IN THE INSTANT CASE, THE ASSESSEE IS CONTENDING THAT IT IS NOT REQ UIRED TO DEDUCT TAX AT SOURCE FROM THE INTEREST PAID TO ITS MEMBERS IN VIEW OF SEC.194A(3)(V). THE SAID SECTION READS AS UNDER:- 194A(3) THE PROVISIONS OF SUB-SECTION (1) SHALL N OT APPLY (I) (II) (III) (IV) (V) TO SUCH INCOME CREDITED OR PAID BY A CO-OPER ATIVE SOCIETY (OTHER THAN A CO-OPERATIVE BANK) TO A MEMBER THEREOF OR TO SUCH INCOME CREDITED OR PAID BY A CO-OPERATIVE SOCIETY TO ANY OTHER CO-OPER ATIVE SOCIETY. THERE SHOULD NOT BE ANY DISPUTE THAT THE INTEREST P AID BY A CO- OPERATIVE SOCIETY TO ITS MEMBERS IS NOT LIABLE FOR DEDUCTION OF TAX AT SOURCE U/S 194A OF THE ACT. THE DISPUTE IS WHETHER AN ASSOCIATE MEMBER WOULD FALL UNDER THE CATEGORY OF MEMBER A S MENTIONED IN SEC.194A OF THE ACT. 6. THE TAX AUTHORITIES HAVE TAKEN THE VIEW THAT THE MEMBER SHOULD BE CONSTRUED AS A PERSON WHO HAS SUBSCRIBED TO THE SHARES AND HE SHOULD BE ENTITLED TO PARTICIPATE IN PROFITS , ENTITLED TO VOTE AND ENTITLED TO PARTICIPATE IN THE MANAGEMENT OF TH E SOCIETY. ADMITTEDLY THE ASSOCIATE MEMBERS ARE NOT ENTITLED T O BECOME OFFICE BEARERS OF THE SOCIETY. THE LD CIT(A) HAS EXPRESSE D THE VIEW THAT THE ASSOCIATE MEMBERS ARE NOT ENTITLED TO VOTE ALSO . 7. WE NOTICED EARLIER THAT THE AO HAS RELIED UPO N THE DECISION RENDERED BY HONBLE SUPREME COURT IN THE CASE OF CI TIZEN CO- OPERATIVE SOCIETY (SUPRA). HOWEVER, THE SAID DECIS ION WAS RENDERED IN THE CONTEXT OF SEC.80P OF THE ACT. THE LD CIT(A ) ALSO HELD THAT ITA NO.412 & 413/BANG/2020 VASAVI CREDIT CO-OP. SOCIETY LTD., BANGALORE PAGE 5 OF 9 THE PRINCIPLES OF MUTUALITY SHOULD BE FOLLOWED AND HENCE ASSOCIATE MEMBERS CANNOT BE EQUATED WITH REGULAR MEMBERS. 8. HENCE THE CONTROVERSY IS WHETHER THE ASSOCIA TE MEMBERS WOULD FALL UNDER THE CATEGORY OF MEMBERS USED IN SEC. 194A(3)(V) OF THE ACT. WE NOTICE THAT THE HONBLE SUPREME COU RT IN A RECENT CASE OF THE MAVILAYI SERVICE CO-OPERATIVE BANK LTD & ORS VS. CIT (CIVIL APPEAL NOS.7343 7350 OF 2019 DATED JANUARY , 21, 2021 HAS OBSERVED AS UNDER WITH REGARD TO THE EXPRESSION ME MBERS USED IN SEC.80P OF THE ACT:- 46. IT MUST ALSO BE MENTIONED HERE THAT UNLIKE THE ANDHRA ACT THAT CITIZEN COOPERATIVE SOCIETY LTD. (SUPRA) CONSIDERED, NOMIN AL MEMBERS ARE MEMBERS AS DEFINED UNDER THE KERALA ACT. THIS COU RT IN U.P. COOPERATIVE CANE UNIONS FEDERATION LTD., LUCKNOW V.COMMISSIONE R OF INCOME TAX, LUCKNOW-I (1997) 11 SCC 287 REFERRED TO SECTION 80P OF THE IT ACT AND THEN HELD: 8. THE EXPRESSION MEMBERS IS NOT DEFINED IN THE ACT. SINCE A COOPERATIVE SOCIETY HAS TO BE ESTABLISHED UNDER THE PROVISIONS OF THE LAW MADE BY THE STATE LEGISLATURE IN THAT REGAR D, THE EXPRESSION MEMBERS IN SECTION 80-P(2)(A)(I) MUST, THEREFORE, BE CONSTRUED IN THE CONTEXT OF THE PROVISIONS OF T HE LAW ENACTED BY THE STATE LEGISLATURE UNDER WHICH THE COOPERATIVE S OCIETY CLAIMING EXEMPTION HAS BEEN FORMED. IT IS, THEREFORE, NECESSARY TO CONSTRUE THE EXPRESSION MEMBERS IN SECTION 80-P(2)(A)(I) OF THE ACT IN THE LIGHT OF THE DEFINITION OF THAT EXPRESSION AS CONTA INED IN SECTION 2(N) OF THE COOPERATIVE SOCIETIES ACT. THE SAID PROVISI ON READS AS UNDER: 2. (N) MEMBER MEANS A PERSON WHO JOINED IN THE A PPLICATION FOR REGISTRATION OF A SOCIETY OR A PERSON ADMITTED TO M EMBERSHIP AFTER SUCH REGISTRATION IN ACCORDANCE WITH THE PROVISIONS OF THIS ACT, THE RULES AND THE BYE-LAWS FOR THE TIME BEING IN FORCE BUT A REFERENCE TO MEMBERS ANYWHERE IN THIS ACT IN CONNECTION WITH T HE POSSESSION OR EXERCISE OF ANY RIGHT OR POWER OR THE EXISTENCE OR DISCHARGE OF ANY LIABILITY OR DUTY SHALL NOT INCLUDE REFERENCE T O ANY CLASS OF MEMBERS WHO BY REASON OF THE PROVISIONS OF THIS ACT DO NOT POSSESS SUCH RIGHT OR POWER OR HAVE NO SUCH LIABILITY OR DU TY; ITA NO.412 & 413/BANG/2020 VASAVI CREDIT CO-OP. SOCIETY LTD., BANGALORE PAGE 6 OF 9 CONSIDERING THE DEFINITION OF MEMBER UNDER THE KE RALA ACT, LOANS GIVEN TO SUCH NOMINAL MEMBERS WOULD QUALIFY FOR THE PURPO SE OF DEDUCTION UNDER SECTION 80P(2)(A)(I) . 47. FURTHER, UNLIKE THE FACTS IN CITIZEN COOPERATIV E SOCIETY LTD, (SUPRA), THE KERALA ACT EXPRESSLY PERMITS LOANS TO NON-MEMBERS U NDER SECTION 59(2) AND (3), WHICH READS AS FOLLOWS: 59. RESTRICTIONS ON LOANS.- (1) A SOCIETY SHALL NO T MAKE A LOAN TO ANY PERSON OR A SOCIETY OTHER THAN A MEMBER: PROVIDED THAT THE ABOVE RESTRICTION SHALL NOT BE AP PLICABLE TO THE KERALA STATE CO-OPERATIVE BANK. PROVIDED FURTHER THAT, WITH THE GENERAL OR SPECIAL SANCTION OF THE REGISTRAR, A SOCIETY MAY MAKE LOANS TO ANOTHER SOCI ETY. (2) NOTWITHSTANDING ANYTHING CONTAINED IN SUB-SECTI ON (1), A SOCIETY MAY MAKE A LOAN TO A DEPOSITOR ON THE SECURITY OF H IS DEPOSIT. (3) GRANTING OF LOANS TO MEMBERS OR TO NON-MEMBERS UNDER SUB- SECTION (2) AND RECOVERY THEREOF SHALL BE IN THE MA NNER AS MAY BE SPECIFIED BY THE REGISTRAR. THUS, THE GIVING OF LOANS BY A PRIMARY AGRICULTURAL CREDIT SOCIETY TO NON- MEMBERS IS NOT ILLEGAL, UNLIKE THE FACTS IN CITIZEN COOPERATIVE SOCIETY LTD. (SUPRA). 9. THE ABOVE SAID DECISION OF HONBLE SUPREME COU RT MAKES IT CLEAR THAT THE TERM MEMBER HAS NOT BEEN DEFIED UN DER THE INCOME TAX ACT AND HENCE ITS MEANING SHOULD BE CONSTRUED I N THE CONTEXT OF THE PROVISIONS OF THE LAW ENACTED BY THE STATE L EGISLATURE UNDER WHICH THE COOPERATIVE SOCIETY CLAIMING EXEMPTION HA S BEEN FORMED. AS PER SEC. 2(F) OF THE KARNATAKA CO-OPERATIVE SOCI ETIES ACT, 1959, THE EXPRESSION MEMBER IS DEFINED AS UNDER:- 2(F) MEMBER MEANS A PERSON JOINING IN THE APPLIC ATION FOR REGISTRATION OF CO-OPERATIVE SOCIETY AND A PERSON ADMITTED TO ME MBERSHIP AFTER SUCH REGISTRATION IN ACCORDANCE WITH THIS ACT, THE RULES AND THE BY-LAWS AND INCLUDES, A NOMINAL AND AN ASSOCIATE MEMBER. FURTHER, SECTION 18 OF THE ABOVE SAID CO-OPERATIVE SOCIETIES ACT DEFINES ASSOCIATE MEMBER AS UNDER:- ITA NO.412 & 413/BANG/2020 VASAVI CREDIT CO-OP. SOCIETY LTD., BANGALORE PAGE 7 OF 9 AN ASSOCIATE MEMBER MAY HOLD SHARES BUT SHALL NOT BE ENTITLED TO BECOME AN OFFICE BEARER OF THE SOCIETY. 10. WE NOTICE THAT THE DECISION IN THE CASE OF CITIZEN CO-OPERATIVE SOCIETY (SUPRA) AND THE MAVILAYI SERVICE CO-OPERATI VE BANK LTD & ORS (SUPRA) HAVE BEEN RENDERED IN THE CONTEXT OF DE DUCTION CLAIMED BY THEM U/S 80P OF THE ACT. EVEN IN THAT SITUATION ALSO, THE HONBLE SUPREME COURT HAS EXPRESSED THE VIEW THAT THE EXPRE SSION MEMBER SHOULD BE CONSTRUED AS DEFINED IN THE RESP ECTIVE CO- OPERATIVE SOCIETIES ACT. 11. WE ARE CONCERNED WITH THE LIABILITY OF THE ASSESSEE FOR DEDUCTION OF TAX AT SOURCE U/S 194A OF THE ACT FROM THE INTEREST PAID BY THE ASSESSEE. THE ASSESSEE HEREIN HAS PAID INTEREST TO ITS ASSOCIATE MEMBERS WITHOUT DEDUCTION OF TAX AT SOU RCE. AS PER THE DEFINITION OF THE TERM MEMBER GIVEN IN SEC. 2(F) OF THE KARNATAKA CO-OPERATIVE SOCIETIES ACT, 1959, MEMBER INCLUDES AN ASSOCIATE MEMBER. HENCE THE ASSESSEE IS ABLE TO COLLECT DEPO SIT FROM THEM AND ALSO LEND THE MONEY TO THEM. HENCE, WE ARE OF THE VIEW THAT THE ASSOCIATE MEMBERS SHOULD BE CONSTRUED AS MEMBE RS ONLY FOR THE PURPOSE OF SEC.194A OF THE ACT, SINCE THE DEFIN ITION OF THE TERM MEMBER SHOULD BE CONSTRUED AS GIVEN IN SEC. 2(F) OF THE KARNATAKA CO-OPERATIVE SOCIETIES ACT, 1959. 12. IN THE CASE OF M/S THE GOVERNMENT EMPLOYEES CO-OPERATIVE BANK LIMITED VS. ACIT (ITA NO.1485/BANG/2019 DATED 31-12- 2020), THE CO-ORDINATE BENCH HAS EXPRESSED THE FOLL OWING VIEW:- 11. WE HAVE CONSIDERED THE RIVAL SUBMISSIONS. WE FIND THAT A SUM OF RS. 93,36,928/- IS INTEREST PAID TO ASSOCIATE MEMBERS. THE CIT(A) HAS, HOWEVER, MADE A REFERENCE TO THE DECISION OF HONBL E SUPREME COURT IN THE CASE OF CITIZENS CO-OPERATIVE SOCIETY LTD., VS. ACI T IN APPEAL NO.10245 OF 2017 DT. 08.08.2017 WHICH WAS A DECISION REFERRED I N THE CONTEXT OF ALLOWING DEDUCTION U/S. 80P(2)(A)(I) OF THE ACT. 12. WE ARE OF THE VIEW THAT THE ANALOGY SO DRAWN BY THE CIT(A) IS ERRONEOUS. THE PROVISIONS OF SEC.194A WHICH ARE IN RELATION TO DEDUCTION OF ITA NO.412 & 413/BANG/2020 VASAVI CREDIT CO-OP. SOCIETY LTD., BANGALORE PAGE 8 OF 9 TAX AT SOURCE CANNOT BE EQUATED WITH THE PROVISIONS OF SEC. 80P(2)(A)(I) OF THE ACT, WHICH DEALS WITH DEDUCTION WHILE COMPUTING TOTAL INCOME. THE ADMITTED POSITION IS THAT THE SUM OF RS.93,36,928/- HAS BEEN PAID TO ASSOCIATE MEMBERS AND CIT(A) HAS EQUATED IT AND NAM ED THEM AS NON- MEMBERS. IN OUR VIEW THIS APPROACH IS ERRONEOUS. IT CAN BE NOTICED THAT THE CO-ORDINATE BENCH HAS EX PRESSED THE VIEW THAT THE LIABILITY TO DEDUCT TAX AT SOURCE U/S 194A OF THE ACT CANNOT BE EQUATED WITH THE PROVISIONS OF SEC.80P OF THE AC T. 13. THIS VIEW COMBINED WITH THE DECISION OF HON BLE SUPREME COURT HOLDING THAT THE TERM MEMBERS SHOULD BE CON STRUED AS DEFINED IN THE RESPECTIVE CO-OPERATIVE SOCIETIES AC T WOULD LEAD US TO THE CONCLUSION THAT THE ASSOCIATE MEMBERS SHOULD BE CONSIDERED AS INCLUDED IN THE TERM MEMBERS USED IN SEC.194A(3)( V) OF THE ACT. WE NOTICE THAT PARAGRAPH 3 OF CBDT CIRCULAR (REFERR ED SUPRA) HAS BEEN QUASHED BY HONBLE BOMBAY HIGH COURT IN THE CA SE OF JALAGAON DISTRICT CENTRAL CO-OPERATIVE BANK LTD. VS . UNION OF INDIA (265 ITR 423). ACCORDINGLY, WE HOLD THAT THE ASSES SEE IS NOT LIABLE TO DEDUCT TAX AT SOURCE FROM THE INTEREST PAYMENTS MADE TO ASSOCIATE MEMBERS AS PER SEC.194A(3)(V) OF THE ACT. 14. IN VIEW OF THE FOREGOING DISCUSSIONS, WE SET ASIDE THE ORDERS PASSED BY LD CIT(A) AND DIRECT THE AO TO DELETE THE DEMAND RAISED U/S 201(1) AND 201(1A) OF THE ACT. 15. IN THE RESULT, BOTH THE APPEALS OF THE ASSE SSEE ARE ALLOWED. ORDER PRONOUNCED IN THE OPEN COURT ON 18 TH JAN, 2021 SD/- (BEENA PILLAI) JUDICIAL MEMBER SD/- (B.R. BASKARAN) ACCOUNTANT MEMBER BANGALORE, DATED 18 TH JAN, 2021. VG/SPS ITA NO.412 & 413/BANG/2020 VASAVI CREDIT CO-OP. SOCIETY LTD., BANGALORE PAGE 9 OF 9 COPY TO: 1. THE APPLICANT 2. THE RESPONDENT 3. THE CIT 4. THE CIT(A) 5. THE DR, ITAT, BANGALORE. 6. GUARD FILE BY ORDER ASST. REGISTRAR, ITAT, BANGALORE.