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.

Kirloskar Oil Engine Employees Co- Op Credit Society Ltd, Pune vs. Principal Commissioner of Income Tax, Pune-2, Pune

In the result, the appeal of assessee is allowed

ITA 605/PUN/2023[2018-19]Status: DisposedITAT Pune16 Jun 2023AY 2018-19

For Appellant: Shri Rohit C KasatFor Respondent: Shri Keyur Patel, CIT-DR

Section 143(3)Section 263Section 80Section 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…

Janahit Nagari Sahakari Pathpedhi Limited, Pune vs. Principla Commissioner of Income Tax-4, Pune

In the result, the appeal of assessee is allowed

ITA 521/PUN/2023[2018-19]Status: DisposedITAT Pune14 Jun 2023AY 2018-19

For Appellant: Shri Kishor B PhadkeFor Respondent: Shri Ramnath P Murkende

Section 143Section 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…

Jankalyan Nagari Sahakari Patsanstha Ltd, Satara vs. Income Tax Officer, Ward-1, Satara

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

ITA 569/PUN/2023[2017-18]Status: DisposedITAT Pune29 May 2023AY 2017-18

Bench: Shri Inturi Rama Raoआयकर अपील सं. / Ita No.569/Pun/2023 िनधा"रण वष" / Assessment Year : 2017-18 Jankalyan Nagari Sahakari Vs. Ito, Ward-1, Satara. Patsanstha Ltd., 67, Guruwar Peth, At Post Karad, Dist.- Satara- 415110. Pan : Aaaaj1374R Appellant Respondent Assessee By : None Revenue By : Shri Piyush Kumar Singh Yadav Date Of Hearing : 26.05.2023 Date Of Pronouncement : 29.05.2023 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 29.03.2023 For The Assessment Year 2017-18. 2. Briefly, The Facts Of The Case Are That The Appellant Is A Co- Operative Credit Society Registered Under Maharashtra Co-Operative Societies Act, 1960. The Return Of Income For The Assessment Year

For Appellant: NoneFor Respondent: Shri Piyush Kumar Singh Yadav

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, 4 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)…

Urulikanchan Gramin Bigarshety Sahakari Patsanstha Maryadit, Pune vs. The Income Tax Officer, Ward-14(3), Pune

Appeal is allowed in above terms

ITA 555/PUN/2023[2020-21]Status: DisposedITAT Pune29 May 2023AY 2020-21

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

For Appellant: -None-For Respondent: Shri Shashank Deogadkar

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…

Kai Fakira Jairam Patil Sahakari Patsanstha Maryadit Shahada, Nandurbar vs. Invcome Tax Officer Ward-1, Dhule

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

ITA 552/PUN/2023[2018-19]Status: HeardITAT Pune26 May 2023AY 2018-19

Bench: Shri Inturi Rama Raoआयकर अपील सं. / Ita No.552/Pun/2023 िनधा"रण वष" / Assessment Year : 2018-19 Kai Fakira Jairam Patil Vs. Ito, Ward-1, Dhule. Sahakari Patsanstha Maryadit Shahada, Plot No.5A, Vrindavan Nagar, Besides Swami Samaratha Kendra, Shahada Tal. Shahada, Dist. Nandurbar- 425409 Pan : Aaaak5870D Appellant Respondent Assessee By : None Revenue By : Shri Piyush Kumar Singh Yadav Date Of Hearing : 25.05.2023 Date Of Pronouncement : 26.05.2023 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 24.03.2023 For The Assessment Year 2018-19. 2 2. Briefly, The Facts Of The Case Are That The Appellant Is A Co- Operative Credit Society Registered Under Maharashtra Co-Operative Societies Act, 1960. The Return Of Income For The Assessment Year 2018-19 Was Filed On 08.09.2018 Disclosing Total Income Of Rs.Nil After Claiming Deduction U/S 80P(2)(A)(I) Of The Income Tax Act, 1961 (‘The Act’) Of Rs.78,15,971/-. Against The Said Return Of Income, The Assessment Was Completed By The Assessing Officer Vide Order Dated 15.02.2021 Passed U/S 143(3) R.W.S. 143(3A) & 143(3B) Of The Act At A Total Income Of Rs.42,09,784/-. While Doing So, The Assessing Officer Denied The Exemption U/S 80P(2)(A)(I) In Respect Of Interest Income On Deposits Made Out Of The Surplus Funds In Cooperative Banks & Scheduled Banks On The Ground That The Said Income Does Not Qualify For Deduction U/S 80P(2)(A)(I) Or 80P(2)(D) Of The Act. 3. Being Aggrieved, An Appeal Was Filed Before The Nfac, Who Vide Impugned Order Confirmed The Addition Made By The Assessing Officer. 4. Being Aggrieved, The Appellant Is In Appeal Before This Tribunal In The Present Appeal.

For Appellant: NoneFor Respondent: Shri Piyush Kumar Singh Yadav

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 4 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 Fakira Jairam Patil Sahakari Patsanstha Maryadit Shahada, Nandurbar vs. Invcome Tax Officer Ward-1, Dhule

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

ITA 551/PUN/2023[2017-18]Status: HeardITAT Pune26 May 2023AY 2017-18

Bench: Shri Inturi Rama Raoआयकर अपील सं. / Ita No.551/Pun/2023 िनधा"रण वष" / Assessment Year : 2017-18 Kai Fakira Jairam Patil Vs. Ito, Ward-1, Dhule. Sahakari Patsanstha Maryadit Shahada, Plot No.5A, Vrindavan Nagar, Besides Swami Samaratha Kendra, Shahada Tal. Shahada, Dist. Nandurbar- 425409 Pan : Aaaak5870D Appellant Respondent Assessee By : None Revenue By : Shri Piyush Kumar Singh Yadav Date Of Hearing : 24.05.2023 Date Of Pronouncement : 26.05.2023 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 24.03.2023 For The Assessment Year 2017-18. 2 2. Briefly, The Facts Of The Case Are That The Appellant Is A Co- Operative Credit Society Registered Under Maharashtra Co-Operative Societies Act, 1960. The Return Of Income For The Assessment Year 2017-18 Was Filed On 10.10.2017 Disclosing Total Income Of Rs.Nil After Claiming Deduction U/S 80P(2)(A)(I) Of The Income Tax Act, 1961 (‘The Act’) Of Rs.73,98,124/-. Against The Said Return Of Income, The Assessment Was Completed By The Assessing Officer Vide Order Dated 31.10.2019 Passed U/S 143(3) Of The Act At A Total Income Of Rs.44,57,088/-. While Doing So, The Assessing Officer Denied The Exemption U/S 80P(2)(A)(I) In Respect Of Interest Income On Deposits Made Out Of The Surplus Funds In Cooperative Banks & Scheduled Banks On The Ground That The Said Income Does Not Qualify For Deduction U/S 80P(2)(A)(I) Or 80P(2)(D) Of The Act. 3. Being Aggrieved, An Appeal Was Filed Before The Nfac, Who Vide Impugned Order Confirmed The Addition Made By The Assessing Officer. 4. Being Aggrieved, The Appellant Is In Appeal Before This Tribunal In The Present Appeal.

For Appellant: NoneFor Respondent: Shri Piyush Kumar Singh Yadav

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 4 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)…

Tuljabhavani Nagri Sahkari Patpehi Ltd, Panvel vs. The Principal Commissioner of Income Tax-1, Thane

Appeal is allowed in above terms

ITA 501/PUN/2023[2018-19]Status: DisposedITAT Pune25 May 2023AY 2018-19

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

For Appellant: Shri Nikhil S PathakFor Respondent: Shri Sardar Singh Meena

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 8 ITA.No.501/PUN./2023 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 Cooperati…

Shiv Shanti Nagri Sahakari Patsanstha Maryadit, Pune vs. Principal Commissioner of Income Tax, Pune-2, Pune

Appeal is allowed in above terms

ITA 490/PUN/2023[2018-19]Status: DisposedITAT Pune25 May 2023AY 2018-19

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

For Appellant: Shri Pramod S ShingteFor Respondent: Shri M.G. Jasnani

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…

Shivamrut Doodh Utpadak Sahakari Sangh Maryadit, Solapur vs. Principal Commissioner of Income Tax, Pune-4, Pune

Appeal is allowed in above terms

ITA 452/PUN/2023[2017-18]Status: DisposedITAT Pune25 May 2023AY 2017-18

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

For Appellant: Shri Deepak SasarFor Respondent: Shri Sardar Singh Meena

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…

Pimpri Chinchwad Vidyut Kramchari Sahakri Pathanstha Maryadit, Pune vs. The Principal Commissioner of Income Tax-3, Pune

Appeal is allowed in above terms

ITA 408/PUN/2023[2018-19]Status: DisposedITAT Pune25 May 2023AY 2018-19

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

For Appellant: Shri Deepak SasarFor Respondent: Shri Sardar Singh Meena

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

…jab & Haryana High Court in the case of CIT Vs. Punjab State Cooperative 8 ITA.No.408/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 Act. However, the Hon’ble Karnataka High Court in the case of Tumkur Merchants Souharda Credit Cooperative Ltd. Vs. ITO (2015) 23…

Shri Sharad Gramin Bigar Sheti Sahakari Pathasanstha Ltd, Pune vs. Principal Commissioner of Income Tax, Pune-4, Pune

Appeal is allowed in above terms

ITA 282/PUN/2023[2018-19]Status: DisposedITAT Pune25 May 2023AY 2018-19

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

For Appellant: Shri B.B. ManeFor Respondent: Shri Deepak Garg

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 8 ITA.No.282/PUN./2023 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 Cooperativ…