CIT v. Kumbakonam Mutual Benefit Fund Ltd.

POWER LOOM DEVELOPMENT AND EXPORT PROMOTION COUNCIL,MUMBAI vs. INCOME TAX OFFICER (EXEM) WARD 2(2), MUMBAI

In the result appeal filed by the assessee stands partly allowed for statistical purposes

Bench: Smt. Beena Pillai () & Shri Omkareshwar Chidara ()

…n the income earned from the such investment would be exempt on ground of mutuality. He also placed reliance on following decision in support of the concept of mutuality that no one can make profit out of himself. i. CIT v. Kumbakonam Mutual Benefit Fund Ltd. 53 ITR 241 (Supreme Court). 5 I.T.A. No.1060/Mum/2025 Assessment Year: 2013-14 Powerloom Development And Export Promotion Council ii. CIT v. Madras Race Club -105 ITR 433 (Madras High Court) & CIT v. Northern India Motion Pictures Association-180 ITR 160 (Punjab & Haryana High Court) iii. CIT v. Cochin Oil Merchants' Association -168 ITR 240 (Kerala High C…

JANSEVA CO-OPERATIVE CREDIT SOCIETY LTD,MUMBAI vs. PCIT-17, MUMBAI

Bench: Shri Amit Shukla & Shri Amarjit Singhjanseva Co-Operative Vs. Pcit-17 Credit Society Limited Room No. 120, 1 St Floor, 408, Maker Bhavan No. 3, Kautilya Bhavan, C-41 To 21, New Marine Lines, C-43, G Block, Bandra Mumbai – 400 020 Kurla Complex, Bandra (East) Mumbai – 400 051 स्थायी लेखा सं./जीआइआर सं./Pan/Gir No: Aaaaj7811P Appellant .. Respondent [ Appellant By : Tanzil Padvekar Respondent By : Ankush Kapoor Date Of Hearing 25.07.2023 Date Of Pronouncement 21.08.2023 आदेश / O R D E R Per Amarjit Singh (Am): This Appeal Filed By The Assesse Is Directed Against The Order Passed By The Ld. Pcit-17, Mumbai, Dated 30.03.2023 For A.Y. 2018-19. The Assesse Has Raised The Following Grounds Before Us: “1. On The Facts & In Law, The Ld. Principal Commissioner Of Income Tax, Mumbai-17 Erred In Passing The Impugned Order Under Section 263 Of The Act By Invoking Powers Under Section 263 Of The Act Without Jurisdiction. Hence, The Impugned Order Passed Under Section 263 Of The Act Is Bad In Law & Without Meeting Jurisdictional Requirement As Twin Mandatory Conditions Are Not Fulfilled For Invoking Power Under Section 263 Of The Act. 2. On The Facts & In Law, The Ld. Principal Commissioner Of Income Tax, Mumbai-17 Has Erred In Relying On The Decision Of The Hon'Ble Supreme Court In The Case Of Totgars Co-Operative Sale Society V/S. Income Tax

…r. It is also observed that there was an element of profiteering in the activities of the assessee society thereby violating the principle of mutuality as held in the decision of Hon’ble Supreme Court in the case of CIT Vs. Kumbakonam Mutual Benefit Fund Ltd. 53 ITR 241 (SC). The ld. Pr. CIT also observed that in the case of the assessee the decision of Hon’ble Supreme Court in the case of Totagars Cooperative Sale Society Vs. ITO, Karnataka (2010) 188 taxman 282 (SC) was relevant wherein it is held that interest on deposit P a g e | 5 Janseva Cooperative Credit Society Ltd. VS. PCIT-17 was not business income b…

SANJAY CO-OPERATIVE CREDIT SOCIETY LTD,THANE vs. THE PR. COMM OF INCOME TAX 1, THANE

In the result we allow the ground no

Bench: Shri Kuldip Singh & Shri Gagan Goyalsanjay Co-Operative Credit Society Ltd., Sanjay Society Building, Uttam Naka, Bhayander, Thane-401106. Pan: Aacas3872P ...... Appellant Vs. Pcit-1, Ashar I.T. Park, 6Th Floor, Road No. 16Z, Wagle Indl. Estate, Thane-400604. ..... Respondent Appellant/Assessee By : Dr. Ravindra Nagesh Naik, Ca Respondent/Revenue By : Sh. Kailash Kanojia- Cit-Dr Date Of Hearing : 15/09/2022 Date Of Pronouncement : 13/12/2022 Order Per Gagan Goyal, A.M: This Appeal By Assessee Is Directed Against The Order Of Under Section 263 Of The Income Tax Act, 19061 [For Short ‘The Act’] Vide Order Dated 17.03.2022 For Assessment Year (Ay) 2017-18. The Assessee Has Raised The Following Grounds Of Appeal: “1. The Ld. Pcit-1, Thane Erred In Law & On Facts In Not Appreciating That All The Details/ Information Relating To Interest Income Were Submitted During The Scrutiny

…e societies only in respect of a regional rural bank which is specifically included in definition of a Co-op. Society. The Hon'ble SC in 10 ITA No. 740/Mum/2022-Sanjay Co-operative Credit Society Ltd. the case of CIT Vs. Kumbakonam Mutual Benefit Fund Ltd., 53 ITR 241 (SC) and in the case of M/s Bangalore Club Vs. CIT has gone into minute details for deciding the nature/character of principle of mutuality, under which a tax exemption has been claimed by various societies. 11. Also, interest earned on surplus fund is other income and not eligible for deduction u/s. 80P, as decided by the Hon'ble Supreme Court in…

MAHIM VIVIDH KARYAKARI SAHAKARI SOCIETY LTD.,,THANE vs. PRINCIPAL COMMISSIONER OF INCOME TAX-1, THANE

In the result we allow the ground no

…ct which provided for relaxation of the definition of co- operative societies only in respect of a regional rural bank which is specifically included in definition of a Co-op. Society. The Hon'ble SC in the case of CIT Vs. Kumbakonam Mutual Benefit Fund Ltd., 53 ITR 241 (SC) and in the case of M/s Bangalore Club Vs. CIT has gone into minute details for deciding the nature/character of principle of mutuality, under which a tax exemption has been claimed by various societies. Also interest earned on surplus fund is other income and not eligible for deduction u/s. 80P, as decided by the Hon'ble Supreme Court in the…