CIT v. Punjab State Cooperative Federation of Housing Building Societies Ltd.

11 Taxmann.com 448High Court2011#656 most cited

What is CIT v. Punjab State Cooperative Federation of Housing Building Societies Ltd. authority for?

Deduction under Section 80P(2)(d) for interest income earned by a cooperative society is subject to specific conditions or limitations, requiring careful appreciation of the statutory provisions to determine the eligible amount. This limits the full claim of such deductions by cooperative societies.

151

judgments rely on this decision, according to BharatTax’s citation analysis of 366,416 Indian tax judgments — from 2019 to 2026.

Also referred to as

CIT v. Punjab State Cooperative Federation of Housing Building Societies Ltd. · Section 80P(2)(d) · cooperative society deduction · interest income · eligible business · Section 80P(2)(a)(i) · deduction restriction · 80P deduction conditions · cooperative income

Sections most often in play

Section 80P(2)(a)(i)Section 80P(2)(d)Section 143(3)Section 80PSection 147Section 144Section 144BSection 56

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 80p(4)

Judgments citing CIT v. Punjab State Cooperative Federation of Housing Building Societies Ltd.

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

ITA 231/PUN/2022[2017-18]Status: DisposedITAT Pune29 Nov 2022AY 2017-18

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.

For Appellant: Shri Girish LaddaFor Respondent: Shri Ganesh Bare
Section 143(3)Section 263Section 80PSection 80P(2)(a)Section 80P(2)(d)

…IN THE INCOME TAX APPELLATE TRIBUNAL PUNE BENCH “A”, PUNE BEFORE SHRI INTURI RAMA RAO, ACCOUNTANT MEMBER AND SHRI PARTHA SARATHI CHAUDHURY, JUDICIAL MEMBER आयकर 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 dir…

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

ITA 229/PUN/2022[2017-18]Status: DisposedITAT Pune29 Nov 2022AY 2017-18

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.

For Appellant: Shri Girish LaddaFor Respondent: Shri Ganesh Bare
Section 143(3)Section 263Section 80PSection 80P(2)(a)Section 80P(2)(d)

…IN THE INCOME TAX APPELLATE TRIBUNAL PUNE BENCH “A”, PUNE BEFORE SHRI INTURI RAMA RAO, ACCOUNTANT MEMBER AND SHRI PARTHA SARATHI CHAUDHURY, JUDICIAL MEMBER आयकर 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 a…

Navodaya Nagri Pat Sanstha, Amravati vs. Income Tax Officer Ward -3, Amravati

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

ITA 66/NAG/2019[2013-14]Status: DisposedITAT Nagpur07 Nov 2022AY 2013-14
For Appellant: Shri Rajesh V. LoyaFor Respondent: Shri G. J. Ninawe
Section 80PSection 80P(2)Section 80P(2)(a)Section 80P(2)(d)

…IN THE INCOME TAX APPELLATE TRIBUNAL NAGPUR BENCH, NAGPUR – VIRTUAL COURT BEFORE SHRI INTURI RAMA RAO, ACCOUNTANT MEMBER आयकर अपील सं. / ITA No.66/NAG/2019 िनधा"रण वष" / Assessment Year: 2013-14 Navodaya Nagri Pat Vs. ITO, Ward-3, Amravati. Sanstha, C/o. M/s. Loya Bagri & Co. Chartered Accountants, Gandhibag, Nagpur- 440002. PAN : AAABN0223G Appellant Respondent Assessee by : Shri Rajesh V. Loya Revenue by : Shri G. J. Ninawe Date of hearing : 27.09.2022 Date of pronouncement : 07.11.2022 आदेश / ORDER PER INTURI RAMA RAO, AM: This is an appeal filed by the assessee directed against the order of ld. Commissioner…

Sharda Urban Credit Co-Op Society Ltd., Amravati vs. Income Tax Officer, Ward-4, Amravati

In the result, the appeal of assessee is allowed

ITA 386/NAG/2017[2008-2009]Status: DisposedITAT Nagpur31 Oct 2022AY 2008-2009

Bench: Shri Partha Sarathi Chaudhury, Jm

For Appellant: Shri Rajesh V. Loya, CA (through virtual)For Respondent: Shri G.J. Ninawe (through virtual)
Section 80PSection 80P(2)(a)

…IN THE INCOME TAX APPELLATE TRIBUNAL “SMC” BENCH, NAGPUR (VIRTUAL HEARING HELD AT I.T.A.T. PUNE BENCHES, PUNE BEFORE SHRI PARTHA SARATHI CHAUDHURY, JM ITA No. 386/NAG/2017 : A.Y. 2008-09 Sharda Urban Credit Co-op. Society Ltd., Upper Floor, Gulshan Plaza, Rajapeth, Amravati. PAN : AACAS 1152J :Appellant Vs. The Income Tax Officer, Ward-4, Amravati Respondent Appellant by : Shri Rajesh V. Loya, CA (through virtual) Respondent by : Shri G.J. Ninawe (through virtual) Date of Hearing : 27-10-2022 Date of Pronouncement : 31-10-2022 ORDER This appeal preferred by the assessee emanates from the order of the ld. CIT(A)-1…

Nirmiti Nagari Sahakari Patsanstha Ltd., Nasik vs. Income-Tax Officer, Ward 1(2), Nashik

In the result, the appeal of assessee is allowed

ITA 442/PUN/2022[2017-18]Status: DisposedITAT Pune26 Oct 2022AY 2017-18

Bench: Shri Partha Sarathi Chaudhury, Jm आयकर अपील सं. / Ita No.442/Pun/2022

For Appellant: Shri Sanket Milind JoshiFor Respondent: Shri Piyush Kumar Singh Yadav
Section 80P(2)(a)

…IN THE INCOME TAX APPELLATE TRIBUNAL “SMC” BENCH, PUNE BEFORE SHRI PARTHA SARATHI CHAUDHURY, JM आयकर अपील सं. / ITA No.442/PUN/2022 Nirmiti Nagari Sahakari Patsanstha Limited Gala No.2, Vikas Theater Building, Ashok Stambh, Nashik – 422202 PAN : AABAN7006R .......अपीलार्थी / Appellant बनाम / V/s. The Income Tax Officer, Ward-1(2), Nashik ……प्रत्यर्थी / Respondent Assessee by : Shri Sanket Milind Joshi Revenue by : Shri Piyush Kumar Singh Yadav सुनवाई की तारीख / Date of Hearing : 20-10-2022 घोषणा की तारीख / Date of Pronouncement : 26-10-2022 आदेश / ORDER PER PARTHA SARATHI CHAUDHURY, JM : This appeal preferr…

Kolhapur Sahakari Majur and Hamal Sanstha Maryadit, Kolhapur vs. Income-Tax Officer, Ward - 2 (1), Kolhapur

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

ITA 1138/PUN/2019[2013-14]Status: DisposedITAT Pune08 Sept 2022AY 2013-14

Bench: Shri S. S. Godara & Shri Inturi Rama Raoआयकर अपील सं. / Ita No.1138/Pun/2019 िनधा"रण वष" / Assessment Year: 2013-14 Kolhapur Sahakari Majur Vs. Ito, Ward- 2(1) & Hamal Sanstha Kolhapur. Maryadit, Masjid Complex, 2Nd Floor, Office No.14, Hamal Bhavan, 439-E Ward, Station Road, Shahupuri, Kolhapur- 416001. Pan : Aaaap0326R Appellant Respondent Assessee By : None Revenue By : Shri Ramnath P. Murkunde Date Of Hearing : 05.09.2022 Date Of Pronouncement : 08.09.2022 आदेश / Order Per Inturi Rama Rao, Am: This Is An Appeal Filed By The Assessee Directed Against The Order Of Ld. Commissioner Of Income Tax (Appeals)- 2, Kolhapur [‘The Cit(A)’] Dated 25.04.2019 For The Assessment Year 2013-14. 2. The Appellant Raised The Following Grounds Of Appeal :- “1) On The Facts & Circumstances Of The Case & In Law & By Order Of The Hon'Ble Tribunal 'A' Bench Pune In Ita No. 486/Pun/2012 For A. Y. 2012-13 Which Decision Was Rendered In Favour Of The Assessee Now The Issue Is A 'Covered' In Favour Of The Assessee. Following The Hon'Ble Tribunal Order (Supra) The Deduction Of 82,78,245/- Be Allowed To The Appellant.

For Appellant: NoneFor Respondent: Shri Ramnath P. Murkunde
Section 143(3)Section 80P(2)(a)

…IN THE INCOME TAX APPELLATE TRIBUNAL PUNE BENCH “A”, PUNE BEFORE SHRI S. S. GODARA, JUDICIAL MEMBER AND SHRI INTURI RAMA RAO, ACCOUNTANT MEMBER आयकर अपील सं. / ITA No.1138/PUN/2019 िनधा"रण वष" / Assessment Year: 2013-14 Kolhapur Sahakari Majur Vs. ITO, Ward- 2(1), and Hamal Sanstha Kolhapur. Maryadit, Masjid Complex, 2nd Floor, Office No.14, Hamal Bhavan, 439-E Ward, Station Road, Shahupuri, Kolhapur- 416001. PAN : AAAAP0326R Appellant Respondent Assessee by : None Revenue by : Shri Ramnath P. Murkunde Date of hearing : 05.09.2022 Date of pronouncement : 08.09.2022 आदेश / ORDER PER INTURI RAMA RAO, AM: This is a…

M/S. Jan Kalyan Nagri Sahakari Pat.Limited Sanstha, Parbhani vs. Income-Tax Officer, Ward - Parbhani, Parbhani

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

ITA 825/PUN/2019[2014-15]Status: DisposedITAT Pune26 Aug 2022AY 2014-15

Bench: Shri Inturi Rama Rao & Shri Partha Sarathi Chaudhuryआयकर अपील सं. / Ita No.825/Pun/2019 िनधा"रण वष" / Assessment Year: 2014-15 M/S. Jan Kalyan Nagri Vs. Ito, Ward- Parbhani, Sahakari Pat. Limited Sanstha, Parbhani. Sawarkar Chowk, Vidya Nagar, Parbhani-431401. Pan : Aaaaj2292G Appellant Respondent Assessee By Smt. Deepa Khare : Revenue By : Shri Hitendra B. Ninawe Date Of Hearing : 25.08.2022 Date Of Pronouncement : 26.08.2022 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-1, Aurangabad (‘The Pcit’) Dated 28.03.2019 Passed U/S 263 Of The Income Tax Act, 1961 (‘The Act’) For The Assessment Year 2014-15. 2. The Appellant Raised The Following Grounds Of Appeal :- “1. Learned Cit Erred In Law & On Facts In Invoking Jurisdiction U/S 263 & Setting Aside The Assessment Order, Directing The Ao To Pass Fresh Order After Verification When The Ld Ao Had Applied His Mind After Sufficient Inquiries & Examined The Issue In The Original Assessment Proceedings In Respect Of Interest Income & Granted Deduction U/S 80P. 2. The Ld Cit Erred In Law & On Facts In Not Appreciating That The Decision Of Supreme Court In Case Of Totgars Cooperative Sales

For Respondent: Shri Hitendra B. Ninawe
Section 143(3)Section 263Section 80PSection 80P(2)Section 80P(2)(a)Section 80P(2)(d)

…IN THE INCOME TAX APPELLATE TRIBUNAL PUNE BENCH “A”, PUNE BEFORE SHRI INTURI RAMA RAO, ACCOUNTANT MEMBER AND SHRI PARTHA SARATHI CHAUDHURY, JUDICIAL MEMBER आयकर अपील सं. / ITA No.825/PUN/2019 िनधा"रण वष" / Assessment Year: 2014-15 M/s. Jan Kalyan Nagri Vs. ITO, Ward- Parbhani, Sahakari Pat. Limited Sanstha, Parbhani. Sawarkar Chowk, Vidya Nagar, Parbhani-431401. PAN : AAAAJ2292G Appellant Respondent Assessee by Smt. Deepa Khare : Revenue by : Shri Hitendra B. Ninawe Date of hearing : 25.08.2022 Date of pronouncement : 26.08.2022 आदेश / ORDER PER INTURI RAMA RAO, AM: This is an appeal filed by the assessee direct…

M/S. Anand Nagari Sahakari Patsanstha Maryadit, Nashik vs. Pr. Commissioner of Income-Tax -1, Nashik

Appeal is allowed in above terms

ITA 1245/PUN/2018[2014-15]Status: DisposedITAT Pune14 Jul 2022AY 2014-15

Bench: Shri S.S. Godara & Dr. Dipak P. Ripoteनिर्धारण वषा / Assessment Year : 2014-15 M/S. Anand Nagari Sahakari Vs. Pr.Cit-1, Patsanshta Maryadit Nashik Near Jain Bhavan, Artillery Centre Road, Nashik Road, Nashik – 422101 Pan : Aaala0059M Appellant Respondent

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

…IN THE INCOME TAX APPELLATE TRIBUNAL PUNE BENCH “B”, PUNE BEFORE SHRI S.S. GODARA, JUDICIAL MEMBER AND DR. DIPAK P. RIPOTE, ACCOUNTANT MEMBER निर्धारण वषा / Assessment Year : 2014-15 M/s. Anand Nagari Sahakari Vs. Pr.CIT-1, Patsanshta Maryadit Nashik Near Jain Bhavan, Artillery Centre Road, Nashik Road, Nashik – 422101 PAN : AAALA0059M Appellant Respondent Assessee by Shri Abhay Avachat Revenue by Shri Rajarshi Dwivedy Date of hearing 04-07-2022 Date of pronouncement 14-07-2022 आदेश / ORDER PER S.S. GODARA, JM : This assessee‟s appeal for AY 2014-15 arises against the Pr.CIT-1, Nashik‟s order dated 11-06-2018 in…

Rajarshi Shahu Nagari Sahakari Pat Sanstha Ltd., Kolhapur vs. Income Tax Officer, Ward 1(3), Kolhapur

Appeal is allowed in above terms

ITA 609/PUN/2021[2017-18]Status: DisposedITAT Pune26 May 2022AY 2017-18

Bench: Shri S. S. Godaraआयकर अपील सं. / Ita No.609/Pun/2021 िनधा"रण वष" / Assessment Year: 2017-18 Rajarshi Shahu Nagari Vs. Ito, Ward-1(3), Kolhapur. Sahakari Pat Sanstha Ltd., A/P. Murgud, Tal. Kagal, Dist. Kolhapur-416219. Pan : Aaaar1341Q Appellant Respondent Assessee By None : Revenue By : Shri Arvind Desai Date Of Hearing : 23.05.2022 Date Of Pronouncement : 26.05.2022 आदेश / Order Per S. S. Godara, Jm: This Assessee’S Appeal For Assessment Year 2017-18 Arises Against The Cit(A)- National Faceless Appeal Centre (Nfac), Delhi’S Order Dated 23.09.2021 Passed In Case No. Itba/Nfac/S/250/2021-22/1035827237(1) Involving Proceedings U/S 143(3) Of The Income Tax Act, 1961; In Short The Act. Case Called Twice. None Appears At Assessee’S Behest. It Is Accordingly Proceeded Ex-Parte.

For Respondent: Shri Arvind Desai
Section 143(3)Section 80PSection 80P(2)(a)

…IN THE INCOME TAX APPELLATE TRIBUNAL PUNE BENCH “SMC”, PUNE BEFORE SHRI S. S. GODARA, JUDICIAL MEMBER आयकर अपील सं. / ITA No.609/PUN/2021 िनधा"रण वष" / Assessment Year: 2017-18 Rajarshi Shahu Nagari Vs. ITO, Ward-1(3), Kolhapur. Sahakari Pat Sanstha Ltd., A/p. Murgud, Tal. Kagal, Dist. Kolhapur-416219. PAN : AAAAR1341Q Appellant Respondent Assessee by None : Revenue by : Shri Arvind Desai Date of hearing : 23.05.2022 Date of pronouncement : 26.05.2022 आदेश / ORDER PER S. S. GODARA, JM: This assessee’s appeal for assessment year 2017-18 arises against the CIT(A)- National Faceless Appeal Centre (NFAC), Delhi’s or…

The Sri Gowri Cooperative Society, Visakhapatnam vs. Principal Commissioner of Income Tax-1, Visakhapatnam

In the result, appeal filed by the assessee is allowed

ITA 26/VIZ/2018[2012-13]Status: DisposedITAT Visakhapatnam07 Aug 2019AY 2012-13

Bench: Shri V. Durga Rao, Hon’Ble & Shri D.S. Sunder Singh, Hon’Blem/S. The Sri Gowri Vs. Pr.Cit-1, Co-Operative Society, Visakhapatnam. D.No.49-34-32/1, Konathala Complex, Akkayyapalem Main Road, Visakhapatnam. Pan No. Aaaat 8140 M (Appellant) (Respondent)

For Appellant: Shri K.S.S. Sarma – AdvFor Respondent: Shri D.K. Sonawal– CIT DR
Section 263Section 80P(2)(a)

…IN THE INCOME TAX APPELLATE TRIBUNAL VISAKHAPATNAM BENCH, VISAKHAPATNAM BEFORE SHRI V. DURGA RAO, HON’BLE JUDICIAL MEMBER & SHRI D.S. SUNDER SINGH, HON’BLE ACCOUNTANT MEMBER M/s. The Sri Gowri vs. Pr.CIT-1, Co-operative Society, Visakhapatnam. D.No.49-34-32/1, Konathala Complex, Akkayyapalem Main Road, Visakhapatnam. PAN No. AAAAT 8140 M (Appellant) (Respondent) Assessee by : Shri K.S.S. Sarma – Adv. Department By : Shri D.K. Sonawal– CIT DR Date of hearing : 15/07/2019. Date of pronouncement : 07/08/2019. O R D E R PER V. DURGA RAO, JUDICIAL MEMBER This appeal by the assessee is directed against the order of P…

Sri Uma Kamandaleswara Co - Operative Rural Bank Ltd., Athreyapuram vs. The Addl. CIT, Kakinada

In the result, appeal filed by the assessee is allowed

ITA 199/VIZ/2017[2008-2009]Status: DisposedITAT Visakhapatnam13 Feb 2019AY 2008-2009

Bench: Shri V. Durga Rao, Hon’Blesri Uma Kamandaleswara Vs. Addl.Cit, Kakinada Co-Op Rural Bank Ltd., Ryali, Range, Kakinada. Athreyapuram Mandalm, East Godavari District. Pan No. Aadas 4663 B (Appellant) (Respondent)

For Appellant: Shri G.V.N. Hari – AdvocateFor Respondent: Shri P.S. Murthy – Sr.DR
Section 80P(2)(a)

…IN THE INCOME TAX APPELLATE TRIBUNAL VISAKHAPATNAM “SMC” BENCH, VISAKHAPATNAM BEFORE SHRI V. DURGA RAO, HON’BLE JUDICIAL MEMBER Sri Uma Kamandaleswara vs. Addl.CIT, Kakinada Co-op Rural Bank Ltd., Ryali, Range, Kakinada. Athreyapuram Mandalm, East Godavari District. PAN No. AADAS 4663 B (Appellant) (Respondent) Assessee by : Shri G.V.N. Hari – Advocate. Department By : Shri P.S. Murthy – Sr.DR Date of hearing : 27/12/2019. Date of pronouncement : 13/02/2019. O R D E R PER V. DURGA RAO, JUDICIAL MEMBER This appeal by the assessee is directed against the order of Commissioner of Income Tax (Appeals)-2, Guntur, d…