CIT v. Jafari Momin Vikas Co-operative Credit Society Ltd.

THE MODASA DHANSURA TALUKA TEACHERS CO.OP. CREDIT SOCIETY LTD.,ARVALLI vs. THE ACIT, HMT CIRCLE, HIMATNAGAR PRESENT JURISDICTION THE DY.CIT, CIRCLE-2(1)(1), AHMEDABAD

In the result, the appeal of the assessee is allowed

Bench: Ms. Suchitra Kamble & Shri Makarand V. Mahadeokarआयकर अपील सं /Ita No.1478/Ahd/2024 िनधा"रण वष" /Assessment Year : 2017-18 The Modasa Dhansura Taluka The Acit बनाम/ Teachers Co-Op.Credit Hmt Circle, Himatnagar V/S. Society Ltd. Present Jurisdiction - S/43, 2Nd Floor The Dy.Cit, Circle-2(1)(1) Shyam Sunder Complex Ahmedabad – 380 015 Station Road, At & Po Modasa Ta. Modasa Aravalli 383 315 (Gujarat) "थायी लेखा सं./Pan:Aabat 2852 M अपीलाथ%/ (Appellant) &' यथ%/ (Respondent) Assessee By : Shri Dhinal Shah, Ar Revenue By : Shri V.K. Mangla, Sr.Dr सुनवाई की तारीख/Date Of Hearing : 16/10/2024 घोषणा की तारीख /Date Of Pronouncement: 28/10/2024 आदेश/O R D E R Per Makarand V. Mahadeokar, Am:

…ee by the Hon’ble jurisdictional Gujarat High Court and various Co- ordinate Benches of the Tribunal. In the case of Pr. CIT vs. Ekta Co-operative Credit Society Ltd. (402 ITR 85) and in the case of CIT vs. Jafari Momin Vikas Co-operative Credit Society Ltd. (362 ITR 331), the Gujarat High Court held that co-operative banks are co-operative societies for the purposes of Section 80P(2)(d) of the Act, and therefore, interest earned from deposits with co-operative banks qualifies for deduction under this section. In the case of Shrinath Co-operative Credit Society Ltd. vs. ACIT (ITA Nos. 389, 390 & 391/Ahd/2022), th…

THE BRAHMARSHI CO OPP CREDIT SOCIETY LIMITED,ARVALLI vs. ASSESSING OFFICER, CIRCLE, HIMATNAGAR, ARVALLI

In the result, the appeal of the assessee is partly allowed

…efore the interest is deductible under Section 80P (2)(a)(i) as per following cases: i. Pr. CIT Vs Ekta Co-operative Credit Society Ltd. 91 taxmann.com 42-402 ITR 85 (Guj.) ii. CIT Vs Jafari Momin Vikas Co-operative Credit Society Ltd 2014, 49 taxmann.com 571 362 ITR 331 [Guj.) iii. ACIT Vs. Peoples Co.op. Credit Society Ltd. 2019 107 taxmann.com 53 (Ahmedabad-Trib.) (SB) 2019 177 ITD 25 (Ahmedabad - Trib.) (SB) and further investment made it out of operational funds and not out of surplus funds and therefore the SC decision in case of Totgars Co.op. Sale Society Ltd Vs. ITO 322 ITR 283 is not applicable on the f…

THE ACIT,B.K.CIRCLE,, PALANPUR vs. THE SAMARPAN CO.OP. CREDIT SOCIETY LTD.,, BANASKANTHA

In the result, all the appeals as also the cross-objections are dismissed

…ed, in favour of the assessee, by various decisions of Hon’ble jurisdictional High Court – including in the cases of PCIT Vs. Ekta Co-operative Credit Society Ltd [(2018) 402 ITR 85 (Guj)] and CIT Vs. Jafari Momin Vikas Co-operative Credit Society Ltd [(2014) 362 ITR 331 (Guj)]. Learned Departmental Representatives, however, dutifully relied upon the stand of the Assessing Officer. 3. We find that, in the case of Ekta Co-operative Credit Society (supra), Hon’ble jurisdictional High Court has observed as follows:- “2. The assessee filed its return of income for assessment year 2010-11 showing 'nil' income after…

THE ACIT,B.K.CIRCLE,, PALANPUR vs. THE SAMARPAN CO.OP. CREDIT SOCIETY LTD.,, BANASKANTHA

In the result, all the appeals as also the cross-objections are dismissed

…ed, in favour of the assessee, by various decisions of Hon’ble jurisdictional High Court – including in the cases of PCIT Vs. Ekta Co-operative Credit Society Ltd [(2018) 402 ITR 85 (Guj)] and CIT Vs. Jafari Momin Vikas Co-operative Credit Society Ltd [(2014) 362 ITR 331 (Guj)]. Learned Departmental Representatives, however, dutifully relied upon the stand of the Assessing Officer. 3. We find that, in the case of Ekta Co-operative Credit Society (supra), Hon’ble jurisdictional High Court has observed as follows:- “2. The assessee filed its return of income for assessment year 2010-11 showing 'nil' income after…

THE ACIT,B.K.CIRCLE,, PALANPUR vs. THE BHILDI MERCANTILE CREDIT CO.OP.SOCIETY LTD.,, BANASKANTHA

In the result, all the appeals as also the cross-objections are dismissed

…ed, in favour of the assessee, by various decisions of Hon’ble jurisdictional High Court – including in the cases of PCIT Vs. Ekta Co-operative Credit Society Ltd [(2018) 402 ITR 85 (Guj)] and CIT Vs. Jafari Momin Vikas Co-operative Credit Society Ltd [(2014) 362 ITR 331 (Guj)]. Learned Departmental Representatives, however, dutifully relied upon the stand of the Assessing Officer. 3. We find that, in the case of Ekta Co-operative Credit Society (supra), Hon’ble jurisdictional High Court has observed as follows:- “2. The assessee filed its return of income for assessment year 2010-11 showing 'nil' income after…

THE ACIT,B.K.CIRCLE,, PALANPUR vs. THE BHILDI MERCANTILE CREDIT CO.OP.SOCIETY LTD.,, BANASKANTHA

In the result, all the appeals as also the cross-objections are dismissed

…ed, in favour of the assessee, by various decisions of Hon’ble jurisdictional High Court – including in the cases of PCIT Vs. Ekta Co-operative Credit Society Ltd [(2018) 402 ITR 85 (Guj)] and CIT Vs. Jafari Momin Vikas Co-operative Credit Society Ltd [(2014) 362 ITR 331 (Guj)]. Learned Departmental Representatives, however, dutifully relied upon the stand of the Assessing Officer. 3. We find that, in the case of Ekta Co-operative Credit Society (supra), Hon’ble jurisdictional High Court has observed as follows:- “2. The assessee filed its return of income for assessment year 2010-11 showing 'nil' income after…

THE ACIT,B.K.CIRCLE,, PATAN vs. THE PEOPLE'S CO,OP.CREDIT SOCIETY LTD.,, DEESA

In the result, all the appeals as also the cross-objections are dismissed

…ed, in favour of the assessee, by various decisions of Hon’ble jurisdictional High Court – including in the cases of PCIT Vs. Ekta Co-operative Credit Society Ltd [(2018) 402 ITR 85 (Guj)] and CIT Vs. Jafari Momin Vikas Co-operative Credit Society Ltd [(2014) 362 ITR 331 (Guj)]. Learned Departmental Representatives, however, dutifully relied upon the stand of the Assessing Officer. 3. We find that, in the case of Ekta Co-operative Credit Society (supra), Hon’ble jurisdictional High Court has observed as follows:- “2. The assessee filed its return of income for assessment year 2010-11 showing 'nil' income after…

THE ACIT,B.K.CIRCLE,, PATAN vs. THE PEOPLE'S CO,OP.CREDIT SOCIETY LTD.,, DEESA

In the result, all the appeals as also the cross-objections are dismissed

…ed, in favour of the assessee, by various decisions of Hon’ble jurisdictional High Court – including in the cases of PCIT Vs. Ekta Co-operative Credit Society Ltd [(2018) 402 ITR 85 (Guj)] and CIT Vs. Jafari Momin Vikas Co-operative Credit Society Ltd [(2014) 362 ITR 331 (Guj)]. Learned Departmental Representatives, however, dutifully relied upon the stand of the Assessing Officer. 3. We find that, in the case of Ekta Co-operative Credit Society (supra), Hon’ble jurisdictional High Court has observed as follows:- “2. The assessee filed its return of income for assessment year 2010-11 showing 'nil' income after…

THE ACIT,B.K.CIRCLE,, PATAN vs. THE PEOPLE'S CO,OP.CREDIT SOCIETY LTD.,, DEESA

In the result, all the appeals as also the cross-objections are dismissed

…ed, in favour of the assessee, by various decisions of Hon’ble jurisdictional High Court – including in the cases of PCIT Vs. Ekta Co-operative Credit Society Ltd [(2018) 402 ITR 85 (Guj)] and CIT Vs. Jafari Momin Vikas Co-operative Credit Society Ltd [(2014) 362 ITR 331 (Guj)]. Learned Departmental Representatives, however, dutifully relied upon the stand of the Assessing Officer. 3. We find that, in the case of Ekta Co-operative Credit Society (supra), Hon’ble jurisdictional High Court has observed as follows:- “2. The assessee filed its return of income for assessment year 2010-11 showing 'nil' income after…

SARDAR NAGRIK SAHAKARI BANK LTD.,,VADODARA vs. ITO, WARD 3(1)(3),, BARODA

In the result, the appeal of the assessee is partly allowed

Bench: Shri Waseem Ahmed & Ms Madhumita Royआयकर अपील सं./Ita Nos.2156 & 2157/Ahd/2017 "नधा"रण वष"/Asstt. Years: 2013-2014 & 2014-2015 Sardar Nagrik Sahakari Bank Ltd Ito, ‘’B’’, Alankar Apartment, Ward 3(1)(3), Vs. Parkarwada, Dandia Bazar, Baroda. Vadodara. Pan: Aaabt2648D

…dia (SBI) Vs CIT [2016] 72 taxmann.com 64 (Gujarat) wherein all cases on this issue including Apex Court decision in the case of Totgars Co-operative Sale Society v. ITO [2010] 322 ITR 283(SC) and CIT vs jafari Momin in Vikas Co-op. Credit Society Ltd. [2014] 362 ITR 331 (Guj.) were considered. Hon'ble Gujarat High Court has followed Totgars Co-operative Sale Society (Supra) and distinguished Jafari Momin Vjkas Co-op. Credit Society Ltd. (Supra) as well as CIT Vs Baroda Peoples Co-op. Bank Ltd. [2005] 280 !TR 282 (Guj.). Another landmark decision of Tumkur Merchants Souharda Credit Co-operative Ltd. Vs ITO [2015]…

SARDAR NAGRIK SAHAKARI BANK LTD.,,VADODARA vs. ITO, WARD 3(1)(3),, BARODA

In the result, the appeal of the assessee is partly allowed

Bench: Shri Waseem Ahmed & Ms Madhumita Royआयकर अपील सं./Ita Nos.2156 & 2157/Ahd/2017 "नधा"रण वष"/Asstt. Years: 2013-2014 & 2014-2015 Sardar Nagrik Sahakari Bank Ltd Ito, ‘’B’’, Alankar Apartment, Ward 3(1)(3), Vs. Parkarwada, Dandia Bazar, Baroda. Vadodara. Pan: Aaabt2648D

…dia (SBI) Vs CIT [2016] 72 taxmann.com 64 (Gujarat) wherein all cases on this issue including Apex Court decision in the case of Totgars Co-operative Sale Society v. ITO [2010] 322 ITR 283(SC) and CIT vs jafari Momin in Vikas Co-op. Credit Society Ltd. [2014] 362 ITR 331 (Guj.) were considered. Hon'ble Gujarat High Court has followed Totgars Co-operative Sale Society (Supra) and distinguished Jafari Momin Vjkas Co-op. Credit Society Ltd. (Supra) as well as CIT Vs Baroda Peoples Co-op. Bank Ltd. [2005] 280 !TR 282 (Guj.). Another landmark decision of Tumkur Merchants Souharda Credit Co-operative Ltd. Vs ITO [2015]…

THE PEEEOPLES CO. OP.CREDIT SOCIETY LTD.,ANAND vs. ITO, WARD-1(3)(2), PETLAD

In the result, appeal filed by the Assessee is dismissed

Bench: Shri Mahavir Prasad & Shri Waseem Ahmed)

…es Co-op Credit & Supply Society Ltd Vs Commissioner Of Income Tax in Tax Appeal No.486 & 487 Dated,25.04.2016 [20161 72 taxmann.com 64 (Gutarat) by distinguishing its earlier decision In the case of CJT v. Jafari Momin Vikas Co-op, Credit Society Ltd. [20141 362 ITR 331/227 Taxman 59/49 taxmann.com 571 (Guj.) has held that interest income earned from deposits from banks is not exempt U/s80P(2)(a)(i) of the Income tax Act and thereby followed the order of Hon,ble Apex Court in the case of Totgar Co-op Sale Soc Ltd Vs ITO (SO 322 ITR 283: 35DTR25. 6 From the above it can be seen that subsequent to the decision of…

THE KHANPUR VIBHAG MADHYAMIK SHALA KARMACHARI DGIRAN & GRAHAK SAHAKARI MANDALI LTD,MAHISAGAR vs. INCOME TAX OFFICER , LUNAWADA, LUNAWADA

In the result, appeal filed by the Assessee is dismissed

Bench: Shri Mahavir Prasad & Shri Waseem Ahmed)

…es Co-op Credit & Supply Society Ltd Vs Commissioner Of Income Tax in Tax Appeal No.486 & 487 Dated,25.04.2016 [20161 72 taxmann.com 64 (Gutarat) by distinguishing its earlier decision In the case of CJT v. Jafari Momin Vikas Co-op, Credit Society Ltd. [20141 362 ITR 331/227 Taxman 59/49 taxmann.com 571 (Guj.) has held that interest income earned from deposits from banks is not exempt U/s80P(2)(a)(i) of the Income tax Act and thereby followed the order of Hon,ble Apex Court in the case of Totgar Co-op Sale Soc Ltd Vs ITO (SO 322 ITR 283: 35DTR25. 6 From the above it can be seen that subsequent to the decision of…

RAILWAYMENS CO. OP. CREDIT SOCIETY LIMITED,,VADODARA vs. ITO, WARD-3(1)(3),, VADODARA

In the result, appeal filed by the Assessee is dismissed

Bench: Shri Mahavir Prasad & Shri Waseem Ahmed)

…es Co-op Credit & Supply Society Ltd Vs Commissioner Of Income Tax in Tax Appeal No.486 & 487 Dated,25.04.2016 [20161 72 taxmann.com 64 (Gutarat) by distinguishing its earlier decision In the case of CJT v. Jafari Momin Vikas Co-op, Credit Society Ltd. [20141 362 ITR 331/227 Taxman 59/49 taxmann.com 571 (Guj.) has held that interest income earned from deposits from banks is not exempt U/s80P(2)(a)(i) of the Income tax Act and thereby followed the order of Hon,ble Apex Court in the case of Totgar Co-op Sale Soc Ltd Vs ITO (SO 322 ITR 283: 35DTR25. 6 From the above it can be seen that subsequent to the decision of…