Which sections of the Income Tax Act does CIT v. Punjab State Cooperative Agricultural Development Bank Ltd. come up under?

It is most often cited in judgments turning on Section 80P(2)(a)(i), Section 80P(2)(d), Section 143(3), Section 80P, Section 147, Section 80P(2).

CIT v. Punjab State Cooperative Agricultural Development Bank Ltd. (389 ITR 68)

Q: 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.

Q: How many judgments cite CIT v. Punjab State Cooperative Agricultural Development Bank Ltd.?

192 judgments on BharatTax cite CIT v. Punjab State Cooperative Agricultural Development Bank Ltd. (389 ITR 68), spanning 2017 to 2026.

Shri Sai Arihant Nagari Sahakari Patsanstha Ltd, Ahmednagar vs. ITO, Ward-1, Ahmednagar

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

ITA 724/PUN/2024[2020-21]Status: DisposedITAT Pune02 Jul 2024AY 2020-21

Bench: Shri Inturi Rama Rao & Shri Vinay Bhamoreआयकर अपील सं. / Ita Nos.723 & 724/Pun/2024 "नधा"रण वष" /Assessment Years : 2018-19 & 2020-21

For Appellant: Smt. Deepa KhareFor Respondent: Shri Akhilesh Srivastava

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

…TR 578 (Guj.), the Hon’ble Delhi High Court in the case of Mantola Co-operative Thrift & Credit Society Ltd. Vs. CIT 50 taxmann.com 278, the Hon’ble Punjab & Haryana High Court in the case of CIT Vs. Punjab State Cooperative Agricultural Development Bank Ltd. 389 ITR 68 and the Hon’ble Kolkata High Court in the case of CIT Vs. Southern Eastern Employees Cooperative Credit Society Ltd. 390 ITR 524 took a view that the income arising on the surplus invested in short term deposits and securities cannot be attributed to the activities of the society and, therefore, not eligible for exemption u/s.80P(2)(a)(i) of the A…

Shri Sai Arihant Nagari Sahakari Patsanstha Ltd, Ahmednagar vs. ITO, Ward-1, Ahmednagar, Ahemdnagar

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

ITA 723/PUN/2024[2018-19]Status: DisposedITAT Pune02 Jul 2024AY 2018-19

Bench: Shri Inturi Rama Rao & Shri Vinay Bhamoreआयकर अपील सं. / Ita Nos.723 & 724/Pun/2024 "नधा"रण वष" /Assessment Years : 2018-19 & 2020-21

For Appellant: Smt. Deepa KhareFor Respondent: Shri Akhilesh Srivastava

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

…TR 578 (Guj.), the Hon’ble Delhi High Court in the case of Mantola Co-operative Thrift & Credit Society Ltd. Vs. CIT 50 taxmann.com 278, the Hon’ble Punjab & Haryana High Court in the case of CIT Vs. Punjab State Cooperative Agricultural Development Bank Ltd. 389 ITR 68 and the Hon’ble Kolkata High Court in the case of CIT Vs. Southern Eastern Employees Cooperative Credit Society Ltd. 390 ITR 524 took a view that the income arising on the surplus invested in short term deposits and securities cannot be attributed to the activities of the society and, therefore, not eligible for exemption u/s.80P(2)(a)(i) of the A…

Income-Tax Officer, Ward - 3, Satara vs. M/S. Shri Bhairavnath Multi State Co-Operative Credit Society Ltd, Satara

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

ITA 2484/PUN/2017[2014-15]Status: DisposedITAT Pune27 Jun 2024AY 2014-15

Bench: Shri Satbeer Singh Godara & Shri Inturi Rama Raoआयकर अपील सं. / Ita No.2484/Pun/2017 "नधा"रण वष" /Assessment Year : 2014-15 Ito, Ward-3, Vs. M/S. Shri Bhairavnath Multistate Satara Cooperative Credit Society Ltd., 48, Laxminagar, Deccan Chowk, Phaltan, Tal. Phaltan, Dist. Satara-415523 Maharashtra Pan : Aaeas8344J Appellant Respondent

For Respondent: Shri Ramnath P. Murkunde

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

…R 578 (Guj.), the Hon’ble Delhi High Court in the case of Mantola Co- operative Thrift & Credit Society Ltd. Vs. CIT 50 taxmann.com 278, the Hon’ble Punjab & Haryana High Court in the case of CIT Vs. Punjab State Cooperative Agricultural Development Bank Ltd. 389 ITR 68 and the Hon’ble Kolkata High Court in the case of CIT Vs. Southern Eastern Employees Cooperative Credit Society Ltd. 390 ITR 524 took a view that the income arising on the surplus invested in short term deposits and securities cannot be attributed to the activities of the society and, therefore, not eligible for exemption u/s.80P(2)(a)(i) of the A…

Greaves Saommha Kamgar Sahakari Path Pedhi Maryadit, Pune vs. Pr. CIT-3, Pune

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

ITA 345/PUN/2024[2018-19]Status: DisposedITAT Pune26 Jun 2024AY 2018-19

Bench: Shri Satbeer Singh Godara & Shri Inturi Rama Raoआयकर अपील सं. / Ita No.345/Pun/2024 "नधा"रण वष" /Assessment Year : 2018-19

For Appellant: Shri Piyush Bafna &For Respondent: Shri Keyur Patel, CIT-DR

Section 5

…R 578 (Guj.), the Hon’ble Delhi High Court in the case of Mantola Co- operative Thrift & Credit Society Ltd. Vs. CIT 50 taxmann.com 278, the Hon’ble Punjab & Haryana High Court in the case of CIT Vs. Punjab State Cooperative Agricultural Development Bank Ltd. 389 ITR 68 and the Hon’ble Kolkata High Court in the case of CIT Vs. Southern Eastern Employees Cooperative Credit Society Ltd. 390 ITR 524 took a view that the income arising on the surplus invested in short term deposits and securities cannot be attributed to the activities of the society and, therefore, not eligible for exemption u/s.80P(2)(a)(i) of the A…

Shivdeeep Tyagi, Ghaziabad vs. ITO, Ward-2(3), Ghaziabad

In the result, the appeal is partly allowed for statistical purposes

ITA 484/DEL/2024[2011-12]Status: DisposedITAT Delhi18 Jun 2024AY 2011-12

Bench: Shri Kul Bharat & Shri Avdhesh Kumar Mishra

Section 143(1)Section 147Section 50C

…ically provided therein. As section 50C of the Act applies only to a capital asset, being land or building or both, it cannot be made applicable to lease rights in a land. 11. The Hon'ble Bombay High Court in the case of Greenfield Hotels & Estates (P.) Ltd. 77 Taxmann.com 308 held that Section 50C of the Act would not be applicable while computing capital gains on transfer of leased hold rights in Land and buildings. The Hon'ble Delhi ITAT in the case of Noida Cyber Park (P.) Ltd., 123 Taxmann.com 213, held that Section 50C of the Act covers only capital asset being land or building or both; it would not cover…

Ceat Limited (Tyredivision) Empoyees Co Op Credit Soceity Limited, Nashik vs. Income Tax Officer, Nashik

In the result, the appeal filed by the assessee stands allowed

ITA 633/PUN/2024[2015-16]Status: DisposedITAT Pune06 May 2024AY 2015-16

Bench: Shri Inturi Rama Rao & Shri Vinay Bhamoreआयकर अपील सं. / Ita No.633/Pun/2024 "नधा"रण वष" Assessment Year : 2015-16

For Respondent: Shri Manoj Tripathi

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

…78 (Guj.), the Hon’ble Delhi High Court in the case of Mantola Co-operative Thrift & Credit Society Ltd. Vs. CIT 50 taxmann.com 278, the Hon’ble Punjab & Haryana High Court in the case of CIT Vs. Punjab State Cooperative Agricultural Development Bank Ltd. 389 ITR 68 and the Hon’ble Kolkata High Court in the case of CIT Vs. Southern Eastern Employees Cooperative Credit Society Ltd. 390 ITR 524 took a view that the income arising on the surplus invested in short term deposits and securities cannot be attributed to the activities of the society and, therefore, not eligible for exemption u/s.80P(2)(a)(i) of t…

Kundalika Nagari Sahakari Patsanstha Maryadit, Roha vs. ITO, Ward 1, Panvel

In the result, the appeal filed by the assessee stands allowed

ITA 576/PUN/2024[2018-19]Status: DisposedITAT Pune25 Apr 2024AY 2018-19

Bench: Shri Inturi Rama Raoआयकर अपील सं. / Ita No.576/Pun/2024 "नधा"रण वष" / Assessment Year : 2018-19

For Appellant: Shri Ajinkya M. Vaishampayan

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

…78 (Guj.), the Hon’ble Delhi High Court in the case of Mantola Co-operative Thrift & Credit Society Ltd. Vs. CIT 50 taxmann.com 278, the Hon’ble Punjab & Haryana High Court in the 4 case of CIT Vs. Punjab State Cooperative Agricultural Development Bank Ltd. 389 ITR 68 and the Hon’ble Kolkata High Court in the case of CIT Vs. Southern Eastern Employees Cooperative Credit Society Ltd. 390 ITR 524 took a view that the income arising on the surplus invested in short term deposits and securities cannot be attributed to the activities of the society and, therefore, not eligible for exemption u/s.80P(2)(a)(i) of th…

Ruby Hall Clinic Karmchari Sahakari Pat Sanstha Maryadit, Pune vs. Income Tax Officer Ward 7(1), Pune

In the result, the appeal of the assessee is allowed

ITA 49/PUN/2024[2017-18]Status: DisposedITAT Pune25 Apr 2024AY 2017-18

Bench: Shri Inturi Rama Rao & Shri Vinay Bhamoreआयकर अपील सं. / Ita No.49/Pun/2024 Assessment Year : 2017-18 Ruby Hall Clinic Karmchari Vs. Ito, Ward-7(1), Sahakari Patsanstha Maryadit, Pune 40, Sasoon Road, Pune Ho, Haveli, Pune- 411 001 Maharashtra Pan : Aaaar9852L Appellant Respondent

For Appellant: Shri Randeep Sharma &For Respondent: Shri A.K. Mahala

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

…(Guj.), the Hon’ble Delhi High Court in the case of Mantola Co- operative Thrift & Credit Society Ltd. Vs. CIT 50 taxmann.com 278, the Hon’ble Punjab & Haryana High Court in the case of CIT Vs. Punjab State Cooperative Agricultural Development Bank Ltd. 389 ITR 68 and the Hon’ble Kolkata High Court in the case of CIT Vs. Southern Eastern Employees Cooperative Credit Society Ltd. 390 ITR 524 took a view that the income arising on the surplus invested in short term deposits and securities cannot be attributed to the activities of the society and, therefore, not eligible for exemption u/s.80P(2)(a)(i) of t…

Ruby Hall Clinic Karmchari Sahakari Pat Sanstha Maryadit, Pune vs. Income Tax Officer, Ward 7(1), Pune

In the result, the appeal of the assessee is allowed

ITA 32/PUN/2024[2020-21]Status: DisposedITAT Pune25 Apr 2024AY 2020-21

Bench: Shri Inturi Rama Rao & Shri Vinay Bhamoreआयकर अपील सं. / Ita No.32/Pun/2024 Assessment Year : 2020-21 Ruby Hall Clinic Karmchari Vs. Ito, Ward-7(1), Sahakari Patsanstha Maryadit, Pune 40, Sasoon Road, Pune Ho, Haveli, Pune- 411 001 Maharashtra Pan : Aaaar9852L Appellant Respondent

For Appellant: Shri Randeep Sharma &For Respondent: Shri A.K. Mahala

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

…(Guj.), the Hon’ble Delhi High Court in the case of Mantola Co- operative Thrift & Credit Society Ltd. Vs. CIT 50 taxmann.com 278, the Hon’ble Punjab & Haryana High Court in the case of CIT Vs. Punjab State Cooperative Agricultural Development Bank Ltd. 389 ITR 68 and the Hon’ble Kolkata High Court in the case of CIT Vs. Southern Eastern Employees Cooperative Credit Society Ltd. 390 ITR 524 took a view that the income arising on the surplus invested in short term deposits and securities cannot be attributed to the activities of the society and, therefore, not eligible for exemption u/s.80P(2)(a)(i) of t…

Kal Devendra Sarda Nagari Sahakari Patsanstha Maryadit, Nashik vs. ITO, Ward 1(2), Nashik

In the result, both the appeals of the appellant stands partly

ITA 468/PUN/2024[2017-18]Status: DisposedITAT Pune22 Apr 2024AY 2017-18

Bench: Shri Inturi Rama Raoआयकर अपील सं. / Ita Nos.467 & 468/Pun/2024 "नधा"रण वष" / Assessment Years: 2014-15 & 2017-18 Kai Devendra Sarda Nagari Vs. Ito, Ward-1(2), Sahakari Patsanstha Maryadit, Nashik Tryamba Keshwar, Renuka Housing Soc., Trimbakeshwar, Patil Galli, Trimbakeshwar Nashik 422 101 Maharashtra Pan : Aaaak4418P Appellant Respondent

For Appellant: Smt. Deepa KhareFor Respondent: Shri Arvind Desai

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

…(Guj.), the Hon’ble Delhi High Court in the case of Mantola Co- operative Thrift & Credit Society Ltd. Vs. CIT 50 taxmann.com 278, the Hon’ble Punjab & Haryana High Court in the case of CIT Vs. Punjab State Cooperative Agricultural Development Bank Ltd. 389 ITR 68 and the Hon’ble Kolkata High Court in the case of CIT Vs. Southern Eastern Employees Cooperative Credit Society Ltd. 390 ITR 524 took a view that the income arising on the surplus invested in short term deposits and securities cannot be attributed to the activities of the society and, therefore, not eligible for exemption u/s.80P(2)(a)(i) of t…

Kai Devendra Sarda Nagari Sahakari Patsanstha Maryadit, Nashik vs. ITO, Ward 1(2), Nashik

In the result, both the appeals of the appellant stands partly

ITA 467/PUN/2024[2014-15]Status: DisposedITAT Pune22 Apr 2024AY 2014-15

Bench: Shri Inturi Rama Raoआयकर अपील सं. / Ita Nos.467 & 468/Pun/2024 "नधा"रण वष" / Assessment Years: 2014-15 & 2017-18 Kai Devendra Sarda Nagari Vs. Ito, Ward-1(2), Sahakari Patsanstha Maryadit, Nashik Tryamba Keshwar, Renuka Housing Soc., Trimbakeshwar, Patil Galli, Trimbakeshwar Nashik 422 101 Maharashtra Pan : Aaaak4418P Appellant Respondent

For Appellant: Smt. Deepa KhareFor Respondent: Shri Arvind Desai

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

…(Guj.), the Hon’ble Delhi High Court in the case of Mantola Co- operative Thrift & Credit Society Ltd. Vs. CIT 50 taxmann.com 278, the Hon’ble Punjab & Haryana High Court in the case of CIT Vs. Punjab State Cooperative Agricultural Development Bank Ltd. 389 ITR 68 and the Hon’ble Kolkata High Court in the case of CIT Vs. Southern Eastern Employees Cooperative Credit Society Ltd. 390 ITR 524 took a view that the income arising on the surplus invested in short term deposits and securities cannot be attributed to the activities of the society and, therefore, not eligible for exemption u/s.80P(2)(a)(i) of t…

Shri T S Nagari Sahakari Patsanstha Maryadit, Pune vs. Income Tax Officer, Ward-10(1), Pune

In the result, the appeal filed by the assessee stands allowed

ITA 433/PUN/2024[2018-19]Status: DisposedITAT Pune15 Apr 2024AY 2018-19

Bench: Shri Inturi Rama Raoआयकर अपील सं. / Ita No.433/Pun/2024 "नधा"रण वष" / Assessment Year : 2018-19

For Appellant: Shri Premchand C. Patil &For Respondent: Shri Arvind Desai

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

…(Guj.), the Hon’ble Delhi High Court in the case of Mantola Co- operative Thrift & Credit Society Ltd. Vs. CIT 50 taxmann.com 278, the Hon’ble Punjab & Haryana High Court in the case of CIT Vs. Punjab State Cooperative Agricultural Development Bank Ltd. 389 ITR 68 and the Hon’ble Kolkata High Court in the case of CIT Vs. Southern Eastern Employees Cooperative Credit Society Ltd. 390 ITR 524 took a view that the income arising on the surplus invested in short term deposits and securities cannot be attributed to the activities of the society and, therefore, not eligible for exemption u/s.80P(2)(a)(i) of t…

DCIT, CC-1(3), Kolkata vs. M/S. A R Sulphonates Pvt. Ltd., Kolkata

In the result, appeal of the revenue is dismissed

ITA 570/KOL/2022[2017-2018]Status: DisposedITAT Kolkata22 Mar 2024AY 2017-2018

Bench: Shri Sonjoy Sarma & Shri Girish Agrawalassessment Year: 2017-18

For Appellant: Shri Rajeeva Kumar, Advocate & ShriFor Respondent: Shri B. K. Singh, JCIT, Sr. DR

Section 143(3)Section 50C

…d itself and, therefore, provisions of section 50C are not applicable in the present case. It placed reliance on several judicial precedents including decision of Hon’ble High Court of Bombay in the case of CIT Vs. Greenfield Hotels & Estates Pvt. Ltd. (2016) 389 ITR 68 (Bom) and of the Coordinate Bench of ITAT, Kolkata in the case of DCIT Vs. Tejender Singh (2012) 50 SOT 391 (Kol) and Ritz Suppliers Pvt. ltd. (2020) 113 taxmann.com 349 (Kol). 3.8. Ld. CIT(A) after considering the facts of the case and submissions made by the assessee noted about the undisputed fact that only the leasehold rights in an industrial…

Income-Tax Officer Ward-2, Ahmednagar vs. Mahesh Nagari Sahakari Patsanstha Limited, Sangamner Dist. Ahmednagar

In the result, the appeal of Revenue is dismissed

ITA 1250/PUN/2023[2020-21]Status: DisposedITAT Pune19 Mar 2024AY 2020-21

Bench: SHRI PARTHA SARATHI CHAUDHURY (Judicial Member), DR. DIPAK P. RIPOTE (Accountant Member)

For Appellant: Shri Pramod S. ShingteFor Respondent: Shri R.Y. Balawade, Addl. CIT

Section 80PSection 80P(2)(a)

…TR 578 (Guj.), the Hon‟ble Delhi High Court in the case of Mantola Co-operative Thrift & Credit Society Ltd. Vs. CIT 50 taxmann.com 278, the Hon‟ble Punjab & Haryana High Court in the case of CIT Vs. Punjab State Cooperative Agricultural Development Bank Ltd. 389 ITR 68 and the Hon‟ble Kolkata High Court in the case of CIT Vs. Southern Eastern Employees Cooperative Credit Society Ltd. 390 ITR 524 took a view that the income arising on the surplus invested in short term deposits and securities cannot be attributed to the activities of the society and, therefore, not eligible for exemption u/s.80P(2)(a)(i) of the A…

Britannia Industries Ltd, Kolkata vs. DCIT, Cir-7(1), Kolkata

In the result, the appeal of the assessee is allowed

ITA 462/KOL/2023[2018-19]Status: DisposedITAT Kolkata06 Mar 2024AY 2018-19

Bench: Shri Rajesh Kumar & Shri Sonjoy Sarma

Section 139(1)Section 143(3)Section 263Section 35(1)(i)Section 43BSection 56(2)(x)Section 80J

…es not apply to the transfer of leasehold interest/rights, which is in consonance with the provisions of section 50C and section 56(2)(vii) of the Act. In defence of his argument, ld. A.R. relied on the following decisions:- (i) Green Fields Hotels & Estates (389 ITR 68) (Bom HC); (ii) Dy. CIT v. Tejinder Singh (19 taxmann.com 4) (ITAT Kolkata) (iii) Atul G Puranik vs. ITO (11 ITR (Trib.) 120) (ITAT Mum (iv) Sowmya Sathyan vs ITO (124 taxmann.com 74) (ITAT Bangalore) (v) M/s Kancast Pvt. Ltd. vs. ITO (55 taxmann.com 171) (ITAT Pune) (vi) Voltas Ltd. v. ITO (74 taxmann.com 99) (ITAT Mum) (vii) Shri Farid Gulmohamm…

Pune Jilha Gramsevak Sahkari Pathsanstha Maryadit Pune, Pune vs. The Income Tax Officer, Ward-12(1), Pune

In the result, the appeal filed by the assessee stands allowed

ITA 958/PUN/2023[2020-21]Status: DisposedITAT Pune05 Oct 2023AY 2020-21

Bench: Shri Inturi Rama Raoआयकर अपील सं. / Ita No.958/Pun/2023 िनधा"रण वष" / Assessment Year : 2020-21 Pune Jilha Gramsevak Vs. Ito, Ward-12(1), Pune. Sahkari Pathsanstha Maryadit, 752, Shivlila Chembers, Kumthekar Road, Sadashiv Peth, Pune- 411030. Pan : Aabap0214D Appellant Respondent Assessee By : Smt. Deepa Khare Revenue By : Shri Kalpesh Rupavatiya Date Of Hearing : 27.09.2023 Date Of Pronouncement : 05.10.2023 आदेश / Order Per Inturi Rama Rao, Am: This Is An Appeal Filed By The Assessee Directed Against The Order Of The National Faceless Appeal Centre, Delhi [‘Nfac’] Dated 13.06.2023 For The Assessment Year 2020-21. 2. Briefly, The Facts Of The Case Are That The Appellant Is A Co- Operative Society Incorporated Under The Provisions Of The Maharashtra Co-Operative Societies Act. It Is A Member Of Co- Operative Society Formed For The Purpose Of Providing Credit

For Appellant: Smt. Deepa KhareFor Respondent: Shri Kalpesh Rupavatiya

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

…TR 578 (Guj.), the Hon’ble Delhi High Court in the case of Mantola Co-operative Thrift & Credit Society Ltd. Vs. CIT 50 taxmann.com 278, the Hon’ble Punjab & Haryana High Court in the case of CIT Vs. Punjab State Cooperative Agricultural Development Bank Ltd. 389 ITR 68 and the Hon’ble Kolkata High Court in the case of CIT Vs. Southern Eastern Employees Cooperative Credit Society Ltd. 390 ITR 524 took a view that the income arising on the surplus invested in short term deposits and securities cannot be attributed to the activities of the society and, therefore, not eligible for exemption u/s.80P(2)(a)(i) of the A…

Bhavesh Shantilal Gohil, Mumbai vs. Income Tax Officer-35(1)(2), Mumbai

In the result, grounds raised by the assessee are allowed for statistical purposes

ITA 175/MUM/2023[2013-14]Status: DisposedITAT Mumbai04 Oct 2023AY 2013-14

Bench: Shri Kuldip Singh & Shri Gagan Goyalbhavesh Shantilal Gohil A-1304, Gohil Mansion, Irani Wadi, Shantilal Mody X Road No. 2, Asian Bakary Kandivali (West), Mumbai-400067 Pan: Abkpg2287Q ...... Appellant Vs. Ito – 35(1)(2) R. No. 2, C-12, Pratayaksha Kar Bhavan, Bandra Kurla Complex, Bandra (E) Mumbai-400051 ..... Respondent

For Appellant: Shri Vipul Joshi, Ld. ARFor Respondent: Shri Ashok Kumar Ambastha, Ld. DR

Section 143(2)Section 250Section 50C

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “B”, MUMBAI BEFORE SHRI KULDIP SINGH, JUDICIAL MEMBER AND SHRI GAGAN GOYAL, ACCOUNTANT MEMBER Bhavesh Shantilal Gohil A-1304, Gohil Mansion, Irani Wadi, Shantilal Mody X Road No. 2, Asian Bakary Kandivali (west), Mumbai-400067 PAN: ABKPG2287Q ...... Appellant Vs. ITO – 35(1)(2) R. No. 2, C-12, Pratayaksha kar Bhavan, Bandra Kurla Complex, Bandra (E) Mumbai-400051 ..... Respondent Appellant by : Shri Vipul Joshi, Ld. AR Respondent by : Shri Ashok Kumar Ambastha, Ld. DR Date of hearing : 19/07/2023 Date of pronouncement : 04/10/2023 O R D E R PER GAGAN GOYAL,…

Maharashtra Rajya Pathyapustak Mandal Karmachari Sahakari Pat Sanstha Maryadit, Pune vs. The Principal Commissioner of Income Tax -2, Pune

The appeal of the assessee stands ALLOWED

ITA 733/PUN/2023[2017-18]Status: DisposedITAT Pune26 Sept 2023AY 2017-18

Bench: Shri Satbeer Singh Godara & Shri G. D. Padmahshaliआयकर अपऩल सं. / Ita No. 733/Pun/2023 निर्धारण वषा / Assessment Year : 2017-18 Maharashtra Rajya Pathyapustak Mandal Karmachari Sahakari Pat Sanstha Maryadit, Bal Bharati, Senapati Bapat Rd., Pune – 411 004 Pan: Aaaam2009A . . . . . . . अपऩलधर्थी / Appellant बिधम / V/S Pr. Commissioner Of Income Tax -2 Pune . . . . . . प्रत्यर्थी / Respondent द्वधरध / Appearances Assessee By : Mrs. J.R. Chandekar Revenue By : Shri Keyur Patel सुनवाई की तारीख / Date Of Conclusive Hearing : 25/09/2023 घोषणा की तारीख / Date Of Pronouncement : 26/09/2023 आदेश / Order Per G. D. Padmahshali, Am; This Appeal Of The Assessee For Assessment Year 2017-18 [For Short ‘Ay’] Is Assailed Against Revisionary Order Of Pr. Commissioner Of Income Tax-2, [For Short ‘Pcit’] Dt. 21/03/2022 Passed U/S 263 Of The Income-Tax Act, 1961 [For Short ‘The Act’], Which Ascended Out Of Assessment Order Dt. 24/12/2019 Passed U/S 143(3) By The Income Tax Officer, Ward 3(5), Pune [For Short ‘Ao’].

For Appellant: Mrs. J.R. ChandekarFor Respondent: Shri Keyur Patel

Section 143(3)Section 263Section 80P(2)(a)Section 80P(2)(d)

…ITR 578 (Guj.), the Hon’ble Delhi High Court in the case of Mantola Cooperative Thrift & Credit Society Ltd. Vs. CIT 50 taxmann.com 278, the Hon’ble Punjab & Haryana High Court in the case of CIT Vs. Punjab State Cooperative Agricultural Development Bank Ltd. 389 ITR 68 and the Hon’ble Kolkata High Court in the case of CIT Vs. Southern Eastern Employees Cooperative Credit Society Ltd. 390 ITR 524 took a view that the income arising on the surplus invested in short term deposits and securities cannot be attributed to the activities of the society and, therefore, not eligible for exemption u/s.80P(2)(a)(i) of the A…

Smt Sneha Purohit, Nagpur vs. The Asstt Commissioner of Income Tax (Circle -4), Nagpur

ITA 57/NAG/2018[2010-2011]Status: DisposedITAT Nagpur25 Sept 2023AY 2010-2011

Bench: Shri Satbeer Singh Godara & Shri Gd Padmahshali

For Appellant: Shri Abhay Agrawal, AdvFor Respondent: Shri Rishi Kumar Bisen, DR

Section 143(3)Section 50C

…vs. ITO 5. We find no merit in the Revenue’s foregoing arguments once it has come on record that such lease hold rights do not come within the purview of the specified categories of the assets i.e. “land” and “building” u/s. 50C of the Act in light of (2016) 389 ITR 68 (Bom.) CIT vs. Greenfield Hotels & Estates (P) Ltd. We thus accept the assessees’ corresponding arguments to delete the impugned identical long term capital gains addition in their respective hands. Ordered accordingly. No other ground or argument has been pressed before us. 6. These twin assessees’ appeals ITA Nos. 56 & 57/Nag./2018 are allowed…

Smt. Anjali Purohit, Nagpur vs. The Asstt. Commissioner of Income Tax (Circle-4), Nagpur

ITA 56/NAG/2018[2010-2011]Status: DisposedITAT Nagpur25 Sept 2023AY 2010-2011

Bench: Shri Satbeer Singh Godara & Shri Gd Padmahshali

For Appellant: Shri Abhay Agrawal, AdvFor Respondent: Shri Rishi Kumar Bisen, DR

Section 143(3)Section 50C

…vs. ITO 5. We find no merit in the Revenue’s foregoing arguments once it has come on record that such lease hold rights do not come within the purview of the specified categories of the assets i.e. “land” and “building” u/s. 50C of the Act in light of (2016) 389 ITR 68 (Bom.) CIT vs. Greenfield Hotels & Estates (P) Ltd. We thus accept the assessees’ corresponding arguments to delete the impugned identical long term capital gains addition in their respective hands. Ordered accordingly. No other ground or argument has been pressed before us. 6. These twin assessees’ appeals ITA Nos. 56 & 57/Nag./2018 are allowed…

CIT v. Punjab State Cooperative Agricultural Development Bank Ltd.

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

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

Shri Sai Arihant Nagari Sahakari Patsanstha Ltd, Ahmednagar vs. ITO, Ward-1, Ahmednagar

Shri Sai Arihant Nagari Sahakari Patsanstha Ltd, Ahmednagar vs. ITO, Ward-1, Ahmednagar, Ahemdnagar

Income-Tax Officer, Ward - 3, Satara vs. M/S. Shri Bhairavnath Multi State Co-Operative Credit Society Ltd, Satara

Greaves Saommha Kamgar Sahakari Path Pedhi Maryadit, Pune vs. Pr. CIT-3, Pune

Shivdeeep Tyagi, Ghaziabad vs. ITO, Ward-2(3), Ghaziabad

Ceat Limited (Tyredivision) Empoyees Co Op Credit Soceity Limited, Nashik vs. Income Tax Officer, Nashik

Kundalika Nagari Sahakari Patsanstha Maryadit, Roha vs. ITO, Ward 1, Panvel

Ruby Hall Clinic Karmchari Sahakari Pat Sanstha Maryadit, Pune vs. Income Tax Officer Ward 7(1), Pune

Ruby Hall Clinic Karmchari Sahakari Pat Sanstha Maryadit, Pune vs. Income Tax Officer, Ward 7(1), Pune

Kal Devendra Sarda Nagari Sahakari Patsanstha Maryadit, Nashik vs. ITO, Ward 1(2), Nashik

Kai Devendra Sarda Nagari Sahakari Patsanstha Maryadit, Nashik vs. ITO, Ward 1(2), Nashik

Shri T S Nagari Sahakari Patsanstha Maryadit, Pune vs. Income Tax Officer, Ward-10(1), Pune

DCIT, CC-1(3), Kolkata vs. M/S. A R Sulphonates Pvt. Ltd., Kolkata

Income-Tax Officer Ward-2, Ahmednagar vs. Mahesh Nagari Sahakari Patsanstha Limited, Sangamner Dist. Ahmednagar

Britannia Industries Ltd, Kolkata vs. DCIT, Cir-7(1), Kolkata

Pune Jilha Gramsevak Sahkari Pathsanstha Maryadit Pune, Pune vs. The Income Tax Officer, Ward-12(1), Pune

Bhavesh Shantilal Gohil, Mumbai vs. Income Tax Officer-35(1)(2), Mumbai

Maharashtra Rajya Pathyapustak Mandal Karmachari Sahakari Pat Sanstha Maryadit, Pune vs. The Principal Commissioner of Income Tax -2, Pune

Smt Sneha Purohit, Nagpur vs. The Asstt Commissioner of Income Tax (Circle -4), Nagpur

Smt. Anjali Purohit, Nagpur vs. The Asstt. Commissioner of Income Tax (Circle-4), Nagpur