State Bank Of India v. CIT

389 ITR 578High Court2016#60 most cited

What is State Bank Of India v. CIT authority for?

Income arising from a cooperative society's surplus funds invested in short-term deposits and securities is not attributable to the society's core activities and, therefore, is not eligible for exemption under Section 80P(2)(a)(i) of the Income-tax Act.

817

judgments rely on this decision, according to BharatTax’s citation analysis of 366,339 Indian tax judgments — from 2017 to 2026.

Also referred to as

State Bank of India v CIT · Section 80P(2)(a)(i) · Section 80P(2)(d) · cooperative society · investment income · exemption · short-term deposits · securities · surplus funds · not business income

Also reported as

72 Taxmann.com 64241 Taxmann 163

Sections most often in play

Section 80P(2)(d)Section 80P(2)(a)(i)Section 143(3)Section 80P(4)Section 80PSection 263Section 250Section 2(19)

Issues it is cited on

section 80(2)(d)section 80(p)(2)(d)section 2(19)section 80p(4)section 194a(3)(v)section 80p(2)(c)section 80p(2)(a)(iii)section 80p(1)section 80p(2)(d)section 194a(3)section 80p(2)(a)(i)section 80p(2)

Judgments citing State Bank Of India v. CIT

Mumbai Kamgar Madhyawarti Grahak Sahakari Sanstha Maryadit, Mumbai vs. Asst. Commissioner of Income Tax - Circle 20(2), Mumbai

In the result, all the appeals of the assessee are allowed for In the result, all the appeals of the assessee are allowed for In the result, all the appeals of the assessee are allowed for statisti...

ITA 2885/MUM/2024[2014-15]Status: DisposedITAT Mumbai30 Aug 2024AY 2014-15

Bench: Shri Om Prakash Kant () & Shri Sunil Kumar Singh ()

For Appellant: Mr. Dinesh Kukreja a/w Punit Shah
Section 80P(2)(c)Section 80P(2)(d)

…188 Taxman 282. (ii) The Hon'ble jurisdictional High Court of Gujarat in the case of 282. (ii) The Hon'ble jurisdictional High Court of Gujarat in the case of 282. (ii) The Hon'ble jurisdictional High Court of Gujarat in the case of State Bank of India Vs CIT 389 ITR 578, (iii) The Hon'ble High Court of State Bank of India Vs CIT 389 ITR 578, (iii) The Hon'ble High Court of State Bank of India Vs CIT 389 ITR 578, (iii) The Hon'ble High Court of Mumbai Kamgar Madhyawarti Grahak Mumbai Kamgar Madhyawarti Grahak 7 Sahakari Sanstha Maryadit Sahakari Sanstha Maryadit ITA Nos. 2885, 2884, 2883 & ITA Nos. 2885, 2884, 28…

Mumbai Kamgar Madhyawarti Grahak Sahakari Sanstha Maryadit, Mumbai vs. Asst. Commissioner of Income Tax - Circle 20(2), Mumbai

In the result, all the appeals of the assessee are allowed for In the result, all the appeals of the assessee are allowed for In the result, all the appeals of the assessee are allowed for statisti...

ITA 2884/MUM/2024[2017-18]Status: DisposedITAT Mumbai30 Aug 2024AY 2017-18

Bench: Shri Om Prakash Kant () & Shri Sunil Kumar Singh ()

For Appellant: Mr. Dinesh Kukreja a/w Punit Shah
Section 80P(2)(c)Section 80P(2)(d)

…188 Taxman 282. (ii) The Hon'ble jurisdictional High Court of Gujarat in the case of 282. (ii) The Hon'ble jurisdictional High Court of Gujarat in the case of 282. (ii) The Hon'ble jurisdictional High Court of Gujarat in the case of State Bank of India Vs CIT 389 ITR 578, (iii) The Hon'ble High Court of State Bank of India Vs CIT 389 ITR 578, (iii) The Hon'ble High Court of State Bank of India Vs CIT 389 ITR 578, (iii) The Hon'ble High Court of Mumbai Kamgar Madhyawarti Grahak Mumbai Kamgar Madhyawarti Grahak 7 Sahakari Sanstha Maryadit Sahakari Sanstha Maryadit ITA Nos. 2885, 2884, 2883 & ITA Nos. 2885, 2884, 28…

Mumbai Kamgar Madhyawarti Grahak Sahakari Sanstha Maryadit, Mumbai vs. Asst. Commissioner of Income Tax - Circle 20(2), Mumbai

In the result, all the appeals of the assessee are allowed for In the result, all the appeals of the assessee are allowed for In the result, all the appeals of the assessee are allowed for statisti...

ITA 2883/MUM/2024[2018-19]Status: DisposedITAT Mumbai30 Aug 2024AY 2018-19

Bench: Shri Om Prakash Kant () & Shri Sunil Kumar Singh ()

For Appellant: Mr. Dinesh Kukreja a/w Punit Shah
Section 80P(2)(c)Section 80P(2)(d)

…188 Taxman 282. (ii) The Hon'ble jurisdictional High Court of Gujarat in the case of 282. (ii) The Hon'ble jurisdictional High Court of Gujarat in the case of 282. (ii) The Hon'ble jurisdictional High Court of Gujarat in the case of State Bank of India Vs CIT 389 ITR 578, (iii) The Hon'ble High Court of State Bank of India Vs CIT 389 ITR 578, (iii) The Hon'ble High Court of State Bank of India Vs CIT 389 ITR 578, (iii) The Hon'ble High Court of Mumbai Kamgar Madhyawarti Grahak Mumbai Kamgar Madhyawarti Grahak 7 Sahakari Sanstha Maryadit Sahakari Sanstha Maryadit ITA Nos. 2885, 2884, 2883 & ITA Nos. 2885, 2884, 28…

Mumbai Kamgar Madhyawarti Grahak Sahakari Sanstha Maryadit, Mumbai vs. Asst. Commissioner of Income Tax - Circle 20(2), Mumbai

In the result, all the appeals of the assessee are allowed for

ITA 2882/MUM/2024[2020-21]Status: DisposedITAT Mumbai30 Aug 2024AY 2020-21

Bench: Shri Om Prakash Kant () & Shri Sunil Kumar Singh ()

Section 143(3)Section 80PSection 80P(2)(c)Section 80P(2)(d)

…ficer is hereby confirmed. Reliance is placed on (i) The Hon'ble Supreme Court in Totgars Co-operative Sales Society Ltd. v. ITO [2010] 322 ITR 283/188 Taxman 282. (ii) The Hon'ble jurisdictional High Court of Gujarat in the case of State Bank of India Vs CIT 389 ITR 578, (iii) The Hon'ble High Court of Karnataka in Principal Commissioner of Income-Tax, Hubbali vs. Totagars Co-operative Sale Society(2017) and (iv) The Hon ble High Court of Gujarat in the case of Katlary Kariyana Merchant SahkariSarafiMandali Ltd Vs Assistant Commissioner of Income Tax [2022) 140.taxmann.com 602 (Gujarat) and hence interest earned…

Maharaja Multi State Co Op. Credit Society Ltd, Satara vs. ITO, Ward 3, Satara

Appeal is allowed in above terms

ITA 942/PUN/2024[2020-21]Status: DisposedITAT Pune28 Aug 2024AY 2020-21

Bench: Shri Rama Kanta Panda & Shri Satbeer Singh Godara

For Appellant: Shri Kishor B. PhadkeFor Respondent: Shri Ramnath P Murkunde
Section 143(3)Section 56Section 80P(2)Section 80P(2)(a)

…pleaded herein challenges correctness of both the lower authorities action disallowing it’s sec.80P(2)(a)(i) deduction in respect of interest income of Rs.1,61,60,407/- derived from various co-operative banks in light of State Bank of India vs. CIT [2016] 389 ITR 578 (Guj.) and Totagars Cooperative Sale Society vs. ITO 188 Taxman 282 (SC). The NFAC’s lower appellate discussion to this effect reads as under : “5.6. It is seen from the assessment order that the AO had duly considered all the relevant contentions of the assessee and had thereafter, made the impugned addition to the income of the appellant/asse…

Mit Niketan A Chs Ltd, Mumbai vs. Assistant Director Income Tax, Mumbai

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

ITA 2937/MUM/2024[2021-22]Status: DisposedITAT Mumbai20 Aug 2024AY 2021-22

Bench: Ms Padmavathy S, Am & Shri Sandeep Singh Karhail, Jm

For Appellant: Shri Siddharth Parakh, ARFor Respondent: Shri Sridhar G. Menon, Sr. DR
Section 143(1)Section 80PSection 80P(2)(d)

…We further find that the Hon'ble High Court of Karnataka in the case of Pr. Commissioner of Income Tax and Anr. Vs. Totagars Cooperative Sale Society (2017) 392 ITR 74 (Karn) and Hon'ble High Court of Gujarat in the case of State Bank Of India Vs. CIT (2016) 389 ITR 578 (Guj), had held, that the interest income earned by the assessee on its investments with a co-operative bank would be eligible for claim of deduction under Sec. 80P(2)(d) of the Act. Still further, we find that the CBDT Circular No. 14, dated 28.12.2006, also makes it clear beyond any scope of doubt that the purpose behind enactment of sub-sectio…

Abhinav Nagar Co Op Hsg Society Ltd, Mumbai vs. Income Tax Officer, AO, Mumbai

In the result, ground no. 1

ITA 2593/MUM/2024[2017-18]Status: DisposedITAT Mumbai19 Aug 2024AY 2017-18

Bench: Shri Narender Kumar Choudhary & Shri Gagan Goyalabhinav Nagar Co. Op. Hsg. Society Ltd., Abhinav Nagar, Road No. 2, Borivali (E), Near National Park Maharashtra – 400 066 Pan: Aaaaa0320Q ..... Appellant Vs. Ito, Kautilya Bldg., Bkc, Bandra Maharashtra - 400 050 ..... Respondent

For Appellant: Shri Hiten H. Dedhia, Ld. ARFor Respondent: Shri Manoj Kumar Sinha, Ld. DR
Section 250Section 80PSection 80P(2)(d)

…Rs. 75,38,534/- received from FDs with Co-operative Banks which was claimed by the assessee as deduction u/s. 80P(2)(d) of the Act. The Hon'ble Tribunal relying on the judgment of Hon'ble High Court of Gujarat in the case of State Bank of India Vs. CIT (2016) 389 ITR 578 (Guj.) wherein the Hon'ble High Court observed that the interest income earned by a co- operative society on its investment held with a co- operative bank would be eligible for claim of deduction u/s. 80P (2) (d) of the Act. 6. In conclusion, we hold that the judgment of the Hon’ble Supreme Court in the case of Totgar’s Cooperative Sale Society…

Swaminarayan Co.Op.Bank Ltd., Baroda vs. The ACIT, Circle-3(1), Baroda

In the result, the appeal of the Assessee is allowed

ITA 1411/AHD/2019[2010-11]Status: DisposedITAT Ahmedabad09 Aug 2024AY 2010-11

Bench: Ms. Suchitra Kamble & Shri Makarand V. Mahadeokarआयकर अपील सं /Ita No.1411/Ahd/2019 "नधा"रण वष" /Assessment Year : 2010-11 Swaminarayan Co-Op. Bank Ltd. The Acit बना 1, Ashok Chambers Circle-3(1) Opp. Pathak Gate Police Station Ahmedabad म/ Madanzampa Road V/S. Vadodara 390 001 (Gujarat) "थायी लेखा सं./Pan: Aaaas 1932 N अपीलाथ"/ (Appellant) …… "" यथ"/ (Respondent) Assessee By : Shri Ashish Kanabar, Ar Revenue By : Shri Ashok Natha Bhalekar, Sr.Dr सुनवाई क" तार"ख/Date Of Hearing : 07/08/2024 घोषणा क" तार"ख /Date Of Pronouncement: 9/08/2024 आदेश/O R D E R Per Shri Makarand V. Mahadeokar, Am: This Appeal Is Filed By The Assessee As Against The Order Dated 08/07/2019 Passed By The Commissioner Of Income-Tax (Appeals)-3, Vadodara [Hereinafter Referred To As “The Ld.Cit(A)” In Short] Arising Out Of The Penalty Order Dated 27/02/2019 Passed By The Assessing Officer (Ao) Under Section 271(1)(C) Of The Income Tax Act, 1961 (Hereinafter Referred To As "The Act") Relevant To The Assessment Year (Ay) 2010-11. Swaminarayan Co-Op. Bank Ltd. Vs. Acit Asst. Year : 2010-11

For Appellant: Shri Ashish Kanabar, ARFor Respondent: Shri Ashok Natha Bhalekar, Sr.DR
Section 142(1)Section 143(2)Section 143(3)Section 271Section 271(1)(c)Section 274Section 35A

…आयकर अपीलीय अिधकरण आयकर अपीलीय अिधकरण आयकर अपीलीय अिधकरण, अहमदाबाद "यायपीठ आयकर अपीलीय अिधकरण अहमदाबाद "यायपीठ अहमदाबाद "यायपीठ “ए“, अहमदाबाद अहमदाबाद "यायपीठ अहमदाबाद अहमदाबाद । अहमदाबाद IN THE INCOME TAX APPELLATE TRIBUNAL “ A ” BENCH, AHMEDABAD सु"ी सु"च"ा का"बले, "या"यक सद"य एवं "ी मकरंद वसंत महादेवकर, लेखा सद"य के सम"। ] ] BEFORE MS. SUCHITRA KAMBLE, JUDICIAL MEMBER AND SHRI MAKARAND V. MAHADEOKAR, ACCOUNTANT MEMBER आयकर अपील सं /ITA No.1411/Ahd/2019 "नधा"रण वष" /Assessment Year : 2010-11 Swaminarayan Co-op. Bank Ltd. The ACIT बना 1, Ashok Chambers Circle-3(1) Opp. Pathak Gate Police Station Ahmedabad म/ M…

Income Tax Officer, Pune vs. Vishwakarmasarkshankamgarsahakari Patsanstha Maryadit, Pune

In the result, appeal of the Revenue in ITA

ITA 451/PUN/2024[2018-19]Status: DisposedITAT Pune09 Aug 2024AY 2018-19

Bench: Shri Satbeer Singh Godara & Dr.Dipak P. Ripoteआयकर अपील सं. / Ita Nos.450 & 451/Pun/2024 िनधा"रण वष" / Assessment Years:2017-18 &2018-19 The Income Tax Officer, V Vishwakarma Sarkshan Pune. S Kamgar Sahakari Patsanstha Maryadit, 185, Vishwakarma Bhuwan, Shaniwar Peth, Pune – 411030 Pan: Aaajv0492M Appellant/ Revenue Respondent /Assessee Cross Objection Nos.23 & 24/Pun/2024 (Arising Out Of Ita Nos.450 & 451/Pun/2024) िनधा"रणवष" / Assessment Years: 2017-18 & 2018-19 Vishwakarma Sarkshan V The Income Tax Kamgar Sahakari Patsanstha S Officer, Maryadit, 185, Vishwakarma Pune. Bhuwan, Shaniwar Peth, Pune – 411030 Pan: Aaajv0492M Appellant/ Revenue Respondent / Assessee Assessee By Shri S.N.Puranikh – Ar Revenue By Shri Sourabh Nayak – Addl.Cit(Dr) Date Of Hearing 07/08/2024 Date Of Pronouncement 09/08/2024 आदेश/ Order Per Dr. Dipak P. Ripote, Am: The Revenue Has Filed Two Appeals For Two Separate Assessment Years I.E.2017-18 & 2018-19 Against Two Separate Orders Of

Section 250Section 80P(2)(a)Section 80P(2)(d)

…,38,052/- earned by the assessee Cooperative society from fixed deposits kept with various cooperative banks was allowable as deduction u/s 80P(2)(a)(i) of the IT Act, ignoring the decision of Honble High Court of Gujarat in case of State Bank of India vs CIT 389 ITR 578 (Guj) dated 25.04.2016? C. On the facts and circumstances of the case and in law Ld. CIT (A) erred in holding that the interest income of Rs.1,47,38,052/- earned by the assessee Cooperative Society from fixed deposits kept with various cooperative banks was allowable as deduction u/s 80P(2)(d) of the IT Act, ignoring the decision of Honble High C…

Income Tax Officer, Pune vs. Vishwakarma Sarkshan Kamgar Sahakari Patsanstha Maryadit, Pune

In the result, appeal of the Revenue in ITA

ITA 450/PUN/2024[2017-18]Status: DisposedITAT Pune09 Aug 2024AY 2017-18

Bench: Shri Satbeer Singh Godara & Dr.Dipak P. Ripoteआयकर अपील सं. / Ita Nos.450 & 451/Pun/2024 िनधा"रण वष" / Assessment Years:2017-18 &2018-19 The Income Tax Officer, V Vishwakarma Sarkshan Pune. S Kamgar Sahakari Patsanstha Maryadit, 185, Vishwakarma Bhuwan, Shaniwar Peth, Pune – 411030 Pan: Aaajv0492M Appellant/ Revenue Respondent /Assessee Cross Objection Nos.23 & 24/Pun/2024 (Arising Out Of Ita Nos.450 & 451/Pun/2024) िनधा"रणवष" / Assessment Years: 2017-18 & 2018-19 Vishwakarma Sarkshan V The Income Tax Kamgar Sahakari Patsanstha S Officer, Maryadit, 185, Vishwakarma Pune. Bhuwan, Shaniwar Peth, Pune – 411030 Pan: Aaajv0492M Appellant/ Revenue Respondent / Assessee Assessee By Shri S.N.Puranikh – Ar Revenue By Shri Sourabh Nayak – Addl.Cit(Dr) Date Of Hearing 07/08/2024 Date Of Pronouncement 09/08/2024 आदेश/ Order Per Dr. Dipak P. Ripote, Am: The Revenue Has Filed Two Appeals For Two Separate Assessment Years I.E.2017-18 & 2018-19 Against Two Separate Orders Of

Section 250Section 80P(2)(a)Section 80P(2)(d)

…,38,052/- earned by the assessee Cooperative society from fixed deposits kept with various cooperative banks was allowable as deduction u/s 80P(2)(a)(i) of the IT Act, ignoring the decision of Honble High Court of Gujarat in case of State Bank of India vs CIT 389 ITR 578 (Guj) dated 25.04.2016? C. On the facts and circumstances of the case and in law Ld. CIT (A) erred in holding that the interest income of Rs.1,47,38,052/- earned by the assessee Cooperative Society from fixed deposits kept with various cooperative banks was allowable as deduction u/s 80P(2)(d) of the IT Act, ignoring the decision of Honble High C…

Shri Vivekvardhini Nagari Sahakari Patsanstha Ltd, Jalgaon vs. ITO, Ward 1(4), Jalgaon

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

ITA 888/PUN/2024[2020-21]Status: DisposedITAT Pune05 Aug 2024AY 2020-21

Bench: Shri Inturi Rama Rao & Ms. Astha Chandraआयकर अपील सं. / Ita No.888/Pun/2024 "नधा"रण वष" / Assessment Year : 2020-21

For Respondent: Shri Naimish Dixik
Section 143(3)Section 80PSection 80P(2)(a)

…n u/s. 80P(2)(a)(i) of the Act. The Hon’ble Punjab & Haryana High Court in the case of CIT vs. Punjab State Cooperative Federation of Housing Building Societies Ltd. 11 taxmann.com 448, the Hon’ble Gujarat High Court in the case of State Bank of India Vs. CIT 389 ITR 578 (Guj.), the Hon’ble Delhi High Court in the case of Mantola Co-operative Thrift & Credit Society Ltd. Vs. CIT 50 taxmann.com 278, the Hon’ble Punjab & Haryana High Court in the case of CIT Vs. Punjab State 4 Cooperative Agricultural Development Bank Ltd. 389 ITR 68 and the Hon’ble Kolkata High Court in the case of CIT Vs. Southern Eastern Employ…

The Khedbrahma Taluka Primary Teachers Co.Op. Credit Society Ltd., Himatnagar vs. The Income Tax Officer, Ward-1, Himatnagar

In the result, appeal of the assessee in ITA no

ITA 115/AHD/2023[2018-19]Status: DisposedITAT Ahmedabad01 Aug 2024AY 2018-19

Bench: Income Tax Appellate Tribunal, Ahmedabad Bench, Ahmedabad , Which

For Appellant: Shri Rushin Patel, ARFor Respondent: Ms. Bhavnasingh Gupta, Sr. D.R
Section 143(3)Section 250Section 253(3)Section 80P(2)(d)

…pronounced the said order. It is also submitted that the Ahmedabad Tribunal in several cases have decided this issue in favour of the assessee, relying on the judgment(s) and order(s) of Hon’ble Gujarat High Court in the case of SBI v. CIT, reported in (2016) 389 ITR 578(Guj) , Surat Vankar Sahkari Sangh Limited v. ACIT, reported in (2016) 72 taxmann.com 169(Guj.) and Katlary Kariyana Merchant Sahkari Sarafi Mandali Limited , reported in (2022) 140 taxmann.com 602(Guj.) which judgment and order in Katlary(supra) stood modified by the order of Hon’ble Gujarat High Court vide order in MA dated 26.04.2024 in R/Speci…

Income Tax Officer, Income Tax Office Pandharpur vs. Dhanshree Mahila Gramin Bigarsheti Sahakari Pat Sanstha Ltd, Mangalwedha

Appeal is dismissed in above terms

ITA 853/PUN/2024[2020-21]Status: DisposedITAT Pune31 Jul 2024AY 2020-21

Bench: Shri Satbeer Singh Godara & Shri Inturi Rama Rao

For Appellant: Shri Pramod S. ShingteFor Respondent: Shri Keyur Patel
Section 250Section 80P(2)(a)Section 80P(2)(d)

…ions of other High Courts, namely (i) Delhi High Court in Mantola Co-op Thrift & Credit Society Ltd (2015, 229 Taxman 68) (ii) Karnataka High Court in Totgars Co-operative Sale Society (2017, 395 ITR 611) (iii) Gujarat High Court in State Bank of India (2016, 389 ITR 578) (iv) Punjab & Haryana High Court in Punjab State Co-op Development Bank (2016, 389 ITR 607) all of which have held that Interest income from Fixed Deposits was to be assessed as "Income from Other Sources" and such Interest Income was not eligible for deduction u/s 80P(2)(a)(i) following the Supreme Court's decision in the case of Totgars Co-ope…

Sangram Nagari Sahakari Pathsanstha Maryadit, Ahmednagar vs. Income Tax Officer Ward 2, Ahmednagar

Appeal is allowed in above terms

ITA 261/PUN/2024[2020-21]Status: DisposedITAT Pune31 Jul 2024AY 2020-21

Bench: Shri Rama Kanta Panda & Shri Satbeer Singh Godara

For Appellant: Shri Pramod ShingteFor Respondent: Shri Sourabh Nayak
Section 143(3)Section 250Section 80PSection 80P(2)(a)Section 80P(2)(d)

…on under Sec. 80P(2)(d); but then, the Hon'ble High Court in the case of Pr. Commissioner of Income Tax and Anr. Vs. Totagars Cooperative Sale Society (2017) 392 ITR 74 (Karn) and Hon’ble High Court of Gujarat in the case of State Bank Of India Vs. CIT (2016) 389 ITR 578 (Guj), had observed, that the interest income earned by a co-operative society on its investments held with a co- operative bank would be eligible for claim of deduction under Sec.80P(2)(d) of the Act. Backed by the aforesaid conflicting judicial pronouncements, we may herein observe, that as held by the Hon'ble High Court of Bombay in the case o…

The Salestax Employees Co.Op. Credit Society Limited, Ahmedabad vs. The ACIT, Circle-1(3), Ahmedabad

In the result, appeal of the assessee in ITA no

ITA 612/AHD/2024[2017-18]Status: DisposedITAT Ahmedabad30 Jul 2024AY 2017-18

Bench: Income Tax Appellate Tribunal, Ahmedabad Bench, Ahmedabad , Which Has Arisen From The Appellate Order Dated 16-10-2023 In Din

For Appellant: Shri Pradeep G Tulsian, ARFor Respondent: Shri Sanjay Jain, Sr. D.R
Section 143(3)Section 154Section 250Section 253(3)

…nt year 2016-17. The tribunal while allowing the claim of the assessee for assessment year 2016-17(immediately preceding assessment year) has followed the decision(s) of Hon’ble Gujarat High Court in the case of State Bank of India v. CIT , reported in (2016) 389 ITR 578(Guj.) and Surat Vankar Sahakari Sangh Limited v. ACIT , reported in (2016) 72 taxmann.com 169(Guj) . The Tribunal in ITA No 1404/Ahd/2019 in assessee’s own case for assessment year 2016-17 allowed the relief to the assessee , by holding as under : “5.1 The issue for consideration before us is whether the assessee is eligible to claim deduction on…

Income Tax Officer, Ward-1, Ichalkaranji vs. Appasaheb Naik (Dada) Shri Paisa Fund Shetaki Sah. Bank Ltd., Hupari

Appeal is dismissed

ITA 586/PUN/2024[2020-21]Status: DisposedITAT Pune29 Jul 2024AY 2020-21

Bench: Shri Satbeer Singh Godara & Shri Inturi Rama Rao

For Appellant: Shri Pramod S ShingteFor Respondent: Shri Sandeep P. Sathe
Section 143(3)Section 56Section 80PSection 80P(2)Section 80P(2)(d)

…further find that the Hon'ble High Court of Karnataka in the case of Pr. Commissioner of Income Tax and Anr. Vs. Totagars Cooperative Sale Society (2017) 392 ITR 74 (Karn) and Hon’ble High Court of Gujarat in the case of State Bank Of India Vs. CIT (2016) 389 ITR 578 (Guj), had held, that the interest income earned by the assessee on its investments with a co-operative bank would be eligible for claim of deduction under Sec. 80P(2)(d) of the Act. Still 12 I.T.A.No.586/PUN./2024 further, we find that the CBDT Circular No. 14, dated 28.12.2006 also makes it clear beyond any scope of doubt that the purpose…

Mp State Cooperative Dairy Federation Limited, Bhopal vs. ACIT Bhopal, Bhopal

In the result, the appeal for A

ITA 115/IND/2024[2020-21]Status: DisposedITAT Indore26 Jul 2024AY 2020-21

Bench: Shri Vijay Pal Rao & Shri B.M. Biyani

Section 80P(2)Section 80P(2)(d)

…iance on the judgement of Hon'ble High Court of Karnataka in the case of Pr. CIT and Others vs. Totgars Co- operative Society Limited, (2017) 292/ITR 74 (Karnataka) and judgement of Hon'ble Gujarat High Court in the case of State Bank of India vs. CIT, (2016) 389 ITR 578 (Guj) has held that interest income earned by Cooperative Society on its investment held with Cooperative Bank would be eligible for claim of deduction u/s 80P(2)(d). Relevant portion of the decision of the Coordinate Bench, Mumbai in the case of Amore Commercial Premises Co-Op. Society Limited vs. Central Processing Centre, (supra) reads as foll…

Mp State Co-Operative Dairy Federation Limited, Bhopal vs. ACIT, Bhopal

In the result, the appeal for A

ITA 114/IND/2024[2018-19]Status: DisposedITAT Indore26 Jul 2024AY 2018-19

Bench: Shri Vijay Pal Rao & Shri B.M. Biyani

Section 80P(2)Section 80P(2)(d)

…iance on the judgement of Hon'ble High Court of Karnataka in the case of Pr. CIT and Others vs. Totgars Co- operative Society Limited, (2017) 292/ITR 74 (Karnataka) and judgement of Hon'ble Gujarat High Court in the case of State Bank of India vs. CIT, (2016) 389 ITR 578 (Guj) has held that interest income earned by Cooperative Society on its investment held with Cooperative Bank would be eligible for claim of deduction u/s 80P(2)(d). Relevant portion of the decision of the Coordinate Bench, Mumbai in the case of Amore Commercial Premises Co-Op. Society Limited vs. Central Processing Centre, (supra) reads as foll…

Income Tax Officer - 25(2)(1) Mumbai, Mumbai vs. Mumbai Postal Employees Co-Operative Credit Society Ltd, Mumbai

In the result, the appeal by the Revenue and cross-objection by the assessee are dismissed

ITA 1642/MUM/2024[2018-19]Status: DisposedITAT Mumbai26 Jul 2024AY 2018-19

Bench: Shri Om Prakash Kant & Shri Sandeep Singh Karhail

For Appellant: Shri Madhur AggarwalFor Respondent: Ms Usha Gaikwad, Sr. AR
Section 142(1)Section 143(2)Section 194ASection 194A(3)(v)Section 250Section 80PSection 80P(2)(a)Section 80P(2)(d)Section 80P(4)

…ion 80P(2)(d) of the Act, by observing as under:- “7. Hon’ble High Court of Karnataka in case of Pr. CIT & Anr. Vs. Totgar’s Co- operative Sale Society Ltd. (2017) 292 ITR 74 (Kar.) and Hon’ble Gujarat High Court in case of State Bank of India vs. CIT (2016) 389 ITR 578 (Guj.) had also held that interest income earned by a co-operative society on its investment held with co-operative bank would be eligible for claim of deduction under section 80P(2)(d) of the Act. We are of the considered view that the Ld. CIT(A) has erred in upholding the denial of deduction by the AO to the assessee under section 80P(2)(d) of…

Vasai Urban Co-Operative C Redit Society Ltd, Vasai vs. Principal Commissioner of Income Tax, Thane

In the result, the appeal by the assessee is allowed

ITA 1507/MUM/2024[2018-19]Status: DisposedITAT Mumbai25 Jul 2024AY 2018-19

Bench: Shri B R Baskaran & Shri Sandeep Singh Karhail

For Appellant: Shri Bhupendra ShahFor Respondent: Shri Surendra Meena, Sr. DR
Section 142(1)Section 143(2)Section 143(3)Section 263Section 80PSection 80P(2)(a)Section 80P(2)(d)

…ion 80P(2)(d) of the Act, by observing as under:- “7. Hon‟ble High Court of Karnataka in case of Pr. CIT & Anr. Vs. Totgar‟s Co- operative Sale Society Ltd. (2017) 292 ITR 74 (Kar.) and Hon‟ble Gujarat High Court in case of State Bank of India vs. CIT (2016) 389 ITR 578 (Guj.) had also held that interest income earned by a co-operative society on its investment held with co-operative bank would be eligible for claim of deduction under section Vasai Urban Co-operative Credit Society Ltd 80P(2)(d) of the Act. We are of the considered view that the Ld. CIT(A) has erred in upholding the denial of deduction by the AO…