CIT v. Punjab State Co-operative Agricultural Development Bank Ltd.

389 ITR 607High Court2016#3829 most cited

What is CIT v. Punjab State Co-operative Agricultural Development Bank Ltd. authority for?

Interest income earned by a co-operative bank from surplus funds invested in scheduled banks (not co-operative societies) is taxable as income from other sources under section 56, and is not eligible for deduction under section 80P(2)(a)(i). This applies to any surplus funds not immediately required for business purposes, not just sale proceeds of members' produce.

31

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2018 to 2026.

Also referred to as

CIT v. Punjab State Co-operative Agricultural Development Bank Ltd · 389 ITR 607 · 76 Taxmann.com 307 · section 56 · section 80P(2)(a)(i) · interest income · cooperative bank · surplus funds · income from other sources · Totgar's Co-operative Sale Society Ltd

Also reported as

76 Taxmann.com 307

Sections most often in play

Section 80P(2)(a)(i)Section 56Section 80P(2)(d)Section 143(3)Section 80PSection 80P(1)Section 250Section 254

Issues it is cited on

mutuality principledoctrine of mutualitysection 80(p)(2)(a)section 80p(1)section 194a(3)(v)section 71section 80p(2)(a)corpus fundsection 80p(2)(d)section 80p(4)section 80p(2)section 80p(2)(a)(i)

Judgments citing CIT v. Punjab State Co-operative Agricultural Development Bank Ltd.

SHRI. SHANTHISAGAR CO OP CREDIT SOCIETY LIMITED,HUBLI vs. INCOME TAX OFFICER, WARD-2(1), HUBLI

In the result, the appeal of the assessee is hereby partly allowed for statistical purposes

ITA 2081/BANG/2025[2017-18]Status: DisposedITAT Bangalore12 Mar 2026AY 2017-18

Bench: Shri Waseem Ahmed & Shri Keshav Dubeyassessment Year: 2017-18

For Appellant: Smt. Harsha J, AdvocateFor Respondent: Shri Ganesh R Ghale, Advocate – Standing
Section 250Section 80PSection 80P(2)(a)Section 80P(2)(d)

…Hon’ble Gujrat High Court in the case of State Bank of India vs. CIT reported in 389 ITR 578, Punjab and Haryana High . ITA No.2081 /Bang/2025 Page 3 of 32 Court decision in case of CIT vs. Punjab State Co-op Agricultural Development Bank Ltd reported in 389 ITR 607 and ruling of Hon’ble Supreme Court in the case of Totagars Cooperative Sales Society reported in 322 ITR 283. 6.1 The AO also considered reliance placed by the assessee on the decision of Hon’ble Karnataka high court in the case of Tumkur Merchant Souharda Credit Cooperative Ltd reported in 230 taxman 309. The AO found the ratio of Hon’ble High…

EVERARD TOWERS COOPERATIVE HOUSING SOCIETY LIMITED,EVERARD TOWER CHS LTD vs. WARD 41(1)(2), MUMBAI, KAUTILYA BHAVAN

In the result, the grounds of appeal raised by assessee are allowed

ITA 7341/MUM/2025[2020-21]Status: DisposedITAT Mumbai21 Jan 2026AY 2020-21

Bench: Shri Pawan Singh(Physical Hearing) The Everard Tower Co-Operative Housing Ito,Ward-41(1)(2), Mumbai Society Limited Vs Kautilyabhavan, Bandrakurla B-1007, Everard Tower Chs Ltd. Complex, Bandra (East), Eastern Express Highway, Sion (East), Mumbai – 400051. Mumbai – 400022. [Pan No. Aaaae2800M] Appellant / Assessee Respondent / Revenue

Section 254(1)Section 80PSection 80P(2)(a)Section 80P(2)(d)

…ision of Karnataka High Court in PCIT vs Totgars Co-op Society in ITA No. 100064 to 100068 of 2016 dated 16.08.2017 and the decision of State Bank of India vs CIT (2016) 389 ITR 578 (Guj), CIT vs Punjab State Co-op Agricultural Development Bank Ltd. (2016) 389 ITR 607 (P&H) and the decision of Hon’ble Apex Court in Totgars Co-op Sale Society Ltd. vs ITO (2010) 322 ITR 283 (SC). The ld CIT(A) confirmed action of assessing officer. The ratio of such decision is not applicable on the facts of the present case. The said decision is basically on deduction section 80P(2)(a). However, the assessee claimed deduction…

BIBHISANPUR SAMABAY KRISHI UNNAYAN SAMITY LTD.,KOLKATA vs. I.T.O., WARD - 27(4), HALDIA/ WBG-W-176(3), HALDIA

ITA 1021/KOL/2024[2020-2021]Status: DisposedITAT Kolkata04 Aug 2025AY 2020-2021

Bench: Shri Sonjoy Sarma & Shri Rakesh Mishra

Section 143(3)Section 250Section 56Section 80PSection 80P(2)(a)

…आयकर अपीलीय अधिकरण कोलकाता 'एसएमसी' पीठ, कोलकाता में IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA ‘SMC’ BENCH, KOLKATA श्री संजय शमाा, न्याधयक सदस्य एवं श्री राकेश धमश्रा, लेखा सदस्य के समक्ष Before SHRI SONJOY SARMA, JUDICIAL MEMBER & SHRI RAKESH MISHRA, ACCOUNTANT MEMBER I.T.A. No.: 1021/KOL/2024 Assessment Year: 2020-21 Bibhisanpur Samabay Krishi ITO, Ward-27(4), Haldia/ Unnayan Samity Ltd. Vs. WBG-W-(176)(3) (Appellant) (Respondent) PAN: AACAB4420G Appearances: Assessee represented by : S. Rai Choudhury, Adv. and Saikat Ghosal, Adv. Department represented by : Abhijit Adhikary, Addl. CIT. Date of concluding t…

THE JASSOMAZARA COOP MULTIPUPOSE SOCIETY LIMITED,NAWANSAHAR vs. ASSISTANT COMMISSIONER OF INCOME TAX CIRCLE-2, JALANDHAR

In the result, all the four appeal of the assessee are allowed for statistical purpose

ITA 516/ASR/2024[2020-21]Status: DisposedITAT Amritsar30 Jun 2025AY 2020-21

Bench: Sh. Udayan Dasgupta & Sh. Krinwant Sahay(Hybrid Hearing) I.T.A. Nos. 513 To 516/Asr/2024 Assessment Years: 2013-14, 2017-18, 2018-19 & 2020-21

Section 147Section 148Section 250Section 80Section 80PSection 80P(2)(a)

…income earned from investments with bank cannot be attributed as income from its business activity. Thereafter, the Ld CIT(A) further relied on the decision of the jurisdictional High court in the case of CIT vs Punjab State Co operative Agricultural bank ltd 389 ITR 607 ( Punjab and Haryana ) , and dismissed the appeal holding as follows : “7.16 Thus, in the case of the appellant the income earned from investments with Banks is not income that is earned from eligible activity. It is not income arising from any of the eligible activities as mentioned in clause (a) of sub section 2 of section 80P. This is income…

THE JASSOMAZARA COOP MULTIPUPOSE SOCIETY LIMITED,NAWANSHAHAR vs. ASSISTANT COMMISSIONER OF INCOME TAX CIRCLE-2, JALANDHAR

In the result, all the four appeal of the assessee are allowed for statistical purpose

ITA 515/ASR/2024[2018-19]Status: DisposedITAT Amritsar30 Jun 2025AY 2018-19

Bench: Sh. Udayan Dasgupta & Sh. Krinwant Sahay(Hybrid Hearing) I.T.A. Nos. 513 To 516/Asr/2024 Assessment Years: 2013-14, 2017-18, 2018-19 & 2020-21

Section 147Section 148Section 250Section 80Section 80PSection 80P(2)(a)

…income earned from investments with bank cannot be attributed as income from its business activity. Thereafter, the Ld CIT(A) further relied on the decision of the jurisdictional High court in the case of CIT vs Punjab State Co operative Agricultural bank ltd 389 ITR 607 ( Punjab and Haryana ) , and dismissed the appeal holding as follows : “7.16 Thus, in the case of the appellant the income earned from investments with Banks is not income that is earned from eligible activity. It is not income arising from any of the eligible activities as mentioned in clause (a) of sub section 2 of section 80P. This is income…

THE JASSOMAZARA COOP MULTIPUPOSE SOCIETY LIMITED,NAWANSHAHAR vs. ASSISTANT COMMISSIONER OF INCOME TAX CIRCLE-2, JALANDHAR

In the result, all the four appeal of the assessee are allowed for statistical purpose

ITA 514/ASR/2024[2017-18]Status: DisposedITAT Amritsar30 Jun 2025AY 2017-18

Bench: Sh. Udayan Dasgupta & Sh. Krinwant Sahay(Hybrid Hearing) I.T.A. Nos. 513 To 516/Asr/2024 Assessment Years: 2013-14, 2017-18, 2018-19 & 2020-21

Section 147Section 148Section 250Section 80Section 80PSection 80P(2)(a)

…income earned from investments with bank cannot be attributed as income from its business activity. Thereafter, the Ld CIT(A) further relied on the decision of the jurisdictional High court in the case of CIT vs Punjab State Co operative Agricultural bank ltd 389 ITR 607 ( Punjab and Haryana ) , and dismissed the appeal holding as follows : “7.16 Thus, in the case of the appellant the income earned from investments with Banks is not income that is earned from eligible activity. It is not income arising from any of the eligible activities as mentioned in clause (a) of sub section 2 of section 80P. This is income…

THE JASSOMAZARA COOP MULTIPUPOSE SOCIETY LIMITED,NAWANSHAHR vs. ASSISTANT COMMISSIONER OF INCOME TAX CIRCLE-2, JALANDHAR

In the result, all the four appeal of the assessee are allowed for statistical purpose

ITA 513/ASR/2024[2013-14]Status: DisposedITAT Amritsar30 Jun 2025AY 2013-14

Bench: Sh. Udayan Dasgupta & Sh. Krinwant Sahay(Hybrid Hearing) I.T.A. Nos. 513 To 516/Asr/2024 Assessment Years: 2013-14, 2017-18, 2018-19 & 2020-21

Section 147Section 148Section 250Section 80Section 80PSection 80P(2)(a)

…income earned from investments with bank cannot be attributed as income from its business activity. Thereafter, the Ld CIT(A) further relied on the decision of the jurisdictional High court in the case of CIT vs Punjab State Co operative Agricultural bank ltd 389 ITR 607 ( Punjab and Haryana ) , and dismissed the appeal holding as follows : “7.16 Thus, in the case of the appellant the income earned from investments with Banks is not income that is earned from eligible activity. It is not income arising from any of the eligible activities as mentioned in clause (a) of sub section 2 of section 80P. This is income…

THE DCIT, CIR-3(2) GANGTOK, GANGTOK SIKKIM vs. SIKKIM STATE COOPERATIVE SUPPLY AND MARKETING FEDERATION LIMITED , GANGTOK SIKKIM

ITA 1583/KOL/2024[2020-21]Status: DisposedITAT Kolkata18 Jun 2025AY 2020-21

Bench: Shri Pradip Kumar Choubey & Shri Rakesh Mishra

Section 250Section 80P

…आयकर अपीलीय अधिकरण कोलकाता 'ए' पीठ, कोलकाता में IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA ‘A’ BENCH, KOLKATA श्री प्रदीप कुमार चौबे, न्याधयक सदस्य एवं श्री राकेश धमश्रा, लेखा सदस्य के समक्ष Before SHRI PRADIP KUMAR CHOUBEY, JUDICIAL MEMBER & SHRI RAKESH MISHRA, ACCOUNTANT MEMBER I.T.A. Nos.: 1582 & 1583/KOL/2024 Assessment Years: 2018-19 & 2020-21 Deputy Commissioner of Income Sikkim State Cooperative Tax, Cir-3(2), Gangtok Supply and Marketing Vs. Federation Limited (Appellant) (Respondent) PAN: AADAS4451M Appearances: Department represented by : Sailen Samadder, Add. CIT, Sr. DR. Assessee represented by : A.…

DEPUTY COMMISSIONER OF INCOME TAX, CIR-3(2), GANGTOK, GANGTOK SIKKIM vs. SIKKIM STATE COOPERATIVE SUPPLY AND MARKETING FEDERATION LIMITED, GANGTOK SIKKIM

ITA 1582/KOL/2024[2018-19]Status: DisposedITAT Kolkata18 Jun 2025AY 2018-19

Bench: Shri Pradip Kumar Choubey & Shri Rakesh Mishra

Section 250Section 80P

…आयकर अपीलीय अधिकरण कोलकाता 'ए' पीठ, कोलकाता में IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA ‘A’ BENCH, KOLKATA श्री प्रदीप कुमार चौबे, न्याधयक सदस्य एवं श्री राकेश धमश्रा, लेखा सदस्य के समक्ष Before SHRI PRADIP KUMAR CHOUBEY, JUDICIAL MEMBER & SHRI RAKESH MISHRA, ACCOUNTANT MEMBER I.T.A. Nos.: 1582 & 1583/KOL/2024 Assessment Years: 2018-19 & 2020-21 Deputy Commissioner of Income Sikkim State Cooperative Tax, Cir-3(2), Gangtok Supply and Marketing Vs. Federation Limited (Appellant) (Respondent) PAN: AADAS4451M Appearances: Department represented by : Sailen Samadder, Add. CIT, Sr. DR. Assessee represented by : A.…

JANPRIYA SAHAKARI PATSANSTHA MARYADIT,NAVI MUMBAI vs. ASSISTANT COMMISSIONER OF INCOME TAX CIRCLE 27 1, VASHI NAVI MUMBAI

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

ITA 6516/MUM/2024[2017-2018]Status: DisposedITAT Mumbai28 Feb 2025AY 2017-2018

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

Section 12Section 143(1)Section 143(2)Section 32Section 80PSection 80P(2)(a)

…IN THE INCOME TAX APPELLATE TRIBUNAL “SMC” BENCH, MUMBAI BEFORE SMT. BEENA PILLAI (JUDICIAL MEMBER) AND SHRI OMKARESHWAR CHIDARA (ACCOUNTANT MEMBER) I.T.A. No. 6516/Mum/2024 Assessment Year: 2017-18 Janpriya Sahakari Vs. Assistant Patsanstha Maryadit Commissioner of Shivneri Apartment E- Income Tax Circle 1/14/B-3, Sector 08, 27 1 Nerul, 3rd Floor Tower No 6 Navi Mumbai - 400706 Vashi Railway PAN: AACAJ7353G Station Maharashtra-400703 (Appellant) (Respondent) Appellant by Shri. Sushant N. Alme Respondent by Shri. Nihar Ranjan Samal, SR. D.R. Date of Hearing 05.02.2025 Date of Pronouncement 28.02.2025 ORDE…

THE JYOTI CO-OPERATIVE NON AGRICULTURAL THRIFT & CREDIT SOCIETY LTD.,SIRMOUR vs. ITO, WARD, NAHAN

In the result, the assessee is not eligible for deduction on interest on deposits placed with scheduled commercial banks under section 80(P)(2)(a)(i) of the Act and the appeal of the assessee is di...

ITA 162/CHANDI/2023[2013-14]Status: DisposedITAT Chandigarh12 Feb 2025AY 2013-14

Bench: SHRI. VIKRAM SINGH YADAV, AM आयकर अपील सं . / ITA No.160, 161 & 162/ Chd/2023 निर्धारण वर्ष / Assessment Year : 2017-18, 2012-13 & 2013-14 The Jyoti Co-operative Non Agricultural Thrift & Credit Society Ltd. Sirmour, Solan, HP-173025 स्थायी लेखा सं. / PAN NO: AAABT1453G अपीलार्थी/Appellant बनाम The ITO H.P Ward-Nahan, Sirmour प्रत्यर्थी/Respondent निर्धारिती की ओर से/Assessee by : Shri Vishal Mohan, Sr. Advocate with Shri Parveen Sharma, Advocate राजस्व की ओर से / Revenue by : Dr. Ranjeet K

For Appellant: Shri Vishal Mohan, Sr. Advocate with Shri Parveen Sharma, AdvocateFor Respondent: Dr. Ranjeet Kaur, Sr. DR
Section 142(1)Section 80Section 80P(2)Section 80P(2)(a)

…are not cooperative societies; that the such funds invested with the banks are surplus funds. 9.3 On this issue, the Jurisdictional Hon'ble Punjab & Haryana High Court in the case of CIT Vs. Punjab State Co-operative Agricultural Development Bank Ltd. (2016) 389 ITR 607 (P&H)/ [2016] 76 taxmann.com 307 (Punjab & Haryana) has held that interest income from banks falls in the category of income from other sources u/s. 56 and deduction u/s. 80P(2)(a)(i) of the Act is not allowed on such interest income. The Hon'ble Punjab & Haryana High Court held that judgment in Totgar's Co-operative Sale Society Ltd. v. ITO [201…

THE JYOTI CO-OPERATIVE NON AGRICULTURAL THRIFT & CREDIT SOCIETY LTD.,SIRMOUR vs. ITO, WARD, NAHAN

In the result, the assessee is not eligible for deduction on interest on deposits placed with scheduled commercial banks under section 80(P)(2)(a)(i) of the Act and the appeal of the assessee is di...

ITA 161/CHANDI/2023[2012-13]Status: DisposedITAT Chandigarh12 Feb 2025AY 2012-13

Bench: SHRI. VIKRAM SINGH YADAV (Accountant Member)

For Appellant: Shri Vishal Mohan, Sr. Advocate with Shri Parveen Sharma, AdvocateFor Respondent: Dr. Ranjeet Kaur, Sr. DR
Section 142(1)Section 80Section 80P(2)Section 80P(2)(a)

…are not cooperative societies; that the such funds invested with the banks are surplus funds. 9.3 On this issue, the Jurisdictional Hon'ble Punjab & Haryana High Court in the case of CIT Vs. Punjab State Co-operative Agricultural Development Bank Ltd. (2016) 389 ITR 607 (P&H)/ [2016] 76 taxmann.com 307 (Punjab & Haryana) has held that interest income from banks falls in the category of income from other sources u/s. 56 and deduction u/s. 80P(2)(a)(i) of the Act is not allowed on such interest income. The Hon'ble Punjab & Haryana High Court held that judgment in Totgar's Co-operative Sale Society Ltd. v. ITO [201…

THE JYOTI CO-OPERATIVE NON AGRICULTURAL THRIFT & CREDIT SOCIETY LTD.,SIRMOUR vs. ITO, WARD, NAHAN

In the result, the assessee is not eligible for deduction on interest on deposits placed with scheduled commercial banks under section 80(P)(2)(a)(i) of the Act and the appeal of the assessee is di...

ITA 160/CHANDI/2023[2017-18]Status: DisposedITAT Chandigarh12 Feb 2025AY 2017-18
For Appellant: Shri Vishal Mohan, Sr. Advocate with Shri Parveen Sharma, AdvocateFor Respondent: Dr. Ranjeet Kaur, Sr. DR
Section 142(1)Section 80Section 80P(2)Section 80P(2)(a)

…are not cooperative societies; that the such funds invested with the banks are surplus funds. 9.3 On this issue, the Jurisdictional Hon'ble Punjab & Haryana High Court in the case of CIT Vs. Punjab State Co-operative Agricultural Development Bank Ltd. (2016) 389 ITR 607 (P&H)/ [2016] 76 taxmann.com 307 (Punjab & Haryana) has held that interest income from banks falls in the category of income from other sources u/s. 56 and deduction u/s. 80P(2)(a)(i) of the Act is not allowed on such interest income. The Hon'ble Punjab & Haryana High Court held that judgment in Totgar's Co-operative Sale Society Ltd. v. ITO [201…

ITO , INCOME TAX OFFICE PANDHARPUR vs. DHANSHREE MAHILA GRAMIN BIGARSHETI SAHAKARI PAT SANSTHA LTD, MANGALVEDHA

In the result, appeal of the Revenue is dismissed

ITA 1067/PUN/2024[2018-19]Status: DisposedITAT Pune12 Sept 2024AY 2018-19

Bench: MS.ASTHA CHANDRA, JUDICIAL MEMBER, AND DR.DIPAK P. RIPOTE (Accountant Member)

Section 250Section 80PSection 80P(2)(a)Section 80P(2)(d)

…ciety Ltd (2015, 229 Taxman 68) (ii) Karnataka High Court in Totgars Cooperative Sale Society (2017, 395 ITR 611) (iii) Gujarat High Court in State Bank of India (2016, 389 ITR 578) (iv) Punjab & Haryana High Court inPunjab State Co-op Development Bank (2016, 389 ITR 607) all of which have held that Interest income from Fixed Deposits was to be assessed as “Income from Other Sources” and such Interest Income was not eligible for deduction u/s 80P(2)(a)(i) following the Supreme Court’s decision in the case of Totgars Co- operative Sale Society (322 ITR 283). 4. On the facts & circumstances of the case and in law,…

INCOME TAX OFFICER , INCOME TAX OFFICE PANDHARPUR vs. DHANSHREE MAHILA GRAMIN BIGARSHETI SAHAKARI PAT SANSTHA LTD, MANGALWEDHA

Appeal is dismissed in above terms

ITA 853/PUN/2024[2020-21]Status: DisposedITAT Pune31 Jul 2024AY 2020-21

Bench: Shri Satbeer Singh Godara & Shri Inturi Rama Rao

For Appellant: Shri Pramod S. ShingteFor Respondent: Shri Keyur Patel
Section 250Section 80P(2)(a)Section 80P(2)(d)

…ety Ltd (2015, 229 Taxman 68) (ii) Karnataka High Court in Totgars Co-operative Sale Society (2017, 395 ITR 611) (iii) Gujarat High Court in State Bank of India (2016, 389 ITR 578) (iv) Punjab & Haryana High Court in Punjab State Co-op Development Bank (2016, 389 ITR 607) all of which have held that Interest income from Fixed Deposits was to be assessed as "Income from Other Sources" and such Interest Income was not eligible for deduction u/s 80P(2)(a)(i) following the Supreme Court's decision in the case of Totgars Co-operative Sale Society (322 ITR 283). 4. On the facts & circumstances of the case and in law, t…

THE LUDHIANA LIC OF INDIA EMPLOYEES CO-OPERATIVE NON-AGRICULTURAL THRIFT & CREDIT SOCIETY LIMITED,LUDHIANA vs. INCOME TAX OFFICER,, LUDHIANA

In the result, both the above appeals of the assessee are allowed for statistical purposes

ITA 22/CHANDI/2023[2017-2018]Status: DisposedITAT Chandigarh24 Jun 2024AY 2017-2018

Bench: SHRI. VIKRAM SINGH YADAV (Accountant Member), SHRI. PARESH M. JOSHI (Judicial Member)

For Appellant: Shri Mohit Jain, C.AFor Respondent: Shri Dharam Vir, JCIT, Sr. DR
Section 80PSection 80P(2)(d)

…ecisions of the Hon’ble Jurisdictional Punjab & Haryana High Court in case of CIT Vs. Punjab State Cooperative Federation of House Building Societies Ltd. [2011] 11 taxmann.com 448 and CIT Vs. Punjab State Cooperative Agricultural Development Bank Ltd. (2016) 389 ITR 607 wherein the decision of the Hon’ble Supreme Court in case of Totagars Co-operative Sale Society Ltd.(supra) have been considered by the Hon’ble Jurisdictional High Court and it was stated by the Coordinate Bench that said decisions have a prima facie direct bearing on the matter under consideration and comments of both the parties were sought. 12…

RESERVE BANK COOPERATIVE SOCIETY LTD.,JAIPUR vs. ITO, WARD-6(2), JAIPUR, JAIPUR

In the result, the appeal filed by the assessee is dismissed

ITA 10/JPR/2024[2020-21]Status: DisposedITAT Jaipur05 Mar 2024AY 2020-21

Bench: Sh. Sandep Gosain & Dr. M. L. Meena

For Appellant: Sh. P. C. Parwal, C.AFor Respondent: Sh. A. S. Nehra, Addl. CIT
Section 56Section 80PSection 80P(1)Section 80P(2)(a)Section 80P(2)(d)Section 80P(4)

…IN THE INCOME TAX APPELLATE TRIBUNAL JAIPUR BENCHES, “A”JAIPUR BEFORE SH. SANDEP GOSAIN, JUDICIAL MEMBER AND DR. M. L. MEENA, ACCOUNTANT MEMBER I.T.A. No. 10/JPR/2024 Assessment Year: 2020-21 Reserve Bank Cooperative Vs. Income Tax Officer, Society Ltd., C/o RBI Building, Ward -6(2), Jaipur Rambagh Circle, Tonk Road, Jaipur 302015, Raj. [PAN:AAATR5829A] (Respondent) (Appellant Appellant by : Sh. P. C. Parwal, C.A. Respondent by : Sh. A. S. Nehra, Addl. CIT Date of Hearing : 14.02.2024 Date of Pronouncement : 05.03.2024 ORDER Per Dr. M. L. Meena, AM: The captioned appeal has been filed by the assessee agai…

SRI JIHVESHWARA CREDIT CO-OPERATIVE SOCIETY LIMITED,BANGALORE vs. INCOME TAX OFFICER, WARD 2(2)(5), BANGALORE

In the result, this issue in ITA No

ITA 551/BANG/2023[2018-19]Status: DisposedITAT Bangalore29 Sept 2023AY 2018-19

Bench: Shri George George K, Vice- & Shri Laxmi Prasad Sahu

For Appellant: Shri Prasanna, AdvocateFor Respondent: Shri V. Parithivel, JCIT (DR)
Section 80PSection 80P(2)Section 80P(2)(a)Section 80P(2)(d)

…eductible under section 80P(2)(d) of the Act." 22. Again, the Division Bench of Punjab and Haryan High Court in still a later decision reported in the same volume of ITR in the case of CIT v. Punjab State Co-operative Agricultural Development Bank Ltd. [2016] 389 ITR 607/76 taxmann.com 307 (Punj. & Har.) concurred with the aforesaid view of the Gujarat High Court, distinguishing the view taken by the Andhra Pradesh High Court and Karnataka High Court, held in the following terms: '30. We are entirely in agreement with the judgment of the Gujarat High Court especially the observation that the judgment of the Supre…

SRI JIHVESHWARA CREDIT CO-OPERATIVE SOCIETY LIMITED,BANGALORE vs. INCOME TAX OFFICER, WARD 2(2)(5), BANGALORE, BANGALORE

In the result, this issue in ITA No

ITA 550/BANG/2023[2017-18]Status: DisposedITAT Bangalore29 Sept 2023AY 2017-18

Bench: Shri George George K, Vice- & Shri Laxmi Prasad Sahu

For Appellant: Shri Prasanna, AdvocateFor Respondent: Shri V. Parithivel, JCIT (DR)
Section 80PSection 80P(2)Section 80P(2)(a)Section 80P(2)(d)

…eductible under section 80P(2)(d) of the Act." 22. Again, the Division Bench of Punjab and Haryan High Court in still a later decision reported in the same volume of ITR in the case of CIT v. Punjab State Co-operative Agricultural Development Bank Ltd. [2016] 389 ITR 607/76 taxmann.com 307 (Punj. & Har.) concurred with the aforesaid view of the Gujarat High Court, distinguishing the view taken by the Andhra Pradesh High Court and Karnataka High Court, held in the following terms: '30. We are entirely in agreement with the judgment of the Gujarat High Court especially the observation that the judgment of the Supre…

SRI JIHVESHWARA CREDIT CO-OPERATIVE SOCIETY LIMITED,BANGALORE vs. INCOME TAX OFFICER, WARD 2(2)(5), BANGALORE, BANGALORE

In the result, this issue in ITA No

ITA 549/BANG/2023[2015-16]Status: DisposedITAT Bangalore29 Sept 2023AY 2015-16

Bench: Shri George George K, Vice- & Shri Laxmi Prasad Sahu

For Appellant: Shri Prasanna, AdvocateFor Respondent: Shri V. Parithivel, JCIT (DR)
Section 80PSection 80P(2)Section 80P(2)(a)Section 80P(2)(d)

…eductible under section 80P(2)(d) of the Act." 22. Again, the Division Bench of Punjab and Haryan High Court in still a later decision reported in the same volume of ITR in the case of CIT v. Punjab State Co-operative Agricultural Development Bank Ltd. [2016] 389 ITR 607/76 taxmann.com 307 (Punj. & Har.) concurred with the aforesaid view of the Gujarat High Court, distinguishing the view taken by the Andhra Pradesh High Court and Karnataka High Court, held in the following terms: '30. We are entirely in agreement with the judgment of the Gujarat High Court especially the observation that the judgment of the Supre…

Showing 1–20 of 31 · Page 1 of 2

CIT v. Punjab State Co-operative Agricultural Development Bank Ltd. (389 ITR 607) — Cited in 31 Judgments | BharatTax