State Bank Of India v. CIT

Amore Commercial Premises Co-Op Soc. Ltd, Mumbai vs. Central Processing Centre, Mumbai

Bench: Shri Kuldip Singh & S Rifaur Rahmanassessment Year: 2020-21 & Assessment Year: 2020-21 Amore Commercial Central Processing Centre, Premises Co-Op Society Bangalore, Karnataka- Ltd. 560500 701, 7Th Floor, Junction Of Vs. 2Nd & 4Th Road, Khar West Mumbai Maharashtra-400052 Pan- Aabaa0724F (Appellant) (Respondent) Present For: Assessee By : Shri. Sashi Bekal Revenue By : Shri. Ashish Kumar Deharia Date Of Hearing : 03 . 01 . 2023 Date Of Pronouncement :17 . 01 . 2023 O R D E R Per : Kuldip Singh:

…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 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 (4) of Sec. 80P was that the co-operative banks which…

Amore Commercial Premises Co-Op Soc. Ltd, Mumbai vs. Central Processing Centre, Bengaluru

Bench: Shri Kuldip Singh & S Rifaur Rahmanassessment Year: 2020-21 & Assessment Year: 2020-21 Amore Commercial Central Processing Centre, Premises Co-Op Society Bangalore, Karnataka- Ltd. 560500 701, 7Th Floor, Junction Of Vs. 2Nd & 4Th Road, Khar West Mumbai Maharashtra-400052 Pan- Aabaa0724F (Appellant) (Respondent) Present For: Assessee By : Shri. Sashi Bekal Revenue By : Shri. Ashish Kumar Deharia Date Of Hearing : 03 . 01 . 2023 Date Of Pronouncement :17 . 01 . 2023 O R D E R Per : Kuldip Singh:

…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 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 (4) of Sec. 80P was that the co-operative banks which…

Sindhudurg Nagri Sahakari Pathpedhi Ltd, Mumbai vs. ACIT, Circle-2, Kalyan, Mumbai

Bench: Shri Kuldip Singhs Rifaur Rahmanassessment Year: 2017-18 Sindhudurg Nagri Sahakari Acit Circle-2, Kalyan. 2Nd Pathpedhi Ltd. Mumbai, Acit Circle-2, “A” Wing, First Floor, Floor, Mohan Plaza, Shivneri Co-Op Soc. Wayale Nagar, Khadak Vs. Vardhaman Nagar, Shivaji Pada, Kalyan(W,) Mumbai Nagar Road, Ambernath, Maharashtra 521301 Kalyan. Maharashtra 421501 Pan Aaaas0887Q (Appellant) (Respondent) Present For: Assessee By : Shri. Subodh Ratnaparkhi Revenue By : Shri. Ashish Kumar Deharia Date Of Hearing : 02 . 01 . 2023 Date Of Pronouncement : 17 . 01 . 2023 O R D E R Per : Kuldip Singh: 1. Appellant, Sindhudurg Nagri Sahakari Pathpedhi Ltd.(„Here In After, Referred To As The Assessee‟) By Filing Aforesaid Appeal Sought To Set Aside The Impugned Order Dated 28.09.2022 Passed By National Faceless Appeal Centre(Nfac), For Short The Ld.Cit(A) On The Grounds Alia That:-

…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 7 SINDHUDURG NAGRI SAHAKARI PATPEDHI beyond any scope of doubt that the…

Regency Premises Co-Op Society Limited, Mumbai vs. Ward 23(1)(1), Mumbai

In the result, the appeal of the assessee is allowed

Bench: Shri Aby T. Varkey, Jm & Shri M. Balaganesh, Am आयकर अपील सं/ I.T.A. No.2547/Mum/2022 (निर्धारण वर्ा / Assessment Year: 2020-21) Regency Premises Co-Op बिधम/ Dcit/Acit, Cpc Hsg. Society Ltd. Kautilya Bhavan, Vs. Regency Chambers Near Mumbai-400051. Nandi Cinema National Library Road Bandra West, Mumbai-400050. स्थधयी लेखध सं./जीआइआर सं./Pan/Gir No. : Aabar7613N (अपीलार्थी /Appellant) .. (प्रत्यर्थी / Respondent) Assessee By: Shri Bhupendra Shah Revenue By: Shri Vaibhav Jain सुनवाई की तारीख / Date Of Hearing: 13/12/2022 घोषणा की तारीख /Date Of Pronouncement: 17/01/2023 आदेश / O R D E R Per Aby T. Varkey, Jm: This Is An Appeal Preferred By The Assessee Co-Operative Housing Society Ltd. Against The Order Of The Ld. Commissioner Of Income Tax (Appeals)/Nfac, Delhi Dated 26.08.2022 For Assessment Year 2020-21 Wherein The Assessee Has Challenged The Action Of The Ld. Cit(A) Confirming The Ao’S Decision In Not Granting Deduction U/S 80P(2)(D) Of The Income Tax Act, 1961 (Hereinafter “The Act”) Of An Amount Of Rs.3,34,570/- Which The Assessee Has Earned As Interest On Fixed Deposit In A Co-Operative Bank.

…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…

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

In the result, the three appeals filed by the assessee are allowed

Bench: Shri Pavan Kumar Gadaleita Nos. 2694, 2696 & 2697/Mum/2022 (A.Ys: 2014-15, 2016-17 & 2017-18) Vaibhavnagar Co Op Vs. Ito – 27(3)(5) Credit Soc Ltd., Room No. 428, 4Th Ground Floor, Vaibhav Floor, 6Th Tower, Vashi Nagar Vaman Tukaram Rly Station Complex, Patil Marg, Gowandi Navi Mumbai – 400703 Mumbai – 400088 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaaav5519Q Appellant .. Respondent Assessee By : Mr.Ramesh S Iyer.Ar Revenue By : Ms.Richa Gulati.Dr Date Of Hearing 21.12.2022 Date Of Pronouncement 22.12.2022 आदेश / O R D E R

…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…

Jai Malhar Cooperative Credit Society Ltd, Mumbai vs. Assessing Officer 29(1)(5), Mumbai

In the result, appeal is allowed

…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…

Sanjay Co-Operative Credit Society Ltd, Thane vs. The Pr. Comm of Income Tax 1, Thane

In the result we allow the ground no

Bench: Shri Kuldip Singh & Shri Gagan Goyalsanjay Co-Operative Credit Society Ltd., Sanjay Society Building, Uttam Naka, Bhayander, Thane-401106. Pan: Aacas3872P ...... Appellant Vs. Pcit-1, Ashar I.T. Park, 6Th Floor, Road No. 16Z, Wagle Indl. Estate, Thane-400604. ..... Respondent Appellant/Assessee By : Dr. Ravindra Nagesh Naik, Ca Respondent/Revenue By : Sh. Kailash Kanojia- Cit-Dr Date Of Hearing : 15/09/2022 Date Of Pronouncement : 13/12/2022 Order Per Gagan Goyal, A.M: This Appeal By Assessee Is Directed Against The Order Of Under Section 263 Of The Income Tax Act, 19061 [For Short ‘The Act’] Vide Order Dated 17.03.2022 For Assessment Year (Ay) 2017-18. The Assessee Has Raised The Following Grounds Of Appeal: “1. The Ld. Pcit-1, Thane Erred In Law & On Facts In Not Appreciating That All The Details/ Information Relating To Interest Income Were Submitted During The Scrutiny

…s. 75,38,534/- received from FDs with Co- operative Banks which was claimed by the assessee as deduction u/s. BOP(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). Therefore, considering the 6 ITA No. 740/Mum/2022-Sanjay Co-operative Credit Society Ltd. aforesaid judicial pronouncements, the Audi…

Basant Vihar Co-Operative Housing Society Limited, Mumbai vs. ITO 27(1)(2), Mumbai

In the result, the appeal of the assessee is allowed

Bench: Shri Aby T. Varkey, Jm आयकर अपील सं/ I.T.A. No.2539/Mum/2022 (निर्धारण वर्ा / Assessment Years: 2014-15) Basant Vihar Cooperative बिधम/ Ito-27(1)(2) 4Th Floor, Tower No. 6, Housing Society Ltd Vs. Vasant Vihar Complex A Vashi Railway Station Building, Ground Floor, Dr. Commercial Complex, C. G. Road Chembur, Vashi, Navi Mumbai- Mumbai-400074. 400703. स्थधयी लेखध सं./जीआइआर सं./Pan/Gir No. : Aaajb0835E (अपीलार्थी /Appellant) .. (प्रत्यर्थी / Respondent) Assessee By: Shri Venugopal C. Nair Revenue By: Smt. Nayana K. Kumar सुनवाई की तारीख / Date Of Hearing: 28/11/2022 घोषणा की तारीख /Date Of Pronouncement: 05/12/2022 आदेश / O R D E R Per Aby T. Varkey, Jm: This Is An Appeal Preferred By The Assessee Co-Operative Society Against The Order Of The Ld. Commissioner Of Income Tax (Appeals)/Nfac, Delhi Dated 29.07.2022 For The Assessment Year 2014-15. 2. The Grounds Of Appeal Of The Assessee Reads As Under: -

…he case of Pr. Commissioner of Income Tax and Anr. Vs. Totagars 6 A.Y. 2014-15 Basant Vihar Cooperative Housing Society Ltd. 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…

Don Bosco'S Madonna Co-Operative Housing Society Limited, Mumbai vs. Commissioner of Income Tax (Exemption), Mumbai

In the result, the appeal of the assessee is allowed

Bench: Shri Aby T. Varkey, Jm आयकर अपील सं/ I.T.A. No.2516/Mum/2022 (निर्धारण वर्ा / Assessment Years: 2020-21) Don Bosco’S Madonna Co- बिधम/ Cit(E), Mumbai Operative Housing Society Adit, Cpc, Bengaluru, Vs. Ltd Karnataka-560100. Plot No. 167, Flat No. 5, Nathalal Parekh Marg, Wadala, Mumbai-400031. स्थधयी लेखध सं./जीआइआर सं./Pan/Gir No. : Aaaad2496C (अपीलार्थी /Appellant) .. (प्रत्यर्थी / Respondent) Assessee By: Ms. Komal Bhoir Revenue By: Smt. Nayana K. Kumar सुनवाई की तारीख / Date Of Hearing: 28/11/2022 घोषणा की तारीख /Date Of Pronouncement: 05/12/2022 आदेश / O R D E R Per Aby T. Varkey, Jm: This Is An Appeal Preferred By The Assessee Co-Operative Society Against The Order Of The Ld. Commissioner Of Income Tax (Appeals)/Nfac, Delhi Dated 17.06.2022 For The Assessment Year 2020-21 Wherein The Assessee Has Raised The Grounds Of Appeal Against The Disallowance Of Deduction Claimed U/S 80P Of The Income Tax Act, 1961 (Hereafter “The Act”) On The Interest Income Derived By The Assessee To The Tune Of Rs.2,63,560/- From Saraswat Co-Operative Bank Ltd & Greater Bombay Co-Operative Bank Ltd.

…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…

Uti Employees Sai Samrudhi Co-Op Housing Society Ltd, Mumbai vs. Centralized Processing Unit Income Tax Dept. Bangalore, Bangalore

In the result, the appeal of the assessee is allowed

Bench: Shri Aby T. Varkey, Jm आयकर अपील सं/ I.T.A. No.2477/Mum/2022 (निर्धारण वर्ा / Assessment Years: 2019-20) Uti Employees Sai बिधम/ Centralized Processing Samrudhi Co-Op Housing Unit Income Tax Vs. Society Ltd. Department Bangalore- C/O Uti Amc Ltd. 560500. Uti Tower, Gn Block, Bkc Bandra East, Mumbai- 400051. स्थधयी लेखध सं./जीआइआर सं./Pan/Gir No. : Aagts8239K (अपीलार्थी /Appellant) .. (प्रत्यर्थी / Respondent) Assessee By: Shri Sachin Lopis Revenue By: Smt. Nayana K. Kumar सुनवाई की तारीख / Date Of Hearing: 28/11/2022 घोषणा की तारीख /Date Of Pronouncement: 05/12/2022 आदेश / O R D E R Per Aby T. Varkey, Jm: This Is An Appeal Preferred By The Appellant/Assessee Uti Employees Sai Samrudhi Co-Operative Housing Society Ltd. Against The Order Of The Ld. Commissioner Of Income Tax (Appeals)/Nfac, Delhi Dated 25.07.2022 For The Assessment Year 2019-20. 2. Assessee Is A Co-Operative Housing Society, Registered Under The Maharashtra Co-Op Society Act 1960. The Society Was Formed By Employees & Nominees Of Unit Trust Of India (Government Entity). The Grounds Of Appeal Of The Assessee Is Against The Action Of The Ld. Cit(A) Confirming The Action Of Ao Not Allowing The Claim Of The Assessee On The Interest Income U/S 80P(2)(D) Of The Income Tax Act

…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…

Pantnagar Ashtvinayak Chsl, Mumbai vs. The Income Tax Officer, Ward 27(2)(1), Mumbai

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

Bench: Shri M. Balaganesh, Am & Ms. Kavitha Rajagopal, Jm Pantnagar Ashtvinayak Chsl Income Tax Officer, Ward-27(2)(1) Building No. 244, Samata Colony, Mumbai Vs. Pantnagar, Ghatkopar (E), Mumbai-400 075 Pan/Gir No. Aaaap 8034 E (Appellant) : (Respondent)

…low the view taken by 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), wherein it was 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. 9. We thus in the backdrop of our aforesaid observations are unable to persuade ourselves to be in agreement with the view taken by the…