How many judgments cite State Bank Of India v. CIT?

817 judgments on BharatTax cite State Bank Of India v. CIT (389 ITR 578), spanning 2017 to 2026.

Which sections of the Income Tax Act does State Bank Of India v. CIT come up under?

It is most often cited in judgments turning on Section 80P(2)(d), Section 80P(2)(a)(i), Section 143(3), Section 80P(4), Section 80P, Section 263.

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 366,470 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 80P Section 263 Section 250 Section 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

Chetak Co-Operative Housing Society Ltd, Mumbai Suburban vs. The Income Tax Officer, 23(1)(3), Mumbai

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

ITA 2934/MUM/2023[2013-14]Status: DisposedITAT Mumbai10 Nov 2023AY 2013-14

Bench: Shri Pavan Kumar Gadaleita No. 2934 & 2935/Mum/2023 (A.Y: 2013-14 & 2014-15) Chetak Co-Operative Vs. Ito – 23(1)(3) Housing Society Ltd,35 Mumbai-400020. Maju Mahal, Pali Hill, Bandra (West), Mumbai-400050. Pan/Gir No. : Aaaac0996J Appellant .. Respondent Appellant By : Shri. Anuj Kisnadwala & Shri Vinay Sinha.Ar Respondent By : Shri G.J. Ninawe. Sr. Dr Date Of Hearing 01.11.2023 Date Of Pronouncement 03.11.2023 आदेश / O R D E R Per Pavan Kumar Gadale Jm: These Two Appeals Are Filed By The Assessee Against The Separate Orders Of The National Faceless Appeal Centre(Nfac)/Cit(A) Passed U/Sec 143(3) & U/Sec 250 Of The Act.

For Appellant: Shri. Anuj Kisnadwala, &For Respondent: Shri G.J. Ninawe. Sr. DR

Section 143(1)Section 143(2)Section 143(3)Section 234ASection 80Section 80P(2)(d)

…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. ITA No. 2934 & 2935/Mum/2023 Chetak Co-Op Housing Society Ltd., Mumbai. 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- sect…

Kedambady Keyyur Primary Agricultural Co-Operative Society Limited, Puttur vs. Income Tax Officer, Ward-1, Puttur

In the result, the additional grounds raised by the assessee are dismissed

ITA 668/BANG/2023[2018-19]Status: DisposedITAT Bangalore08 Nov 2023AY 2018-19

Bench: Shri Chandra Poojari & Smt. Beena Pillai

For Appellant: Ms. Harsha J., A.R. Instructed by Shri SrihariFor Respondent: Shri Nischal B., D.R

Section 234ASection 250Section 80P(2)(a)Section 80P(2)(d)

…rative Sale Society reported in (2017) 392 ITR 74 and Hon’ble ITA Nos.667 & 668/Bang/2023 Kedambady Keyyur Primary Agricultural Co-operative Society Limited, Puttur Page 9 of 13 Gujarat High Court in the case of State Bank Of India Vs. CIT reported in (2016) 389 ITR 578, held, that the interest income earned by a co- operative society on its investments held with a cooperative bank would be eligible for claim of deduction under Sec.80P(2)(d) of the Act. 6.6 The Ld.D R relied on a recent decision of Hon’ble Supreme Court in case of Kerala State Co-operative Agricultural and Rural Development Bank Ltd., KSCARDB Vs…

Kedambady Keyyur Primary Agricultural Co-Operative Society Limited, Puttur vs. Income-Tax Officer, Ward-1, Puttur

In the result, the additional grounds raised by the assessee are dismissed

ITA 667/BANG/2023[2017-18]Status: DisposedITAT Bangalore08 Nov 2023AY 2017-18

Bench: Shri Chandra Poojari & Smt. Beena Pillai

For Appellant: Ms. Harsha J., A.R. Instructed by Shri SrihariFor Respondent: Shri Nischal B., D.R

Section 234ASection 250Section 80P(2)(a)Section 80P(2)(d)

M/S. Vittal Vyavasaya Seva Sahakari Bank Niyamith, Vittal vs. Income-Tax Officer, Ward-2(5), Mangaluru

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

ITA 640/BANG/2023[2017-18]Status: DisposedITAT Bangalore08 Nov 2023AY 2017-18

Bench: Shri Chandra Poojari & Smt. Beena Pillaiassessment Year : 2017-18 M/S. Vittal Vyavasaya Seva Sahakari Bank Niyamith, The Income Tax Reg. No.; 2612/76- Officer, 77, Ward – 2(5), Puttur Road, Mangaluru. Vittal, Vs. Dakshina Kannada – 574 243. Pan: Aaaav4194K Appellant Respondent

For Appellant: Shri Rajagopalan, CA

Section 143(1)Section 234BSection 250Section 270ASection 80Section 80P(2)Section 80P(2)(a)Section 80P(2)(d)

…2)(d). At the same time, we find, that the Hon'ble Karnataka High Court in the case of PCIT & Anr. vs. Totagars Cooperative Sale Society reported in (2017) 392 ITR 74 and Hon’ble Gujarat High Court in the case of State Bank Of India Vs. CIT reported in (2016) 389 ITR 578, held, that the interest income earned by a co-operative society on its investments held with a cooperative bank would be eligible for claim of deduction under Sec.80P(2)(d) of the Act. 5.4 The Ld.DR relied on a recent decision of Hon’ble Supreme Court in case of Kerala State Co-operative Agricultural and Rural Development Bank Ltd., KSCARDB Vs.…

Begpur Samabay Krishi Unnayan Samity Ltd., Bheruapara vs. ACIT, Cir-1, Burdwan.

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

ITA 873/KOL/2023[2016-17]Status: DisposedITAT Kolkata06 Nov 2023AY 2016-17

Bench: Sri Rajesh Kumar & Sonjoy Sarma

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

…2)(d). At the same time, we find, that the Hon’ble Karnataka High Court in the case of PCIT & Anr. vs. Totagars Cooperative Sale Society reported in (2017) 392 ITR 74 and Hon’ble Gujarat High Court in the case of State Bank of India Vs. CIT reported in (2016) 389 ITR 578, held, that the interest income earned by a co- operative society on its investments held with a cooperative bank would be eligible for claim of deduction under Sec.80P(2)(d) of the Act. 9.3. At this juncture, we respectfully following the view taken by the Hon’ble Karnataka High Court in the case of PCIT & Anr. Vs. Totagars Cooperative Sale Soci…

Kinjal Heaven Co Operative Society Limited, Mumbai vs. Income Tax Office, Ward-19(2)(2), Mumbai

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

ITA 2955/MUM/2023[2017-18]Status: DisposedITAT Mumbai01 Nov 2023AY 2017-18

Bench: Shri Pavan Kumar Gadaleita No. 2955, 2956, 2957 & 2958/Mum/2023 (A.Y: 2017-18, 2018-19, 2019-20 & 2020-21) Kinjal Heaven Vs. Ito,Ward19(2)(2), Cooperative Society Ltd, Piramal Chambers, 1St Wadia Street, 5Th Floor, Near Mumbai-400034. Bharatmata Theatre, Parel (East), Mumbai-400012. Pan/Gir No. : Aacak6843Q Appellant .. Respondent Appellant By : Shri.Rajesh Shah.Ar Respondent By : Shri.G.J.Ninawe. Sr. Dr Date Of Hearing 02.11.2023 Date Of Pronouncement 06.11.2023 आदेश / O R D E R Per Pavan Kumar Gadale Jm: These Four Appeals Are Filed By The Assessee Against The Separate Orders Of The National Faceless Appeal Centre (Nfac)/Cit(A) Passed U/Sec 143(3) & U/Sec250 Of The Act For The A.Y 2017-18 & For The A.Y 2018-19, 2019-20 & 2020-21 Passed U/S 143(1) & U/Sec 250 Of The Act.

For Appellant: Shri.Rajesh Shah.ARFor Respondent: Shri.G.J.Ninawe. Sr. DR

Section 143(1)Section 143(2)Section 80Section 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- sect…

Kona Seema Co Operative Housing Society Limited, Mumbai vs. CPC, Bangalore, Mumbai

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

ITA 2025/MUM/2023[2020-2021]Status: DisposedITAT Mumbai16 Oct 2023AY 2020-2021

Bench: Shri Pavan Kumar Gadalekona Seemaco-Operative Vs. Cpc Housing Society Ltd. Bangalore. Plot No. 8, V.N Purav Marg, Near Diamond Garden, Chembur. Mumbai-400071. Pan/Gir No. : Aadak0665K Appellant .. Respondent

For Appellant: Shri Ashish A.Thakurdesai.ARFor Respondent: Shri G.J. Ninawe. Sr.DR

Section 143(1)Section 154Section 234ASection 80Section 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 Kona Seema Co-op Housing Society, Mumbai. 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…

Vilas Sahakari Sakahar Karkahana Ltd, Latur vs. The Assistant Commissioner of Income Tax Nanded Circle, Nanded

Appeal is allowed in above terms

ITA 959/PUN/2023[2014-15]Status: DisposedITAT Pune13 Oct 2023AY 2014-15

Bench: Shri Satbeer Singh Godara & Dr. Dipak P. Ripote

For Appellant: Shri Pramod S ShingteFor Respondent: Shri M.G. Jasnani

Section 143(3)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-section…

Pune Jilha Gramsevak Sahkari Pathsanstha Maryadit Pune, Pune vs. The Income Tax Officer, Ward-12(1), Pune

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

ITA 958/PUN/2023[2020-21]Status: DisposedITAT Pune05 Oct 2023AY 2020-21

Bench: Shri Inturi Rama Raoआयकर अपील सं. / Ita No.958/Pun/2023 िनधा"रण वष" / Assessment Year : 2020-21 Pune Jilha Gramsevak Vs. Ito, Ward-12(1), Pune. Sahkari Pathsanstha Maryadit, 752, Shivlila Chembers, Kumthekar Road, Sadashiv Peth, Pune- 411030. Pan : Aabap0214D Appellant Respondent Assessee By : Smt. Deepa Khare Revenue By : Shri Kalpesh Rupavatiya Date Of Hearing : 27.09.2023 Date Of Pronouncement : 05.10.2023 आदेश / Order Per Inturi Rama Rao, Am: This Is An Appeal Filed By The Assessee Directed Against The Order Of The National Faceless Appeal Centre, Delhi [‘Nfac’] Dated 13.06.2023 For The Assessment Year 2020-21. 2. Briefly, The Facts Of The Case Are That The Appellant Is A Co- Operative Society Incorporated Under The Provisions Of The Maharashtra Co-Operative Societies Act. It Is A Member Of Co- Operative Society Formed For The Purpose Of Providing Credit

For Appellant: Smt. Deepa KhareFor Respondent: Shri Kalpesh Rupavatiya

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

…IN THE INCOME TAX APPELLATE TRIBUNAL PUNE BENCH “SMC”, PUNE BEFORE SHRI INTURI RAMA RAO, ACCOUNTANT MEMBER आयकर अपील सं. / ITA No.958/PUN/2023 िनधा"रण वष" / Assessment Year : 2020-21 Pune Jilha Gramsevak Vs. ITO, Ward-12(1), Pune. Sahkari Pathsanstha Maryadit, 752, Shivlila Chembers, Kumthekar Road, Sadashiv Peth, Pune- 411030. PAN : AABAP0214D Appellant Respondent Assessee by : Smt. Deepa Khare Revenue by : Shri Kalpesh Rupavatiya Date of hearing : 27.09.2023 Date of pronouncement : 05.10.2023 आदेश / ORDER PER INTURI RAMA RAO, AM: This is an appeal filed by the assessee directed against the order of the Nationa…

Sri Jihveshwara Credit Co-Operative Society Limited, Bangalore vs. Income Tax Officer, Ward 2(2)(5), Bangalore

In the result, this issue in ITA No

ITA 551/BANG/2023[2018-19]Status: DisposedITAT Bangalore29 Sept 2023AY 2018-19

Bench: Shri George George K, Vice- & Shri Laxmi Prasad Sahu

For Appellant: Shri Prasanna, AdvocateFor Respondent: Shri V. Parithivel, JCIT (DR)

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

…d. [2007] 295 ITR 164 Affirmed." 21. The aforesaid decision of the Hon'ble Supreme Court in the case of Totgar's Co-operative Sale Society Ltd. (supra) was followed by a Division Bench of the Gujarat High Court in the case of State Bank of India v. CIT [2016] 389 ITR 578/241 Taxman 163/72 taxmann.com 64 and the Division Bench of the Gujarat High Court has held as under: "(ii) That the assessee did not carry on any banking business and its objects did not contemplate investment of surplus funds received from its members. The business of a credit society like that of the assessee was limited to providing credit to…

Sri Jihveshwara Credit Co-Operative Society Limited, Bangalore vs. Income Tax Officer, Ward 2(2)(5), Bangalore

In the result, this issue in ITA No

ITA 550/BANG/2023[2017-18]Status: DisposedITAT Bangalore29 Sept 2023AY 2017-18

Bench: Shri George George K, Vice- & Shri Laxmi Prasad Sahu

For Appellant: Shri Prasanna, AdvocateFor Respondent: Shri V. Parithivel, JCIT (DR)

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

Sri Jihveshwara Credit Co-Operative Society Limited, Bangalore vs. Income Tax Officer, Ward 2(2)(5), Bangalore

In the result, this issue in ITA No

ITA 549/BANG/2023[2015-16]Status: DisposedITAT Bangalore29 Sept 2023AY 2015-16

Bench: Shri George George K, Vice- & Shri Laxmi Prasad Sahu

For Appellant: Shri Prasanna, AdvocateFor Respondent: Shri V. Parithivel, JCIT (DR)

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

Sri Jihveshwara Credit Co-Operative Society Limited, Bangalore vs. Income Tax Officer, Ward 2(2)(5), Bangalore

In the result, this issue in ITA No

ITA 548/BANG/2023[2014-15]Status: DisposedITAT Bangalore29 Sept 2023AY 2014-15

Bench: Shri George George K, Vice- & Shri Laxmi Prasad Sahu

For Appellant: Shri Prasanna, AdvocateFor Respondent: Shri V. Parithivel, JCIT (DR)

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

Sri Jihveshwara Credit Co-Operative Society Limited, Bangalore vs. Income Tax Officer, Ward 2(2)(5), Bangalore

In the result, this issue in ITA No

ITA 547/BANG/2023[2013-14]Status: DisposedITAT Bangalore29 Sept 2023AY 2013-14

Bench: Shri George George K, Vice- & Shri Laxmi Prasad Sahu

For Appellant: Shri Prasanna, AdvocateFor Respondent: Shri V. Parithivel, JCIT (DR)

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

Alsid Co-Operative Housing Society Ltd, Mumbai vs. DCIT/ACIT, CPC, Bangalore

In the result, the appeal of the assessee is allowed

ITA 1204/MUM/2023[2020-2021]Status: DisposedITAT Mumbai29 Sept 2023AY 2020-2021

Bench: Shri Om Prakash Kant, Am & Ms. Kavitha Rajagopal, Jm

For Appellant: Shri Bhupendra ShahFor Respondent: Ms Indira Adakil

Section 143(1)Section 154Section 250Section 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…

The Income Tax Officer, Ward-2, Ahmednagar vs. Krushi Vidnyan Pradhyapak Sahakari Pat Sanstha Maryadit, Ahmednagar

Appeal is dismissed in above terms

ITA 701/PUN/2023[2020-21]Status: DisposedITAT Pune28 Sept 2023AY 2020-21

Bench: Shri Satbeer Singh Godara & Dr. Dipak P. Ripote

For Appellant: CA Devendra A. PatilFor Respondent: Shri Ramnath P Murkunde

Section 143(3)Section 80PSection 80P(2)(a)Section 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…

Om Shri Yashodhan Co-Op Hsg., Soc., Mumbai vs. ITO Ward 41(4)(3), Mumbai

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

ITA 1236/MUM/2023[2020-21]Status: DisposedITAT Mumbai27 Sept 2023AY 2020-21

Bench: Shri Om Prakash Kant, Am & Ms. Kavitha Rajagopal, Jm Om Shri Yashodhan Co-Op Hsg Soc Ito-Ward-41(4)(3) Road No 5 Ay Prakash Nagar Mumbai Vs. Goregaon (E) Mumbai-400 063

For Appellant: Shri Viay JoshiFor Respondent: Ms. Indira Adakil

Section 143(1)Section 154Section 250Section 80PSection 80P(2)(a)Section 80P(2)(d)

…he 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. 8 ITA No. 561/MUM/2021 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…

Maharashtra Rajya Pathyapustak Mandal Karmachari Sahakari Pat Sanstha Maryadit, Pune vs. The Principal Commissioner of Income Tax -2, Pune

The appeal of the assessee stands ALLOWED

ITA 733/PUN/2023[2017-18]Status: DisposedITAT Pune26 Sept 2023AY 2017-18

Bench: Shri Satbeer Singh Godara & Shri G. D. Padmahshaliआयकर अपऩल सं. / Ita No. 733/Pun/2023 निर्धारण वषा / Assessment Year : 2017-18 Maharashtra Rajya Pathyapustak Mandal Karmachari Sahakari Pat Sanstha Maryadit, Bal Bharati, Senapati Bapat Rd., Pune – 411 004 Pan: Aaaam2009A . . . . . . . अपऩलधर्थी / Appellant बिधम / V/S Pr. Commissioner Of Income Tax -2 Pune . . . . . . प्रत्यर्थी / Respondent द्वधरध / Appearances Assessee By : Mrs. J.R. Chandekar Revenue By : Shri Keyur Patel सुनवाई की तारीख / Date Of Conclusive Hearing : 25/09/2023 घोषणा की तारीख / Date Of Pronouncement : 26/09/2023 आदेश / Order Per G. D. Padmahshali, Am; This Appeal Of The Assessee For Assessment Year 2017-18 [For Short ‘Ay’] Is Assailed Against Revisionary Order Of Pr. Commissioner Of Income Tax-2, [For Short ‘Pcit’] Dt. 21/03/2022 Passed U/S 263 Of The Income-Tax Act, 1961 [For Short ‘The Act’], Which Ascended Out Of Assessment Order Dt. 24/12/2019 Passed U/S 143(3) By The Income Tax Officer, Ward 3(5), Pune [For Short ‘Ao’].

For Appellant: Mrs. J.R. ChandekarFor Respondent: Shri Keyur Patel

Section 143(3)Section 263Section 80P(2)(a)Section 80P(2)(d)

…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 Cooperative 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 Cooperative Agricultural Development Bank Ltd. 389 ITR 68 and the Hon’ble Kolkata High Court in the case of CIT Vs. Southern Eastern Employees…

Silver Sand Coop Housing Soc Ltd., Mumbai vs. ACIT, CPC, Bangalore

In the result, appeal filed by the assessee is allowed

ITA 1425/MUM/2023[2011-12]Status: DisposedITAT Mumbai22 Sept 2023AY 2011-12

Bench: Shri Vikas Awasthy, Hon’Ble & Shri S. Rifaur Rahman, Hon'Blebuilding No. 12, Silver Sands Chs Ltd., Bangalore Post Bag No. 2 S.V. Road, Piramal Nagar Electronic City, Post Office Goregaon (W), Mumbai - 400062 Bangalore - 560100 Pan: Aadas5600G (Appellant) (Respondent)

Section 143(1)Section 143(1)(a)Section 245Section 80P

…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 also held that the interest income earned by the assessee on its investments held 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, as had been relied upon by the ld. A.R, also makes it clear beyond any scope of doub…

Jila Sahkari Kendriya Bank Karamchari Sakh Sahkari Samiti, Satna vs. Assistant Commissioner of Incometax, Katni

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

ITA 102/JAB/2022[2018-19]Status: DisposedITAT Jabalpur20 Sept 2023AY 2018-19

Bench: Shri Om Prakash Kantshri Pavan Kumar Gadalejila Sahkari Kendriya Bank Vs National E Karamchari Sakh Sahkari Assessment Samiti Maryadit Satna, Center, Income Tax Sahkar Bhawan, Behind Department, New Green Talkies, Pushpraj Delhi Colony, Satna (M.P)-485001. Acit, Katni (Appellant) (Respondent) Pan No. Aabaj4497Q Assessee By None Revenue By Shri Shiv Kumar, Sr.Dr Date Of Hearing 12/09/2023 Date Of Pronouncement 20/09/2023

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

…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…