PCIT v. Ekta Co-operative Credit Society Ltd.

THE MODASA DHANSURA TALUKA TEACHERS CO.OP. CREDIT SOCIETY LTD.,ARVALLI vs. THE ACIT, HMT CIRCLE, HIMATNAGAR PRESENT JURISDICTION THE DY.CIT, CIRCLE-2(1)(1), AHMEDABAD

In the result, the appeal of the assessee is allowed

Bench: Ms. Suchitra Kamble & Shri Makarand V. Mahadeokarआयकर अपील सं /Ita No.1478/Ahd/2024 िनधा"रण वष" /Assessment Year : 2017-18 The Modasa Dhansura Taluka The Acit बनाम/ Teachers Co-Op.Credit Hmt Circle, Himatnagar V/S. Society Ltd. Present Jurisdiction - S/43, 2Nd Floor The Dy.Cit, Circle-2(1)(1) Shyam Sunder Complex Ahmedabad – 380 015 Station Road, At & Po Modasa Ta. Modasa Aravalli 383 315 (Gujarat) "थायी लेखा सं./Pan:Aabat 2852 M अपीलाथ%/ (Appellant) &' यथ%/ (Respondent) Assessee By : Shri Dhinal Shah, Ar Revenue By : Shri V.K. Mangla, Sr.Dr सुनवाई की तारीख/Date Of Hearing : 16/10/2024 घोषणा की तारीख /Date Of Pronouncement: 28/10/2024 आदेश/O R D E R Per Makarand V. Mahadeokar, Am:

…distinction. 8.4. The issue before us has been consistently decided in favour of the assessee by the Hon’ble jurisdictional Gujarat High Court and various Co- ordinate Benches of the Tribunal. In the case of Pr. CIT vs. Ekta Co-operative Credit Society Ltd. (402 ITR 85) and in the case of CIT vs. Jafari Momin Vikas Co-operative Credit Society Ltd. (362 ITR 331), the Gujarat High Court held that co-operative banks are co-operative societies for the purposes of Section 80P(2)(d) of the Act, and therefore, interest earned from deposits with co-operative banks qualifies for deduction under this section. In the case…

THE ALLAHABAD BANK EMPLOYEES CO. OP.CREDIT SOCIETY LTD,AHMEDABAD vs. THE DCIT, CPC, BANGLORE

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

Bench: Shri Waseem Ahmed & Shri T.R. Senthil Kumarआयकर अपील सं./Ita Nos. 175 & 504/Ahd/2020 िनधा"रण वष"/Asstt. Years: 2018-2019 & 2019-2020 The Allahabad Bank Employees Co- D.C.I.T., Operative Credit Society Limited, Vs. C.P.C., Allahabad Bank, Bengaluru. Near Navrangpura Railway Crossing, Naranpura, Ahmedabad-380013. Pan: Aacat1600J

…tive bank but a credit co-operative society. The assessee in support of its contention placed ITA no.175 & 504/Ahd/2020 Asstt. Years 2018-19 & 2019-20 3 reliance on the order of Hon’ble Gujarat High Court in case of Ekta Co-Op Credit Society Ltd reported in 402 ITR 85. 5. However, the learned CIT(A) confirmed the disallowance of deduction claimed by the assessee under section 80P(2)(a)(i) of the Act by following the judgment of Hon’ble Gujarat High court in case of SBI Employees Co. Op Ltd vs. CIT reported in 72 taxmann.com 64 that interest income from nationalized bank is not eligible for deduction u/s 80P(2)(…

THE BRAHMARSHI CO OPP CREDIT SOCIETY LIMITED,ARVALLI vs. ASSESSING OFFICER, CIRCLE, HIMATNAGAR, ARVALLI

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

…rest from the SK Dist. Co. Op. Bank and other Nationalised Banks carrying on business in banking and therefore the interest is deductible under Section 80P (2)(a)(i) as per following cases: i. Pr. CIT Vs Ekta Co-operative Credit Society Ltd. 91 taxmann.com 42-402 ITR 85 (Guj.) ii. CIT Vs Jafari Momin Vikas Co-operative Credit Society Ltd 2014, 49 taxmann.com 571 362 ITR 331 [Guj.) iii. ACIT Vs. Peoples Co.op. Credit Society Ltd. 2019 107 taxmann.com 53 (Ahmedabad-Trib.) (SB) 2019 177 ITD 25 (Ahmedabad - Trib.) (SB) and further investment made it out of operational funds and not out of surplus funds and therefore…

THE ACIT,B.K.CIRCLE,, PALANPUR vs. THE SAMARPAN CO.OP. CREDIT SOCIETY LTD.,, BANASKANTHA

In the result, all the appeals as also the cross-objections are dismissed

…or hearing, learned representatives fairly agreed that the aforesaid issues are now covered, in favour of the assessee, by various decisions of Hon’ble jurisdictional High Court – including in the cases of PCIT Vs. Ekta Co-operative Credit Society Ltd [(2018) 402 ITR 85 (Guj)] and CIT Vs. Jafari Momin Vikas Co-operative Credit Society Ltd [(2014) 362 ITR 331 (Guj)]. Learned Departmental Representatives, however, dutifully relied upon the stand of the Assessing Officer. 3. We find that, in the case of Ekta Co-operative Credit Society (supra), Hon’ble jurisdictional High Court has observed as follows:- “2. The as…

THE ACIT,B.K.CIRCLE,, PALANPUR vs. THE SAMARPAN CO.OP. CREDIT SOCIETY LTD.,, BANASKANTHA

In the result, all the appeals as also the cross-objections are dismissed

…or hearing, learned representatives fairly agreed that the aforesaid issues are now covered, in favour of the assessee, by various decisions of Hon’ble jurisdictional High Court – including in the cases of PCIT Vs. Ekta Co-operative Credit Society Ltd [(2018) 402 ITR 85 (Guj)] and CIT Vs. Jafari Momin Vikas Co-operative Credit Society Ltd [(2014) 362 ITR 331 (Guj)]. Learned Departmental Representatives, however, dutifully relied upon the stand of the Assessing Officer. 3. We find that, in the case of Ekta Co-operative Credit Society (supra), Hon’ble jurisdictional High Court has observed as follows:- “2. The as…

THE ACIT,B.K.CIRCLE,, PALANPUR vs. THE BHILDI MERCANTILE CREDIT CO.OP.SOCIETY LTD.,, BANASKANTHA

In the result, all the appeals as also the cross-objections are dismissed

…or hearing, learned representatives fairly agreed that the aforesaid issues are now covered, in favour of the assessee, by various decisions of Hon’ble jurisdictional High Court – including in the cases of PCIT Vs. Ekta Co-operative Credit Society Ltd [(2018) 402 ITR 85 (Guj)] and CIT Vs. Jafari Momin Vikas Co-operative Credit Society Ltd [(2014) 362 ITR 331 (Guj)]. Learned Departmental Representatives, however, dutifully relied upon the stand of the Assessing Officer. 3. We find that, in the case of Ekta Co-operative Credit Society (supra), Hon’ble jurisdictional High Court has observed as follows:- “2. The as…

THE ACIT,B.K.CIRCLE,, PALANPUR vs. THE BHILDI MERCANTILE CREDIT CO.OP.SOCIETY LTD.,, BANASKANTHA

In the result, all the appeals as also the cross-objections are dismissed

…or hearing, learned representatives fairly agreed that the aforesaid issues are now covered, in favour of the assessee, by various decisions of Hon’ble jurisdictional High Court – including in the cases of PCIT Vs. Ekta Co-operative Credit Society Ltd [(2018) 402 ITR 85 (Guj)] and CIT Vs. Jafari Momin Vikas Co-operative Credit Society Ltd [(2014) 362 ITR 331 (Guj)]. Learned Departmental Representatives, however, dutifully relied upon the stand of the Assessing Officer. 3. We find that, in the case of Ekta Co-operative Credit Society (supra), Hon’ble jurisdictional High Court has observed as follows:- “2. The as…

THE ACIT,B.K.CIRCLE,, PATAN vs. THE PEOPLE'S CO,OP.CREDIT SOCIETY LTD.,, DEESA

In the result, all the appeals as also the cross-objections are dismissed

…or hearing, learned representatives fairly agreed that the aforesaid issues are now covered, in favour of the assessee, by various decisions of Hon’ble jurisdictional High Court – including in the cases of PCIT Vs. Ekta Co-operative Credit Society Ltd [(2018) 402 ITR 85 (Guj)] and CIT Vs. Jafari Momin Vikas Co-operative Credit Society Ltd [(2014) 362 ITR 331 (Guj)]. Learned Departmental Representatives, however, dutifully relied upon the stand of the Assessing Officer. 3. We find that, in the case of Ekta Co-operative Credit Society (supra), Hon’ble jurisdictional High Court has observed as follows:- “2. The as…

THE ACIT,B.K.CIRCLE,, PATAN vs. THE PEOPLE'S CO,OP.CREDIT SOCIETY LTD.,, DEESA

In the result, all the appeals as also the cross-objections are dismissed

…or hearing, learned representatives fairly agreed that the aforesaid issues are now covered, in favour of the assessee, by various decisions of Hon’ble jurisdictional High Court – including in the cases of PCIT Vs. Ekta Co-operative Credit Society Ltd [(2018) 402 ITR 85 (Guj)] and CIT Vs. Jafari Momin Vikas Co-operative Credit Society Ltd [(2014) 362 ITR 331 (Guj)]. Learned Departmental Representatives, however, dutifully relied upon the stand of the Assessing Officer. 3. We find that, in the case of Ekta Co-operative Credit Society (supra), Hon’ble jurisdictional High Court has observed as follows:- “2. The as…

THE ACIT,B.K.CIRCLE,, PATAN vs. THE PEOPLE'S CO,OP.CREDIT SOCIETY LTD.,, DEESA

In the result, all the appeals as also the cross-objections are dismissed

…or hearing, learned representatives fairly agreed that the aforesaid issues are now covered, in favour of the assessee, by various decisions of Hon’ble jurisdictional High Court – including in the cases of PCIT Vs. Ekta Co-operative Credit Society Ltd [(2018) 402 ITR 85 (Guj)] and CIT Vs. Jafari Momin Vikas Co-operative Credit Society Ltd [(2014) 362 ITR 331 (Guj)]. Learned Departmental Representatives, however, dutifully relied upon the stand of the Assessing Officer. 3. We find that, in the case of Ekta Co-operative Credit Society (supra), Hon’ble jurisdictional High Court has observed as follows:- “2. The as…