AIR 2001 SC 3332, and CIT v. Ramanathapuram Distt. Coop. Central Bank Ltd.

255 ITR 423Supreme Court of India2002#4008 most cited
29

judgments rely on this decision, according to BharatTax’s citation analysis of 366,339 Indian tax judgments — from 2011 to 2025.

Also reported as

17 SCC 620

Sections most often in play

Section 80P(2)(a)(i)Section 80P(2)(d)Section 250Section 80P(4)Section 80PSection 144Section 144BSection 147

Issues it is cited on

section 80(2)(d)section 80p(2)(a)(iii)section 80p(4)section 2(19)section 80p(2)(d)section 80p(2)(a)(i)interest on securitiessection 57section 80p(2)section 80p(2)(a)section 260section 22

Judgments citing AIR 2001 SC 3332, and CIT v. Ramanathapuram Distt. Coop. Central Bank Ltd.

Assistant Commissioner of Income Tax, Circle-1, Cuddalore vs. Kallakurichi II Co-Operative Sugar Mills Ltd., Kachirapalayam

ITA 2405/CHNY/2025[2018-19]Status: DisposedITAT Chennai28 Nov 2025AY 2018-19

Bench: Shri George George K & Shri Jagadish

For Appellant: Ms. E. Pavuna Sundari, CITFor Respondent: Shri S. Venugopalan, CA
Section 147Section 250Section 80Section 80P(2)(a)Section 80P(2)(d)

…Income Tax Act?” 8. After considering the decisions in CIT Vs. Karnataka State Co- operative Apex Bank reported in [2001] 251 ITR 194, CIT Vs. ITA Nos.2401 to 2405/Chny/2025 :- 8 -: Ramanathapuram District Co-operative Central Bank Ltd reported in [2002] 255 ITR 423 (SC), a Division Bench of the Himachal Pradesh High Court, at paragraph Nos.10 and 11 held thus:- “The Karnataka High Court in CIT Vs. Sri Ram Sahakari Bank Ltd., [2004] 266 ITR 632, held that the interest on investments and short-term fixed deposits in banks was entitled to be deducted under Section 80 P (2) (a) (i) of the Act. In fact, in CIT…

Assistant Commissioner of Income Tax, Circle-1, Cuddalore vs. Kallakurichi II Co-Operative Sugar Mills Ltd., Kachirapalayam

ITA 2404/CHNY/2025[2017-18]Status: DisposedITAT Chennai28 Nov 2025AY 2017-18

Bench: Shri George George K & Shri Jagadish

For Appellant: Ms. E. Pavuna Sundari, CITFor Respondent: Shri S. Venugopalan, CA
Section 147Section 250Section 80Section 80P(2)(a)Section 80P(2)(d)

…Income Tax Act?” 8. After considering the decisions in CIT Vs. Karnataka State Co- operative Apex Bank reported in [2001] 251 ITR 194, CIT Vs. ITA Nos.2401 to 2405/Chny/2025 :- 8 -: Ramanathapuram District Co-operative Central Bank Ltd reported in [2002] 255 ITR 423 (SC), a Division Bench of the Himachal Pradesh High Court, at paragraph Nos.10 and 11 held thus:- “The Karnataka High Court in CIT Vs. Sri Ram Sahakari Bank Ltd., [2004] 266 ITR 632, held that the interest on investments and short-term fixed deposits in banks was entitled to be deducted under Section 80 P (2) (a) (i) of the Act. In fact, in CIT…

Assistant Commissioner of Income Tax, Circle-1, Cuddalore vs. Kallakurichi II Co-Operative Sugar Mills Ltd., Kachirapalayam

ITA 2403/CHNY/2025[2016-17]Status: DisposedITAT Chennai28 Nov 2025AY 2016-17

Bench: Shri George George K & Shri Jagadish

For Appellant: Ms. E. Pavuna Sundari, CITFor Respondent: Shri S. Venugopalan, CA
Section 147Section 250Section 80Section 80P(2)(a)Section 80P(2)(d)

…Income Tax Act?” 8. After considering the decisions in CIT Vs. Karnataka State Co- operative Apex Bank reported in [2001] 251 ITR 194, CIT Vs. ITA Nos.2401 to 2405/Chny/2025 :- 8 -: Ramanathapuram District Co-operative Central Bank Ltd reported in [2002] 255 ITR 423 (SC), a Division Bench of the Himachal Pradesh High Court, at paragraph Nos.10 and 11 held thus:- “The Karnataka High Court in CIT Vs. Sri Ram Sahakari Bank Ltd., [2004] 266 ITR 632, held that the interest on investments and short-term fixed deposits in banks was entitled to be deducted under Section 80 P (2) (a) (i) of the Act. In fact, in CIT…

Assistant Commissioner of Income Tax, Circle-1, Cuddalore vs. Kallakurichi-II Co-Operative Sugar Mills Ltd., Kachirapalayam

ITA 2401/CHNY/2025[2013-14]Status: DisposedITAT Chennai28 Nov 2025AY 2013-14

Bench: Shri George George K & Shri Jagadish

For Appellant: Ms. E. Pavuna Sundari, CITFor Respondent: Shri S. Venugopalan, CA
Section 147Section 250Section 80Section 80P(2)(a)Section 80P(2)(d)

…Income Tax Act?” 8. After considering the decisions in CIT Vs. Karnataka State Co- operative Apex Bank reported in [2001] 251 ITR 194, CIT Vs. ITA Nos.2401 to 2405/Chny/2025 :- 8 -: Ramanathapuram District Co-operative Central Bank Ltd reported in [2002] 255 ITR 423 (SC), a Division Bench of the Himachal Pradesh High Court, at paragraph Nos.10 and 11 held thus:- “The Karnataka High Court in CIT Vs. Sri Ram Sahakari Bank Ltd., [2004] 266 ITR 632, held that the interest on investments and short-term fixed deposits in banks was entitled to be deducted under Section 80 P (2) (a) (i) of the Act. In fact, in CIT…

The Kundara Panchayath Service Cooperative Bank Ltd, Kollam vs. Income Tax Officer, Ward-4, Kollam

In the result, appeals filed by the assessee are allowed

ITA 805/COCH/2024[2018-19]Status: DisposedITAT Cochin29 Apr 2025AY 2018-19

Bench: Shri Inturi Rama Rao & Shri Keshav Dubey

For Appellant: Shri G.Surendranath Rao, A.RFor Respondent: Smt. Leena Lal, Sr. D.R
Section 250Section 80PSection 8O

…e Income Tax Act, 1961. This has been so held in Bihar State Co-operative Bank Ltd. v. CIT (1960) 39 ITR 114 (SC) : CIT v. Karnataka State Co- operative Apex Bank (2001) 255 ITR 194 (SC) and CIT v. Ramanandapuram District Co-operative Central Bank Ltd. (2002) 255 ITR 423 (SC). The principle in these cases would also cover a situation where a Co-operative bank carrying on the business of banking is statutorily required to place a part ITA Nos.802, 803 & 805/Coch/2024 The Kundara Panchayath Service Co-operative Bank Ltd., Kollam Page 11 of 14 of its funds in approved securities. The appeals are accordingly dismiss…

The Kundara Panchayath Service Cooperative Bank Ltd, Kollam vs. Income Tax Officer, Ward 4, Kollam

In the result, appeals filed by the assessee are allowed

ITA 803/COCH/2024[2017-18]Status: DisposedITAT Cochin29 Apr 2025AY 2017-18

Bench: Shri Inturi Rama Rao & Shri Keshav Dubey

For Appellant: Shri G.Surendranath Rao, A.RFor Respondent: Smt. Leena Lal, Sr. D.R
Section 250Section 80PSection 8O

…e Income Tax Act, 1961. This has been so held in Bihar State Co-operative Bank Ltd. v. CIT (1960) 39 ITR 114 (SC) : CIT v. Karnataka State Co- operative Apex Bank (2001) 255 ITR 194 (SC) and CIT v. Ramanandapuram District Co-operative Central Bank Ltd. (2002) 255 ITR 423 (SC). The principle in these cases would also cover a situation where a Co-operative bank carrying on the business of banking is statutorily required to place a part ITA Nos.802, 803 & 805/Coch/2024 The Kundara Panchayath Service Co-operative Bank Ltd., Kollam Page 11 of 14 of its funds in approved securities. The appeals are accordingly dismiss…

The Kundara Panchayath Service Cooperative Bank Ltd, Kollam vs. Income Tax Officer, Ward 4, Kollam

In the result, appeals filed by the assessee are allowed

ITA 802/COCH/2024[2012-13]Status: DisposedITAT Cochin29 Apr 2025AY 2012-13

Bench: Shri Inturi Rama Rao & Shri Keshav Dubey

For Appellant: Shri G.Surendranath Rao, A.RFor Respondent: Smt. Leena Lal, Sr. D.R
Section 250Section 80PSection 8O

…e Income Tax Act, 1961. This has been so held in Bihar State Co-operative Bank Ltd. v. CIT (1960) 39 ITR 114 (SC) : CIT v. Karnataka State Co- operative Apex Bank (2001) 255 ITR 194 (SC) and CIT v. Ramanandapuram District Co-operative Central Bank Ltd. (2002) 255 ITR 423 (SC). The principle in these cases would also cover a situation where a Co-operative bank carrying on the business of banking is statutorily required to place a part ITA Nos.802, 803 & 805/Coch/2024 The Kundara Panchayath Service Co-operative Bank Ltd., Kollam Page 11 of 14 of its funds in approved securities. The appeals are accordingly dismiss…

K1104 Elaamuthur Primary Agricultural Co-Operative Credit Scoiety, Tiruppur vs. ITO, Ward 2(4), Tiruppur

In the result, appeals filed by the assessee for both the

ITA 1041/CHNY/2024[2017-18]Status: DisposedITAT Chennai18 Sept 2024AY 2017-18

Bench: Shri S.S. Viswanethra Ravi, Hon’Ble & Shri S. R. Raghunatha, Hon’Bleआयकरअपीलसं./Ita Nos.: 1040 & 1041/Chny/2024 िनधा"रणवष" / Assessment Years: 2016-17 & 2017-18 K 1104 Elayamuthur Primary Income Tax Officer, Agricultural Co-Operative Credit V. Ward -2(4), Society, Tirupur. Elayamuthur, Udumalpet, Tirupur – 642 154. [Pan: Aabak-3636-Q] (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ"क"ओरसे/Appellant By : Shri. S. Sridhar, Advocate ""यथ"क"ओरसे/Respondent By : Shri. R.V. Aroonprasaad, Addl.Cit सुनवाईकीतारीख/Date Of Hearing : 23.07.2024 घोषणाकीतारीख/Date Of Pronouncement : 18.09.2024

For Appellant: Shri. S. Sridhar, AdvocateFor Respondent: Shri. R.V. AroonPrasaad, Addl.CIT
Section 143(1)Section 143(3)Section 80PSection 80P(2)(d)Section 80P(4)

…ction under Section 80 P (2) (a) (i) of the Income Tax Act? 8. After considering the decisions in CIT Vs. Karnataka State Co-operative Apex Bank reported in [2001] 251 ITR 194, CIT Vs. Ramanathapuram District Co- operative Central Bank Ltd reported in [2002] 255 ITR 423 (SC), a Division Bench of the Himachal Pradesh High Court, at paragraph Nos.10 and 11 held thus:- The Karnataka High Court in CIT Vs. Sri Ram Sahakari Bank Ltd., [2004] 266 ITR 632, held that the interest on investments and short-term fixed deposits in banks was entitled to be deducted under Section 80 P (2) (a) (i) of the Act. In fact, in CIT V…

K1104 Elayamuthur Promary Agricultural Co-Operative Credit Society, Tiruppur vs. ITO, Ward 2(4), Tiruppur

In the result, appeals filed by the assessee for both the

ITA 1040/CHNY/2024[2016-17]Status: DisposedITAT Chennai18 Sept 2024AY 2016-17

Bench: Shri S.S. Viswanethra Ravi, Hon’Ble & Shri S. R. Raghunatha, Hon’Bleआयकरअपीलसं./Ita Nos.: 1040 & 1041/Chny/2024 िनधा"रणवष" / Assessment Years: 2016-17 & 2017-18 K 1104 Elayamuthur Primary Income Tax Officer, Agricultural Co-Operative Credit V. Ward -2(4), Society, Tirupur. Elayamuthur, Udumalpet, Tirupur – 642 154. [Pan: Aabak-3636-Q] (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ"क"ओरसे/Appellant By : Shri. S. Sridhar, Advocate ""यथ"क"ओरसे/Respondent By : Shri. R.V. Aroonprasaad, Addl.Cit सुनवाईकीतारीख/Date Of Hearing : 23.07.2024 घोषणाकीतारीख/Date Of Pronouncement : 18.09.2024

For Appellant: Shri. S. Sridhar, AdvocateFor Respondent: Shri. R.V. AroonPrasaad, Addl.CIT
Section 143(1)Section 143(3)Section 80PSection 80P(2)(d)Section 80P(4)

…ction under Section 80 P (2) (a) (i) of the Income Tax Act? 8. After considering the decisions in CIT Vs. Karnataka State Co-operative Apex Bank reported in [2001] 251 ITR 194, CIT Vs. Ramanathapuram District Co- operative Central Bank Ltd reported in [2002] 255 ITR 423 (SC), a Division Bench of the Himachal Pradesh High Court, at paragraph Nos.10 and 11 held thus:- The Karnataka High Court in CIT Vs. Sri Ram Sahakari Bank Ltd., [2004] 266 ITR 632, held that the interest on investments and short-term fixed deposits in banks was entitled to be deducted under Section 80 P (2) (a) (i) of the Act. In fact, in CIT V…

Gohana Co-Op Marketing Processing Society Ltd, Gohana vs. Income Tax Officer, Sonipat

In the result, the appeal of the assessee is dismissed

ITA 2698/DEL/2023[2018-19]Status: DisposedITAT Delhi30 Apr 2024AY 2018-19

Bench: Shri Kul Bharat & Dr.B.R.R.Kumar[Assessment Year : 2018-19] Gohana Co-Op Marketing Vs Ito, Processing Society Ltd., Shop No.1, Sonipat. New Anaj Mandi, Gohana, Sonipat, Haryana-131301 Pan-Aaaag0108Q Appellant Respondent Appellant By None Respondent By Shri Om Parkash, Sr.Dr Date Of Hearing 24.04.2024 Date Of Pronouncement 30.04.2024 Order

Section 143(2)Section 56Section 80P(2)(a)

…1. This has been so held in Bihar State Co-operative Bank Ltd. v CIT [1960] 39 ITR 114(SC), CIT vs Karnataka State Co-operative Apex Bank [2001] Supp. (2) SCR 35; [2001] 251 ITR 194 (SC) and CIT v. Ramanathapuram District Co-operative Central Bank Ltd. [2002] 255 ITR 423 (SC). The principle in these cases would also cover a situation where a co- operative bank carrying on the business of banking is statutorily required to place a part of its funds in approved securities. The appeals are accordingly dismissed without costs.” 11. However, the Revenue has not assailed the finding of Ld.CIT(A)which is not subject mat…

M/S.the Mundakkayam Service Co-Op Bank Ltd, Kottayam vs. The ITO, Kottayam

ITA 73/COCH/2023[2018-19]Status: DisposedITAT Cochin28 Dec 2023AY 2018-19

Bench: Shri Sanjay Arora & Shri Manomohan Dasthe Mundakkayam Service Co- The Income Tax Officer Operative Bank Ltd. Ward – 2 Mundakkayam Vs. Kottayam Kottayam 686513 [Pan:Aaaat8803H] (Appellant) (Respondent)

For Appellant: Shri Prasanth Srinivas, CAFor Respondent: Smt. J.M. Jamuna Devi, Sr. D.R
Section 143(3)Section 5Section 59Section 80P(1)Section 80P(2)(a)Section 80P(2)(d)Section 80P(4)

…IN THE INCOME TAX APPELLATE TRIBUNAL COCHIN BENCH, COCHIN Before Shri Sanjay Arora, Accountant Member and Shri Manomohan Das, Judicial Member The Mundakkayam Service Co- The Income Tax Officer operative Bank Ltd. Ward – 2 Mundakkayam vs. Kottayam Kottayam 686513 [PAN:AAAAT8803H] (Appellant) (Respondent) Assessee by: Shri Prasanth Srinivas, CA Revenue by: Smt. J.M. Jamuna Devi, Sr. D.R. Date of Hearing: 17.10.2023 Date of Pronouncement: 28.12.2023 O R D E R Per Sanjay Arora, AM This is an Appeal by the Assessee agitating the dismissal of it’s appeal contesting it’s assessment under section 143(3) r/ws. 144B of…

Commissioner of Income Tax, Kolkata- Xxi vs. Nadia Gramin Bank (@ Bangiya Gramin Vikash Bank)

ITA/21/2010HC Calcutta16 Sept 2022

Bench: : The Hon’Ble Justice T.S. Sivagnanam

Section 260ASection 5Section 6Section 6(1)(a)Section 80PSection 80P(2)(a)

…e. Mr. Majumdar, on the other hand, relied on several decisions of the Supreme Court of India being Mehsana District Central Co-operative Bank Ltd. v. Income Tax Officer : 119 Taxman 785 (SC), CIT v. Ramanathapuram. District Cooperative Central Bank Ltd. : 255 ITR 423, CIT v. Nawanshahar Central Cooperative Bank Ltd.: 289 ITR 6 (SC), and CIT v. Nawnshahar Central Co- operative Bank Ltd. : (2012) 349 ITR 689(SC). In Nawanshahar Central Co-operative Bank Ltd : (2012) 349 ITR 689 (SC) the Hon’ble Supreme Court had the occasion to dismiss the Special Leave Petition before it seeking to raise the following qu…

M/S. Kallakurichi Co-Operative Sugar Mills Ltd., Kallakurichi vs. ACIT, Villupuram

In the result, the appeals filed by the assessee in ITA

ITA 410/CHNY/2020[2012-13]Status: DisposedITAT Chennai25 Apr 2022AY 2012-13

Bench: Shri Mahavir Singh, Hon’Ble & Shri G. Manjunatha, Hon’Bleआयकर अपील सं./Ita No.369/Chny/2019 & Ita Nos.409 & 410/Chny/2020 िनधा"रण वष" /Assessment Year: 2015-16 & Assessment Years: 2011-12 & 2012-13 V. M/S.Kallakurichi Co-Operative- The Asst. Commissioner- Sugar Mills Unit-Ii, Of Income Tax, Cs11, Kachirapalayam, Villupuram Circle, Kallakurichi, Villupuram. Villupuram. [Pan: Aaaak 0655 Q] (अपीलाथ"/Appellant) (""यथ"/Respondent)

For Respondent: Mr.Sanat Kumar Raha
Section 143Section 143(3)Section 147Section 2(19)Section 56Section 80PSection 80P(2)(d)

…ction under Section 80 P (2) (a) (i) of the Income Tax Act?” 8. After considering the decisions in CIT Vs. Karnataka State Co-operative Apex Bank reported in [2001] 251 ITR 194, CIT Vs. Ramanathapuram District Co-operative Central Bank Ltd reported in [2002] 255 ITR 423 (SC), a Division Bench of the Himachal Pradesh High Court, at paragraph Nos.10 and 11 held thus:- “The Karnataka High Court in CIT Vs. Sri Ram Sahakari Bank Ltd., [2004] 266 ITR 632, held that the interest on investments and short-term fixed deposits in banks was entitled to be deducted under Section 80 P (2) (a) (i) of the Act. In fact, in CIT…

M/S. Kallakurichi Co-Operative Sugar Mills Ltd., Kallakurichi vs. ACIT, Villupuram

In the result, the appeals filed by the assessee in ITA

ITA 409/CHNY/2020[2011-12]Status: DisposedITAT Chennai25 Apr 2022AY 2011-12

Bench: Shri Mahavir Singh, Hon’Ble & Shri G. Manjunatha, Hon’Bleआयकर अपील सं./Ita No.369/Chny/2019 & Ita Nos.409 & 410/Chny/2020 िनधा"रण वष" /Assessment Year: 2015-16 & Assessment Years: 2011-12 & 2012-13 V. M/S.Kallakurichi Co-Operative- The Asst. Commissioner- Sugar Mills Unit-Ii, Of Income Tax, Cs11, Kachirapalayam, Villupuram Circle, Kallakurichi, Villupuram. Villupuram. [Pan: Aaaak 0655 Q] (अपीलाथ"/Appellant) (""यथ"/Respondent)

For Respondent: Mr.Sanat Kumar Raha
Section 143Section 143(3)Section 147Section 2(19)Section 56Section 80PSection 80P(2)(d)

…ction under Section 80 P (2) (a) (i) of the Income Tax Act?” 8. After considering the decisions in CIT Vs. Karnataka State Co-operative Apex Bank reported in [2001] 251 ITR 194, CIT Vs. Ramanathapuram District Co-operative Central Bank Ltd reported in [2002] 255 ITR 423 (SC), a Division Bench of the Himachal Pradesh High Court, at paragraph Nos.10 and 11 held thus:- “The Karnataka High Court in CIT Vs. Sri Ram Sahakari Bank Ltd., [2004] 266 ITR 632, held that the interest on investments and short-term fixed deposits in banks was entitled to be deducted under Section 80 P (2) (a) (i) of the Act. In fact, in CIT…

M/S. Kallakurichi Co-Operative Sugar Mills Ltd., Kallakurichi vs. ACIT, Villupuram

In the result, the appeals filed by the assessee in ITA

ITA 369/CHNY/2019[2015-16]Status: DisposedITAT Chennai25 Apr 2022AY 2015-16

Bench: Shri Mahavir Singh, Hon’Ble & Shri G. Manjunatha, Hon’Bleआयकर अपील सं./Ita No.369/Chny/2019 & Ita Nos.409 & 410/Chny/2020 िनधा"रण वष" /Assessment Year: 2015-16 & Assessment Years: 2011-12 & 2012-13 V. M/S.Kallakurichi Co-Operative- The Asst. Commissioner- Sugar Mills Unit-Ii, Of Income Tax, Cs11, Kachirapalayam, Villupuram Circle, Kallakurichi, Villupuram. Villupuram. [Pan: Aaaak 0655 Q] (अपीलाथ"/Appellant) (""यथ"/Respondent)

For Respondent: Mr.Sanat Kumar Raha
Section 143Section 143(3)Section 147Section 2(19)Section 56Section 80PSection 80P(2)(d)

…ction under Section 80 P (2) (a) (i) of the Income Tax Act?” 8. After considering the decisions in CIT Vs. Karnataka State Co-operative Apex Bank reported in [2001] 251 ITR 194, CIT Vs. Ramanathapuram District Co-operative Central Bank Ltd reported in [2002] 255 ITR 423 (SC), a Division Bench of the Himachal Pradesh High Court, at paragraph Nos.10 and 11 held thus:- “The Karnataka High Court in CIT Vs. Sri Ram Sahakari Bank Ltd., [2004] 266 ITR 632, held that the interest on investments and short-term fixed deposits in banks was entitled to be deducted under Section 80 P (2) (a) (i) of the Act. In fact, in CIT…

The Principal Commissioner of Income Tax vs. Peroorkada Service Co-Operative Bank Ltd

Appeals are allowed as indicated above

ITA/5/2020HC Kerala01 Nov 2021

Bench: HONOURABLE MR.JUSTICE S.V.BHATTI,HONOURABLE MR.JUSTICE BASANT BALAJI

Section 260ASection 80P(2)Section 80P(2)(a)Section 80P(2)(d)

…of the Income Tax Act, 1961. This has been so held in Bihar State Co-operative Bank Ltd v. CIT [1960] 39 ITR 114 (SC); CIT v. Karnataka State Co-operative Apex Bank [2001] …. ITR 194 (SC) and CIT v. Ramanandapuram District Co-operative Central Bank Ltd [2002] 255 ITR 423 (SC). The principle in these cases would also cover a situation where a Co-operative bank carrying on the business of banking is statutorily required to place a part of its funds in approved securities. The appeals are accordingly dismissed without costs.” 12.1 The decisions relied on by the Supreme Court refer to Co-operative Banks but n…

The Principal Commissioner of Income Tax vs. Vilappil Service Co-Operative Bank Ltd

Appeals are allowed as indicated above

ITA/142/2019HC Kerala01 Nov 2021

Bench: HONOURABLE MR.JUSTICE S.V.BHATTI,HONOURABLE MR.JUSTICE BASANT BALAJI

Section 260ASection 80P(2)Section 80P(2)(a)Section 80P(2)(d)

…of the Income Tax Act, 1961. This has been so held in Bihar State Co-operative Bank Ltd v. CIT [1960] 39 ITR 114 (SC); CIT v. Karnataka State Co-operative Apex Bank [2001] …. ITR 194 (SC) and CIT v. Ramanandapuram District Co-operative Central Bank Ltd [2002] 255 ITR 423 (SC). The principle in these cases would also cover a situation where a Co-operative bank carrying on the business of banking is statutorily required to place a part of its funds in approved securities. The appeals are accordingly dismissed without costs.” 12.1 The decisions relied on by the Supreme Court refer to Co-operative Banks but n…

Mufg Bank Ltd, New Delhi vs. ACIT (International Taxation) Circle-2(2)(1), New Delhi

In the result appeal of the assessee is partly allowed

ITA 7895/DEL/2019[2015-16]Status: DisposedITAT Delhi16 Oct 2020AY 2015-16

Bench: Shri Amit Shukla & Shri Prashant Maharishi(Through Video Conferencing) Mufg Bank Ltd, Vs. Acit (International Taxation), 5Th Floor, Worldmark 2, Asset 8, Circle-2(2)(1), Aerocity, Nh-8, New Delhi New Delhi Pan: Aabct3880D (Appellant) (Respondent)

For Appellant: Shri Nishant Thakkar, AdvFor Respondent: Shr Surender Pal, CIT DR
Section 143(3)Section 14ASection 244ASection 37(1)Section 44C

…the Income-tax Act, 1961. This has been so held in Bihar State Co-operative Bank Ltd. v. CIT [1960] 39 ITR 114 (SC), CIT v. Karnataka State Co-operative Apex Bank [2001] 251 ITR 194 (SC) and CIT v. Ramanathapuram District Co-operative Central Bank Ltd. [2002] 255 ITR 423 (SC). 3. The principle in these cases would also cover a situation where a Co- operative bank carrying on the business of banking is statutorily required to place a part of its funds in approved securities. The appeals are accordingly dismissed without costs.” For completeness, the assessee also brings to the notice of the Tribunal that the 3.…

ITO Corporate Ward 3(2), Chennai vs. Chennai Teachers Guild Co-Operative Society Ltd., Chennai

In the result, the Revenue’s appeal is dismissed

ITA 1379/CHNY/2019[2016-17]Status: DisposedITAT Chennai20 Feb 2020AY 2016-17

Bench: Shri N.R.S. Ganesan & Shri S. Jayaraman

For Respondent: Shri. B. Suresh, CA
Section 80PSection 80P(2)

…uction under Section 80 P (2) (a) (i) of the Income Tax Act?” 8. After considering the decisions in CIT Vs. Karnataka State Co-operative Apex Bank reported in [2001] 251 ITR 194, CIT Vs. Ramanathapuram District Co-operative Central Bank Ltd reported in [2002] 255 ITR 423 (SC), a Division Bench of the Himachal Pradesh High Court, at paragraph Nos.10 and 11 held thus:- “The Karnataka High Court in CIT Vs. Sri Ram Sahakari Bank Ltd., [2004] 266 ITR 632, held that the interest on investments and short-term fixed deposits in banks was entitled to be deducted under Section 80 P (2) (a) (i) of the Act. In fact, in CIT V…

Subramania Siva Co-Operative Sugar Mills Ltd, Dharmapuri vs. ITO, Dharmapuri

In the result, the assessee’s appeal is allowed

ITA 1378/CHNY/2019[2015-16]Status: DisposedITAT Chennai20 Feb 2020AY 2015-16

Bench: Shri N.R.S. Ganesan & Shri S. Jayaraman

For Appellant: Shri. G. Baskar, Advocate &
Section 57Section 80Section 80PSection 80P(2)Section 80P(2)(d)

…uction under Section 80 P (2) (a) (i) of the Income Tax Act?” 8. After considering the decisions in CIT Vs. Karnataka State Co-operative Apex Bank reported in [2001] 251 ITR 194, CIT Vs. Ramanathapuram District Co-operative Central Bank Ltd reported in [2002] 255 ITR 423 (SC), a Division Bench of the Himachal Pradesh High Court, at paragraph Nos.10 and 11 held thus:- “The Karnataka High Court in CIT Vs. Sri Ram Sahakari Bank Ltd., [2004] 266 ITR 632, held that the interest on investments and short-term fixed deposits in banks was entitled to be deducted under Section 80 P (2) (a) (i) of the Act. In fact, in CIT V…

AIR 2001 SC 3332, and CIT v. Ramanathapuram Distt. Coop. Central Bank Ltd. (255 ITR 423) — Cited in 29 Judgments | BharatTax