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 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

Assistant Commissioner of Income Tax, Circle- 2(1)(1), Surat vs. Pandesara Green Environment Water Welfare Coop. Society Limited, Surat

In the result, the grounds of appeal raised by the revenue is dismissed

ITA 246/SRT/2023[2020-21]Status: DisposedITAT Surat28 Aug 2023AY 2020-21

Bench: Shri Pawan Singh & Dr. Arjun Lal Saini

Section 194A(3)(v)Section 254(1)Section 80PSection 80P(2)(a)Section 80P(2)(d)

…IN THE INCOME TAX APPELLATE TRIBUNAL, SURAT BENCH, SURAT BEFORE SHRI PAWAN SINGH, JUDICIAL MEMBER AND Dr. ARJUN LAL SAINI, ACCOUNTANT MEMBER ITA No. 244, 245 & 246/Srt/2023 (Assessment Years: 2017-18, 2018-19 and 2020-21) (Virtual hearing) A.C.I.T., Pandesara Green Environment Water Circle- 2(1)(1), Welfare Co-operative Society Limited, Vs. Surat. Plot No. 195, G.I.D.C., Opp. Wintex Mills, Pandesara. PAN No. AAAAP 0743 Q Appellant/ assessee Respondent/ revenue Department represented by Shri Vinod Kumar, Sr.DR Assessee represented by Shri Sapnesh Sheth, C.A. Date of Institution of Appeals 13/04/2023 Date of hear…

Assistant Commissioner of Income Tax, Circle- 2(1)(1), Surat vs. Pandesara Green Environment Water Welfare Coop. Society Limited, Surat

In the result, the grounds of appeal raised by the revenue is dismissed

ITA 245/SRT/2023[2018-19]Status: DisposedITAT Surat28 Aug 2023AY 2018-19

Bench: Shri Pawan Singh & Dr. Arjun Lal Saini

Section 194A(3)(v)Section 254(1)Section 80PSection 80P(2)(a)Section 80P(2)(d)

…IN THE INCOME TAX APPELLATE TRIBUNAL, SURAT BENCH, SURAT BEFORE SHRI PAWAN SINGH, JUDICIAL MEMBER AND Dr. ARJUN LAL SAINI, ACCOUNTANT MEMBER ITA No. 244, 245 & 246/Srt/2023 (Assessment Years: 2017-18, 2018-19 and 2020-21) (Virtual hearing) A.C.I.T., Pandesara Green Environment Water Circle- 2(1)(1), Welfare Co-operative Society Limited, Vs. Surat. Plot No. 195, G.I.D.C., Opp. Wintex Mills, Pandesara. PAN No. AAAAP 0743 Q Appellant/ assessee Respondent/ revenue Department represented by Shri Vinod Kumar, Sr.DR Assessee represented by Shri Sapnesh Sheth, C.A. Date of Institution of Appeals 13/04/2023 Date of hear…

Assistant Commissioner of Income Tax, Circle- 2(1)(1), Surat vs. Pandesara Green Environment Water Welfare Coop. Society Limited, Surat

In the result, the grounds of appeal raised by the revenue is dismissed

ITA 244/SRT/2023[2017-18]Status: DisposedITAT Surat28 Aug 2023AY 2017-18

Bench: Shri Pawan Singh & Dr. Arjun Lal Saini

Section 194A(3)(v)Section 254(1)Section 80PSection 80P(2)(a)Section 80P(2)(d)

…IN THE INCOME TAX APPELLATE TRIBUNAL, SURAT BENCH, SURAT BEFORE SHRI PAWAN SINGH, JUDICIAL MEMBER AND Dr. ARJUN LAL SAINI, ACCOUNTANT MEMBER ITA No. 244, 245 & 246/Srt/2023 (Assessment Years: 2017-18, 2018-19 and 2020-21) (Virtual hearing) A.C.I.T., Pandesara Green Environment Water Circle- 2(1)(1), Welfare Co-operative Society Limited, Vs. Surat. Plot No. 195, G.I.D.C., Opp. Wintex Mills, Pandesara. PAN No. AAAAP 0743 Q Appellant/ assessee Respondent/ revenue Department represented by Shri Vinod Kumar, Sr.DR Assessee represented by Shri Sapnesh Sheth, C.A. Date of Institution of Appeals 13/04/2023 Date of hear…

Thane Postal Employees Co- Operative Credit Society Limited, Mumbai vs. PCIT-Thane-1, Thane

ITA 1871/MUM/2023[2018-2019]Status: DisposedITAT Mumbai24 Aug 2023AY 2018-2019

Bench: Shri Kuldip Singh & Shri Gagan Goyalassessment Year: 2018-19

For Appellant: Shri Sanjeev V. Joshi, A.RFor Respondent: Shri Biswanath Das, D.R
Section 143(3)Section 263Section 80P(2)Section 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…

Shri Tifs Credit Co-Operative Society Ltd., Rajkot vs. The Pr. CIT-1, Rajkot

The appeal of the assessee is allowed

ITA 115/RJT/2023[2018-19]Status: DisposedITAT Rajkot23 Aug 2023AY 2018-19

Bench: Shri Waseem Ahmed & Shri Siddhartha Nautiyal

For Appellant: Shri Darshak Thakkar, A.RFor Respondent: Shri Shramdeep Sinha, CIT DR
Section 143(3)Section 80PSection 80P(2)Section 80P(2)(a)

…d that Interest income received by a co-operative bank on its voluntary reserve in bank, bonds and small scale industrial corporation is eligible for deduction under Section 80P. The Hon’ble Gujarat High Court in the case of State Bank of India Vs. CIT (2016) 389 ITR 578 (Guj), held 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. The Hon’ble Gujarat High Court made following observations in respect of interest earned from deposits kept with a cooperative bank: “Therefore, it is only…

Pimpiri Chinchwad Mahanagar Palikas Sevakanchi Patsanstha Maryadit, Pune vs. Principal Commissioner of Income Tax, Pune

In the result, appeal of the assessee is allowed

ITA 604/PUN/2023[2017-18]Status: DisposedITAT Pune21 Aug 2023AY 2017-18

Bench: Shri R.S. Syal, Hon.Vice- & Shri Partha Sarathi Chaudhury, Hon.Pimpri Chinchwad Mahanagar Vs Pr.Cit, Pune. Palika‟S Sevakanchi Patsanstha Maryadit, Shop No.101, Shubham Galleria, Pimpri, Pune. Pan: Aaatp 5109 P Appellant Respondent Assessee By : Shri Rohit C. Kasat, Ca Revenue By : Shri Ajay Kumar Kesari, Dr Date Of Hearing : 17/08/2023 Date Of Pronouncement : 21/08/2023 O R D E R Per Partha Sarathi Chaudhury, Jm: This Appeal Preferred By The Assessee Emanate From The Order Of Principal Commissioner Of Income Tax, Pune (For Short, „Pcit‟), Dated 23/03/2022 For A.Y. 2017-18 As Per The Grounds Of Appeal On Record.

For Appellant: Shri Rohit C. Kasat, CAFor Respondent: Shri Ajay Kumar Kesari, DR
Section 143(3)Section 263Section 80PSection 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…

Shree Adinath Minority Credit Souhard Sahakari Ltd, Belgaum vs. Income Tax Officer, Ward - 1(3), Belagavi

In the result, appeals of the assessees are allowed

ITA 42/PAN/2023[2018-19]Status: DisposedITAT Panaji21 Aug 2023AY 2018-19

Bench: Shri Partha Sarathi Chaudhury & Shri G.D. Padmahshali(Through Virtual Hearing) Prathamik Krushi Pattin Vs Ito, Ward-1, Sahakari Sangh Niyamit, Nipani Ingali, Tal - Chikodi, Dist. Belgaum, Karnataka. Pan: Aaaap 1335 L Appellant Respondent Directorate Of Health Services Vs Ito, Ward-1(4), Employees Co-Op. Credit Panaji-Goa. Society Ltd., Campal, Panji. Pan: Aaaad 8637 P Appellant Respondent Vyavasaya Seva Sahakari Vs Ito, Ward-2, Sangha Ltd., Kadatoka, Karwar. Honnavar, Karnataka. Pan: Aaaav 0321 N Appellant Respondent

For Appellant: NoneFor Respondent: Shri N. Shrikanth, DR
Section 143(3)Section 263Section 80PSection 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…

Ramanaguli Group Seva Sahakari Sangha Limited, Ankola vs. Income Tax Officer, Ward - 2, Karwar

In the result, appeals of the assessees are allowed

ITA 40/PAN/2023[2016-17]Status: DisposedITAT Panaji21 Aug 2023AY 2016-17

Bench: Shri Partha Sarathi Chaudhury & Shri G.D. Padmahshali(Through Virtual Hearing) Prathamik Krushi Pattin Vs Ito, Ward-1, Sahakari Sangh Niyamit, Nipani Ingali, Tal - Chikodi, Dist. Belgaum, Karnataka. Pan: Aaaap 1335 L Appellant Respondent Directorate Of Health Services Vs Ito, Ward-1(4), Employees Co-Op. Credit Panaji-Goa. Society Ltd., Campal, Panji. Pan: Aaaad 8637 P Appellant Respondent Vyavasaya Seva Sahakari Vs Ito, Ward-2, Sangha Ltd., Kadatoka, Karwar. Honnavar, Karnataka. Pan: Aaaav 0321 N Appellant Respondent

For Appellant: NoneFor Respondent: Shri N. Shrikanth, DR
Section 143(3)Section 263Section 80PSection 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…

Vyavasaya Seva Sahakari Sangha Limited, Kadatoka vs. Income Tax Officer, Ward - 2, Karwar

In the result, appeals of the assessees are allowed

ITA 117/PAN/2022[2018-19]Status: DisposedITAT Panaji21 Aug 2023AY 2018-19

Bench: Shri Partha Sarathi Chaudhury & Shri G.D. Padmahshali(Through Virtual Hearing) Prathamik Krushi Pattin Vs Ito, Ward-1, Sahakari Sangh Niyamit, Nipani Ingali, Tal - Chikodi, Dist. Belgaum, Karnataka. Pan: Aaaap 1335 L Appellant Respondent Directorate Of Health Services Vs Ito, Ward-1(4), Employees Co-Op. Credit Panaji-Goa. Society Ltd., Campal, Panji. Pan: Aaaad 8637 P Appellant Respondent Vyavasaya Seva Sahakari Vs Ito, Ward-2, Sangha Ltd., Kadatoka, Karwar. Honnavar, Karnataka. Pan: Aaaav 0321 N Appellant Respondent

For Appellant: NoneFor Respondent: Shri N. Shrikanth, DR
Section 143(3)Section 263Section 80PSection 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…

Directorate of Health Services Employees Co-Operative Society Ltd, Panaji vs. Income Tax Officer, Ward 1(4), Panaji

In the result, appeals of the assessees are allowed

ITA 115/PAN/2022[2017-18]Status: DisposedITAT Panaji21 Aug 2023AY 2017-18

Bench: Shri Partha Sarathi Chaudhury & Shri G.D. Padmahshali(Through Virtual Hearing) Prathamik Krushi Pattin Vs Ito, Ward-1, Sahakari Sangh Niyamit, Nipani Ingali, Tal - Chikodi, Dist. Belgaum, Karnataka. Pan: Aaaap 1335 L Appellant Respondent Directorate Of Health Services Vs Ito, Ward-1(4), Employees Co-Op. Credit Panaji-Goa. Society Ltd., Campal, Panji. Pan: Aaaad 8637 P Appellant Respondent Vyavasaya Seva Sahakari Vs Ito, Ward-2, Sangha Ltd., Kadatoka, Karwar. Honnavar, Karnataka. Pan: Aaaav 0321 N Appellant Respondent

For Appellant: NoneFor Respondent: Shri N. Shrikanth, DR
Section 143(3)Section 263Section 80PSection 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…

Prathamik Krushi Pattin Sahakari Sangh Nyt, Ingali vs. Income Tax Officer, Ward - 1, Nipani

In the result, appeals of the assessees are allowed

ITA 113/PAN/2022[2012-13]Status: DisposedITAT Panaji21 Aug 2023AY 2012-13

Bench: Shri Partha Sarathi Chaudhury & Shri G.D. Padmahshali(Through Virtual Hearing) Prathamik Krushi Pattin Vs Ito, Ward-1, Sahakari Sangh Niyamit, Nipani Ingali, Tal - Chikodi, Dist. Belgaum, Karnataka. Pan: Aaaap 1335 L Appellant Respondent Directorate Of Health Services Vs Ito, Ward-1(4), Employees Co-Op. Credit Panaji-Goa. Society Ltd., Campal, Panji. Pan: Aaaad 8637 P Appellant Respondent Vyavasaya Seva Sahakari Vs Ito, Ward-2, Sangha Ltd., Kadatoka, Karwar. Honnavar, Karnataka. Pan: Aaaav 0321 N Appellant Respondent

For Appellant: NoneFor Respondent: Shri N. Shrikanth, DR
Section 143(3)Section 263Section 80PSection 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…

Rajkot Jilla Sahakari Kharid Vechan Sangh Limited, Rajkot vs. The Pr. CIT-1, Rajkot

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

ITA 49/RJT/2022[2017-18]Status: DisposedITAT Rajkot09 Aug 2023AY 2017-18

Bench: Shri Waseem Ahmed & Shri Siddhartha Nautiyal

For Appellant: Shri Gautam Achary, A.RFor Respondent: Shri Shramdeep Sinha, CIT DR
Section 143(3)Section 263Section 80P(2)(a)Section 80P(2)(d)

…d that Interest income received by a co-operative bank on its voluntary reserve in bank, bonds and small scale industrial corporation is eligible for deduction under Section 80P. The Hon’ble Gujarat High Court in the case of State Bank of India Vs. CIT (2016) 389 ITR 578 (Guj), held 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. The Hon’ble Gujarat High Court made the following observations in respect of interest earned from deposits kept with a cooperative bank:- Rajkot Jilla Sahak…

Vasant Nagari Sector V Chs Ltd (AOP), Thane vs. ITO Ward-4(4), Thane

ITA 1475/MUM/2023[2020-21]Status: DisposedITAT Mumbai28 Jul 2023AY 2020-21
For Appellant: Shri Darpan Jawale, A.RFor Respondent: Shri B. Laxmi Kanth, D.R
Section 143(1)Section 143(1)(a)Section 154Section 80PSection 80P(2)(d)Section 80P(4)

…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…

Navrang Basant Co-Operative Housing Society Ltd, Mumbai vs. ITO Ward-17(2)(4), Mumbai

ITA 1354/MUM/2023[2018-19]Status: DisposedITAT Mumbai28 Jul 2023AY 2018-19
For Appellant: Ms. Krupa Toprani, A.RFor Respondent: Shri. B. Laxmi Kanth, D.R
Section 139Section 139(1)Section 234BSection 80ASection 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…

Raheja Eternity Chs Limited, Mumbai vs. ITO Ward 32(2)(4), Mumbai

ITA 1013/MUM/2023[2018-2019]Status: DisposedITAT Mumbai28 Jul 2023AY 2018-2019

Bench: The Due 2 M/S. Raheja Eternity Chs Ltd.

For Appellant: Ms. Kiran Vadher, A.RFor Respondent: Shri B. Laxmi Kanth, D.R
Section 143(1)Section 154Section 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…

Punjab National Bank Employees Co-Op Credit Soc. Ltd, Mumbai vs. Commissioner of Income Tax (Appeals) National Faceless Appeal Centre, Mumbai

ITA 1384/MUM/2023[2014-2015]Status: DisposedITAT Mumbai27 Jul 2023AY 2014-2015

Bench: Shri Kuldip Singhassessment Year: 2014-15

For Appellant: Shri Rohit Kasat, A.RFor Respondent: Shri B. Laxmi Kanth, D.R
Section 143(3)Section 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…

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

ITA 1424/MUM/2023[2018-19]Status: DisposedITAT Mumbai26 Jul 2023AY 2018-19

Bench: Shri Kuldip Singhassessment Year: 2018-19 M/S. Silver Sand Co-Op. Acit (Cpc), Bangalore, Housing Society Ltd., Post Bag No.2, Building No.12, Electronic City, Silver Sands Chs Ltd., Post Office, Vs. S.V. Road, Bangalore-560100 Piramal Nagar, Goregaon (West), Mumbai – 400 062 Pan: Aadas5600G (Appellant) (Respondent) Present For: Assessee By : Shri Ravindra Poojary, A.R. Revenue By : Shri B. Laxmi Kanth, D.R.

For Appellant: Shri Ravindra Poojary, A.RFor Respondent: Shri B. Laxmi Kanth, D.R
Section 143(1)Section 154Section 245Section 80PSection 80P(2)(d)Section 8O

…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…

Sindhudurg Nagri Sahakari Pathpedhi Ltd, Mumbai vs. PCIT, Thane 1, Thane

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

ITA 1592/MUM/2023[2018-19]Status: DisposedITAT Mumbai25 Jul 2023AY 2018-19

Bench: Shri Pavan Kumar Gadale () & Ms. Padmavathy S. ()

Section 143(3)Section 263Section 80PSection 80P(2)Section 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…

Sahyadri Nagari Sahakari Patpedhi Limited, Mumbai vs. Principle Commissioner of Income Tax, Thane -1, Thane

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

ITA 1509/MUM/2023[2018-19]Status: DisposedITAT Mumbai21 Jul 2023AY 2018-19

Bench: Shri Pavan Kumar Gadale () & Ms. Padmavathy S. ()

Section 143(3)Section 263Section 80Section 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…

Shri Vitthal Sahakari Sakhar Karkhana Sevkanchi Sahakari Patsantha, Solapur vs. Principal Commissioner of Income Tax, Pune-4, Pune

In the result, the appeal filed by the assessee in ITA

ITA 598/PUN/2023[2018-19]Status: DisposedITAT Pune11 Jul 2023AY 2018-19

Bench: Shri Inturi Rama Rao & Shri Partha Sarathi Chaudhurysl.

For Appellant: Shri Pramod S. Shingte (Sl. No.1)
Section 143(3)Section 263Section 80P(2)(a)

…IN THE INCOME TAX APPELLATE TRIBUNAL PUNE BENCH “B”, PUNE BEFORE SHRI INTURI RAMA RAO, ACCOUNTANT MEMBER AND SHRI PARTHA SARATHI CHAUDHURY, JUDICIAL MEMBER Sl. ITA No. Name of Appellant Name of Respondent Asst. No. Year 1 642/PUN/2023 Shri Bangadas Swami PCIT-3, Pune. 2018-19 Shikshan Vikas Mandal Sevak Sahakari Patasanstha Maryadit, At Post- Ane, Tal. Junnar, Dist.- Pune- 412410. PAN : AAABS3217M 2 598/PUN/2023 Shri Vitthal Sahakari PCIT-4, Pune. 2018-19 Sakhar Karkhana Sevkanchi Sahakari Patsanstha, Venunagar, Village Gursale, Tal. Pandharpur, Dist. Solapur- 413304. PAN : AACAS8470K Assessee by : Shri Pramod S.…