Which sections of the Income Tax Act does CIT v. Southern Eastern Employees Cooperative Credit Society 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. Southern Eastern Employees Cooperative Credit Society Ltd. (390 ITR 524)

Q: 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.

Q: How many judgments cite CIT v. Southern Eastern Employees Cooperative Credit Society Ltd.?

170 judgments on BharatTax cite CIT v. Southern Eastern Employees Cooperative Credit Society Ltd. (390 ITR 524), spanning 2018 to 2026.

Anant Nagari Sahakari Patsanstha Maryadit, Pune vs. PCIT, Pune-4, Pune

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

ITA 636/PUN/2024[2018-19]Status: DisposedITAT Pune10 Jul 2024AY 2018-19

Bench: Shri Inturi Rama Rao & Shri Vinay Bhamoreआयकर अपील सं. / Ita No.636/Pun/2024 िनधा"रण वष" /Assessment Year : 2018-19 Anant Nagari Sahakari Patsanstha Vs. Pr.Cit-4, Maryadit, Pune Ist Floor, Panbajar Building, Chattrapati Shivaji Maharaj Market Yard, Bibwewadi, Pune – 411 037 Maharashtra Pan : Aaaaa4259L Appellant Respondent

For Appellant: Smt. Deepa KhareFor Respondent: Shri Keyur Patel

Section 263Section 5

…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…

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)

…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…

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)

…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 - 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)

…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…

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

…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…

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)

…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 (201…

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

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)

…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 5 Cooperative Ltd. Vs. ITO (20…

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)

…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…

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)

…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…

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)

…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…

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)

…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…

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)

…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…

Reserve Bank Cooperative Society Ltd., Jaipur vs. ITO, Ward-6(2), Jaipur

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

ITA 10/JPR/2024[2020-21]Status: DisposedITAT Jaipur05 Mar 2024AY 2020-21

Bench: Sh. Sandep Gosain & Dr. M. L. Meena

For Appellant: Sh. P. C. Parwal, C.AFor Respondent: Sh. A. S. Nehra, Addl. CIT

Section 56Section 80PSection 80P(1)Section 80P(2)(a)Section 80P(2)(d)Section 80P(4)

…IN THE INCOME TAX APPELLATE TRIBUNAL JAIPUR BENCHES, “A”JAIPUR BEFORE SH. SANDEP GOSAIN, JUDICIAL MEMBER AND DR. M. L. MEENA, ACCOUNTANT MEMBER I.T.A. No. 10/JPR/2024 Assessment Year: 2020-21 Reserve Bank Cooperative Vs. Income Tax Officer, Society Ltd., C/o RBI Building, Ward -6(2), Jaipur Rambagh Circle, Tonk Road, Jaipur 302015, Raj. [PAN:AAATR5829A] (Respondent) (Appellant Appellant by : Sh. P. C. Parwal, C.A. Respondent by : Sh. A. S. Nehra, Addl. CIT Date of Hearing : 14.02.2024 Date of Pronouncement : 05.03.2024 ORDER Per Dr. M. L. Meena, AM: The captioned appeal has been filed by the assessee agai…

Udupi District Ex-Servicemen'S Multipurpose Co-Op. Society Ltd., Udupi vs. Income Tax Officer, Ward-1 & Tps, Udupi

Accordingly, this issue is allowed for statistical purposes

ITA 77/BANG/2024[2020-21]Status: DisposedITAT Bangalore28 Feb 2024AY 2020-21

Bench: Shri Narender Kumar Choudhry & Shri Laxmi Prasad Sahuassessment Year : 2020-21 M/S. Udupi District Ex-Servicemen’S The Income Tax Multipurpose Co-Op. Officer, Society Ltd., Ward – 1 & Tps, Adi-Udupi, Udupi. Udupi – 576 103. Vs. Pan: Aabau6021F Appellant Respondent

For Appellant: Shri Mahesh R. Uppin, Advocate

Section 56Section 80PSection 80P(2)(a)

…(Gujrat) Page 4 of 8 2. PCIT vs Totagar Co-operative Sales Society (83 Taxmann.com140 (Karnataka). 3. CIt vs Punjab State Co-operative Agriculture Development Bank Ltd. (76 Taxmann307) (Punjab) 4. CIt vs South Eastern Railway Employees’ Co-op Credit Society 73 Taxmann.com 123 ( Calcutta) He observed from the above orders of Hon’ble High Courts that the interest income earned by the co-operative society from its investment made with the co-operative banks or other nationalised banks or the treasury is assessable as income from other sources u/s. 56 of the Act and not eligible for deduction u/s. 80P(2)(a)(i) of…

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)

…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…

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)

…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…

Primary Agricultural Credit Co-Operative Society Ltd, Konnur vs. Income Tax Officer, Ward - 1, Gokak

In the result, appeals of the assessee are allowed

ITA 111/PAN/2023[2020-21]Status: DisposedITAT Panaji20 Sept 2023AY 2020-21

Bench: Shri Inturi Rama Rao & Shri Partha Sarathi Chaudhury(Through Virtual Hearing)

For Appellant: Shri Sanjay D Shirguppe, CAFor Respondent: Smt. Ashwini Hosmani, Sr.DR

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…

Primary Agricultural Credit Co-Operative Society Ltd, Konnur vs. Income Tax Officer, Ward - 1, Gokak

In the result, appeals of the assessee are allowed

ITA 110/PAN/2023[2018-19]Status: DisposedITAT Panaji20 Sept 2023AY 2018-19

Bench: Shri Inturi Rama Rao & Shri Partha Sarathi Chaudhury(Through Virtual Hearing)

For Appellant: Shri Sanjay D Shirguppe, CAFor Respondent: Smt. Ashwini Hosmani, Sr.DR

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…

Primary Agricultural Credit Co-Operative Society Ltd, Konnur vs. Income Tax Officer, Ward - 1, Gokak

In the result, appeals of the assessee are allowed

ITA 109/PAN/2023[2017-18]Status: DisposedITAT Panaji20 Sept 2023AY 2017-18

Bench: Shri Inturi Rama Rao & Shri Partha Sarathi Chaudhury(Through Virtual Hearing)

For Appellant: Shri Sanjay D Shirguppe, CAFor Respondent: Smt. Ashwini Hosmani, Sr.DR

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…

CIT v. Southern Eastern Employees Cooperative Credit Society Ltd.

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

Anant Nagari Sahakari Patsanstha Maryadit, Pune vs. PCIT, Pune-4, Pune

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

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

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

Reserve Bank Cooperative Society Ltd., Jaipur vs. ITO, Ward-6(2), Jaipur

Udupi District Ex-Servicemen'S Multipurpose Co-Op. Society Ltd., Udupi vs. Income Tax Officer, Ward-1 & Tps, Udupi

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

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

Primary Agricultural Credit Co-Operative Society Ltd, Konnur vs. Income Tax Officer, Ward - 1, Gokak

Primary Agricultural Credit Co-Operative Society Ltd, Konnur vs. Income Tax Officer, Ward - 1, Gokak

Primary Agricultural Credit Co-Operative Society Ltd, Konnur vs. Income Tax Officer, Ward - 1, Gokak