CIT v. Punjab State Cooperative Agricultural Development Bank Ltd.

389 ITR 68High Court2016#489 most cited

What is CIT v. Punjab State Cooperative Agricultural Development Bank Ltd. authority for?

Income earned by a cooperative society from investing its surplus funds in short-term deposits and securities is not attributable to its core activities and therefore not eligible for deduction under Section 80P(2)(a)(i) of the Income-tax Act.

192

judgments rely on this decision, according to BharatTax’s citation analysis of 366,470 Indian tax judgments — from 2017 to 2026.

Also referred to as

CIT v. Punjab State Cooperative Agricultural Development Bank Ltd. · Section 80P · Section 80P(2)(a)(i) · cooperative society deduction · income from surplus funds · short term deposits interest · securities income · not eligible for exemption · attributable to business · banking activities

Also reported as

77 Taxmann.com 308245 Taxmann 125

Sections most often in play

Section 80P(2)(a)(i)Section 80P(2)(d)Section 143(3)Section 80PSection 147Section 80P(2)Section 144Section 263

Issues it is cited on

section 80(p)(2)(d)revision u/s 263assessment order erroneoussection 80p(2)(a)section 80p(2)(a)(i)malabar industrialsection 80p(2)section 80p(2)(d)section 80perroneous and prejudicialeligible businesssection 50c

Judgments citing CIT v. Punjab State Cooperative Agricultural Development Bank Ltd.

Hemant Ranjit Khatau, Mumbai vs. ITO WD 18(1)(5), Mumbai

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

ITA 6899/MUM/2016[2012-13]Status: DisposedITAT Mumbai17 Mar 2020AY 2012-13

Bench: Shri Shamim Yahya (Am) & Shri Pawan Singh (Jm)

Section 54E

…uranik v. ITO 132 ITD 499 (Mum). The said order of the Tribunal has been accepted by the Revenue as no appeal against the same has been filed before the High Court. Considering this fact, the Bombay High Court in CIT v. Greenfield Hotels and Estates Pvt. Ltd. 389 ITR 68 has dismissed the Revenue's appeal. In view of the above, I submit that the Tribunal may be pleased to allow the appeal and hold the nature of the receipt in the hands of the Appellant as capital gains and, consequently grant exemption under section 54EC of the Act.” 11. Per contra, learned Departmental Representative relied upon the orders of t…

Ritz Suppliers Pvt. Ltd., Kolkata vs. ITO, Ward- 12(3), Kolkata

In the result, appeal of the assessee is allowed

ITA 1945/KOL/2019[2016-17]Status: DisposedITAT Kolkata17 Jan 2020AY 2016-17

Bench: Shri A. T. Varkey, Jm]

Section 143(3)Section 250Section 48Section 50C

…applying the deeming provision of Section 50C to saddle the addition of ₹24,28,372/- to the total income of the assessee. The ld. AR relied on the decision of the Hon’ble Bombay High Court in the case of CIT vs. Greenfield Hotels and Estates Pvt. Ltd., [2016] 389 ITR 68 (Bom.) and the Tribunal’s (Mumbai) order in the case of Atul G. Puranik vs. ITO, [2011] 11 ITR 120 (Mumbai) and it was brought to my notice that Hon’ble High Court has dismissed the appeal of the Revenue against the order of the Tribunal in the case of Atul G. Puranik (supra). The ld. AR also relied upon the order in the case of DCIT, Central Circ…

Rieco Industries Limiteed, Pune vs. Deputy Commissioner of Income-Tax, Circle - 5, Pune

In the result, the appeal of assessee is allowed

ITA 1627/PUN/2017[2008-09]Status: DisposedITAT Pune04 Sept 2019AY 2008-09

Bench: Ms. Sushma Chowla, Jm & Shri Anil Chaturvedi, Am आयकर अपीऱ सं. / Ita No.1627/Pun/2017 यििाारण वषा / Assessment Year : 2008-09

For Appellant: Shri Nikhil PathakFor Respondent: Shri Shashank Deogadkar
Section 143(3)Section 50CSection 50C(2)

…learned Authorized Representative for the assessee filed copy of sale deed to prove its case that the said land was leasehold land. He further placed reliance on the decision of Hon’ble Bombay High Court in CIT Vs. Greenfield Hotels & Estates (P.) Ltd. (2017) 389 ITR 68 (Bom) and Pune Bench of Tribunal in Kancast (P.) Ltd. Vs. ITO (2015) 68 SOT 110 (Pune-Trib.). 6. The learned Departmental Representative for the Revenue placed reliance on the orders of authorities below. The learned Departmental Representative for the Revenue had moved an application for adjournment, which was refused as the matter stands covere…

Gopal Krishan Dubey, Noida vs. ITO, Ward- 1(4), Noida

In the result, the Appeal of the Assessee is dismissed

ITA 6085/DEL/2018[2009-10]Status: DisposedITAT Delhi25 Apr 2019AY 2009-10

Bench: Shri H.S. Sidhu

Section 133(6)Section 142(1)Section 147Section 148Section 50C

…the copy of decision dated ACIT, Circle 28(1), vs. Shri Kishan Dass ITA No. 915/De;/2012 (AY 2008-09) order dated 7.6.20013 (Trib.); ITO vs, Shri Chander Shekar ITA No. 430/D/2013 AY 2009-10 dated 4.3.20019; CIT vs. Green Field Hotels and Estates (P) Ltd. 389 ITR 68 (Bom.) (HCV); ITO vs. Hariom Gupta 45 ITR (Trib) 137 Lucknowl (Tri.); Atul G Puranik 132 ITD 499 (Mum( (Tri.); Kanecast P. Ltd. vs. ITO 68 SOT 199 (Pune) (Tri.); Mrs. Rekha Agrawal vs. ITO 79 Taxmann.com 290 (Jaipr) (Tri.); and Baniara Engs. Pvt. Ltd. vs. ITO ITA No. 635/Kol/2018 order dated 4.7.2018 (Tri.). 4. On the other hand, Ld. DR reli…

M/S. Manish Films Pvt. Ltd., Indore vs. The ITO 3(1), Indore

In the result, the appeal filed by the assessee is

ITA 152/IND/2015[2010-11]Status: DisposedITAT Indore10 Jan 2019AY 2010-11

Bench: Shri Kul Bharat & Shri Manish Boradassessment Year: 2010-11

Section 2Section 50BSection 50C

…[ITA 152/Ind/2015] [M/s. Manish Films Pvt. Ltd., Indore] आयकर अपील"य अ"धकरण, इ"दौर "यायपीठ, इ"दौर IN THE INCOME TAX APPELLATE TRIBUNAL INDORE BENCH, INDORE BEFORE SHRI KUL BHARAT, JUDICIAL MEMBER AND SHRI MANISH BORAD, ACCOUNTANT MEMBER Assessment Year: 2010-11 M/s. Manish Films Pvt. Ltd. ITO-3(1) C/o Shri Jagdish Sharma Indore बनाम/ J-59, MIG Colony, Indore Vs. (Appellant) (Revenue ) P.A. No.AADCM7398D Appellant by Shri Ajay Tulsiyan & Shri Kapil Shah, A.Rs Respondent by Shri Rajib Jain, D.R. Date of Hearing: 27.11.2018 Date of Pronouncement: 10.01.2019 आदेश / O R D E R PER KUL BHARAT, J.M: This appeal by…

Late Shri Prakashchandra Goyal, Surat vs. The Income Tax Officer, Ward-1(3)(4), Surat

In the result, appeal of the assessee is allowed

ITA 29/AHD/2017[2013-14]Status: DisposedITAT Surat14 Nov 2018AY 2013-14

Bench: Shri C.M.Garg & Shri O.P.Meenaआ.अ.सं./I.T.A. No.29/Ahd/2017/Srt िनधा"रण वष"/Assessment Year : 2013-14 Shri Prakashchandra Goyal(L/H Of Vs. The Income Tax Officer, Late Shri Kapil Prakashchandra Ward-1(3)(4), Surat. Goyal), A-1002, Meghdhanush Apartment Sarelawadi, Ghoddod Road, Surat अपीलाथ" Appellant ""यथ"/Respondent िनधा"रती क" ओर से /Assessee By Shri Vinod Goyal – Ca राज"व क" ओर से /Revenue By Shri Vinod Kumar – Sr.Dr 01.11.2018 सुनवाई क" तारीख/ Date Of Hearing: 14.11.2018 उ"ोषणा क" तारीख/Pronouncement On आदेश /O R D E R Per O. P. Meena, Accoutant Member: 1. This Appeal Filed By The Assessee Is Directed Against The Order Of Learned Commissioner Of Income Tax (Appeals)-2, Surat(In Short “The Cit (A)”) Dated 17.11.2016 Pertaining To Assessment Year 2013-14 Which In Turn Has Arisen From The Order Passed By The Income Tax Officer, Ward-1(3)(4), Surat(In Short “The Ao”) Dated 14.03.2016 Under Section 143(3) Of Income Tax Act,1961 (In Short ‘The Act’).

Section 143(3)Section 2(14)(a)Section 50Section 50C

…Ahd/2017/SRT/AY.2013-14 for a definite purpose and limited to the purpose for which they are created and should not be extended beyond the legitimate field. The ld.Counsel further placed reliance in the case of CIT vs. Green Field Hotels and Estate (P.) Ltd., 245 Taxmann 125 (Bombay) wherein it was held that section 50C will not be applicable while computing capital gains on transfer of lease holding rights in land and building. The ld.Counsel further placed reliance on the decision of Ahmedabad Bench of Tribunal in the case of Smt. Devindraben I.Barot vs ITO [2016] 70 TAXMANN.COM 235 (Ahmedabad Tribunal) wherein…

DCIT 1(2)(2), Mumbai vs. Piroj Palace P. Ltd., Mumbai

In the result, appeal filed by the revenue as well as the Cross

ITA 857/MUM/2017[2013-14]Status: DisposedITAT Mumbai31 Oct 2018AY 2013-14

Bench: Shri B.R. Baskaran (Am) & Shri Ram Lal Negi (Jm) Assessment Year: 2013-14 The D.C.I.T. 1(2)(2), M/S Piroj Palace P. Ltd., R. No. 535, 5Th Floor, 2Nd Floor, 134 Nagindas Master Aayakar Bhavan, Road, Fort, M.K. Road, Vs. Mumbai Mumbai - 400020 Pan: Aafcp0219E (Appellant) (Respondent) Co No. 171/Mum/2018 (Arising Out Of Ita No.857/Mum/2017) Assessment Year: 2013-14 M/S Piroj Palace P. Ltd., The D.C.I.T. 1(2)(2), 2Nd Floor, 134 Nagindas Master R. No. 535, 5Th Floor, Road, Fort, Aayakar Bhavan, Mumbai Vs. M.K. Road, Mumbai - 400020 Pan: Aafcp0219E (Appellant) (Respondent) Revenue By : Shri M.V. Rajguru (Dr) Assessee By : Shri Vipul Joshi (Ar) Date Of Hearing: 29/08/2018 Date Of Pronouncement: 31/10/2018

For Appellant: Shri Vipul Joshi (AR)For Respondent: Shri M.V. Rajguru (DR)
Section 143Section 50CSection 50c

…o. 857/MUM/2017 & CO No. 171/Mum/2018 Assessment Year: 2013-14 Atul G Purnaik vs. Income Tax Officer 132 ITD (Mumbai) and the recent judgment of the Hon’ble High Court in the case of CIT Central-II, Mumbai vs. M/s Green Field Hotels and State Pvt. Ltd. 2016 389 ITR 68 (Bom). Since, the findings of the Ld. CIT (A) are based on the decision of the Hon’ble jurisdictional High Court and the decisions of various Benches of the Tribunal, there is no legal or factual infirmity in the order of the Ld. CIT (A) to interfere with. Therefore, there is no merit in the appeal of the revenue. 6. We have heard the rival submis…

M/S. Ramesh Baburao Velankar, Sangli vs. Income-Tax Officer, Ward - 1(3), Sangli

ITA 2516/PUN/2017[2009-10]Status: DisposedITAT Pune06 Jun 2018AY 2009-10

Bench: Shri D. Karunakara Rao, Am

For Appellant: Smt. Deepa KhareFor Respondent: Shri Pankaj Garg
Section 148Section 50C

…पुणे "यायपीठ "यायपीठ "यायपीठ “SMC” पुणे "यायपीठ पुणे म"म"म"म" आयकर आयकर अपीलीय आयकर आयकर अपीलीय अपीलीय अिधकरण अपीलीय अिधकरण अिधकरण पुणे अिधकरण पुणे पुणे पुणे पुणे IN THE INCOME TAX APPELLATE TRIBUNAL SMC BENCH, PUNE "ी "ी डी "ी "ी डी. क"णाकरा क"णाकरा क"णाकरा राव क"णाकरा लेखा सद"य सद"य सद"य केकेकेके सम" सद"य सम" सम" सम" डी डी राव राव, लेखा राव लेखा लेखा BEFORE SHRI D. KARUNAKARA RAO, AM आयकर आयकर अपील आयकर आयकर अपील अपील संसंसंसं. / ITA No.2516/PUN/2017 अपील िनधा"रण िनधा"रण वष" िनधा"रण िनधा"रण वष" वष" / Assessment Year : 2009-10 वष" M/s. Ramesh Baburao Velankar, C.S.No.442, Velankar Audhadhalay, Sambhare Road,…

DCIT - 15(1)(1), Mumbai vs. Automobile Products of India Ltd., Chennai

The appeal of the Revenue is dismissed

ITA 6197/MUM/2016[2004-05]Status: DisposedITAT Mumbai05 Jun 2018AY 2004-05

Bench: Shri Joginder Singh & Shri G. Manjunathaassessment Year: 2004-05 Dcit-15(1)(1), M/S Automobile Products Of Room No.470, 4Th Floor, India Ltd. बनाम/ Aayakar Bhavan, 63-A, North Phase, Sidco Vs. M.K. Road, Industrial Estate, Ambattur, Mumbai-400020 Chennai-600098 (राज"व /Revenue) ("नधा"रती /Assessee) P.A. No.Aabca0725C

Section 2(14)(iii)Section 45Section 50CSection 6

…आयकर अपील"य अ"धकरण, मुंबई "यायपीठ, ‘एच’,मुंबई। IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES “H”, MUMBAI "ी जो"ग"दर "संह, "या"यक सद"य एवं "ी जी. मंजूनाथ, लेखा सद"य, के सम" Before Shri JOGINDER SINGH, Judicial Member, and Shri G. MANJUNATHA, Accountant Member Assessment Year: 2004-05 DCIT-15(1)(1), M/s Automobile Products of Room No.470, 4th Floor, India Ltd. बनाम/ Aayakar Bhavan, 63-A, North Phase, Sidco Vs. M.K. Road, Industrial Estate, Ambattur, Mumbai-400020 Chennai-600098 (राज"व /Revenue) ("नधा"रती /Assessee) P.A. No.AABCA0725C Shri Ram Tiwari-DR राज"व क" ओर से / Revenue by "नधा"रती क" ओर से / Assess…

DCIT Cir 3(3)(2), Mumbai vs. Trans Freight Containers Ltd, Mumbai

In the result, the appeal of the department is dismissed

ITA 3532/MUM/2016[2011-12]Status: DisposedITAT Mumbai26 Apr 2018AY 2011-12

Bench: Shri R.C.Sharma, Am & Shri Sandeep Gosain, Jm Dcit Cir 3(3)(2) Vs. M/S. Trans Freight R.No.609, 6Th Floor Containers Ltd., Aayakar Bhavan 72-73, Nariman Bhavan M.K.Road, Nariman Point Mumbai – 400 020 Mumbai – 400 021 Pan/Gir No. Aaact1447P Appellant) .. Respondent)

Section 143(3)Section 271Section 41Section 41(1)Section 50C

…1 is allowed. In view if this, ground No. 2 is infructuous 5. Rival contentions have been heard and record perused. The issue under consideration is squarely covered by the decision of Bombay High Court in the case of Greenfield Hotels and Estates Pvt. Ltd., 389 ITR 68, wherein Hon’ble High Court observed as under:- This appeal under Section 260A of the Income Tax Act, 1961 (“the Act”) challenges the order dated 23 October 2013 passed by the Income Tax Appellate Tribunal (“Tribunal”). The impugned order relates to Assessment Year 2007- 08. 2. The Revenue urges the following question of law for our consideration…

ITO 22(3)(2), Mumbai vs. Liladhar R. Tandel, Navi Mumbai

In the result, appeal of the Revenue is dismissed whereas Cross

ITA 959/MUM/2014[2008-09]Status: DisposedITAT Mumbai22 Sept 2017AY 2008-09

Bench: Shri R.C. Sharma & Shri Amarjit Singh, Judicil Member

For Appellant: Shri. Hari S. RahejaFor Respondent: Shri. V. Jenardhanan
Section 143(3)Section 147Section 148Section 50C

…IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH, MUMBAI BEFORE SHRI R.C. SHARMA, ACCOUNTANT MEMBER AND SHRI AMARJIT SINGH, JUDICIL MEMBER ITA No.959/Mum./2014 C.O No.153/Mum/2017 (Assessment Year: 2008-09) ITO 22(3)(2) Vashi Rly. Station, Complex Tower No.6, ……………. Appellant 3Rd Floor, Room No. 307, Navi Mumbai v/s Liladhar R. Tandel Laxmi Niwas, At Karve Post Nerul ……………. Respondent Navi Mumbai 400705 PAN AAFPT6631H Assessee by : Shri. Hari S. Raheja Revenue by : Shri. V. Jenardhanan Date of Hearing –13.07.2017 Date of Order - 22.09.2017 O R D E R PER: R.C. SHARMA. This is an appeal filed by the revenue and…

Aegis Logistics Ltd, Mumbai vs. Addl CIT RG 1(1), Mumbai

Appeal is allowed in favour of the assessee,in part

ITA 2671/MUM/2011[2006-07]Status: DisposedITAT Mumbai15 Mar 2017AY 2006-07

Bench: S/Sh.Rajendra & C. N. Prasadआयकर अपील सं./Ita/2671/Mum/2011,िनधा"रण वष" /Assessment Year:2006-07 Aegis Logistics Limited Acit, Circle-1(1) 403, Peninsula Chambers, Morarjee Mills Mumbai. Compound,G.K. Marg, Lower Parel(W) Vs. Mumbai-400 013. Pan:Aaaca 3302 N (अपीलाथ" /Appellant) (""यथ" / Respondent) राज"व क" ओर से / Revenue By: Shri S.K. Mishra-Dr अपीलाथ" क" ओर से /Assessee By: Shri Percy Pardiwala/Ms. Vasanti Patel सुनवाई क" तारीख / Date Of Hearing: 09/02/2017 घोषणा क" तारीख / Date Of Pronouncement: 15/03/2017 लेखा सद"य सद"य, राजे"" राजे"" केकेकेके अनु सार/ Per Rajendra A.M.- लेखा अनुसार लेखा लेखा सद"य सद"य राजे"" राजे"" अनु अनु सार सार Challenging The Order,Dated 15/12/2010, Of The Cit (A)-1 Mumbai The Assessee Has Filed The Present Appeal.Assessee-Company,Engaged In The Business Of Manufacturing Of Chemicals,Filed Its Return Of Income On 28/11/2006,Disclosing A Total Income Of Rs. 14.75 Crores.A Revised Return Was Filed On 28/03/2008 Reducing The Long-Term Capital Loss From The Returned Income.The Assessing Officer(Ao)Completed The Assessment,U/S.143(3)Of The Act On 29/12/2008, Determin - Ing Its Income At Rs. 14. 85 Crores.

For Appellant: Shri Percy Pardiwala/Ms. Vasanti PatelFor Respondent: Shri S.K. Mishra-DR
Section 10Section 14Section 143(3)Section 14A

…s. 42,95,630/- respectively. 2671/M/11 Aegis logistics 3.2.During the course of hearing before us, the AR stated that provisions of section 50 were not applicable to leasehold land/building. He referred to the case of Greenfield Hotels and Estates (P.) Ltd. (389 ITR 68). The Departmental Representative (DR) left the matter to the discretion of the bench. We find that in the case of Greenfield Hotels (supra) the Department had caused the following question of law before the Hon’ble High Court: “whether on the facts and in the circumstances of the case and in law, the Tribunal was justified in upholding the order…