CIT v. Southern Eastern Employees Cooperative Credit Society Ltd.

390 ITR 524High Court2017#570 most cited

What is CIT v. Southern Eastern Employees Cooperative Credit Society Ltd. authority for?

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

170

judgments rely on this decision, according to BharatTax’s citation analysis of 366,470 Indian tax judgments — from 2018 to 2026.

Also referred to as

CIT v. Southern Eastern Employees Cooperative Credit Society Ltd. · Section 80P · Section 80P(2)(a)(i) · cooperative society exemption · interest income · short term deposits · surplus funds · income attributable to activities · Calcutta High Court

Also reported as

73 Taxmann.com 123

Sections most often in play

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

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 80psection 80p(1)erroneous and prejudicialeligible business

Judgments citing CIT v. Southern Eastern Employees Cooperative Credit Society Ltd.

Allied Finance P. Ltd., New Delhi vs. ACIT, Delhi

ITA 4089/DEL/1994[1990-91]Status: DisposedITAT Delhi19 Mar 2025AY 1990-91

Bench: Shri Satbeer Singh Godara & Shri S. Rifaur Rahmanassessment Year: 2015-16 Co-Operative Cane Vs. Income Tax Officer, Development Union Ltd., Ward-1(2), Cane Union, Hapur, Ghaziabad Uttar Pradesh Pan: Aaajc0224M (Appellant) (Respondent) With Assessment Year: 2010-11 With Assessment Year: 2010-11 With Assessment Year: 2011-12 With Assessment Year: 2011-12 With Assessment Year: 2012-13 With Assessment Year: 2012-13

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

…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 5 | P a g e ITA No.4083 to 4089/Del/2024 & 4068/Del/2024 eligible for exemption u/s.80P(2)(a)(i) of the Act. However, the Hon'ble Karnataka High Court in the case of Tumkur M…

Nashik District Primary Teachers Co-Op Credit Society Ltd, Nashik vs. ITO Ward 1(1), Nashik

In the result, the appeal of the assessee in ITA No

ITA 2071/PUN/2024[2021-22]Status: DisposedITAT Pune28 Feb 2025AY 2021-22

Bench: Shri R.K. Panda & Ms. Astha Chandraआयकर अपील सं. / Ita Nos.2070 & 2071/Pun/2024 निर्धारण वर्ष / Assessment Years : 2018-19 & 2021-22 Nashik District Primary Teachers Co-Op Credit Society Ltd., Saraswati Complex, Malviya Chowk, Panchavatikaranja, Nashik-422002 Vs. Ito, Ward – 1(1), Nashik Pan: Aaaan2859D अपीलार्थी /Appellant प्रत्यर्थी / Respondent Assessee By : Shrisanket Joshi Department By : Shriramnath P. Murkunde Date Of Hearing : 31-12-2024 Date Of Pronouncement : 28-02-2025 आदेश / Order Per Astha Chandra, Jm : These Two Appeals Filed By The Assessee Is Directed Against The Two Separate Orders Both Dated 22.08.2024 Of The Ld. Commissioner Of Income Tax (Appeals)/Nfac, Delhi [“Cit(A)”] Pertaining To Assessment Year (“Ays”) 2018- 19 & 2021-22. Since The Issues Involved Are Identical The Same Were Heard Together & Are Disposed Of By This Common Order.

For Appellant: ShriSanket JoshiFor Respondent: ShriRamnath P. Murkunde
Section 143(1)Section 144Section 80PSection 80P(2)(a)

…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 Act. However, the Hon'ble Karnataka High Court in the case of Tumkur Merchants Souharda Credit Cooperative Ltd. Vs. ITO (2015) 23…

Nashik District Primary Teachers Co-Op Credit Society Ltd, Nashik vs. ITO Ward 1(1), Nashik

In the result, the appeal of the assessee in ITA No

ITA 2070/PUN/2024[2018-19]Status: DisposedITAT Pune28 Feb 2025AY 2018-19

Bench: Shri R.K. Panda & Ms. Astha Chandra

For Appellant: ShriSanket JoshiFor Respondent: ShriRamnath P. Murkunde
Section 143(1)Section 144Section 80PSection 80P(2)(a)

…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 Act. However, the Hon’ble Karnataka High Court in the case of Tumkur Merchants Souharda Credit Cooperative Ltd. Vs. ITO (2015) 23…

Dahadaya Samabay Krishi Unnayan Samity Ltd., Purba Medinipur vs. ITO, Ward-27(1), Haldia.

In the result, both the appeals of the assessee are allowed for

ITA 863/KOL/2023[2020-21]Status: DisposedITAT Kolkata24 Feb 2025AY 2020-21

Bench: Shri Rajesh Kumar, Am

Section 63Section 64Section 80PSection 80P(2)(a)Section 80P(2)(d)

…decide these issues in terms of our following directions: i) interest from saving accounts should be allowed u/s 80P in terms of decision of Hon'ble Calcutta High Court in the case of CIT vs. South Eastern Railway Employees Co-op Credit Society Ltd. in [2017] 390 ITR 524 (Cal), ii) if interest income on investments with banks is to be treated as income from other sources then the corresponding expenses may be determined deduction may be allowed in terms of Coordinate Bench decision in the case of M/s Panditpur Samabay Krishi Unnayan Samity Ltd. vs. ITO in ITA NO. 04/Kol/2022 dated 5.4.2022 and iii) the interest i…

Dahadaya Samabay Krishi Unnayan Samity Ltd., Purba Medinipur vs. ITO, Ward-27(1), Haldia.

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

ITA 862/KOL/2023[2018-19]Status: DisposedITAT Kolkata24 Feb 2025AY 2018-19

Bench: Shri Rajesh Kumar, Am

For Appellant: Shri Miraj D. Shah, ARFor Respondent: Shri Manas Mondal, CIT DR
Section 63Section 64Section 80PSection 80P(2)(a)Section 80P(2)(d)

…uld be allowed u/s 80P in terms of decision of Hon’ble Calcutta High Court in the case of CIT vs. South Eastern Railway ITA No.862 & 863/KOL/2023 Dahadaya Samabay Krishi Unnayan Samity Ltd; A.Ys. 2018-19 & 2020-21 Employees Co-op Credit Society Ltd. in [2017] 390 ITR 524 (Cal), ii) if interest income on investments with banks is to be treated as income from other sources then the corresponding expenses may be determined deduction may be allowed in terms of Coordinate Bench decision in the case of M/s Panditpur Samabay Krishi Unnayan Samity Ltd. vs. ITO in ITA NO. 04/Kol/2022 dated 5.4.2022 and iii) the interest i…

Haveli Taluka Veej Kamgar Sahakari Pathsanstha Maryadit, Pune vs. Income Tax Officer Ward 6 (1) Pune, Pmt Building, Swargate

In the result, the appeal of the assessee is allowed

ITA 1428/PUN/2024[2017-18]Status: DisposedITAT Pune15 Jan 2025AY 2017-18

Bench: Shri R.K. Panda & Ms. Astha Chandraआयकर अपील सं. / Ita No.1428/Pun/2024 निर्धारण वर्ष / Assessment Year : 2017-18 Haveli Taluka Veej Kamgar Sahakari Pathsanstha Maryadit, 415/2 A, Shrine Complex, Somvar Peth, Pune -411011 Vs. Income Tax Officer, Ward - 6(1), Pune Pan : Aaaah2281D अपीलार्थी / Appellant प्रत्यर्थी / Respondent Assessee By : Department By : Date Of Hearing : Date Of Pronouncement : Shri Deepak S. Sasar Shri Ramnath P. Murkunde 05-11-2024 15-01-2025 आदेश / Order Per Astha Chandra, Jm : The Appeal Filed By The Assessee Is Directed Against The Order Dated 29.04.2024 Of The Ld. Commissioner Of Income Tax (Appeals)/Nfac, Delhi [“Cit(A)"] Pertaining To Assessment Year (“Ay”) 2017-18. 2. The Assessee Has Raised The Following Grounds Of Appeal :- *1. The Ld. Cit(A) Has Wrongly Confirmed The Disallowance Of Deduction Of Rs.8,84,993/- Claimed By The Appellant U/S.80P (2)(A)(I) Of The Income Tax Act, 1961 Of Interest Income Earned From Deposit With Pdcc Bank. 2. Alternatively, The Interest Income Earned By The Appellant From The Investments In A Co-Operative Bank Is Also Eligible For Deduction Under Section 80P (2) (D) Of The Income Tax Act, 1961. 3. The Ld. Cit (A) Has Wrongly Confirmed The Disallowance Of Deduction U/S.80P Of Commission Receipts Of Rs.53,52,723/- After Deducting The Salary Expenses Of Rs.3,00,202/- From The Total Commission Receipts Of Rs.56,52,925/-. Being The Same Income Is Received From The Mseb On Account Of Running Cash Counter For Mseb Bill Payments & The Same Is Treated As Income From Other Sources. 4. The Appellant Crave Leave To Add, Delete, Amend, Alter, Vary And/Or Withdraw All Or Any One Of The Above Grounds Of Appeal.” 2

For Appellant: Department byFor Respondent: Date of hearing
Section 143(1)Section 143(2)Section 143(3)Section 80PSection 80P(2)(a)Section 80P(2)(d)

…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 Act. However, the Hon'ble Karnataka High Court in the case of Tumkur Merchants Souharda Credit Cooperative Ltd. Vs. ITO (2015) 23…

Seahara Co-Oprative Cane Development Union Limited, Bijnor vs. ITO, Nazibabad, Bijnor

Appeal is allowed

ITA 4708/DEL/2024[2020-21]Status: DisposedITAT Delhi06 Jan 2025AY 2020-21

Bench: Sh. Satbeer Singh Godara

For Appellant: Ms. Akansha, CAFor Respondent: Sh. Sanjay Kumar, Sr. DR
Section 143(3)Section 80Section 80PSection 80P(2)(a)

…IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH ‘SMC’, NEW DELHI Before Sh. Satbeer Singh Godara, Judicial Member ITA No. 4708/Del/2024 : Asstt. Year: 2020-21 Seohara Co-operative Cane Vs Income Tax Officer, Development Union Ltd., 34-Station Ward-3(1), Road, Seohara, Bijnor, Nazibabad Uttar Pradesh-246746 (APPELLANT) (RESPONDENT) PAN No. AABAS4970K Assessee by : Ms. Akansha, CA Revenue by : Sh. Sanjay Kumar, Sr. DR Date of Hearing: 06.01.2025 Date of Pronouncement: 06.01.2025 ORDER This assessee’s appeal for Assessment Year 2020-21, arises against the CIT(A)/NFAC, Delhi’s DIN & order No. ITBA/NFAC/S/250/2024-2…

Sahkari Ganna Vikas Samiti Limited, Badayun vs. ACIT - 2, Moradabad

Appeal is partly allowed

ITA 3985/DEL/2024[2017-18]Status: DisposedITAT Delhi06 Jan 2025AY 2017-18

Bench: Shri Satbeer Singh Godaraassessment Year: 2017-18 Sahkari Ganna Vikas Samiti Vs. Acit-2, Limited, Moradabad C/O-Ayyubi Chamber, Raniganj, Lakhimpur Kheri, Badaun, Uttar Pradesh Pan :Aazfs2514E (Appellant) (Respondent) Assessee By None Department By Sh. Sanjay Kumar, Sr. Dr

Section 10Section 143(3)Section 80P

…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 Act. However, the Hon'ble Karnataka High Court in the case of Tumkur Merchants Souharda Credit Cooperative Ltd. Vs. ITO (2015) 23…

Saini Co Operative Tharift and Credit Society Ltd, Delhi vs. CIT(A)-NFAC, Delhi

ITA 836/DEL/2024[2015-2016]Status: DisposedITAT Delhi20 Dec 2024AY 2015-2016

Bench: Sh. Satbeer Singh Godara & Sh. S. Rifaur Rahmanita No. 834/Del/2024 : Asstt. Year : 2011-12 Ita No. 836/Del/2024 : Asstt. Year : 2015-16 Saini Co-Operative Thrift & Credit Vs Cit(A)-16, Society Ltd., 2420-2421, Bazar New Delhi-110002 Kamra Bangash, A. G. C. R. Central Delhi, New Delhi-110002 (Appellant) (Respondent) Pan No. Aabas8396K Assessee By : Sh. K. Sampath, Adv. & Sh. V. Rajkumar, Adv. Revenue By : Sh. Sahil Kumar Bansal, Sr. Dr Date Of Hearing: 12.12.2024 Date Of Pronouncement: 20.12.2024 Order Per Satbeer Singh Godara: These Assessee’S Twin Appeal In Ita No. 834/Del/2024 For Assessment Years 2011-12, Arise Against The Cit(A)-16, New Delhi’S Order Dated 06.08.2019 Passed In Case No. 10333/2018-19 In Proceedings U/S 143(3) R.W.S. 147 & It’S Latter Appeal Ita No. 836/Del/2024 For A.Y. 2015-16, Is Directed Against The Cit(A)/Nfac, Delhi’S Din & Order No. Itba/Nfac/S/250/2023-24/1059607361(1) Dated 11.01.2024, In Proceedings U/S 271B Of The Income Tax Act, 1961 (In Short “The Act”), Respectively.

For Appellant: Sh. K. Sampath, Adv. &For Respondent: Sh. Sahil Kumar Bansal, Sr. DR
Section 143(3)Section 271BSection 80Section 80PSection 80P(2)(a)

…jab State Cooperative Agricultural Development Bank Ltd. [2017] 77 taxmann.com 308/245 Taxman 125/389 ITR 68 (Bombay) and the Hon'ble Kolkata High Court in the case of CIT v. Southern Eastern Employees Cooperative Credit Society Ltd. [2016] 73 taxmann.com 123/390 ITR 524 (Calcutta) 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 Act. However, the Hon'ble Karnataka High Court in the case of Tumkur Merchants Souharda Credit Cooperative Ltd. v. ITO…

Saini Co Operative Tharift and Credit Society Ltd, Delhi vs. CIT(A)-16, Delhi

ITA 834/DEL/2024[2011-2012]Status: DisposedITAT Delhi20 Dec 2024AY 2011-2012

Bench: Sh. Satbeer Singh Godara & Sh. S. Rifaur Rahmanita No. 834/Del/2024 : Asstt. Year : 2011-12 Ita No. 836/Del/2024 : Asstt. Year : 2015-16 Saini Co-Operative Thrift & Credit Vs Cit(A)-16, Society Ltd., 2420-2421, Bazar New Delhi-110002 Kamra Bangash, A. G. C. R. Central Delhi, New Delhi-110002 (Appellant) (Respondent) Pan No. Aabas8396K Assessee By : Sh. K. Sampath, Adv. & Sh. V. Rajkumar, Adv. Revenue By : Sh. Sahil Kumar Bansal, Sr. Dr Date Of Hearing: 12.12.2024 Date Of Pronouncement: 20.12.2024 Order Per Satbeer Singh Godara: These Assessee’S Twin Appeal In Ita No. 834/Del/2024 For Assessment Years 2011-12, Arise Against The Cit(A)-16, New Delhi’S Order Dated 06.08.2019 Passed In Case No. 10333/2018-19 In Proceedings U/S 143(3) R.W.S. 147 & It’S Latter Appeal Ita No. 836/Del/2024 For A.Y. 2015-16, Is Directed Against The Cit(A)/Nfac, Delhi’S Din & Order No. Itba/Nfac/S/250/2023-24/1059607361(1) Dated 11.01.2024, In Proceedings U/S 271B Of The Income Tax Act, 1961 (In Short “The Act”), Respectively.

For Appellant: Sh. K. Sampath, Adv. &For Respondent: Sh. Sahil Kumar Bansal, Sr. DR
Section 143(3)Section 271BSection 80Section 80PSection 80P(2)(a)

…jab State Cooperative Agricultural Development Bank Ltd. [2017] 77 taxmann.com 308/245 Taxman 125/389 ITR 68 (Bombay) and the Hon'ble Kolkata High Court in the case of CIT v. Southern Eastern Employees Cooperative Credit Society Ltd. [2016] 73 taxmann.com 123/390 ITR 524 (Calcutta) 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 Act. However, the Hon'ble Karnataka High Court in the case of Tumkur Merchants Souharda Credit Cooperative Ltd. v. ITO…

Maliyana Co-Operative Cane Development Union, Gorakhpur vs. ITO, Ward-1(1)(4), Meerut

Appeal is allowed in above terms

ITA 1874/DEL/2023[2017-18]Status: DisposedITAT Delhi12 Dec 2024AY 2017-18

Bench: Sh. Satbeer Singh Godara & Sh. M. Balaganeshita No. 1874/Del/2023 : Asstt. Year : 2017-18 Maliyana Co-Operative Cane Vs Income Tax Officer, Development Union, C/O D. S. Kohli, Ward-1(1)(4), F.F.-06, Narayan Tower, Gandhi Meerut, U.P. Ashram Lane, Golghar, Gorakhpur, U.P.-273001 (Appellant) (Respondent) Pan No. Aaaam6185F Assessee By : Sh. Ibad Mushtaq, Adv. Revenue By : Sh. Akhilesh Kumar Yadav, Sr. Dr Date Of Hearing: 05.12.2024 Date Of Pronouncement: 12.12.2024 Order Per Satbeer Singh Godara: This Assessee’S Appeal For Assessment Year 2017-18, Arises Against The Cit(A)/Nfac, Delhi’S Din & Order No. Itba/Nfac/S/250/2023-24/1051871860(1) Dated 05.04.2023 In Proceedings U/S 144 Of The Income Tax Act, 1961 (In Short “The Act”).

For Appellant: Sh. Ibad Mushtaq, AdvFor Respondent: Sh. Akhilesh Kumar Yadav, Sr. DR
Section 144Section 80Section 80PSection 80P(2)Section 80P(2)(a)

…jab State Cooperative Agricultural Development Bank Ltd. [2017] 77 taxmann.com 308/245 Taxman 125/389 ITR 68 (Bombay) and the Hon'ble Kolkata High Court in the case of CIT v. Southern Eastern Employees Cooperative Credit Society Ltd. [2016] 73 taxmann.com 123/390 ITR 524 (Calcutta) 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 Act. However, the Hon'ble Karnataka High Court in the case of Tumkur Merchants Souharda Credit Cooperative Ltd. v. ITO…

Sharadchandrika Nagari Sahakari Patsanstha Maryadit, Jalgaon vs. ITO Ward1(4), Jalgaon

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

ITA 1767/PUN/2024[2017-18]Status: DisposedITAT Pune10 Oct 2024AY 2017-18

Bench: Shri Inturi Rama Raoआयकर अपील सं. / Ita No.1767/Pun/2024 "नधा"रण वष" / Assessment Year : 2017-18

For Appellant: Shri Shubham RathiFor Respondent: Shri B.S. Rajpurohit
Section 143(2)Section 143(3)Section 80P(2)(a)

…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 Act. However, the Hon’ble Karnataka High Court in the case of Tumkur Merchants Souharda Credit Cooperative Ltd. Vs. ITO (2015) 23…

Malharimartand Machimar Vividh Karykari Sahakari Siciety Ltd, Alibag vs. The Income Tax Officer, Ward-3, Panvel

In the result, the appeal filed by the appellant society stands allowed

ITA 1550/PUN/2024[2020-21]Status: DisposedITAT Pune19 Sept 2024AY 2020-21

Bench: Shri Inturi Rama Raoआयकर अपील सं. / Ita No.1550/Pun/2024 "नधा"रण वष" / Assessment Year : 2020-21

For Appellant: NoneFor Respondent: Shri B.S. Rajpurohit
Section 143(3)Section 80P(2)(a)

…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 Act. However, the Hon’ble Karnataka High Court in the case of Tumkur Merchants Souharda Credit Cooperative Ltd. Vs. ITO (2015) 23…

Income Tax Officer, Ward-1(1), Nashik vs. Mico Employees Credit Coop Society Ltd., Nashik

In the result, the appeal of the Revenue is dismissed

ITA 281/PUN/2024[2017-18]Status: DisposedITAT Pune18 Sept 2024AY 2017-18

Bench: Shri R.K. Panda & Ms. Astha Chandra

For Appellant: Shri Nikhil S. PathakFor Respondent: Shri Ramnath P. Murkunde
Section 143(2)Section 56Section 80(2)(d)Section 80PSection 80P(2)(a)

…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 Act. However, the Hon’ble Karnataka High Court in the case of Tumkur Merchants Souharda Credit Cooperative Ltd. Vs. ITO (2015) 23…

Adarsh Gramin Bigar Sheti Sahakari Patsanstha Limited, Ahmednagar vs. Commissioner of Income Tax (A), Pune

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

ITA 1536/PUN/2024[2018-19]Status: DisposedITAT Pune18 Sept 2024AY 2018-19

Bench: Shri Inturi Rama Raoआयकर अपील सं. / Ita No.1536/Pun/2024 "नधा"रण वष" / Assessment Year : 2018-19

For Appellant: Shri Devendra A. PaatilFor Respondent: Shri B.S. Rajpurohit
Section 143(3)Section 80P(2)(a)

…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 Act. However, the Hon’ble Karnataka High Court in the case of Tumkur Merchants Souharda Credit Cooperative Ltd. Vs. ITO (2015) 23…

Kolhapur District Chemist Co Op Credit Society Limited, Kolhapur vs. Dy. CIT Circle 1, Kolhapur

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

ITA 1517/PUN/2024[2020-2021]Status: DisposedITAT Pune18 Sept 2024AY 2020-2021

Bench: Shri Inturi Rama Raoआयकर अपील सं. / Ita No.1517/Pun/2024 "नधा"रण वष" / Assessment Year : 2020-21 Kolhapur District Chemist Coop. Vs. Dcit, Circle-1, Credit Society Limited, Kolhapur 451, E-Ward, Chemist Bhavan, Kevis Plaza, Kolhapur – 416 001 Maharashtra Pan : Aabak1663K Appellant Respondent

For Appellant: Shri Mayuresh DoshiFor Respondent: Shri B.S. Rajpurohit
Section 143(3)Section 80P(2)(a)

…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 Act. However, the Hon’ble Karnataka High Court in the case of 4 Tumkur Merchants Souharda Credit Cooperative Ltd. Vs. ITO (2015)…

Shri Swami Vivekanand Shikshan Sansthechya Sevakanchi Sahakari Patsanstha, Kolhapur vs. Income Tax Officer, Kolhapur

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

ITA 1484/PUN/2024[2017-18]Status: DisposedITAT Pune18 Sept 2024AY 2017-18

Bench: Shri Inturi Rama Raoआयकर अपील सं. / Ita No.1484/Pun/2024 "नधा"रण वष" / Assessment Year : 2017-18

For Appellant: Shri Pramod ShingteFor Respondent: Shri B.S. Rajpurohit
Section 143(3)Section 80P(2)(a)

…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 Act. However, the Hon’ble Karnataka High Court in the case of Tumkur Merchants Souharda Credit Cooperative Ltd. Vs. ITO (2015) 23…

Taluk Gopalpur Samabay Krishi Unnayan Samity Limited., Medinipur vs. ITO, Ward No-27(3), Haldia

In the result, the appellant fails with respect to ground no

ITA 1152/KOL/2023[2018-19]Status: DisposedITAT Kolkata07 Aug 2024AY 2018-19

Bench: Pradip Kumar Choubey & Sri Sanjay Awasthi

Section 80PSection 80P(2)(d)

…Ltd. (supra) was made applicable to an assessee such as respondent by a Division Bench of this Court, to which one of us was party (Arindam Sinha, J.), in CIT v. Sout Eastern Railways Employees Co-Operative Credit Society Ltd. [2016] 73 taxmann.com 123/[2017] 390 ITR 524 (Cal.) . Appeal of revenue is covered by the decision and the question should be answered accordingly. 4. Mr. Majumder, learned senior advocate, Additional Advocate-General appears on behalf of assessee-respondent. He submits, his client is an existing cooperative society, on whom deeming provision in section 6 of West Bengal Co-operative Societi…

Shri Vivekvardhini Nagari Sahakari Patsanstha Ltd, Jalgaon vs. ITO, Ward 1(4), Jalgaon

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

ITA 888/PUN/2024[2020-21]Status: DisposedITAT Pune05 Aug 2024AY 2020-21

Bench: Shri Inturi Rama Rao & Ms. Astha Chandraआयकर अपील सं. / Ita No.888/Pun/2024 "नधा"रण वष" / Assessment Year : 2020-21

For Respondent: Shri Naimish Dixik
Section 143(3)Section 80PSection 80P(2)(a)

…278, the Hon’ble Punjab & Haryana High Court in the case of CIT Vs. Punjab State 4 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 Act. However, the Hon’ble Karnataka High Court in the case of Tumkur Merchants Souharda Credit Cooperative Ltd. Vs. ITO (2015) 23…

Sangola Taluka Prathamik Shikshak Co Op Credit Soceity Limited Sangola, Sangola vs. Pr. CIT -4 Pune, Pune

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

ITA 803/PUN/2024[2018-19]Status: DisposedITAT Pune24 Jul 2024AY 2018-19

Bench: Shri Inturi Rama Rao & Ms. Astha Chandraआयकर अपील सं. / Ita No.803/Pun/2024 "नधा"रण वष" /Assessment Year : 2018-19 Sangola Taluka Prathamik Shikshak Vs. Pr.Cit-4, Coop. Credit Society Limited, Sangola Pune Sangola, Tal Sangola, Dist. Solapur – 413 307 Maharashtra Pan : Aahas6075P Appellant Respondent

For Appellant: NoneFor Respondent: Shri Ajay Kumar Keshari
Section 143(3)Section 263Section 80PSection 80P(2)(a)Section 80P(2)(d)

…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 Act. However, the Hon’ble Karnataka High Court in the case of Tumkur Merchants Souharda Credit Cooperative Ltd. Vs. ITO (2015) 23…