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

Middle Income Co-Op Hsg. Ltd, Mumbai vs. Assessing Officer, National E-Assessment Centre, Delhi

In the result the appeal filed by the appeal is allowed

ITA 543/MUM/2023[2018-2019]Status: DisposedITAT Mumbai04 Apr 2023AY 2018-2019

Bench: Shir Pavan Kumar Gadalemiddle Income Group Vs. Ito, Co.Op Hsg Soc. Ltd. Neac Centre, Behind Bldg.No. D-17, Delhi Gandhi Nagar,Bandra(E) Mumbai-400051 Pan/Gir No. : Aabm0722B Appellant .. Respondent Appellant By : Mr.Dharan Gandhi.Ar Respondent By : Ms.Jayashree Thakur.Dr Date Of Hearing 25.04.2023 Date Of Pronouncement 27.04.2023 आदेश / O R D E R Per Pavan Kumar Gadale Jm: The Appeal Is Filed By The Assessee Against The Order Of The National Faceless Appeal Centre (Nfac), Delhi/Cit(A) Passed U/Sec 250 Of The Act. The Assessee Has Raised The Following Grounds Of Appeal:

For Appellant: Mr.Dharan Gandhi.ARFor Respondent: Ms.Jayashree Thakur.DR
Section 143(2)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-sectio…

The Motta Mahal Co.Op. Hsg Soc.Ltd, Mumbai vs. ITO, Ward 19(3)(1), Mumbai

In the result, the appeal of the assessee is allowed

ITA 56/MUM/2023[2020-21]Status: DisposedITAT Mumbai31 Mar 2023AY 2020-21

Bench: Shri Aby T. Varkey, Jm आयकर अपील सं/ I.T.A. No.56/Mum/2023 (निर्धारण वर्ा / Assessment Years: 2020-21) The Motta Mahal Co. Op बिधम/ Ito Ward 19(3)(1) Hsg Soc. Ltd Matru Mandir, Vs. The Motta Mahal Co. Op Mambai- 400007 . Hsg Soc Ltd., Nirmala Mahal, Bomanji Petit Road, Mumbai- 400036 . स्थधयी लेखध सं./जीआइआर सं./Pan/Gir No. : Aaaat0316R (अपीलार्थी /Appellant) .. (प्रत्यर्थी / Respondent) Assessee By: Shri. Nilesh Gaikwad Revenue By: Smt. Anil Gupta सुनवाई की तारीख / Date Of Hearing: 01/03/2023 घोषणा की तारीख /Date Of Pronouncement: 31/03/2023 आदेश / O R D E R Per Aby T. Varkey, Jm: This Is An Appeal Preferred By The Appellant/Assessee Motta Mahal Co-Operative Housing Society Ltd. Against The Order Of The Ld. Commissioner Of Income Tax (Appeals)/Nfac, Delhi Dated 30.11.2022 For The Assessment Year 2020-21. 2. Assessee Is A Co-Operative Housing Society, Registered Under The Maharashtra Co-Op Society Act 1960. The Grounds Of Appeal Of The Assessee Is Against The Action Of The Ld. Cit(A) Confirming The Action Of Ao/Cpc Not Allowing The Claim Of The Assessee On The Interest Income U/S 80P(2)(D) Of The Income Tax Act, 1961 (Hereinafter “The Act”) Which It Had Received From Maharashtra State Cooperative Bank To The Tune Of Rs. 99,807/-.

For Appellant: Shri. Nilesh GaikwadFor Respondent: Smt. Anil Gupta
Section 143(1)Section 154Section 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…

State Bank of India Employees Devangini Cooperative Housing Society Ltd., Mumbai vs. ADIT, CPC, (Jao Ward Mum-W-212-4), Mumbai

In the result, the appeal of the assessee is allowed

ITA 3059/MUM/2022[2020-21]Status: DisposedITAT Mumbai31 Mar 2023AY 2020-21

Bench: Shri Aby T. Varkey, Jm आयकर अपील सं/ I.T.A. No.3059/Mum/2022 (निर्धारण वर्ा / Assessment Years: 2020-21) State Bank Of India बिधम/ Adit, Cpc (Jao Ward, Employees Devangini Co- Mum-W-212-4) Vs. Operative Housing Soc. Ltd. Mumbai-400020. Plot No. 4, Irani Wadi, Shahaji Raje Marg, Vile Parle (E), Mumbai-400057. स्थधयी लेखध सं./जीआइआर सं./Pan/Gir No. : Aaoas5438D (अपीलार्थी /Appellant) .. (प्रत्यर्थी / Respondent) Assessee By: Shri P. G. Deshprabhu (Secretary) Revenue By: Shri Anil Gupta सुनवाई की तारीख / Date Of Hearing: 02/03/2023 घोषणा की तारीख /Date Of Pronouncement: 31/03/2023 आदेश / O R D E R Per Aby T. Varkey, Jm: This Is An Appeal Preferred By The Appellant/Assessee State Bank Of India Employees Devangini Co-Operative Housing Society Ltd. Against The Order Of The Ld. Commissioner Of Income Tax (Appeals)/Nfac, Delhi Dated 04.10.2022 For The Assessment Year 2020-21. 2. Assessee Is A Co-Operative Housing Society, Registered Under The Maharashtra Co-Op Society Act 1960. The Grounds Of Appeal Of The Assessee Is Against The Action Of The Ld. Cit(A) Confirming The Action Of Ao/Cpc Not Allowing The Claim Of The Assessee On The Interest Income U/S 80P(2)(D) Of The Income Tax Act, 1961 (Hereinafter “The Act”) Which It Had Received From Maharashtra State Co-Operative Bank Ltd To The Tune Of Rs.1,89,143/-.

For Appellant: Shri P. G. Deshprabhu (Secretary)For Respondent: Shri Anil Gupta
Section 143(1)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-section…

Sagar Premises Co-Operative Socitey Limited, Mumbai vs. Deputy Commissioner of Income Tax, CPC Bengaluru Income Tax Officer -17(3)(1), Mumbai

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

ITA 2797/MUM/2022[2018-2019]Status: DisposedITAT Mumbai31 Mar 2023AY 2018-2019

Bench: Shir Kuldip Singh, Hon'Ble & Shri S. Rifaur Rahman, Hon'Blesagar Premises Co-Operative Society Ltd., V. Income Tax Officer – 17(3)(1) 327, Sagar Premises, Narshi Natha Street Kautilya Bhavan Kharek Bazar, Masjid (W), Mumbai - 400009 Bandra Kurla Complex Bandra(E), Mumbai - 400051 Pan: Aamas0482M (Appellant) (Respondent)

Section 139(1)Section 234FSection 5ASection 80P(2)(c)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 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…

Shri Navavaghniya Seva Sahkari Mandali Limited, Amreli vs. The DCIT/ACIT (CPC), Bangalore, Banagalore

In the result, appeal of the assessee is allowed

ITA 13/RJT/2022[2019-20]Status: DisposedITAT Rajkot03 Mar 2023AY 2019-20

Bench: Shri Waseem Ahmed (Accountant Member), Shri T.R. Senthil Kumar (Judicial Member)

Section 139(1)Section 139(4)Section 143Section 143(1)Section 143(1)(a)Section 80P

…IN THE INCOME TAX APPELLATE TRIBUNAL RAJKOT BENCH, RAJKOT (Conducted Through Virtual Court) Before: Shri Waseem Ahmed, Accountant Member And Shri T.R. Senthil Kumar, Judicial Member Assessment Year: 2019-20 Shree Navavaghniya The DCIT/ACIT (CPC) Seva Sahkari Mandali CPC, Bengaluru Ltd. Vs Kunkavav Vadiya (Respondent) Amreli-364550, Gujarat PAN No: ABKAS7942R (Appellant) Assessee Represented: Ms. Devina Patel, A.R. Revenue Represented: Shri B.D. Gupta, Sr.D.R. Date of hearing : 01-03-2023 Date of pronouncement : 03-03-2023 आदेश/ORDER PER : T.R. SENTHIL KUMAR, JUDICIAL MEMBER:- This appeal is filed by the…

Ishwar Bhavan Co-Operative Housing Society Ltd, Mumbai vs. Commissioner of Income Tax, NFAC, Delhi, Mumbai

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

ITA 3285/MUM/2022[2020-2021]Status: DisposedITAT Mumbai24 Feb 2023AY 2020-2021
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- M/s. Ishwar Bhavan Co-operative Housing Society Ltd. 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…

Ishwar Bhavan Co-Operative Housing Society Ltd, Mumbai vs. CIT(A)-NFAC, Delhi, Mumbai

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

ITA 3269/MUM/2022[2021-22]Status: DisposedITAT Mumbai24 Feb 2023AY 2021-22
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- M/s. Ishwar Bhavan Co-operative Housing Society Ltd. 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…

Jansevak Co-Op Credit Society Ltd, Mumbai vs. Income Tax Officer, Ward 27(1)(5), Mumbai

ITA 3230/MUM/2022[2018-19]Status: DisposedITAT Mumbai23 Feb 2023AY 2018-19

Bench: Shri Prashant Maharishi () & Shri Kuldip Singh ()

Section 143(1)Section 250Section 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- secti…

Jansevak Co-Op Credit Society Ltd, Mumbai vs. Income Tax Officer, Ward 27(1)(5), Navi Mumbai

ITA 3229/MUM/2022[2013-14]Status: DisposedITAT Mumbai23 Feb 2023AY 2013-14

Bench: Shri Prashant Maharishi () & Shri Kuldip Singh ()

Section 143(1)Section 250Section 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- secti…

Golden Gulshan Co-Operative Housing Society Limited, Mumbai vs. Assistant Director of Income Tax, CPC, Mumbai

ITA 3116/MUM/2022[2020-2021]Status: DisposedITAT Mumbai23 Feb 2023AY 2020-2021

Bench: Shri Baskaran Br & Shri Kuldip Singhassessment Year: 2020-21 M/S. Golden Gulshan Co- Assistant Director Of Operative Housing Society Income Tax, Cpc Ltd., Mumbai Plot No.419, Gulshan, Vs. Junction Of Cd Marg & Anisha Marg, Khar (West), Mumbai – 400 052 Pan: Aaaag0989P (Appellant) (Respondent)

For Appellant: Shri Rajesh Shah, A.RFor Respondent: Shri A.N. Bhalekar, D.R
Section 143(1)Section 234BSection 234CSection 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…

Ganga Heritage Co Op Hsg Society Limited, Mumbai vs. CIT(A), NFAC, Delhi

ITA 3057/MUM/2022[2014-15]Status: DisposedITAT Mumbai23 Feb 2023AY 2014-15

Bench: Shri Baskaran Br & Shri Kuldip Singh

For Appellant: Shri Rahul Parekh, on behalf of Shri M. Subramaniam, A.RFor Respondent: Shri A.N. Bhalekar, D.R
Section 143(1)Section 154Section 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…

M/S. Prathamika Krushi Pattina Sahakara Niyamita, Hosapete vs. Income Tax Officer, Ward-2, Ballari

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

ITA 23/BANG/2023[2017-18]Status: DisposedITAT Bangalore14 Feb 2023AY 2017-18

Bench: Shri Laxmi Prasad Sahuprathamika Krishi Pattina Vs The Income Tax Officer Sahakara Sangha Niymit Ward - 2 No. 350, Ward No. 15, Hospet 583201 Amaravathi Village, Hospet Tq. Ballari - 583201 Pan – Aaajp0326N (Appellant) (Respondent) Assessee By: Shri Siva Prasad Reddy, Irs (Retd) Revenue By: Shri Ganesh R. Ghale, Standing Counsel Date Of Hearing: 13.02.2023 Date Of Pronouncement: 14.02.2023 O R D E R Per: Laxmi Prasad Sahu, A.M. This Is An Appeal Filed By The Assessee Against The Order Passed By The Learned Cit(A)/Nfac, Delhi In Appeal Din & Order No. Itba/Nfac/S/ 250//2022-23/1047496227(1) Dated 18.11.2022 For Ay 2017-18. 2. The Assessee Has Raised The Following Grounds Of Appeal: - “1. The Impugned Assessment Order Made U/S 143(3) Of The Act Dated, 25-11-2019, Is Arbitrary & Opposed To The Facts Of The Case & The Principles Of Natural Justice & Therefore, The Same Is Liable To Be Vacated As Void. 2. The Learned Cit(A) Failed To Appreciate: (I) That The Interest Income Accruing From The Investments Made In Statutory Compliance Of The Provisions Of The State Co-Operative Societies Act, 1959 Is Eligible For The Deduction As Business Income U/S 80P(2)(A)(I) Of The Act.

For Appellant: Shri Siva Prasad Reddy, IRS (Retd)For Respondent: Shri Ganesh R. Ghale, Standing Counsel
Section 143(3)Section 234ASection 56Section 57Section 80Section 80PSection 80P(2)Section 80P(2)(a)Section 80P(2)(d)

…ill be in the nature of income from other sources and not income from business and therefore the deduction u/s.80P(2)(d) of the Act cannot be allowed to the Assessee. The Hon’ble Court followed decision of Hon’ble Gujarat High Court in the case of SBI Vs. CIT 389 ITR 578(Guj.) in which the Hon’ble Gujarat High Court dissented from the view taken by the Hon’ble Karnataka High Court in the case of Tumkur Merchants case (supra) The Hon’ble Court had to deal with the following substantial question of law: "(I)Whether the assessee, Totagar Co-operative Sale Society, Sirsi, is entitled to 100% deduction under Section…

M/S Sachin Udyog Nagar Sahkari Mandli Ltd., Surat vs. Assistant Commissioner of Income Tax, Circle - 1(2), Surat

In the result, the appeal of the Revenue is dismissed

ITA 439/SRT/2022[2018-19]Status: DisposedITAT Surat07 Feb 2023AY 2018-19

Bench: Shri Pawan Singh, Jm & Dr. A. L. Saini, Am आयकर अपील सं./Ita Nos.438 & 439/Srt/2022 Assessment Years: (2017-18 & 2018-19) (Virtual Court Hearing) Sachin Udyog Nagar Sahkari Mandli Vs. The Acit, Circle -1(2), Ltd., Surat. 2Nd Floor, Vivekanand Chambers, Beside Rajehree Hall, Sangrampura, Surat – 395006. "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aacts7414C (Appellant) (Respondent) Assessee By Shri Kamlesh Bhatt, Ar Respondent By Shri Ashok B. Koli, Cit(Dr) & Vinod Kumar, Sr. Dr 07/02/2023 Date Of Hearing Date Of Pronouncement 07/02/2023 आदेश / O R D E R Per Dr. A. L. Saini, Am: Captioned Two Appeals Filed By The Assessee, Pertaining To The Assessment Years (Ays) 2017-18 & 2018-19, Are Directed Against The Separate Orders Passed By The Learned Commissioner Of Income Tax (Appeals), Surat [In Short “The Ld. Cit(A)”], Which In Turn Arise Out Of Separate Assessment Orders Passed By The Assessing Officer Under Section 143(3) Of The Income Tax Act, 1961 (Hereinafter Referred To As “The Act”).

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

…AY.2017-18 & 2018-19 Sachin Udyog Nagar Sahkari Mandli Ltd. jurisdictional High Court and jurisdiction ITAT Benches wherein the issue of deduction of interest income from Dist. Co.Op. bank was held allowable u/s 80(P)(2)(d): (a) Guj. HC in SBI vs. CIT (2016) 72 Taxmann.com 64 (Guj. HC) (b) Guj. HC in CIT vs. Sabarkantha Dist. Co-op, Milk Producers Union Ltd in Tax Appeal no. 473 of 2014 (c) Guj. HC in the Surat Vankar Sahakar Sangh Ltd. TA No. 93-96 of 2008 dt 12.07.2016722 taxmann.com 169 (Guj.) (d) ITAT Ahmedabd in Sabarkantha Dist. Co-op. Milk Union 1905/Ahd/2016 dtd 06.06.2018 (e) ITAT Ahmedabad Peoples Co-o…

Sahyadri Nagri Sahakari Patpedhi Limited, Mumbai vs. Pr CIT-1, Thane, Mumbai

In the result, appeal filed by the assessee is allowed

ITA 726/MUM/2022[2017-18]Status: DisposedITAT Mumbai31 Jan 2023AY 2017-18

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Sandeep Singh Karhail, Hon'Blesahyadri Nagari Sahakari V. Pr.Cit -1, Thane Patpedhi Limited Ashar I.T. Park, A-Wing Haridhara Shopping Complex 6Th Floor, Ambika Nagar, Thane (W) Maharashtra - 400604 Off No-131, Railway Station Road Anjurphata, Bhiwandi Thane-421302 Pan: Aaets9151J (Appellant) (Respondent) Assessee Represented By : Shri Rajendra V. Kadrekar Department Represented By : Shri Salil Mishra

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

M/S.Abhinav Co-Operative Housing Society, Mumbai vs. Assessing Officer, CPC, Mumbai

ITA 2564/MUM/2022[2016-17]Status: DisposedITAT Mumbai23 Jan 2023AY 2016-17
For Appellant: Shri Hiten DedhiaFor Respondent: Shri Manoj Kumar Sinha
Section 143(1)Section 80PSection 80P(2)(c)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 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 dou…

Vaibhavnagar Co-Op Credit Soc Limited, Mumbai vs. Income Tax Officer, 27(3)(5), Mumbai

ITA 2695/MUM/2022[2015-16]Status: DisposedITAT Mumbai20 Jan 2023AY 2015-16

Bench: Shri Kuldip Singh & Shri Gagan Goyalassessment Year: 2015-16

For Appellant: Shri Ramesh Iyer, A.RFor Respondent: Mrs. Vranda U Matkari, D.R
Section 143(1)Section 80PSection 80P(2)(a)Section 80P(2)(c)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…

Court Chambers Premises Co-Op Society Limited, Mumbai vs. Dy.Commissioner of Income Tax, CPC, Mumbai

ITA 2940/MUM/2022[2020-2021]Status: DisposedITAT Mumbai19 Jan 2023AY 2020-2021

Bench: Shri Kuldip Singh & Shri S. Rifaur Rahmanassessment Year: 2020-21

For Appellant: Shri Jitendra Singh, A.RFor Respondent: Shri Saurabh Kumar Rai, D.R
Section 143(1)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…

Sree Renukamba Credit Co-Op. Society Ltd., Davanagere vs. ITO, Ward-1, Davanagere

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

ITA 1122/BANG/2022[2020-21]Status: DisposedITAT Bangalore17 Jan 2023AY 2020-21

Bench: Shri Chandra Poojarisree Renukamba Credit Co- Vs The Income Tax Officer Operative Society Ltd. Ward - 1 Vinobanagara, Pb Road Davanagere Davanagere 577006 Pan – Abias7107E (Appellant) (Respondent) Assessee By: Shri Sandeep C, Ca Revenue By: Shri Ganesh R. Ghale, Standing Counsel Date Of Hearing: 17.01.2023 Date Of Pronouncement: 17.01.2023 O R D E R Per: Chandra Poojari, A.M. This Appeal By The Assessee Is Directed Against The Order Of The Cit(A), Nfac, Delhi Dated 23.11.2022 For Ay 2020-21. 2. The Assessee Has Raised The Following Grounds Of Appeal: - “1. That The Order Of The Learned Commissioner Of Income-Tax (Appeals) In So Far It Is Prejudicial To The Interests Of The Appellant Is Bad & Erroneous In Law & Against The Facts & Circumstances Of The Case. 2. That The Learned Commissioner Of Income-Tax (Appeals) Erred In Law & On Facts In Deciding The Appeal Ex-Parte On The Ground That The Appellant Did Not Respond To The Hearing Notices & Such Finding Is Perverse As The Appellant Has Sought Adjournment. 3. That The Learned Commissioner Of Income-Tax (Appeals) Erred In Law & On Facts In Not Considering The Fact That The Appellant Responded To The Intimation U/S 143(1) Of The Act

For Appellant: Shri Sandeep C, CAFor Respondent: Shri Ganesh R. Ghale, Standing Counsel
Section 143(1)Section 143(1)(a)Section 80P(2)(a)Section 80P(2)(d)

…e nature of income from other sources and not income from business and therefore the deduction u/s.80P(2)(d) of the Act cannot be allowed to the Assessee. The Hon’ble Court followed decision of Hon’ble Gujarat High Court in the case of SBI Vs. CIT reported in 389 ITR 578, wherein Hon’ble Gujarat High Court dissented from the view taken by the Hon’ble Karnataka High Court in the case of Tumkur Merchants case (supra). It can thus be seen that the ratio laid down by the Hon’ble Karnataka High Court in the case of Totagars Cooperative Sales Society in 395 ITR 611 is that, in light of the principles enunciated by Hon’…

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

ITA 2879/MUM/2022[2014-2015]Status: DisposedITAT Mumbai17 Jan 2023AY 2014-2015

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

For Appellant: Shri. Mandar VaidyaFor Respondent: Shri. Ashish Kumar Dehria
Section 40Section 80PSection 80P(2)(a)Section 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…

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

ITA 2878/MUM/2022[2010-2011]Status: DisposedITAT Mumbai17 Jan 2023AY 2010-2011

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

For Appellant: Shri. Mandar VaidyaFor Respondent: Shri. Ashish Kumar Dehria
Section 40Section 80PSection 80P(2)(a)Section 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…