Quepem Urban Co-operative Credit Society Ltd. v. ACIT

Aashirwad (1) Co-Operative Housing Society Limited, Mumbai vs. Deputy Director of Income Tax, CPC Bengaluru

In the result, appeal of the assessee is allowed

Bench: SHRI AMIT SHUKLA (Judicial Member), SHRI RATNESH NANDAN SAHAY (Accountant Member)

…IN THE INCOME TAX APPELLATE TRIBUNAL, ‘SMC‘ BENCH MUMBAI BEFORE: SHRI AMIT SHUKLA, JUDICIAL MEMBER & SHRI RATNESH NANDAN SAHAY, ACCOUNTANT MEMBER Aashirwad (1) Co- Vs. ITO Ward 24(1)(1), operative Housing Mumbai Society Limited Near Kokilaben Hispital Ambivali Village Andheri (West) Mumbai-400 058 PAN/GIR No.AAGAA9749R (Appellant) .. (Respondent) Assessee by None Revenue by Shri R.R. Makwana Date of Hearing 20/06/2024 Date of Pronouncement 28/06/2024 आदेश / O R D E R PER AMIT SHUKLA (J.M): The aforesaid appeal has been filed by the assessee against order dated 20/12/2023 passed by Additional / JCIT(A)-2, Su…

Kumkum Kavita Cooperative Housing Society Limited, Mumbai vs. Income Tax Officer -27(1)(1), Mumbai (Current Jurisdiction), It-Office, Vasi Railway Station Building, Navi Mumbai

In the result, appeal of the assessee is allowed

Bench: SHRI AMIT SHUKLA (Judicial Member), SHRI RATNESH NANDAN SAHAY (Accountant Member)

…IN THE INCOME TAX APPELLATE TRIBUNAL, ‘SMC’ BENCH MUMBAI BEFORE: SHRI AMIT SHUKLA, JUDICIAL MEMBER & SHRI RATNESH NANDAN SAHAY, ACCOUNTANT MEMBER Kumkum Kavita Vs. Income Tax Officer – Cooperative Housing 27(1)(1), Mumbai Society Limited (Current Jurisdiction) Plot No. 188 IT- Office, Kavita Building, III R B Vasi Railway Station Mehta Marg, Building, Ghatkopar, Navi Mumbai, Maharashtra - 400077 Maharashtra - 400703 PAN/GIR No.AAAAK1786G (Appellant) .. (Respondent) Assessee by None Revenue by Ms. Kakoli Ghosh Date of Hearing 27/06/2024 Date of Pronouncement 28/06/2024 आदेश / O R D E R PER AMIT SHUKLA (J.M):…

Aashna Enclave Co-Operative Housing Society Limited, Mumbai vs. CIT- Appeals, Delhi

In the result, appeal of the assessee is allowed

Bench: SHRI AMIT SHUKLA (Judicial Member), SHRI RATNESH NANDAN SAHAY (Accountant Member)

…ent activities.] 7. Thus, assessee being a cooperative society cannot be reckoned as cooperative bank carrying out banking business. The Hon’ble Jurisdictional High court in the case of Quepem Urban Co-operative Credit Society Ltd. vs. ACIT reported in (2015) 377 ITR 272 (Bom), after analyzing the relevant provision of Section 80P including Sub-section (4) had categorically held that cooperative banks are to be treated as cooperative society. In so far as deduction of interest earned on investment made in cooperative bank, Clause (d) of section 80P(2) provides that any income by way of interest on dividend derive…

Su Prabhat Co Operative Housing Society Ltd, Mumbai vs. Income Tax Officer, Mumbai

In the result, both the appeals of the assessee are allowed

…IN THE INCOME TAX APPELLATE TRIBUNAL,‘SMC’ BENCH MUMBAI BEFORE: SHRI AMIT SHUKLA, JUDICIAL MEMBER & SHRI. RATNESH NANDAN SAHAY, ACCOUNTANT MEMBER AND Su Prabhat Cooperative Vs. Income Tax Housing Society Ltd. Mumbai Officer, Mumbai 76, Su Prabhat Cooperative Ward 19(3)(4), Housing Society Ltd, Mumbai Bhulabhai Desai Road, Whakeshwar, Mumbai – 400 026. PAN/GIR No. AAAAS5937P (Appellant) .. (Respondent) Assessee by Shri. Rajendra Bhende Revenue by Shri. R. R. Makwana Date of Hearing 19/06/2024 Date of Pronouncement 28/06/2024 आदेश / O R D E R PER AMIT SHUKLA (J.M): The aforesaid appeals have been filed by the ass…

Su Prabhat Co Operative Housing Society Ltd, Mumbai vs. Income Tax Officer, Mumbai

In the result, both the appeals of the assessee are allowed

…IN THE INCOME TAX APPELLATE TRIBUNAL,‘SMC’ BENCH MUMBAI BEFORE: SHRI AMIT SHUKLA, JUDICIAL MEMBER & SHRI. RATNESH NANDAN SAHAY, ACCOUNTANT MEMBER AND Su Prabhat Cooperative Vs. Income Tax Housing Society Ltd. Mumbai Officer, Mumbai 76, Su Prabhat Cooperative Ward 19(3)(4), Housing Society Ltd, Mumbai Bhulabhai Desai Road, Whakeshwar, Mumbai – 400 026. PAN/GIR No. AAAAS5937P (Appellant) .. (Respondent) Assessee by Shri. Rajendra Bhende Revenue by Shri. R. R. Makwana Date of Hearing 19/06/2024 Date of Pronouncement 28/06/2024 आदेश / O R D E R PER AMIT SHUKLA (J.M): The aforesaid appeals have been filed by the ass…

Shubham Nagri Sahakari Patsanstha Maryadit, Mumbai vs. Income Tax Officer, Ward 41(2)(5), Mumbai

In the result, appeal of the assessee is allowed

Bench: SHRI AMIT SHUKLA (Judicial Member), SHRI RATNESH NANDAN SAHAY (Accountant Member)

…IN THE INCOME TAX APPELLATE TRIBUNAL, ‘SMC’ BENCH MUMBAI BEFORE: SHRI AMIT SHUKLA, JUDICIAL MEMBER & SHRI RATNESH NANDAN SAHAY, ACCOUNTANT MEMBER Shubham Nagri Vs. Income Tax Officer, Sahakari Patsanstha Ward 41(2)(5) Maryadit Kautilya Bhavan, 997, 2/2 Aadarsh Mumbai – 400051 Housing Society, Parksite, Vikhroli (West), Mumbai – 400079 PAN/GIR No.AAGTS9805F (Appellant) .. (Respondent) Assessee by None Revenue by Ms. Kakoli Ghosh Date of Hearing 27/06/2024 Date of Pronouncement 28/06/2024 आदेश / O R D E R PER AMIT SHUKLA (J.M): The aforesaid appeal has been filed by the assessee against order dated 08/01/2024…

Cidco Employees Co-Op. Credit Society, Mumbai vs. ITO, Ward-28(1)(3), Mumbai

In the result, Tax Appeals are dismissed

Bench: Shri Amit Shukla & Shri Ratnesh Nandan Sahayassessment Year: 2012-13 M/S. Cidco Employees Ward 28(1)(3), 3Rd Floor, Co. Op. Credit Society Ground Floor, Tower No. 6, Vs. Cidco Bhavan, Vashi Railway Station, Cbd- Belapur, Commercial Complex, Navi Mumbai- 400614. Mumbai- 400703. Pan: Aaaac2230N (Appellant) (Respondent) Present For : Assessee By : Shri Bhupendra Shah, A.R. Revenue By : Shri R. R. Makwana- Sr. D.R.

…ls in the ensuing paras to contend that the AO has grossly erred in not allowing its claim of deduction of Rs.22.70.362/- u/s 80P by wrongly invoking provisions of Section 80P (4). 4. Bombay High Court in Quepem Urban Co-operative Credit Society Ltd v. ACIT - 377 ITR 272 made following observations which are very much in favour of the Appellant: *Section 80P provides deduction in support of income of co-operative societies. Sub-section (1) allows deduction to Co-operative Society to the extent its gross income includes any income referred to in sub- section (2) in computing its total income. Sub-section (2) refer…

Income Tax Officer, Ward 3(1) Kalyan, Kalyan vs. Kanchangauri Mahila Sahakari Patpedhi Maryadit, Dombivli East

In the result, the appeal is dismissed

Bench: SHRI AMIT SHUKLA (Judicial Member), SHRI RATNESH NANDAN SAHAY (Accountant Member)

…it would be pertinent to mention here that on identical set of facts, the Jurisdictional High Court of Mumbai in the case of the Quepem Urban Co- operative Credit Society Ltd vs. ACIT, Circle-1, 4 Kanchangauri Mahila Sahakari Patpedhi Maryadit Margoa (vide: 377 ITR 272/ 58 Taxmamm.com 113] has elaborately discussed, analysed, and deliberated on the issue with particular reference to definitions provided in Part-V, of Banking Regulation Act 1949. After provisional changes were brought about by introducing section 80P(4) in the Income Tax Act. The jurisdictional High Court in the said case by their order dated 17…

Income Tax Officer, Mumbai vs. Larsen Toubro Kamgar Sahakari Patpedni Marydit, Mumbai

In the result, appeal of the Revenue is dismissed

Bench: SHRI AMIT SHUKLA (Judicial Member), SMT RENU JAUHRI (Accountant Member)

…ent activities.] 7. Thus, assessee being a cooperative society cannot be reckoned as cooperative bank carrying out banking business. The Hon’ble Jurisdictional High court in the case of Quepem Urban Co-operative Credit Society Ltd. vs. ACIT reported in (2015) 377 ITR 272 (Bom), after analyzing the relevant provision of Section 80P including Sub-section (4) had categorically held that cooperative banks are to be treated as cooperative society. In so far as deduction of interest earned on investment made in cooperative bank, Clause (d) of section 80P(2) provides that any income by way of interest on dividend derive…

Pravara Gramin Bigar Sheti Sahakari Patsanstha Maryadit, Mumbai vs. Principle Commissioner of Income Tax, Thane-1, Mumbai

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

Bench: Shri Amit Shukla () & Ms. Padmavathy S. ()

…ent activities.] 7. Thus, assessee being a cooperative society cannot be reckoned as cooperative bank carrying out banking business. The Hon’ble Jurisdictional High court in the case of Quepem Urban Co-operative Credit Society Ltd. vs. ACIT reported in (2015) 377 ITR 272 (Bom), after analyzing the relevant provision of Section 80P including Sub-section (4) had categorically held that cooperative banks are to be treated as cooperative society. In so far as deduction of interest earned on investment made in cooperative bank, Clause (d) of section 80P(2) provides that any income by way of interest on dividend derive…

Mumbai Postal Employees Co-Operative Credit Society Ltd, Mumbai vs. Income Tax Officer, Ward 17(2)(1), Mumbai

In the result, both the appeal of the assessee are allowed

Bench: Shri Amit Shukla & Shri Amarjit Singhita Nos.1050 & 1051/Mum/2023 (A.Ys. 2015-16 & 2016-17) Mumbai Postal Employees Vs. Income Tax Officer, Co-Operative Credit Ward 17(2)(1) Society Limited, Gpo Room No. 115, 1 St Floor, Building, Fort, Kautilya Bhavan, C-41 To Mumbai – 400001 C-43, G Block, Bandra Kurla Complex, Bandra (East), Mumbai – 400051 स्थायी लेखा सं./जीआइआर सं./Pan/Gir No: Aaajm0032G Appellant .. Respondent

…simply amounts to change of opinion to support proposed action u/s 263, We rely on CIT Vs Greenworld Corporation 181 Taxmann 111 (SC) Refer Annexure 5. iv. The judgment of the Bombay High Court in Quepem Urban Co-operative Credit Society Ltd. vs. ACIT (2015) 377 ITR 272 (Bom) - Refer Annexure 7- was relied upon by the assessee in written submissions besides the decisions in other cases. There is no reason to believe that the AO did not consider and follow all these referred cases while passing assessment order, especially when this was the issues covered under CAS assessment. We rely on CIT VS G. M. Mittal Stain…

Mumbai Postal Employees Co-Operative Credit Society Ltd, Mumbai vs. Income Tax Officer, Ward 17(2)(1), Mumbai

In the result, both the appeal of the assessee are allowed

Bench: Shri Amit Shukla & Shri Amarjit Singhita Nos.1050 & 1051/Mum/2023 (A.Ys. 2015-16 & 2016-17) Mumbai Postal Employees Vs. Income Tax Officer, Co-Operative Credit Ward 17(2)(1) Society Limited, Gpo Room No. 115, 1 St Floor, Building, Fort, Kautilya Bhavan, C-41 To Mumbai – 400001 C-43, G Block, Bandra Kurla Complex, Bandra (East), Mumbai – 400051 स्थायी लेखा सं./जीआइआर सं./Pan/Gir No: Aaajm0032G Appellant .. Respondent

…simply amounts to change of opinion to support proposed action u/s 263, We rely on CIT Vs Greenworld Corporation 181 Taxmann 111 (SC) Refer Annexure 5. iv. The judgment of the Bombay High Court in Quepem Urban Co-operative Credit Society Ltd. vs. ACIT (2015) 377 ITR 272 (Bom) - Refer Annexure 7- was relied upon by the assessee in written submissions besides the decisions in other cases. There is no reason to believe that the AO did not consider and follow all these referred cases while passing assessment order, especially when this was the issues covered under CAS assessment. We rely on CIT VS G. M. Mittal Stain…

Rashtriya Chemicals and Ffertilisers Employees Co-Op. Credit Society, Navi Mumbai vs. ITO, Ward-27(3)(1), Navi Mumbai

In the result, the appeal by the assessee for the assessment year 2014-

Bench: Shri G.S. Pannu & Shri Sandeep Singh Karhail

…n of the Hon'ble Bombay High Court in the case of PCIT Vs. M/s. Annasaheb Patel Mathadi Kamgar Sahakari Pathpedi Ltd which in- turn followed the decision of Hon'ble Bombay High Court in the case of Quepem Urban Co-operative Credit Society Ltd. Vs. ACIT (2015) 377 ITR 272 (Bom) & SLP preferred by department dismissed by Hon'ble Supreme Court 235 Taxman 514 (SC). The Hon'ble Supreme Court in Annasaheb Patel (supra) has affirmed the view of the Hon'ble Bombay High Court by following the ratio laid down in the case of Mavilayi Service Co- operative Bank Limited and Others Vs. CIT. Calicut And Another (2021) 7 SCC 90…

Rashtriya Chemicals and Fertilisers Employees Co-Op. Credit Society, Mumbai vs. ITO, Ward-27(3)(1), Mumbai

In the result, the appeal by the assessee for the assessment year 2014-

Bench: Shri G.S. Pannu & Shri Sandeep Singh Karhail

…n of the Hon'ble Bombay High Court in the case of PCIT Vs. M/s. Annasaheb Patel Mathadi Kamgar Sahakari Pathpedi Ltd which in- turn followed the decision of Hon'ble Bombay High Court in the case of Quepem Urban Co-operative Credit Society Ltd. Vs. ACIT (2015) 377 ITR 272 (Bom) & SLP preferred by department dismissed by Hon'ble Supreme Court 235 Taxman 514 (SC). The Hon'ble Supreme Court in Annasaheb Patel (supra) has affirmed the view of the Hon'ble Bombay High Court by following the ratio laid down in the case of Mavilayi Service Co- operative Bank Limited and Others Vs. CIT. Calicut And Another (2021) 7 SCC 90…

Ballaleshwar Sahakari Patpedhi Maryadit, Mumbai vs. ITO Ward-17(2)(1), Mumbai

In the result, the solitary ground of appeal filed by the assessee is partly allowed with above directions

Bench: Shri Prashant Maharishi, Am & Shri Narender Kumar Choudhry, Jm Ballaleshwar Sahakari Patpetdhi Income Tax Officer, Maryadit 11/11A, Amnir, Bldg, Ward 17(2)(1), Vs. Navroji Hill Road No.9, Mumbai-400 020 Dongiri, Mumbai-400 009 (Appellant) (Respondent) Pan No. Aaatb6933F Assessee By : Shri P.S. Shingte, Authorised Representative Revenue By : Shri Ashok Kumar Ambastha, Sr Dr Date Of Hearing: 13.07.2023 Date Of Pronouncement : 19.07.2023

…y. Therefore, it is entitled to deduction under Section 80P of the Act. The learned Assessing Officer held that the assessee has relied upon the decision of Hon'ble Bombay High Court in case of M/s Quepem Urban Co-operative Credit Society Ltd. Vs. ACIT (2015) 377 ITR 272 (Bom.), but same is not accepted by the Revenue. Even the SLP filed before the Hon'ble Supreme Court is withdrawn by Revenue because of low tax effect. The learned Assessing Officer was of the view that assessee has earned income with respect to 10 items which are not income earned by the assessee from the business of the Co-operative Society-but…

Rustomjee Aspiree Premises Co-Op Soc. Ltd, Mumbai vs. ITO, Ward 26(2)(5), Mumbai

In the result the appeal filed by the assessee is allowed

Bench: Shri Om Prakash Kant () & Ms. Kavitha Rajagopal () Assessment Year: 2017-18 Rustomjee Aspiree Premises Co- Ito Ward 26(2)(5), Op. Soc. Ltd., Room No. 319, 3Rd Floor, Kautilya Vs. Ground Floor, Rustomjee Bhavan, C-41 To C-43, ‘G’ Block Aspiree, Cts No. 628, Ai, Pt Bandra Kurla Complex, Bandra Kurla, Eatern Express Highway, (East), Mumbai-400051. Sion, Mumbai-400022. Pan No. Aabar 4001 L Appellant Respondent

…banking business. The Hon’ble Jurisdictional High court in the case of Quepem Urban Co Jurisdictional High court in the case of Quepem Urban Co-operative Jurisdictional High court in the case of Quepem Urban Co Credit Society Ltd. vs. ACIT reported in (2015) 377 ITR 272 (Bom), after Credit Society Ltd. vs. ACIT reported in (2015) 377 ITR 272 (Bom), after Credit Society Ltd. vs. ACIT reported in (2015) 377 ITR 272 (Bom), after analyzing the relevant provision of Section 80P including Sub analyzing the relevant provision of Section 80P includi ng Sub-section (4) had categorically held that cooperative banks are to…

Rashtriya Chemicals and Fertilisers Employees Co-Op Credit Society, Mumbai vs. ITO, Ward-27(3)(1), Mumbai

In the result, the appeal of the assessee is allowed

Bench: Shri Aby T. Varkey, Jm & Shri Prashant Maharishi, Am आयकर अपील सं/ I.T.A. No.765/Mum/2022 (निर्धारण वर्ा / Assessment Year: 2012-13) Rashtriya Chemicals & बिधम/ The Ito, Ward-27(3)(1) Fertilisers Employees’ Co- Room No. 442, 4Th Floor, Vs. Op. Credit Society Tower No. 6, Vashi Type-1A/21 481/484, Railway Station Chembur, Mumbai-400074. Commercial Complex, Vashi, Navi Mumbai- 4000703. स्थधयी लेखध सं./जीआइआर सं./Pan/Gir No. : Aaaar1076N (अपीलार्थी /Appellant) .. (प्रत्यर्थी / Respondent) Assessee By: Shri Mayank Thosar Revenue By: Shri P. D. Chougule (Addl. Cit) सुनवाई की तारीख / Date Of Hearing: 24/05/2023 घोषणा की तारीख /Date Of Pronouncement: 30/05/2023 आदेश / O R D E R Per Aby T. Varkey, Jm: This Is An Appeal Preferred By The Assessee Rashtriya Chemicals & Fertilisers Employees Co-Operative Credit Society Against The Order Of The Ld. Commissioner Of Income Tax (Appeals)/Nfac, Delhi Dated 12.01.2023 For The Assessment Year 2012-13. 2. The Main Grievance Of The Assessee Is Against The Action Of The Ld. Cit(A) In Confirming The Action Of The Ao In Not Allowing The Deduction Claimed By The Assessee U/S 80P Of The Income Tax Act, 1961 (Hereinafter “The Act”) To The Tune Of Rs.99,59,604/-. 3. Brief Facts Of The Case Are That The Assessee Is A Credit Co- Operative Society Providing Credit Facilities To Its Members. The Assessee Filed Its Return Of Income On 27.09.2012 Declaring Total Income Of Rs.Nil. Later, The Case Of The Assessee Was Selected For Scrutiny Under Cass. & The Ao Noted That The Assessee Is A Co-

…cannot be denied to it. The AO is accordingly directed to allow the deduction claimed by the appellant.” 6. Further, we have also perused the judgment of the jurisdictional High Court in the case of Quepem Urban Cooperative Credit Society Ltd vs. ACIT [2015] 377 ITR 272 (Bom), which was relied upon by the Ld Counsel for the 6 A.Y. 2012-13 Rashtriya Chemical and Fertilisers assessee for the proposition that such lending activities do not constitute banking activities as the same are transacted between the cooperative society and the members of the society. Since, no public is involved the definition of „banking‟…

Premium Tower Cooperative Housing Society Ltd, Mumbai vs. The Commissioner (Appeals)of Income Tax, Mumbai

In the result, appeal of the assessee is allowed

…ent activities.] 7. Thus, assessee being a cooperative society cannot be reckoned as cooperative bank carrying out banking business. The Hon’ble Jurisdictional High court in the case of Quepem Urban Co-operative Credit Society Ltd. vs. ACIT reported in (2015) 377 ITR 272 (Bom), after analyzing the relevant provision 5 M/s. Premium Tower Co-operative Housing Society Ltd. of Section 80P including Sub-section (4) had categorically held that cooperative banks are to be treated as cooperative society. In so far as deduction of interest earned on investment made in cooperative bank, Clause (d) of section 80P(2) provid…

Haffkine Co-Op Credit Soc Ltd, Mumbai vs. ITO-20(1)(5), Mumbai

Bench: Shri Kuldip Singh & S Rifaur Rahmanassessment Year: 2010-11 & Assessment Year: 2014-15

…elf in declining the deduction of Rs.8,68,703/-, by treating the Appellant at par with a Cooperative Bank, for the purpose of sec.80P(2)(a)(i), which runs contrary to the position laid down by the Hon'ble Bombay High Court in Quepem Urban Credit Coop. Society 377 ITR 272 (Bom.). 3. The Ld. CIT(A) fell in error of law in declining the deduction of Rs.3,09,732/- u/s 80P(2)(d) by invoking the provisions of sec.80P(4) of the Act. 4. It is submitted that the disallowances made u/s.40(a)(ia) of Rs.1,72,784/- and expenses of Rs.1,40,698/-, would be HAFFKINE CO-OP CREDIT SOC LTD. includible in the quantum of deduction u…

Haffkine Co-Op Credit Soc Ltd, Mumbai vs. ITO-20(1)(5), Mumbai

Bench: Shri Kuldip Singh & S Rifaur Rahmanassessment Year: 2010-11 & Assessment Year: 2014-15

…elf in declining the deduction of Rs.8,68,703/-, by treating the Appellant at par with a Cooperative Bank, for the purpose of sec.80P(2)(a)(i), which runs contrary to the position laid down by the Hon'ble Bombay High Court in Quepem Urban Credit Coop. Society 377 ITR 272 (Bom.). 3. The Ld. CIT(A) fell in error of law in declining the deduction of Rs.3,09,732/- u/s 80P(2)(d) by invoking the provisions of sec.80P(4) of the Act. 4. It is submitted that the disallowances made u/s.40(a)(ia) of Rs.1,72,784/- and expenses of Rs.1,40,698/-, would be HAFFKINE CO-OP CREDIT SOC LTD. includible in the quantum of deduction u…