The Jalgaon District Central Cooperative Bank Ltd. vs. DCIT, Circle-1, Jalgaon

Parties Involved

Facts Summary

The Jalgaon District Central Cooperative Bank Ltd. filed a return of income for the assessment year 2018-19 declaring Nil income. The Assessing Officer completed the assessment at a total income of Rs.10,47,173/- by bringing to tax a sum of Rs.10,47,173/- being entrance fees received from the Nominal Members. The appellant contended that it is a Capital receipt, which was rejected by the Assessing Officer. The appellant filed an appeal before the National Faceless Appeal Centre, which confirmed the action of the Assessing Officer. The appellant then filed an appeal before the Tribunal.…

Legal Issues

• 1. Whether entrance/Membership fee received from Nominal Members constitute Capital receipt or not.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

Similar Judgements

• Adarsh Gramin Bigar Sheti Sahakari Patsanstha Limited vs. CIT(A), Pune

  Pune bench

• Indus Education Society Vs. DCIT, Exemption Range

  Delhi ‘C’ Bench benchAY 2014-15Allowed

• Shared Assessments LLC Vs. The Dy. C.I.T

  Delhi bench

• The Income Tax Officer, Ward – 1 & TPS, Bagalkot Vs. M/s. Jyoti Co-op. Credit Society Ltd.

  'C' Bench : Bangalore benchAY 2017-18Dismissed

• Kannad Taluka Shishak Sevakanchi Sahakari Patsanstha Maryadit vs. The Income Tax Officer

  Pune bench

• The Belthangady Co-operative Agricultural Sangha Limited Vs. The Income Tax Officer

  'B' Bench, Bangalore benchAY 2017-18 & 2018-19Partly Allowed