CIT v. Nawanshahar Central Co-op Bank Lid

349 ITR 689Supreme Court of India2012#12668 most cited

judgments rely on this decision, according to BharatTax’s citation analysis of 341,001 Indian tax judgments — from 2016 to 2025.

Issues it is cited on

section 2(7)section 36(1)(viii)section 18 tax benefit section 80p(4)section 36(1)(vii)section 22 section 80p(2)(a)amalgamation section 80p(2)(a)(i)section 80p(2)section 32

Judgments citing CIT v. Nawanshahar Central Co-op Bank Lid

Haveli Taluka Veej Kamgar Sahakari Pathsanstha Maryadit, Pune vs. Income Tax Officer Ward 6 (1) Pune, Pmt Building, Swargate

In the result, the appeal of the assessee is allowed

ITA 1428/PUN/2024[2017-18]Status: DisposedITAT Pune15 Jan 2025AY 2017-18

Bench: Shri R.K. Panda & Ms. Astha Chandraआयकर अपील सं. / Ita No.1428/Pun/2024 निर्धारण वर्ष / Assessment Year : 2017-18 Haveli Taluka Veej Kamgar Sahakari Pathsanstha Maryadit, 415/2 A, Shrine Complex, Somvar Peth, Pune -411011 Vs. Income Tax Officer, Ward - 6(1), Pune Pan : Aaaah2281D अपीलार्थी / Appellant प्रत्यर्थी / Respondent Assessee By : Department By : Date Of Hearing : Date Of Pronouncement : Shri Deepak S. Sasar Shri Ramnath P. Murkunde 05-11-2024 15-01-2025 आदेश / Order Per Astha Chandra, Jm : The Appeal Filed By The Assessee Is Directed Against The Order Dated 29.04.2024 Of The Ld. Commissioner Of Income Tax (Appeals)/Nfac, Delhi [“Cit(A)"] Pertaining To Assessment Year (“Ay”) 2017-18. 2. The Assessee Has Raised The Following Grounds Of Appeal :- *1. The Ld. Cit(A) Has Wrongly Confirmed The Disallowance Of Deduction Of Rs.8,84,993/- Claimed By The Appellant U/S.80P (2)(A)(I) Of The Income Tax Act, 1961 Of Interest Income Earned From Deposit With Pdcc Bank. 2. Alternatively, The Interest Income Earned By The Appellant From The Investments In A Co-Operative Bank Is Also Eligible For Deduction Under Section 80P (2) (D) Of The Income Tax Act, 1961. 3. The Ld. Cit (A) Has Wrongly Confirmed The Disallowance Of Deduction U/S.80P Of Commission Receipts Of Rs.53,52,723/- After Deducting The Salary Expenses Of Rs.3,00,202/- From The Total Commission Receipts Of Rs.56,52,925/-. Being The Same Income Is Received From The Mseb On Account Of Running Cash Counter For Mseb Bill Payments & The Same Is Treated As Income From Other Sources. 4. The Appellant Crave Leave To Add, Delete, Amend, Alter, Vary And/Or Withdraw All Or Any One Of The Above Grounds Of Appeal.” 2

For Appellant: Department byFor Respondent: Date of hearing

Section 143(1)Section 143(2)Section 143(3)Section 80PSection 80P(2)(a)Section 80P(2)(d)

…e business of banking?" and held as under : "6] With the assistance of the respective Counsel, we have perused the judgment of the Hon'ble Apex Court in case Commissioner of 4 ITL 73.09.odt Income Tax vs Nawanshahar Central Co-op. Bank Ltd, reported at (2012) 349 ITR 689 (SC). In this case, the Hon'ble Apex Court has considered the income from underwriting commission for eligibility under Section 80P. It has relied upon the earlier judgment in case of Commissioner of Income Tax, Jalandhar vs Nawanshahar Central Cooperative Bank Limited and dismissed the challenge as raised by the Department. Thus, the Hon'ble Ape…

Vidharbha Konkan Gramin Bank, Nagpur vs. Income Tax Officer Ward 1(5), Nagpur

In the result, appeal filed by the assessee for A

ITA 8/NAG/2019[2015-2016]Status: DisposedITAT Nagpur28 Nov 2024AY 2015-2016

Bench: Shri V. Durga Rao & Shri K.M. Roy, Accountant, Member

For Appellant: Shri C. NareshFor Respondent: Shri Sandipkumar Salunke

Section 22Section 36(1)Section 36(1)(viia)Section 36(1)(viii)Section 80P

…f banking, which required it to place a part of its funds in approved securities, the income attributable thereto, is deductible under section 80P(2)(a)(i) of the Act. 56. Further, in other case of CIT v. Nawanshahar Central Co-op Bank Lid. reported in [2012] 349 ITR 689, the Hon'ble Supreme Court has also held that "the assessee cooperative society was entitled for deduction under section 80P(2)(a) (i) of Income Tax Act 961, in respect of underwriting commission and interest on PSEB Bonds and IDBI Bonds, as such is an income, attributable to the business of banking. It is not the case of revenue that any part of…

Vidharbha Konkan Gramin Bank, Nagpur vs. Income Tax Officer Ward 1(5), Nagpur

In the result, appeal filed by the assessee for A

ITA 7/NAG/2019[2014-15]Status: DisposedITAT Nagpur28 Nov 2024AY 2014-15

Bench: Shri V. Durga Rao & Shri K.M. Roy, Accountant, Member

For Appellant: Shri C. NareshFor Respondent: Shri Sandipkumar Salunke

Section 22Section 36(1)Section 36(1)(viia)Section 36(1)(viii)Section 80P

Deputy Commissioner of Income Tax, Circle-1(1), Hubballi vs. M/S. Karnataka Vikas Grameen Bank Limited, Dharwad

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

ITA 720/BANG/2020[2016-17]Status: DisposedITAT Bangalore05 Dec 2022AY 2016-17

Bench: Shri George George K. & Shri Laxmi Prasad Sahuassessment Year : 2016-17

For Appellant: Shri S Ananthan, C.AFor Respondent: Ms. Susan D George, CIT (DR)

Section 143Section 234BSection 250Section 36

…banking, which required it to place a part of its funds in approved securities, the income attributable thereto, is deductible under section 8OP(2)(a)(i) of the Act. 56. Further, in other case of CIT v. Nawanshahar Central Co- op Bank Ltd. reported in [2012] 349 ITR 689, the Hon'ble Supreme Court has also held that "the assessee - cooperative society was entitled for deduction under section 80P(2)(a) (i) of focome Tax Act 961, in respect of underwriting commission and interest on PSEB Bonds and IDBI Bonds, as such is an income, attributable to the business of banking. It is not the case of revenue that any part…

M/S Karnataka Vikas Grameena Bank, Dharwad vs. Assistant Commissioner of Income Tax, Circle-2(1), Hubballi

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

ITA 611/BANG/2020[2016-17]Status: DisposedITAT Bangalore02 Dec 2022AY 2016-17

Bench: Shri George George K. & Shri Laxmi Prasad Sahuassessment Year : 2016-17

For Appellant: Shri S Ananthan, C.A, S.V Ravishankar, AdvocateFor Respondent: Ms. Susan D George, CIT (DR)

Section 143Section 234BSection 250Section 36

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)

…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 questions of law for determination: “(a) Whether the High Court was justified in holding that the respondent- assessee was entitled for deduc…

Bansabati Co-Operative Bank Ltd., Hooghly vs. Principal CIT - 8, Kolkata

In the result, appeal of the assessee is allowed

ITA 271/KOL/2018[2012-13]Status: DisposedITAT Kolkata03 Dec 2020AY 2012-13

Bench: Shri J. Sudhakar Reddy, Am & Shri A. T. Varkey, Jm]

Section 263Section 80P

…d PCIT, the assessee replied explaining how the action of AO was correct after enquiry. However the Ld PCIT was not satisfied and after taking note of the judgment of Hon’ble Supreme Court in the case of Totgar’s Co-operative Sales Society Ltd. Vs. ITO (2012) 349 ITR 689 (SC), he was of the opinion that the Assessing Officer failed to make relevant enquiry while examining the documents relating to the claim of deduction claim of the assessee u/s 80P of the Act on account of interest earned amounting to Rs. 4,55,000/- from the Bond of NABARD. Thereafter he set aside the assessment order dated 25.03.2015 and direct…

Sesec, Eco. Railway Employees Co Operative Credit Society Ltd., Kolkata vs. PCIT-10, Kolkata

In the result, the appeal filed by the assessee on this ground, is dismissed

ITA 621/KOL/2016[2011-2012]Status: DisposedITAT Kolkata28 Sept 2016AY 2011-2012

Bench: Hon’Ble Shri S.S.Viswanethra Ravi, Jm & Dr.Arjun Lal Saini, Am ] Assessment Year : 2011-12

For Appellant: Shri Subash Agarwal, AdvocateFor Respondent: Shri Rajat Subhra Biswas, CIT

Section 143(3)Section 154Section 263Section 80PSection 80P(2)(a)

…erruled; CIT vs. Bangalore District Cooperative Central Bank Ltd. (1998) 148 CTR (SC) 226 : 1998 (6) SCC 129 : TC S26.2714 approved sans reasoning.”(Para 6) (v) COMMISSIONER OF INCOME TAX vs. NAWANSHAHAR CENTRAL CO-OP. BANK LTD.SUPREME COURT OF INDIA (2012): 349 ITR 689 The income earned by the Assessee which was derived from underwriting the issue of bonds and investments in PSEB Bonds is in the nature of income from banking business and hence qualified for deduction u/s 80P(2)(a)(i) of the Income Tax Act, 1961. The assessee under consideration is not a co-operative bank therefore decision in NAWANSHAHAR CENTR…