CIT v. Southern Eastern Employees Cooperative Credit Society Ltd.

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

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

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

…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/s.80P(2)(a)(i) of the Act. However, the Hon’ble Karnataka High Court in the case of Tumkur Merchants Souharda Credit Cooperativ…

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

…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…

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

…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/s.80P(2)(a)(i) of the Act. However, the Hon’ble Karnataka High Court in the case of Tumkur Merchants Souharda Credit Cooperativ…

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

…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…

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

…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/s.80P(2)(a)(i) of the Act. However, the Hon’ble Karnataka High Court in the case of Tumkur Merchants Souharda Credit Cooperativ…

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

…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…

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

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

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

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

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

…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…

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.

…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…

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.

…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…

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

In the result, the appeal of assessee is allowed

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

…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 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

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.

…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…

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

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

…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…

Mahatma Phule Gramin Bigar Sheti Sahakari Pat Sanstha Maryadit, Solapur vs. Principal Commissioner of Income-Tax, Pune

Appeal is allowed in above terms

…IN THE INCOME TAX APPELLATE TRIBUNAL ‘A’ BENCH, PUNE SHRI S.S. GODARA, JM AND DR. DIPAK P. RIPOTE, AM ITA No. 187/PUN/2021 : A.Y. 2015-16 Mahatma Phule Gramin Bigar sheti Sahakari Pat Sanstha Maryadit, At & Post Malinagar, Tal. Malshiras Dist. Solapur – 413 108 PAN : AAAAM4675Q Appellant Vs. The I.T.O. Ward 2, Solapur Respondent Appellant by : None Respondent by : Shri Rajeev Kumar Date of Hearing : 30-06-2022 Date of Pronouncement : 19-07-2022 ORDER PER S.S. GODARA, JM : This assessee’s appeal for A.Y. 2015-16 arises from the PCIT-4, Pune’s order dated 31-03-2021, passed in case No. ITBA/REV/FR/REV5/1010- 2…

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

Appeal is allowed in above terms

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

…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…