CIT v. Punjab State Cooperative Agricultural Development Bank Ltd.

Ajinkaya Madhyamik Shikahak Sevak Sah. Patsanstha Marayadit, Satara vs. Principal Commissioner of Income Tax-3, Pune

In the result, the appeal filed by the assessee in ITA

Bench: Shri S. S. Godara & Shri Inturi Rama Raosl.

…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 10 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…

Kadepathar Gramin Bigar Sheti Sahakari Path Sanstha, Maryadit, Pune vs. Principal Commissioner of Income Tax-4, Pune

In the result, the appeal filed by the assessee in ITA

Bench: Shri S. S. Godara & Shri Inturi Rama Raosl.

…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 10 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…

Shree Ghadgenath Gramin Bigar Sheti Sahakari Patsanstha Maryadit, Karad vs. Principal Commissioner of Income-Tax -3, Pune

In the result, the appeal filed by the assessee in ITA

Bench: Shri S. S. Godara & Shri Inturi Rama Raosl.

…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 10 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…

Hindalco Employees Coop Credit Society Ltd, Taloga vs. The Principal Commissioner of Income Tax-1, Thane

Appeal is allowed in above terms

Bench: Shri Satbeer Singh Godara & Dr. Dipak P. Ripote

…e 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 8 ITA.No.500/PUN./2023 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…

Suvarnyug Gramin Bigar Sheti Sah Patsanstha Marya Nimgaonketki, Pune vs. The Principal Commissioner of Income Tax, Pune-4, Pune

Appeal is allowed in above terms

Bench: Shri Satbeer Singh Godara & Dr. Dipak P. Ripote

…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 8 ITA.No.495/PUN./2023 and securities cannot be attributed to the activities of the society and, therefore, not eligible for exemption u…

The Income Tax Officer, Ward-10(1), Pune vs. Vasantrao Naik Nagari Sahakari Patsanstha, Pune

Appeal is dismissed in above terms

Bench: Shri Satbeer Singh Godara & Dr. Dipak P. Ripote

…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…

Shriram Nagri Sahakari Patsanstha Ltd, Satara vs. Income Tax Officer, Ward-1, Satara

Appeal is allowed in above terms

Bench: Shri Satbeer Singh Godara & Dr. Dipak P. Ripote

…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 8 ITA.No.342/PUN./2023 and securities cannot be attributed to the activities of the society and, therefore, not eligible for exemption u…

Sant Dnyaneshwar Nagari Sahakari Patsanstha Maryadit, Pune vs. The Principal Commissioner of Income Tax, Pune-3, Pune

Appeal is allowed in above terms

Bench: Shri Satbeer Singh Godara & Dr. Dipak P. Ripote

…le Delhi 8 ITA.No.325/PUN./2023 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…

Veej Mandal Karmachari Sahakar Patsanstha Maryadit, Solapur vs. Pricipal Commissioner of Income Tax, Pune-4, Pune

Appeal is allowed in above terms

Bench: Shri Satbeer Singh Godara & Dr. Dipak P. Ripote

…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 8 ITA.No.325/PUN./2023 and securities cannot be attributed to the activities of the society and, therefore, not eligible for exemption u…

Jaywantrao Bhosale Bagari Sahakari Patsantha Ltd( New Name - Sahakar Maharshi Jaywantrao Bhosale(Appa)Nagari Sahakari Patsanstha Ltd., Satara vs. Income Tax Officer, Ward-1, Satara

Appeal is allowed in above terms

Bench: Shri Satbeer Singh Godara & Dr. Dipak P. Ripote

…le Delhi 8 ITA.No.315/PUN./2023 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…

Solapur Mahanagarpalika Sara vs. Adharan Sevekanchi Sahakari Patsanstha Limited, Solapur

Appeal is allowed in above terms

Bench: Shri Satbeer Singh Godara & Dr. Dipak P. Ripote

…le 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 8 ITA.No.306/PUN./2023 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…

Skf Employee Co-Operative Credit Society Limited, Pune vs. Principal Commissioner of Income Tax, Pune-3, Pune

Appeal is allowed in above terms

Bench: Shri Satbeer Singh Godara & Dr. Dipak P. Ripote

…le 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 8 ITA.No.270/PUN./2023 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…

Subordinate Engineers Association, Kolhapur vs. Income Tax Officer, Ward-2(2), Kolhapur

Appeal is allowed in above terms

Bench: Shri Satbeer Singh Godara & Dr. Dipak P. Ripote

…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…

Narendra Shantikumar Firodia, Ahmednagar vs. Deputy Commissioner of Income Tax, Ahmednagar

Bench: Hon’Ble Shri Ss Viswanethra Ravi & Shri G. D. Padmahshaliआयकर अपऩल सं. / Ita No. 494/Pun/2020 निर्धारण वर्ा / Assessment Year : 2014-15 Shri Narendra Shantikumar Firodia, 5 Shobha Sadan, Aurangabad Road, Dsp Chowk, Ahmednagar – 414 002 Pan :Aabpf6158K . . . . . . . अपऩलधथी / Appellant बनाम / V/S. Dy. Commissioner Of Income Tax, Ahmednagar. . . . . . . . प्रत्यथी / Respondent द्वारा / Appearances Assessee By : Shri C. H. Naniwadekar Revenue By : Shri Ramnath Murkunde सपिवधई की तधरऩख / Date Of Conclusive Hearing : 13/10/2022 घोर्णध की तधरऩख / Date Of Pronouncement : 09/12/2022 आदेश / Order Per G. D. Padmahshali, Am; The Present Appeal Is Assailed Against The Order Of Commissioner Of Income Tax (Appeals)-2, Pune [For Short “Cit(A)”] Dt. 20/03/2020 Passed U/S 250 Of The Income-Tax Act, 1961 [For Short “The Act”] Upholding The Order Of Assessment Dt. 28/12/2016 Passed U/S 143(3) Of The Act By Asstt. Commissioner Of Income Tax, Ahmednagar Circle, Ahmednagar [For Short “Ao”] For The Assessment Year [For Short “Ay”] 2014-15. Itat-Pune Page 1 Of 8

…in our considered opinion, the point sought to be raised by the Ld. AR deserves to be upheld. Such a distinction also has found approval of the Hon’ble Jurisdictional Bombay High Court in the case of “CIT Vs Greenfield Hotels & Estates Pvt. Ltd.” Reported in 389 ITR 68. 10. In view of the aforesaid factual position and in law, we find that the present transaction of transfer of leasehold right in question does not warrant invoking of section 50C(1) of the Act, as the property in question is not of the explicitly covered by section 50C(1) of the Act, for the reason, we set aside the order of the Ld. FAA and direc…

Lokmangal Nagri Sahakari Path Sanstha Mydt, Solapur vs. Principal Commissioner of Income-Tax -4, Pune

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

Bench: Shri Inturi Rama Rao & Shri Partha Sarathi Chaudhuryआयकर अपील सं. / Ita No.231/Pun/2022 िनधा"रण वष" / Assessment Year: 2017-18 Lokmangal Nagri Sahakari Vs. Pcit-4, Pune. Path Sanstha Maryadit, 94/29, Mangal Plaza, Opposite Padma Talkies, Jodbhavi Peth, Solapur- 413002. Pan : Aaaal1241M Appellant Respondent Assessee By : Shri Girish Ladda Revenue By : Shri Ganesh Bare Date Of Hearing : 23.11.2022 Date Of Pronouncement 29.11.2022 : आदेश / Order Per Inturi Rama Rao, Am: This Is An Appeal Filed By The Assessee Directed Against The Order Of Ld. Pr. Commissioner Of Income Tax-4, Pune (‘The Pcit’) Dated 19.03.2022 Passed U/S 263 Of The Income Tax Act, 1961 (‘The Act’) For The Assessment Year 2017-18. 2. The Appellant Raised The Following Grounds Of Appeal :- “1. The Ld. Pr. Cit Has Erred In Law As Well As On Facts In Assuming The Jurisdiction U/S 263 Of The It Act, More So When The Assessment Order Passed U/S 143(3) Is Neither Erroneous Nor Prejudicial To The Interest Of Revenue.

…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…

Shr Arunoday Multi State Co-Op Cr Soc Ltd, Solapur vs. Principal Commissioner of Income-Tax - 4, Pune

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

Bench: Shri Inturi Rama Rao & Shri Partha Sarathi Chaudhuryआयकर अपील सं. / Ita No.229/Pun/2022 िनधा"रण वष" / Assessment Year: 2017-18 Shri Arunoday Multi State Co- Vs. Pcit-4, Pune. Operative Credit Society Ltd., Arunoday 22 Veershaiv Nagar, Vij Apur Road, Jule Solapur, Solapur- 413001. Pan : Aakas8478H Appellant Respondent Assessee By : Shri Girish Ladda Revenue By : Shri Ganesh Bare Date Of Hearing : 23.11.2022 Date Of Pronouncement 29.11.2022 : आदेश / Order Per Inturi Rama Rao, Am: This Is An Appeal Filed By The Assessee Directed Against The Order Of Ld. Pr. Commissioner Of Income Tax-4, Pune (‘The Pcit’) Dated 28.03.2022 Passed U/S 263 Of The Income Tax Act, 1961 (‘The Act’) For The Assessment Year 2017-18. 2. The Appellant Raised The Following Grounds Of Appeal :- “1. The Ld. Pr. Cit Has Erred In Law As Well As On Facts In Assuming The Jurisdiction U/S 263 Of The It Act, More So When The Assessment Order Passed U/S 143(3) Is Neither Erroneous Nor Prejudicial To The Interest Of Revenue.

…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…