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 366,369 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

Shree Jetpur Market Yard Vepari Sharafi Sahakari Mandali Ltd., Jetpur, Dist. Rajkot vs. The Pr. CIT-1, Rajkot

In the result, the appeal of the assessee is allowed

ITA 166/RJT/2022[2017-18]Status: DisposedITAT Rajkot14 Sept 2022AY 2017-18

For Appellant: Shri Mehul Ranpura, A.RFor Respondent: Shri Aarsi Prasad, CIT-D.R

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

…deduction under section 80-P of the Act. 8. Regarding the disallowance of dividend income earned on shares held by the assessee in RDC District Cooperative Bank, we observe that 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 Honourable Gujarat High Court made following observations in respect of interest earned from deposits kept with a cooperative bank: I.T.A No. 166/Rjt/…

The Allahabad Bank Employees Co. Op.Credit Society Ltd, Ahmedabad vs. The DCIT, CPC, Banglore

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

ITA 175/AHD/2020[2018-19]Status: DisposedITAT Ahmedabad09 Sept 2022AY 2018-19

Bench: Shri Waseem Ahmed & Shri T.R. Senthil Kumarआयकर अपील सं./Ita Nos. 175 & 504/Ahd/2020 िनधा"रण वष"/Asstt. Years: 2018-2019 & 2019-2020 The Allahabad Bank Employees Co- D.C.I.T., Operative Credit Society Limited, Vs. C.P.C., Allahabad Bank, Bengaluru. Near Navrangpura Railway Crossing, Naranpura, Ahmedabad-380013. Pan: Aacat1600J

For Appellant: Shri P.F. Jain, A.RFor Respondent: Shri Ravindra, Sr. DR

Section 143(1)Section 234ASection 80PSection 80P(2)(a)Section 80P(4)

…society from the non-members that will not be subject to deduction under section 80P(2)(a)(i) of the Act. In holding so we draw support and guidance from the judgment of the Hon’ble Gujarat High Court in the case of State Bank of India versus CIT reported in 72 Taxmann.com 64 wherein it was held as under: ITA no.175 & 504/Ahd/2020 Asstt. Years 2018-19 & 2019-20 4 The Income Tax Appellate Tribunal was also justified in holding that interest income of Rs.16,14,579/- and Rs.32,83,410/-respectively on deposits placed with State Bank of India was not exempt under section 80P(2)(a)(i) of the Income Tax Act, 1961. 9.…

Palm Court M Premises Co Operative Society Ltd., Mumbai vs. Pr. CIT - 30, Mumbai

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

ITA 561/MUM/2021[2015-16]Status: DisposedITAT Mumbai09 Sept 2022AY 2015-16

Bench: Shri Amarjit Singh () & Smt. Kavitha Rajagopal ()

Section 143(3)Section 263Section 40Section 80P(2)(d)

…further find that the Hon'ble High Court of Karnataka in the case of Pr. Commissioner of Income Tax and Anr. Vs. Totagars Cooperative Sale Society (2017) 392 ITR 74 (Karn) and Hon‟ble High Court of Gujarat in the case of State Bank Of India Vs. 8 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…

Kolhapur Sahakari Majur and Hamal Sanstha Maryadit, Kolhapur vs. Income-Tax Officer, Ward - 2 (1), Kolhapur

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

ITA 1138/PUN/2019[2013-14]Status: DisposedITAT Pune08 Sept 2022AY 2013-14

Bench: Shri S. S. Godara & Shri Inturi Rama Raoआयकर अपील सं. / Ita No.1138/Pun/2019 िनधा"रण वष" / Assessment Year: 2013-14 Kolhapur Sahakari Majur Vs. Ito, Ward- 2(1) & Hamal Sanstha Kolhapur. Maryadit, Masjid Complex, 2Nd Floor, Office No.14, Hamal Bhavan, 439-E Ward, Station Road, Shahupuri, Kolhapur- 416001. Pan : Aaaap0326R Appellant Respondent Assessee By : None Revenue By : Shri Ramnath P. Murkunde Date Of Hearing : 05.09.2022 Date Of Pronouncement : 08.09.2022 आदेश / Order Per Inturi Rama Rao, Am: This Is An Appeal Filed By The Assessee Directed Against The Order Of Ld. Commissioner Of Income Tax (Appeals)- 2, Kolhapur [‘The Cit(A)’] Dated 25.04.2019 For The Assessment Year 2013-14. 2. The Appellant Raised The Following Grounds Of Appeal :- “1) On The Facts & Circumstances Of The Case & In Law & By Order Of The Hon'Ble Tribunal 'A' Bench Pune In Ita No. 486/Pun/2012 For A. Y. 2012-13 Which Decision Was Rendered In Favour Of The Assessee Now The Issue Is A 'Covered' In Favour Of The Assessee. Following The Hon'Ble Tribunal Order (Supra) The Deduction Of 82,78,245/- Be Allowed To The Appellant.

For Appellant: NoneFor Respondent: Shri Ramnath P. Murkunde

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

…IN THE INCOME TAX APPELLATE TRIBUNAL PUNE BENCH “A”, PUNE BEFORE SHRI S. S. GODARA, JUDICIAL MEMBER AND SHRI INTURI RAMA RAO, ACCOUNTANT MEMBER आयकर अपील सं. / ITA No.1138/PUN/2019 िनधा"रण वष" / Assessment Year: 2013-14 Kolhapur Sahakari Majur Vs. ITO, Ward- 2(1), and Hamal Sanstha Kolhapur. Maryadit, Masjid Complex, 2nd Floor, Office No.14, Hamal Bhavan, 439-E Ward, Station Road, Shahupuri, Kolhapur- 416001. PAN : AAAAP0326R Appellant Respondent Assessee by : None Revenue by : Shri Ramnath P. Murkunde Date of hearing : 05.09.2022 Date of pronouncement : 08.09.2022 आदेश / ORDER PER INTURI RAMA RAO, AM: This is a…

The Ajmer Cooperative Thrift and Saving Society Limited Ajmer, Ajmer vs. CIT(A), NFAC, Ajmer

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

ITA 76/JPR/2022[2017-18]Status: DisposedITAT Jaipur30 Aug 2022AY 2017-18

For Appellant: Shri Sunil Porwal, (CA)For Respondent: Shri A.S. Nehra, (Addl. CIT)

Section 250Section 56Section 80PSection 80P(2)(a)

…आयकर अपीलीय अधिकरण] जयपुर न्यायपीठ] जयपुर IN THE INCOME TAX APPELLATE TRIBUNAL, JAIPUR BENCH ‘A’ JAIPUR Jh lanhi xkslkbZ] U;kf;d lnL; ,oa MkW- ehBk yky ehuk] ys[kk lnL; ds le{k BEFORE: SHRI SANDEEP GOSAIN, JM & DR. MITHA LAL MEENA, AM vk;dj vihy la-@ITA No. 76/JP/2022 fu/kZkj.k o"kZ@Assessment Years : 2017-18. cuke The Ajmer Cooperative Thrift The Commissioner of Income Vs. and Saving Society Ltd., Tax (Appeals), GLO Campus, DRM Office, NFAC, Traffic Accounts, W. Rly., Delhi. Ajmer. LFkk;h ys[kk la-@thvkbZvkj la-@PAN/GIR No. AAEAT 2065 K vihykFkhZ@Appellant izR;FkhZ@Respondent fu/kZkfjrh dh vksj ls@Assessee by…

Income Tax Officer-17(2)(1), Mumbai vs. Idbi Staff Co-Operative Credit Society Ltd, Mumbai

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

ITA 1351/MUM/2022[2018-19]Status: DisposedITAT Mumbai30 Aug 2022AY 2018-19

Bench: Shri Baskaran Br & Shri Pavan Kumar Gadaleito – 17(2)(1), Vs. Idbi Staff Co-Op 1St Floor, Room No. 115, Credit Society Ltd., Kautilya Bhavan G Block, 1St Floor, Idbi Tower, Bandra Kurla Complex, Cuffe Parade, Colaba, Bandra (E), Mumbai- 400005. Mumbai -400051. Pan/Gir No. : Aaaai0083Q Appellant .. Respondent Appellant By : Mr.Ujjawal Kumar.Dr Respondent By : Mr. Mandar Vaidya .Ar Date Of Hearing 23.08.2022 Date Of Pronouncement 29.08.2022 आदेश / O R D E R Per Pavan Kumar Gadale Jm: The Revenue Has Filed The Appeal Against The Order Of The Cit(A)-National Faceless Appeal Centre (Nfac), Delhi Passed U/S 143(3) & 250 Of The Act. The Revenue Has Raised The Following Grounds Of Appeal:

For Appellant: Mr.Ujjawal Kumar.DRFor Respondent: Mr. Mandar Vaidya .AR

Section 143(2)Section 143(3)Section 14ASection 80Section 80P(2)Section 80P(2)(a)Section 80P(2)(d)Section 80P(4)

…est income earned by the Cooperative Society from the investments made with the Cooperative Banks is eligible for claim of deduction u/s 80P(2)(d) 1. Pr.CIT VS. Totagars Co-operative Sale Society (2017) 392 ITR 74 (Karn) 2. State Bank of India vs. CIT (2016) 389 ITR 578 (Guj) IDBI Staff Cooperative Credit Society Ltd., Mumbai. 3. Lady Ratan Tower Cooperative Housing Society Ltd. vs. ITO in ITA No. 1152/Mum/2018 in decision dated 09.08.2018. 4. Shree Mahadeshwar Sahakari Patpedhi Maryadit vs. ITO in ITA No.374/Mum/2018 dated 06.03.2019. 5. Kaliandas Udyog Bhavan Premises Co-operative Society vs. ITO in ITA No. 65…

Dr Jagadale Mama Hospital Employees Co-Op Credit Society Ltd., Solapur vs. Principal Commissioner of Income-Tax - 4, Pune

Appeal is allowed in above terms

ITA 208/PUN/2022[2017-18]Status: DisposedITAT Pune29 Aug 2022AY 2017-18

Bench: Shri S.S. Godara & Dr. Dipak P. Ripoteनिर्धारण वषा / Assessment Year : 2017-18 Dr Jagadale Mama Hospital Vs. Pr.Cit-4, Pune Employees Coop Credit Society Ltd., Dhanaji Arjun Pawar Dr Jagadale Mama Hospital Employees Society, Shivaji Nagar Barshi Taluka Barshi, Solapur - 413401 Pan : Aaaad3228Q Appellant Respondent

Section 263Section 80PSection 80P(2)(a)

…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…

M/S. Jan Kalyan Nagri Sahakari Pat.Limited Sanstha, Parbhani vs. Income-Tax Officer, Ward - Parbhani, Parbhani

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

ITA 825/PUN/2019[2014-15]Status: DisposedITAT Pune26 Aug 2022AY 2014-15

Bench: Shri Inturi Rama Rao & Shri Partha Sarathi Chaudhuryआयकर अपील सं. / Ita No.825/Pun/2019 िनधा"रण वष" / Assessment Year: 2014-15 M/S. Jan Kalyan Nagri Vs. Ito, Ward- Parbhani, Sahakari Pat. Limited Sanstha, Parbhani. Sawarkar Chowk, Vidya Nagar, Parbhani-431401. Pan : Aaaaj2292G Appellant Respondent Assessee By Smt. Deepa Khare : Revenue By : Shri Hitendra B. Ninawe Date Of Hearing : 25.08.2022 Date Of Pronouncement : 26.08.2022 आदेश / Order Per Inturi Rama Rao, Am: This Is An Appeal Filed By The Assessee Directed Against The Order Of Ld. Pr. Commissioner Of Income Tax-1, Aurangabad (‘The Pcit’) Dated 28.03.2019 Passed U/S 263 Of The Income Tax Act, 1961 (‘The Act’) For The Assessment Year 2014-15. 2. The Appellant Raised The Following Grounds Of Appeal :- “1. Learned Cit Erred In Law & On Facts In Invoking Jurisdiction U/S 263 & Setting Aside The Assessment Order, Directing The Ao To Pass Fresh Order After Verification When The Ld Ao Had Applied His Mind After Sufficient Inquiries & Examined The Issue In The Original Assessment Proceedings In Respect Of Interest Income & Granted Deduction U/S 80P. 2. The Ld Cit Erred In Law & On Facts In Not Appreciating That The Decision Of Supreme Court In Case Of Totgars Cooperative Sales

For Respondent: Shri Hitendra B. Ninawe

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

…IN THE INCOME TAX APPELLATE TRIBUNAL PUNE BENCH “A”, PUNE BEFORE SHRI INTURI RAMA RAO, ACCOUNTANT MEMBER AND SHRI PARTHA SARATHI CHAUDHURY, JUDICIAL MEMBER आयकर अपील सं. / ITA No.825/PUN/2019 िनधा"रण वष" / Assessment Year: 2014-15 M/s. Jan Kalyan Nagri Vs. ITO, Ward- Parbhani, Sahakari Pat. Limited Sanstha, Parbhani. Sawarkar Chowk, Vidya Nagar, Parbhani-431401. PAN : AAAAJ2292G Appellant Respondent Assessee by Smt. Deepa Khare : Revenue by : Shri Hitendra B. Ninawe Date of hearing : 25.08.2022 Date of pronouncement : 26.08.2022 आदेश / ORDER PER INTURI RAMA RAO, AM: This is an appeal filed by the assessee direct…

Mangaidevi Sahakari Patpedhi Maryadit, Mumbai vs. ITO WD-22(2) (1), Mumbai

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

ITA 701/MUM/2022[2017-18]Status: DisposedITAT Mumbai26 Aug 2022AY 2017-18

Section 80PSection 80P(2)(d)

…Tax and Anr. Vs. Totagars Cooperative Sale Society (2017) 392 ITR 74 (Karn) and Hon’ble High Court of Gujarat in the Kaliandas Udyog Bhavan Premises Co-op Society Ltd. vs. ITO - A.Y. 2014- 15 10 ITA No.6547/MUM/2017 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…

Ocean Gold Co-Op Hsg. Soc.Ltd, Mumbai vs. DCIT -CPC, Bengaluru

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

ITA 1787/MUM/2022[2015-16]Status: DisposedITAT Mumbai25 Aug 2022AY 2015-16

Section 80PSection 80P(2)(d)

…ciety (2017) 392 ITR 74 (Karn) and Hon’ble High Court of Gujarat in the 4 Ocean Gold Cooperative Housing Society Ltd. Kaliandas Udyog Bhavan Premises Co-op Society Ltd. vs. ITO - A.Y. 2014- 15 10 ITA No.6547/MUM/2017 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…

Ocean Gold Co-Op Hsg. Soc.Ltd, Mumbai vs. DCIT -CPC, Bengaluru

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

ITA 1786/MUM/2022[2014-15]Status: DisposedITAT Mumbai25 Aug 2022AY 2014-15

Section 80PSection 80P(2)(d)

Shri Ganesh Krupa Co-Operative Housing Society Ltd, Mumbai vs. Asst Dir of Income Tax CPC Bengaluru/ the ITO WD 22 (1) (1), Mumbai

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

ITA 1543/MUM/2022[2020-2021]Status: DisposedITAT Mumbai25 Aug 2022AY 2020-2021

Section 80PSection 80P(2)(d)

The Ekta Co.Op. Credit Society Ltd., Mehsana vs. The Pr. CIT, Gandhinagar

In the result, the appeal of the assessee is allowed

ITA 562/AHD/2019[2014-15]Status: DisposedITAT Ahmedabad24 Aug 2022AY 2014-15

Bench: Us Is A Co-Operative Credit Society, Provide Credit Facility To Its Members By Giving Loan & Advances & Accepting Deposits From Members Of The Society. For The Assessment Year, 2014-15, The Assessee Field Its Return Of Income Was E-Filed On 26/11/2014 Declaring Total Income At Rs. Nil After Claiming Deduction Of Rs. 1,04,56,923/- U/S 80P Of The Act. The Return Was Processed U/S 143(1) & Then Scrutiny Assessment Was Completed By Making Addition On Account Of Interest Receipt Of Rs. 15,595/- & Addition Of Interest On Refund Received U/S 244A Of The Act Of Rs. 21,980/-. Thus Assessed The Total Income As Rs. 37,575/-.

For Appellant: Shri Sunil H. Talati, A.RFor Respondent: Shri James Kurian, CIT/D.R

Section 143(1)Section 244ASection 263Section 80PSection 80P(2)Section 80P(2)(a)Section 80P(2)(d)

…essing Officer and the jurisdictional Court has allowed the said claim related to interest income earned from Co-operative Bank, the PCIT cannot exercise Section 263 of the Act. The Id. A.R. aptly relied upon the decision of State Bank of India vs. CIT (2016) 72 Taxmann.com 64 dated 25.04.2016. On the basis of Hon'ble Karnataka High Court decision in the case of Totgars Co-operative Sales Society (supra), the PCIT cannot invoke provisions of section 263 of the Act. Thus, Section 263 does not sustain and appeal of the assessee is allowed." 4.1. Further the Co-ordinate Bench judgment in the case of People’s Co.Op.…

Model Mig Co.Operative Housing Society Ltd, Mumbai vs. Income Tax Officer- Ward -23(2) (3), Mumbai

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

ITA 1719/MUM/2022[2017-18]Status: DisposedITAT Mumbai24 Aug 2022AY 2017-18

Section 80PSection 80P(2)(d)

…e Tax and Anr. Vs. Totagars Cooperative Sale Society (2017) 392 ITR 74 (Karn) and Hon’ble High Court of Gujarat in the Kaliandas Udyog Bhavan Premises Co-op Society Ltd. vs. ITO - A.Y. 2014-15 10 ITA No.6547/MUM/2017 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…

Model Mig Co.Operative Housing Society Ltd, Mumbai vs. ACIT -23(2), Mumbai

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

ITA 1718/MUM/2022[2014-15]Status: DisposedITAT Mumbai24 Aug 2022AY 2014-15

Section 80PSection 80P(2)(d)

Mr. Deepak Vishnu Raut- General Manager Shri Murli Manohar Nagari Sahakari Patasanth Maryadit, Mahad vs. Principal Commissioner of Income Tax-PCIT-1, Thane

In the result, the appeal of the assessee is allowed

ITA 1260/MUM/2022[2017-18]Status: DisposedITAT Mumbai23 Aug 2022AY 2017-18

Bench: Us:-

Section 133(6)Section 142(1)Section 143(3)Section 263Section 80P

…eligibility of deduction u/s 80P(2)(d) of the Act, the issue is squarely covered in favour of the assessee by various decisions of tribunals and also by the decision of Hon’ble Gujarat High Court in the case of State Bank of India reported vs CIT reported in 389 ITR 578 (Guj). The relevant operative portion of the said judgement is reproduced below:- 14. Thus, in the light of the principles enunciated by the Supreme Court in Totgars Co-operative Sale Society (supra), in case of a society engaged in providing credit facilities to its members, income from investments made in banks does not fall within any of the…

Sampkhand Group Seva Sahakari Sangh Limited, Samphkand vs. Principal Commissioner of Income Tax, Hubli

ITA 366/BANG/2022[2017-18]Status: DisposedITAT Bangalore23 Aug 2022AY 2017-18

Bench: Shri Chandra Poojari & Smt. Beena Pillaiassessment Year : 2017-18 M/S. Sampkhand Group Seva Sahakari Sangh Ltd., The Principal No. 104, Sahakari Commissioner Of Sangh, Kumta Road, Income Tax, Janmane, Hubli. Vs. Samphkand – 581 315. Pan: Aanas3902K Appellant Respondent : Shri S.V. Ravishankar, Assessee By Advocate : Shri Sumer Singh Meena, Cit Revenue By Dr-1 Date Of Hearing : 11-08-2022 Date Of Pronouncement : 23-08-2022 Order Per Beena Pillaipresent Appeal By The Assessee Has Been Filed By Assessee Against The Order Dated 29/03/2022 U/S. 263 Passed By The Ld.Pr.Cit, Hubli Relating To Assessment Year 2017-18 On Following Grounds Of Appeal: “1. The Order Of The Learned Principal Commissioner Of Income-Tax Hubli, Passed Under Section 263 Of The Act In So Far As It Is Against The Appellant Is Opposed To Law, Weight Of Evidence, Natural Justice, Probabilities, Facts & Circumstances Of The Appellant'S Case.

For Respondent: Shri S.V. Ravishankar

Section 143(3)Section 263Section 801Section 80PSection 80P(2)(a)Section 8o

…addition required as per the binding judicial decisions discussed above. Considering these facts, the assessment order is erroneous and prejudicial to the interests of Revenue in terms of section 263. 19. The Hon'ble Gujarat High Court in State Bank of India (389 ITR 578) have upheld the order u/s 263 in a similar case. The Hon'ble High Court held that the ITAT was justified in upholding invocation of powers under section 263 by the Commissioner of Income Tax, and was also justified in holding that interest income on deposits placed with SBI was not exempt under section 80P. 20. This view is also supported by the…

Shri Sharad Gramin Bigar Sheti Sahakari Patasanstha Ltd., Pune vs. Principal Commissioner of Income-Tax -4, Pune

Appeal is allowed in above terms

ITA 313/PUN/2022[2017-18]Status: DisposedITAT Pune22 Aug 2022AY 2017-18

Bench: Shri S.S. Godara & Shri G.D. Padmahshaliनिर्धारण वषा / Assessment Year : 2017-18 Shri Sharad Gramin Bigar Sheti Vs. Pr.Cit-4, Pune Sahakari Pathasanstha Ltd., Sharad Sankul, Malegaon (Bk), Tal. Baramati, Dist. Pune – 413102 Pan : Aabas6680G Appellant Respondent

Section 263Section 80PSection 80P(2)(a)

M/S Dtps Employees Co-Op Credit Limited Dahanu, Palghar vs. Pr Commissioner of Income Ta -1, Thane

In the result, the appeal of the assessee is allowed

ITA 1519/MUM/2022[2017-18]Status: DisposedITAT Mumbai18 Aug 2022AY 2017-18

Bench: Us:-

Section 142(1)Section 143(3)Section 263Section 80PSection 80P(2)(a)Section 80P(2)(d)Section 80P(4)

…lity of deduction u/s 80P(2)(a)(i) of the Act, whereas the assessee’s case is concerned with eligibility of deduction u/s 80P(2)(d) of the Act. The ld. AO also submitted that the Hon’ble Gujarat High Court in the case of State Bank of India vs CIT reported in 389 ITR 578 (Guj) on the very same issue had held in favour of the assessee. Similarly the Pune Tribunal in the case of Rena Sahakari Sakhar Karkhana Ltd vs PCIT Aurangabad in ITA No. 1249/PUN/2018 dated 7.1.2022 had decided the identical issue in favour of the assessee. In that case, the PCIT Aurangabad vide order dated 27.3.2018 u/s 263 had set aside the o…

M/S. Shri Mahishasuramardini Urban Co-Operative Credit Society Limited, Haveri vs. Income Tax Officer, Wrd-1, Haveri

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

ITA 566/BANG/2022[2017-18]Status: DisposedITAT Bangalore16 Aug 2022AY 2017-18

Bench: Shri Chandra Poojari

For Appellant: Sri.Vishal S Rao, CAFor Respondent: Sri.Ganesh R.Ghale, Standing Counsel

Section 234ASection 234BSection 69ASection 80P(2)(a)

…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 8…