CIT v. Haryana State Co-operative Apex Bank Ltd.

322 ITR 404Reported decision2010#17654 most cited

judgments rely on this decision, according to BharatTax’s citation analysis of 366,339 Indian tax judgments — from 2015 to 2025.

Sections most often in play

Section 143(1)Section 143(2)Section 143(3)Section 147 Section 148 Section 151 Section 244A Section 263

Issues it is cited on

section 80p(2)(a)(i)section 80p prescribed nfac total income business interest

Judgments citing CIT v. Haryana State Co-operative Apex Bank Ltd.

Assistant Commissioner of Income Tax, Salem vs. Pandyan Grama Bank, Salem

In the result, the appeal of the revenue is dismissed and the CO of the assessee is partly allowed

ITA 2870/CHNY/2024[2016]Status: DisposedITAT Chennai27 Jun 2025

Bench: Shri S.S. Viswanethra Ravi & Shri S. R. Raghunathaआयकर अपील सं./Ita No.: 2870/Chny/2024 & Co No.06/Chny/2025 (In Ita No.: 2870/Chny/2024) िनधा"रण वष" / Assessment Year: 2016-17 The Assistant Commissioner Of Pandyan Grama Bank, Income Tax, Vs. Now Known As Tamil Nadu Grama Circle 1, Bank, Salem. No.6, Yercaud Road, Hasthampatty, Salem – 636 007. [Pan: Aahat-7854-K] (अपीलाथ"/Appellant) (""थ"/Respondent) Assessee By : Shri. N. Arjun Raj, Advocate & Shri. P. Gurusamy, I.T.P. Department By : Shri. Shivanand K Kalakeri, C.I.T. सुनवाई की तारीख/Date Of Hearing : 15.04.2025 घोषणा की तारीख/Date Of Pronouncement : 27.06.2025

For Appellant: Shri. N. Arjun Raj, Advocate &For Respondent: Shri. Shivanand K Kalakeri, C.I.T

Section 143(2)Section 147Section 80P

…he principal activity of providing credit facility and hence the said component would be entitled to deduction u/s.80P of the Act. 19. The ld.AR submitted that the above stand of the assessee is fortified by the Judgement of High Court of Punjab & Haryana in 322 ITR 404 wherein the Hon'ble High Court had held as under: “We are not impressed with the argument that the interest on refund of income-tax paid in excess was not attributable to the income derived from the business of banking within the meaning of section 80P(2)(a)(i) of the Act. Once the income-tax paid was derived from the business income then interes…

Palakkad Service Co-Operative Bank Ltd, Palakkad vs. ITO, Palakkad

ITA 31/COCH/2024[2021-2022]Status: DisposedITAT Cochin20 Dec 2024AY 2021-2022

Bench: Shri Waseem Ahmed & Shri Soundararajan K.

For Appellant: Shri Sivadas Chettoor, CAFor Respondent: Smt. Leena Lal, Snr. AR

Section 80PSection 80P(2)(c)

…erative Credit Society Ltd. and prayed to allow the appeal. 7. Insofar as the interest income received on the refund of income tax, the Ld.AR submitted that this issue was also considered by the Hon’ble Punjab & Haryana High Court in the judgment reported in 322 ITR 404 in the case of CIT vs. Haryana State Co-operative Apex Bank Ltd. Insofar as the deduction claimed under the miscellaneous income, the Ld.AR also relied on the Hon’ble Supreme Court judgment reported in (2001) 119 Taxman 785 (SC) in the case of Mehsana District Co-operative Bank Ltd. V. ITO and the judgment of Hon’ble Madhya Pradesh High Court rep…

Palakkad Service Co-Operative Bank Ltd, Palakkad vs. ITO, Palakkad

ITA 30/COCH/2024[2020-2021]Status: DisposedITAT Cochin20 Dec 2024AY 2020-2021

Bench: Shri Waseem Ahmed & Shri Soundararajan K.

For Appellant: Shri Sivadas Chettoor, CAFor Respondent: Smt. Leena Lal, Snr. AR

Section 80PSection 80P(2)(c)

DCIT 1(3), Mumbai vs. The Maharashtra State Co Op Bank Ltd, Mumbai

ITA 8791/MUM/2011[2005-06]Status: DisposedITAT Mumbai27 Jul 2016AY 2005-06

Bench: S/Shri Rajendra & C.N. Prasadआयकर आयकर अपील अपील संसंसंसं./Ita/8791/Mum/2011,िनधा"रण िनधा"रण वष" वष" /Assessment Years: 2005-06 आयकर आयकर अपील अपील िनधा"रण िनधा"रण वष" वष" Dcit-1(3), M/S. The Maharashtra State Co-Op. Bank Room No.540/564, 5Th Floor, Aayakar Ltd. Sir, Vithaldas Thakersey Memorial Vs. Bhavan, M.K. Road, New Marine Lines Building-9, Nagindas Master Road Mumbai-400 020. Mumbai-400 001. Pan:Aaaat 4066 A (अपीलाथ" /Appellant) (""यथ" / Respondent) Revenue By:Shri N. Sathya Moorthy-Dr Assessee By: Shri J.D. Mistri सुनवाई क" तारीख / Date Of Hearing: 18.07.2016 घोषणा क" तारीख / Date Of Pronouncement: 27.07.2016 आयकर अिधिनयम अिधिनयम,1961 क" क" धारा धारा 254(1)केकेकेके अ"तग"त अ"तग"त आदेश आदेश आयकर आयकर आयकर अिधिनयम अिधिनयम क" क" धारा धारा अ"तग"त अ"तग"त आदेश आदेश Order U/S.254(1)Of The Income-Tax Act,1961(Act) लेखा लेखा सद"य लेखा लेखा सद"य सद"य राजे सद"य राजे राजे"" राजे "" "" केकेकेके अनुसार "" अनुसार अनुसार Per Rajendra, Am- अनुसार Challenging The Order Dated 10.10.2011 Of The Cit(A)-2,Mumbai, The A.O.(Assessing Officer) Has Filed The Present Appeal For The Above Mentioned Assessment Year. 2.Assessee-Company Engaged In The Business Of Banking, Filed Its Return Of Income On 31.10.2005 Declaring Total Income At Rs.Nil. The Ao Completed The Assessment U/S.143(3) On 20.11.2007 At A Total Income Of Rs.Nil. Reassessment U/S. 143(3) R.W.S 147 Of The Act Was Completed On 30.11.2010 Determining The Income Of The Assessee At Rs.1.32Crores.

For Appellant: Shri J.D. MistriFor Respondent: Shri N. Sathya Moorthy-DR

Section 143(3)Section 244ASection 254(1)Section 56Section 80P(2)(a)Section 80P(2)(ai)

…material before us. In our opinion the Co-op Society cannot be equated with a Co-op Bank, that the facts of Totgars Co-op Sales Society Ltd.(supra), are not applicable to the facts under appeal. We find that in the case of Haryana State Co-op Apex Bank Ltd. (322 ITR 404) the Hon’ble Punjab &Haryana High Court has held that Co-op Apex bank could not be subjected to income tax in respect of interest received by it on refund of excess income tax paid and that the amount in question would qualify u/s. 80P(2)(ai). The Hon’ble Court also referred to the judgment of Hon’ble Madras High Court delivered in the case of Ma…

Addl. CIT, Muzaffarnagar vs. M/S. Co- Operative Cane Development Union Ltd., Muzaffarnagar

In the result, appeal of the revenue is dismissed

ITA 4528/DEL/2011[2007-08]Status: DisposedITAT Delhi09 Oct 2015AY 2007-08

Bench: Sh. I.C.Sudhir, Jm & Sh. Prashant Maharishi, Am

For Appellant: Sh. Sujit Kumar, Sr. DRFor Respondent: Sh. Prem Prakash, Adv

Section 143(3)Section 43BSection 80Section 80P

…red as income eligible for deduction u/s 80P. Against this AR of the appellant submitted that the issue is covered in favour of the assessee by the decision of Hon’ble Punjab and Haryana High Court in case of CIT vs. Haryana State Co-operative Apex Bank Ltd. (322 ITR 404). He further relied on the decision of Special bench of ITAT in case of Maharashtra State Co-operative Ltd. vs. ACIT (129 TTJ 521) (SB)(Mum). 05. We have carefully considered the submission of the rival parties on the issue whether the interest on Income Tax is eligible for deduction u/s 80P. Now this issue has been decided by Honourable Punjab a…