Pathare Prabhu Co–operative Housing Society v. ITO

OM SHIVDARSHAN CO-OP HOSING SOCIETY LTD,MUMBAI vs. INCOME TAX OFFICER, WARD 41(2)(3), , MUMBAI

In the result, the appeal by the assessee is allowed for statistical purposes

Bench: Shri Om Prakash Kantshri Sandeep Singh Karhail

…the interest earned by the assessee is to be treated as a revenue receipt taxable under the Act. 6. We find that while deciding a similar issue, the Co-ordinate Bench of the Tribunal in Pathare Prabhu Co–operative Housing Society v/s ITO, reported in (2023) 202 ITD 464 (Mum-Trib), held that interest income earned from investment with the co-operative bank is eligible for deduction under section 80P(2)(d) of the Act. The relevant findings of the Co-ordinate Bench, in the aforesaid decision, are reproduced as follows: – “8. We have considered the submissions of both sides and perused the material available on rec…

EVEREST GRANDE COMMERCIAL PREMISES CO-OP. SOCIETY LTD,MUMBAI vs. ITO, 24 (1)(1), MUMBAI

In the result, the appeal by the assessee is allowed

Bench: Shri Vikram Singh Yadavshri Sandeep Singh Karhaileverest Grande Commercial Premises Co- Op. Society Ltd Cts 46/34, Plot 3A Everest Grande Society, Mahakali Caves Road, Andheri Kurla Road, ............... Appellant Andheri (East), Mumbai- 400093 Pan: Aaaae5455A

…e and sinking fund balances placed in the fixed deposits maintained with the Co-operative Banks. 5 9. We find that while deciding a similar issue, the Coordinate Bench of the Tribunal in Pathare Prabhu Co–operative Housing Society v/s ITO, reported in (2023) 202 ITD 464 (Mum-Trib), held that interest income earned from investment with Co-operative Bank is eligible for deduction under section 80P(2)(d) of the Act. The relevant findings of the coordinate bench, in the aforesaid decision, are reproduced as follows: – “8. We have considered the submissions of both sides and perused the material available on record.…

HIRA MANEK CO OPERATIVE HOUSING SOCIETY LIMITED ,MUMBAI vs. ITO WARD 34(2)(1), MUMBAI

In the result, the appeal by the assessee for the assessment year 2020-

Bench: Shri Sandeep Singh Karhailshri Bijayananda Pruseth

…imed as a deduction under section 80P(2)(d) of the Act, which was denied by the lower authorities. 9. We find that while deciding a similar issue, the Coordinate Bench of the Tribunal in Pathare Prabhu Co–operative Housing Society v/s ITO, reported in (2023) 202 ITD 464 (Mum-Trib), held that interest income earned from investment with Co-operative Bank is eligible for deduction under section ITAs No.8499 & 8500/Mum/2025 (A.Ys. 2021-22 & 2020-21) 6 80P(2)(d) of the Act. The relevant findings of the coordinate bench, in the aforesaid decision, are reproduced as follows: – “8. We have considered the submissions of…

HIRA MANEK CO OPERATIVE HOUSING SOCIETY LIMITED ,MUMBAI vs. ITO WARD 34(2)(1), MUMBAI

In the result, the appeal by the assessee for the assessment year 2020-

Bench: Shri Sandeep Singh Karhailshri Bijayananda Pruseth

…imed as a deduction under section 80P(2)(d) of the Act, which was denied by the lower authorities. 9. We find that while deciding a similar issue, the Coordinate Bench of the Tribunal in Pathare Prabhu Co–operative Housing Society v/s ITO, reported in (2023) 202 ITD 464 (Mum-Trib), held that interest income earned from investment with Co-operative Bank is eligible for deduction under section ITAs No.8499 & 8500/Mum/2025 (A.Ys. 2021-22 & 2020-21) 6 80P(2)(d) of the Act. The relevant findings of the coordinate bench, in the aforesaid decision, are reproduced as follows: – “8. We have considered the submissions of…

KCA COOPERATIVE CREDIT SOCIETY LTD,MUMBAI vs. ITO WARD 22(2)(1), PIRAMAL CHAMBERS

…istently holding that the income\nderived by way of interest from Co-operative Banks is also eligible for deduction\nunder section 80P(2)(d). The relevant observations of the coordinate bench in\nPathare Prabhu Co-operative Housing Society Ltd. vs ITO [(2023) 202 ITD 464\n(Mum Trib.)] where it is held that –\n8. We have considered the submissions of both sides and perused the material\navailable on record. The only dispute raised by the assessee is against the\ndisallowance of deduction under section 80P(2)(d) of the Act in respect of interest\nincome received from the Co-operative Banks. The assessee is a regist…

THANE ZILLA VIDYASEVAK SAHAKARI PATPEDHI LTD,MUMBAI vs. ITO, WARD 3(4), MUMBAI

In the result, the appeal of the assessee is allowed

Bench: Ms. Kavitha Rajagopal & Smt. Renu Jauhrithane Zilla Vidyasevak Vs. Commissioner Of Income Sahakari Patpedhi Ltd. Tax (Appeals), National Through Mr. Sudhir Evram Faceless Appeal Centre/ Ghagas Chairman 1St Floor, Ward 3(4) Sundera Plaza, Near Sanai Ashar It Park, Neheru Mangal Hall, Kalyan (West), Nagar, Wagle Industrial Kalyan-421301. Estate, Thane West, Thane- 400604. स्थायी लेखा सं./जीआइआर सं./Pan/Gir No: Aadft4365L Appellant .. Respondent

…. We find that this issue has been covered in favour of the assessee in similar cases by numerous decisions of the co-ordinate benches. In this regard the co-ordinate bench in the case of Pathare Prabhu Co-operative Housing Society Vs. ITO, reported in (2023) 202 ITD 464 (Mum-Trib.) has decided the issue after examining the same in detail and this order has been followed in some of the decisions relied upon the assessee as well. The coordinate bench has examined the issue at length the case of Pathare Prabhu Co-operative Housing Society Vs. ITO (supra) and held as under: “"5. We have heard both the parties and pe…

B.S.N.L EMPLOYEES JUNIOR CO OPERATIVE CREDIT SOCIETY LIMITED ,MUMBAI vs. ITO WARD 17(1)(2), MUMBAI

In the result, the Assessee’s appeal is allowed

Bench: Shri Narender Kumar Choudhry & Shri Omkareshwar Chidaraassessment Year: 2017-18

…loyees Junior Co-operative Credit Society Ltd. vs. ITO in ITA No.30/Mum/2025, for the assessment year 2020- 21, vide order dated 25.02.2025, following the decision of Co-ordinate Bench in Pathare Prabhu Co-operative Housing Society vs. ITO, reported in (2023) 202 ITD 464 (Mum-Trib.), observed as follows: - “5. We have heard both the parties and perused the material available on record. Admittedly, assessee had claimed deduction u/s.80P(2)(a)(i), which included interest and dividend income earned by it from investments made with cooperative banks. Ld. Assessing Officer disallowed deduction claimed towards interes…

B.S.N.L EMPLOYEES JUNIOR CO OPERATIVE CREIDT SOCIETY LIMITED ,MUMBAI vs. ITO WARD 17(1)(2), MUMBAI

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

Bench: Shri Narendra Kumar Billaiyashri Sandeep Singh Karhailbsnl Employees Junior Co-Operative Credit Society Ltd., 1St Floor, Bsnl Office Of Cto, M.G. Road, Fort Mumbai, ............... Appellant Mumbai - 400001 Pan : Aaaat8885H V/S Ito – 17(1)(2), Room No.109, 1St Floor Kautilya Bhavan, ……………… Respondent C-41 To C-43, G Block, Bandra Kurla Complex, Bandra (East), Mumbai - 400051 Assessee By : Shri Shekhar Patwardhan Revenue By : Shri Bhagirath Ramawat, Sr. Dr

…ees Junior Co-operative Credit Society Ltd. vs. ITO in ITA No.30/Mum/2025, for the assessment year 2020- 21, vide order dated 25.02.2025, following the decision of Co-ordinate Bench 5 in Pathare Prabhu Co-operative Housing Society vs. ITO, reported in (2023) 202 ITD 464 (Mum-Trib.), observed as follows: - “5. We have heard both the parties and perused the material available on record. Admittedly, assessee had claimed deduction u/s.80P(2)(a)(i), which included interest and dividend income earned by it from investments made with cooperative banks. Ld. Assessing Officer disallowed deduction claimed towards interest…

SAGAR TECH PLAZA A PREMISES CO-OP SOCIETY LTD,MUMBAI vs. INCOME TAX DEPARTMENT, BANDRA MUMBAI

In the result, the Assessee’s appeals are allowed

Bench: Shri Narender Kumar Choudhryassessment Year: 2019-20 & Assessment Year: 2022-23

…laimed as deduction u/s 80(2)(d) of the Act , is squarely covered in favour of the assessee by various judgments including by the Coordinate Bench of the Tribunal Mumbai in the case of in Pathare Prabhu Co-operative Housing Society Vs. ITO, reported in (2023) 202 ITD 464 (Mum-Trib.), relevant part of the same is reproduced herein below : - “5. We have heard both the parties and perused the material available on record. Admittedly, assessee had claimed deduction u/s.80P(2)(a)(i), which included interest and dividend income earned by it from investments made with cooperative banks. Ld. Assessing Officer disallowed…

SAGAR TECH PLAZA A PREMISES CO OP SOCIETY LTD,MUMBAI vs. INCOME TAX DEPARTMENT, BANDRA MUMBAI

In the result, the Assessee’s appeals are allowed

Bench: Shri Narender Kumar Choudhryassessment Year: 2019-20 & Assessment Year: 2022-23

…laimed as deduction u/s 80(2)(d) of the Act , is squarely covered in favour of the assessee by various judgments including by the Coordinate Bench of the Tribunal Mumbai in the case of in Pathare Prabhu Co-operative Housing Society Vs. ITO, reported in (2023) 202 ITD 464 (Mum-Trib.), relevant part of the same is reproduced herein below : - “5. We have heard both the parties and perused the material available on record. Admittedly, assessee had claimed deduction u/s.80P(2)(a)(i), which included interest and dividend income earned by it from investments made with cooperative banks. Ld. Assessing Officer disallowed…

EKTA SAHAKARI PATPEDHI MARYADIT,VIRAR vs. INCOME TAX OFFICER, ASSESSMENT UNIT, NEW DELHI

In the result, both the above appeals are allowed

…record). The relevant portions of the order are reproduced below for the sake of ready reference:\n“3. We find that while deciding a similar issue, the Coordinate Bench of ITAT, Mumbai in the case of Pathare Prabhu Co-operative Housing Society v/s ITO, (2023) 202 ITD 464 (Mum-Trib), held that interest income earned from investment with Co- operative Bank is eligible for deduction under section 80P(2)(d) of the Act. The relevant findings of the Coordinate Bench, in the aforesaid decision, are reproduced as follows: -\n\"8. We have considered the submissions of both sides and perused the material available on recor…

EKTA SAHAKARI PATPEDHI MARYADIT,VIRAR vs. INCOME TAX OFFICER, ASSESSMENT UNIT, NEW DELHI

In the result, both the above appeals are allowed

…record). The relevant portions of the order are reproduced below for the sake of ready reference:\n“3. We find that while deciding a similar issue, the Coordinate Bench of ITAT, Mumbai in the case of Pathare Prabhu Co-operative Housing Society v/s ITO, (2023) 202 ITD 464 (Mum-Trib), held that interest income earned from investment with Co- operative Bank is eligible for deduction under section 80P(2)(d) of the Act. The relevant findings of the Coordinate Bench, in the aforesaid decision, are reproduced as follows: -\n“8. We have considered the submissions of both sides and perused the material available on record…

B.S.N.L EMPLOYEES JUNIOR CO OPERATIVE CREDIT SOCIETY LIMITD ,MUMBAI vs. ITO WARD 17(1)(2), MUMBAI

In the result, appeal by the assessee is allowed

Bench: Shri Sandeep Singh Karhail & Shri Girish Agrawalassessment Year: 2020-21

…o dispute of earning of this income from cooperative banks. The issues before us is no longer res integra, as we find that while deciding similar issue, Coordinate Bench of ITAT, Mumbai in the case of Pathare Prabhu Co–operative Housing Society v. ITO, [2023] 202 ITD 464 (Mum-Trib), held that interest income earned from investment with Co-operative Bank is eligible for deduction under section 80P(2)(d) of the Act. The relevant findings of the Coordinate Bench, in the aforesaid decision, are reproduced as follows: – “8. We have considered the submissions of both sides and perused the material available on record.…

EKTA SAHAKARI PATPEDHI MARYADIT,VIRAR vs. INCOME TAX OFFICER, WARD 4(5)/THANE, THANE

In the result, appeal by the assessee is allowed

Bench: Shri Sandeep Singh Karhail & Shri Girish Agrawalassessment Year: 2017-18

…en Catholic Co-op Bank 552 (Sulabh Account) 10. Thane Dist. Co-op Bank 54,493,00 Total 1,59,79,326 5. We find that while deciding a similar issue, the Coordinate Bench of ITAT, Mumbai in the case of Pathare Prabhu Co–operative Housing Society v/s ITO, (2023) 202 ITD 464 (Mum-Trib), held that interest income earned from investment with Co-operative Bank is 5 Ekta Sahakari Patpedhi Maryadit, AY 2017-18 eligible for deduction under section 80P(2)(d) of the Act. The relevant findings of the Coordinate Bench, in the aforesaid decision, are reproduced as follows: – “8. We have considered the submissions of both sides…

D.S.K. MADHUBAN (WING A&B ) CO -OP HOUSING SOCIETY LTD,MUMBAI vs. ITO 41(1)(1) , MUMBAI

In the result the appeal filed by the assessee stands partly allowed for statistical purposes

Bench: Hon’Ble Shri Sandeep Gosain

…society on its investments held with a co-operative bank would be eligible for claim of deduction under s. 80P(2)(d) of the Act." In case of PATHARE PRABHU CO-OPERATIVE HOUSING SOCIETY LTD, vs. INCOME TAX OFFICER Source (2023) 37 NYPTTJ 1401 (Mumbai): (2023) 202 ITD 464 (Mumbai) deduction u/s 80P(2)(d) was allowed after considering Supreme Court's decision in Totgar's Co-operative Sales Society Ltd. Some more case laws 1 KERALA STATE CO OPERATIVE Assessee being a c operative credit society AGRICULTURAI & RURAL whose primary object is to provide financial DEVELOPMENT BANK LTD. accommodation to its members who a…

D.S.K. MADHUBAN (WING A&B) CO-OP HOUSING SOCIETY LID,MUMBAI vs. ITO 41(1)(1), MUMBAI

In the result the appeal filed by the assessee stands partly allowed for statistical purposes

Bench: Hon’Ble Shri Sandeep Gosain

…society on its investments held with a co-operative bank would be eligible for claim of deduction under s. 80P(2)(d) of the Act." In case of PATHARE PRABHU CO-OPERATIVE HOUSING SOCIETY LTD, vs. INCOME TAX OFFICER Source (2023) 37 NYPTTJ 1401 (Mumbai): (2023) 202 ITD 464 (Mumbai) deduction u/s 80P(2)(d) was allowed after considering Supreme Court's decision in Totgar's Co-operative Sales Society Ltd. Some more case laws 1 KERALA STATE CO OPERATIVE Assessee being a c operative credit society AGRICULTURAI & RURAL whose primary object is to provide financial DEVELOPMENT BANK LTD. accommodation to its members who a…

MHATRE PALACE CHSL,BORIVALI WEST vs. NATIONAL E-ASSESSMENT CENTRE, DELHI, MUMBAI

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

Bench: Hon’Ble Shri Sandeep Gosainvs. Ito – 42(1)(3) Mhatre Palace Chsl Kautilya Bhavan, Bkc 106 Mhatre Palace Chs Ltd Bandra E – 400 051. Ic Colony, Link Road, Borivali (W), Mumbai 400 013 Pan/Gir No. Aaaam9414D (Applicant) (Respondent)

…eligible for deduction under section 80P(2) (d) of the Act and should be treated as "income from other sources" under section 56 of the Act. We find that the coordinate bench of the Tribunal in Pathare Prabhu Co-operative Housing Society Ltd. v/s ITO, [2023] 202 ITD 464 (Mum-Trib.), while dealing with the aforesaid decision of the Hon'ble Karnataka High Court in Totagars Co-operative Sales Society (supra) in the context of claim of deduction under section 80P(2)(d) of the Act, observed as follows:- "13. We find that the learned CIT(A) has placed reliance upon the decision of the Hon'ble Karnataka High Court in…

THE SUVARNA NAGAR CO OPERATIVE HOUSING SOCIETY LTD,MUMBAI vs. ITO, WARD, 34(3), MUMBAI

In the result, the appeal by the assessee is allowed

Bench: Shri Sandeep Singh Karhailshri Girish Agrawalassessment Year : 2019-20

…ssue pertaining to the claim of deduction under section 80P(2)(d) of the Act with respect to the interest income earned from investment with Co-operative Bank, the coordinate bench of the Tribunal in Pathare Prabhu Co–operative Housing Society v/s ITO, (2023) 202 ITD 464 (Mum-Trib), held that interest income is eligible for deduction under section 80P(2)(d) of the Act. The relevant findings of the coordinate bench, in the aforesaid decision, are reproduced as follows: – Suvarna Nagar Co.op. Hsg. Soc. Ltd. ITA No. 11/M/2025 4 “8. We have considered the submissions of both sides and perused the material available…

DATTA SADAN CO OPERATIVE HOUSING SOCIETY LIMITED,MUMBAI vs. INCOME TAX OFFICER 22 1 6, MUMBAI

In the result, the appeal by the assessee is allowed

Bench: SHRI SANDEEP SINGH KARHAIL (Judicial Member), SHRI GIRISH AGRAWAL (Accountant Member)

…same was claimed as a deduction under section 80P(2)(d) of the Act, which was denied by the lower authorities. 6. We find that while deciding a similar issue the coordinate bench of the Tribunal in Pathare Prabhu Co–operative Housing Society v/s ITO, (2023) 202 ITD 464 (Mum-Trib), held that interest income earned from investment with Co-operative Bank is eligible for deduction under section 80P(2)(d) of the Act. The relevant findings of the coordinate bench, in the aforesaid decision, are reproduced as follows: – “8. We have considered the submissions of both sides and perused the material available on record.…

MANJARI HOUSING PROJECTS LLP,MAHARASHTRA vs. THE DEPUTY DIRECTOR OF INCOME TAX, CENTRALIZED PROCESSING CENTRE, BENGALURU, BANDRA KURLA COMPLEX, MUMBAI

Accordingly, we set aside the impugned order passed by the learned CIT(A) for the assessment year 2018-19. As a result, grounds raised by the assessee are allowed

Bench: Smt Beena Pillai, Jm & Ms Padmavathy S, Am

…onsistently holding that the income derived by way of interest from Co-operative Banks is also eligible for deduction under section 80P(2)(d). The relevant observations of the coordinate bench in Pathare Prabhu Co–operative Housing Society Ltd. vs ITO [(2023) 202 ITD 464 (Mum Trib.)] where it is held that – 8. We have considered the submissions of both sides and perused the material available on record. The only dispute raised by the assessee is against the disallowance of deduction under section 80P(2)(d) of the Act in respect of interest income received from the Co-operative Banks. The assessee is a registered…