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 366,339 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

Gramin Seva Sahakari Samiti Maryadit, Dhamtari(C.G) vs. Income Tax Officer, Dhamtari, Dhamtari(C.G)

ITA 122/BIL/2017[2013-14]Status: DisposedITAT Raipur04 Aug 2022AY 2013-14

Bench: Shri Ravish Sood & Shri Arun Khodpia

…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…

Gramin Seva Sahakari Samiti Maryadit, Dhamtari(C.G) vs. Income Tax Officer, Dhamtari, Dhamtari(C.G)

ITA 121/BIL/2017[2013-14]Status: DisposedITAT Raipur04 Aug 2022AY 2013-14

Bench: Shri Ravish Sood & Shri Arun Khodpia

…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…

Gramin Seva Sahakari Samiti Maryadit, Dhamtari(C.G) vs. Income Tax Officer, Dhamtari, Dhamtari(C.G)

ITA 120/BIL/2017[2013-14]Status: DisposedITAT Raipur04 Aug 2022AY 2013-14

Bench: Shri Ravish Sood & Shri Arun Khodpia

…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…

Gramin Seva Sahakari Samiti Maryadit, Dhamtari(C.G) vs. Income Tax Officer, Dhamtari, Dhamtari(C.G)

ITA 119/BIL/2017[2013-14]Status: DisposedITAT Raipur04 Aug 2022AY 2013-14

Bench: Shri Ravish Sood & Shri Arun Khodpia

…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…

The Gramin Sewa Sahakari Samiti Maryadit, Raipur (Cg) vs. The Income Tax Officer, Ward-1(3), Raipur, Raipur (Cg)

ITA 104/BIL/2017[2013-14]Status: DisposedITAT Raipur04 Aug 2022AY 2013-14

Bench: Shri Ravish Sood & Shri Arun Khodpia

…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…

Saraswati Pagardar Sevakannchi Sahakari Pat. Maryadit, Pune vs. Pr. Commissioner of Income-Tax -5, Pune

Appeal is allowed in above terms

ITA 591/PUN/2019[2014-15]Status: DisposedITAT Pune29 Jul 2022AY 2014-15

Bench: Shri S.S. Godara & Dr. Dipak P. Ripoteनिर्धारण वषा / Assessment Year : 2014-15 Saraswati Pagardar Sevakannchi Vs. Pr.Cit-5, Pune Sahakari Patsanstha Maryadit Saraswati School, Shree Krushna Nagar, Akurdi, Pune-411035 Pan : Aaias8438H Appellant Respondent

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-section…

Umasa Chavan Nagari Sahakari Patsanstha, Solapur vs. Principal Commissioner of Income-Tax: 4, Pune

Appeal is allowed in above terms

ITA 232/PUN/2022[2017-18]Status: DisposedITAT Pune29 Jul 2022AY 2017-18

Bench: Shri S.S. Godara & Dr. Dipak P. Ripoteनिर्धारण वषा / Assessment Year : 2017-18 Umasa Chavan Nagari Sahakari Vs. Pr.Cit-4, Pune Patsanstha 267 46 Raviwar Peth, Solapur – 413005 Pan : Aaabu0049D Appellant Respondent

Section 263Section 80OSection 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 9 Umasa Chavan Nagari Sah Patsanstha. 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…

Swami Vivekanand State Co.Operative Credit Society Ltd., Solapur vs. Principal Commissioner of Income-Tax: 4, Pune

Appeal is allowed in above terms

ITA 230/PUN/2022[2017-18]Status: DisposedITAT Pune28 Jul 2022AY 2017-18

Bench: Shri S.S. Godara & Dr. Dipak P. Ripoteनिर्धारण वषा / Assessment Year : 2017-18 Swami Vivekanand Multi State Vs. Pr.Cit-4, Pune Co-Operative Credit Society Ltd. 658/659, Near Janta Bank, Main Road, Akkalkot, Dist. Solapur - 413216 Pan : Aaias3245A Appellant Respondent

Section 263Section 80PSection 80P(2)Section 80P(2)(a)Section 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-section…

M/S. Mumbai Kolsa Kamgar Sahakari Society, Mumbai vs. The ITO 17(2) (3), Mumbai

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

ITA 720/MUM/2022[2014-15]Status: DisposedITAT Mumbai28 Jul 2022AY 2014-15

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…

Mahatma Phule Gramin Bigar Sheti Sahakari Pat Sanstha Maryadit, Solapur vs. Principal Commissioner of Income-Tax, Pune

Appeal is allowed in above terms

ITA 187/PUN/2021[2015-16]Status: DisposedITAT Pune19 Jul 2022AY 2015-16

For Appellant: NoneFor Respondent: Shri Rajeev Kumar

Section 143(3)Section 263Section 56Section 80PSection 80P(2)(a)Section 80p

…We further find that the Hon'ble High Court of Karnataka in the case of Pr. Commissioner of Income Tax and Anr. Vs. Totagars Cooperative Sale Society (2017) 392 ITR 74 (Karn) and Hon’ble High Court of Gujarat in the case of State Bank Of India Vs. CIT (2016) 389 ITR 578 (Guj), had held, that the interest income earned by the assessee on its investments with a co-operative bank would be eligible for claim of deduction under Sec. 80P(2)(d) of the Act. Still further, we find that the CBDT Circular No. 14, dated 28.12.2006 also makes it clear beyond any scope of doubt that the purpose behind enactment of sub-section…

M/S. Anand Nagari Sahakari Patsanstha Maryadit, Nashik vs. Pr. Commissioner of Income-Tax -1, Nashik

Appeal is allowed in above terms

ITA 1245/PUN/2018[2014-15]Status: DisposedITAT Pune14 Jul 2022AY 2014-15

Bench: Shri S.S. Godara & Dr. Dipak P. Ripoteनिर्धारण वषा / Assessment Year : 2014-15 M/S. Anand Nagari Sahakari Vs. Pr.Cit-1, Patsanshta Maryadit Nashik Near Jain Bhavan, Artillery Centre Road, Nashik Road, Nashik – 422101 Pan : Aaala0059M Appellant Respondent

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

…particularly argued that such an interest income (as in the assessee‟s case) derived from parking of surplus funds with nationalized or public sector banks is not eligible for section 80P(2) deduction. It placed strong reliance on State Bank of India vs. CIT 389 ITR 578 (Guj), in support. We find the instant issue to be any more res integra as learned co-ordinate bench‟s order in ITA No.1700/PUN/2017 dated 27.12.2021 in Nashik Road Nagari Sahkari Patsanstha Limited vs. ITO has declined Revenue‟s identical arguments as follows: “9. We heard the rival submissions and perused the material on record. Admittedly, the…

Karishma Co-Op Housing Society Ltd, Pune vs. Pr. Commissioner of Income Tax 2, Pune

Appeals are allowed in above terms

ITA 2/PUN/2021[2017-18]Status: DisposedITAT Pune07 Jul 2022AY 2017-18

Bench: Shri S.S.Godara & Dr. Dipak P. Ripoteआयकरअपीलसं. / Ita Nos.1 & 2/Pun/2021 िनधा"रणवष" / Assessment Years: 2016-17 & 2017-18 Karishma Co-Op Housing Pr.Commissioner Of Income Society Ltd., Vs Tax-2, Pune. Near Sangam Press, Karve . Road, Kothrud, Pune – 411038. Pan: Aaaak 9772 C Appellant/ Assessee Respondent /Revenue Assessee By Shri Pramod Shingte – Ar Revenue By Shri Sunil Kumar – Cit(Dr) Date Of Hearing 24/06/2022 Date Of Pronouncement 07/07/2022 आदेश/ Order Per S.S.Godara, Jm: These Assessee’S Twin Appeals For The A.Y.2016-17 & 2017- 18 Arise Against The Pr.Cit-2, Pune’S Separate Orders, Passed In Case No.Pn/Pcit-2/263/2020-21/1084, Pn/Pcit-2/263/2020-21/1085, Both Dated 10.12.2020, Respectively, Involving Proceedings Under Section 263 Of The Income Tax Act [In Short “The Act”].

Section 143(3)Section 263Section 80B(2)(ii)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…

Karishma Co-Op Housing Society Ltd, Pune vs. Pr. Commissioner of Income Tax 2, Pune

Appeals are allowed in above terms

ITA 1/PUN/2021[2016-17]Status: DisposedITAT Pune07 Jul 2022AY 2016-17

Bench: Shri S.S.Godara & Dr. Dipak P. Ripoteआयकरअपीलसं. / Ita Nos.1 & 2/Pun/2021 िनधा"रणवष" / Assessment Years: 2016-17 & 2017-18 Karishma Co-Op Housing Pr.Commissioner Of Income Society Ltd., Vs Tax-2, Pune. Near Sangam Press, Karve . Road, Kothrud, Pune – 411038. Pan: Aaaak 9772 C Appellant/ Assessee Respondent /Revenue Assessee By Shri Pramod Shingte – Ar Revenue By Shri Sunil Kumar – Cit(Dr) Date Of Hearing 24/06/2022 Date Of Pronouncement 07/07/2022 आदेश/ Order Per S.S.Godara, Jm: These Assessee’S Twin Appeals For The A.Y.2016-17 & 2017- 18 Arise Against The Pr.Cit-2, Pune’S Separate Orders, Passed In Case No.Pn/Pcit-2/263/2020-21/1084, Pn/Pcit-2/263/2020-21/1085, Both Dated 10.12.2020, Respectively, Involving Proceedings Under Section 263 Of The Income Tax Act [In Short “The Act”].

Section 143(3)Section 263Section 80B(2)(ii)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…

Shree Ashapura Co.Op. Credit So.Ltd., Vijapur vs. Pr.CIT., Gandhinagar

In the result, the appeal of the assessee is allowed

ITA 856/AHD/2019[2014-15]Status: DisposedITAT Ahmedabad06 Jul 2022AY 2014-15

Bench: Shri P.M. Jagtap, Vice- & Smt.Suchitra R. Kambleassessment Year : 2014-15 Shree Ashapura Co-Op. Credit Principal Commissioner Of Society Limited, Vs Income-Tax, Opp. Gram Panchayat Office, Gandhinagar Pilvai, Taluka Vijapur, Dist. Mehsana-382850 Pan : Aaaaa 6598 C अपीलाथ"/ (Appellant) "" यथ"/ (Respondent) Assessee By : None Revenue By : Shri Vijay Kumar Jaiswal, Cit-Dr सुनवाई क" तार"ख/Date Of Hearing : 30/06/2022 घोषणा क" तार"ख /Date Of Pronouncement: 06/07/2022 आदेश/O R D E R

For Appellant: NoneFor Respondent: Shri Vijay Kumar Jaiswal, CIT-DR

Section 143(3)Section 244ASection 263Section 80PSection 80P(2)

…r alia submitted by the assessee that the decision of the Hon’ble Karnataka High Court in the case of Totgars Co-operative Sale Society (supra) was contrary to the view taken by the Hon’ble Gujarat High Court in the case of State Bank of India Vs. CIT, [2016] 72 Taxmann.com 64. It was also brought to the notice of the learned PCIT by the assessee that Ahmedabad Bench of the ITAT while deciding a similar issue involved in various cases had followed the decision of Hon’ble Gujarat High Court in the case of State Bank of India (supra) and not the decision of the Hon’ble Karnataka High Court in the case of Totgars Co…

Vikas Co. Op Credit Soc. Ltd, Mehsana vs. ITO, Ward-3, Mehsana

In the result, the appeal of the assessee is allowed

ITA 537/AHD/2019[2015-16]Status: DisposedITAT Ahmedabad24 Jun 2022AY 2015-16

For Appellant: Shri Samir Vora, A.RFor Respondent: Shri Purshottam Kumar, Sr. D.R

Section 250Section 263Section 80PSection 80P(2)(d)

…le to claim deduction on interest earned from Co-Operative Banks u/s 80P(2)(d) of the Act. In our considered view, Ld. CIT(A) has erred in law in holding that the observations of the Hon’ble Gujarat High Court in the case of State Bank of India Vs. CIT (2016) 389 ITR 578 (Guj), to the effect that the interest income earned by a co-operative society on its investments held with a co-operative bank would be eligible for claim I.T.A No. 537/Ahd/2019 A.Y. 2015-16 Page No. 6 Vikas Co.op Credit Soc. Ltd. vs. ITO of deduction under Sec.80P(2)(d) of the Act haveno binding effect on the jurisdictional Revenue Authoritie…

The Sardar Patel Co Opertaive Credit Society Limited, Mehsana vs. The Pr. CIT, Gandhinagar

In the result, the appeal of the assessee is allowed

ITA 575/AHD/2019[2014-15]Status: DisposedITAT Ahmedabad17 Jun 2022AY 2014-15

Bench: Shri P.M. Jagtap, Vice- & Ms. Madhumita Royassessment Year : 2014-15 The Sardar Patel Co-Operative Credit Principal Commissioner Of Society Limited, Vs Income-Tax, Near Hdfc Bank Ltd., T.B. Road, Gandhinagar Vijapur, Dist. Mehsana Pan : Aaaat 4741 N अपीलाथ"/ (Appellant) "" यथ"/ (Respondent) Assessee By : Shri H.V. Doshi, Ca Revenue By : Shri James Kurian, Cit-Dr सुनवाई क" तार"ख/Date Of Hearing : 07/06/2022 घोषणा क" तार"ख /Date Of Pronouncement: 17/06/2022 आदेश/O R D E R Per P.M. Jagtap, Vice-: This Appeal Filed By The Assessee Is Directed Against The Order Of The Learned Principal Commissioner Of Income-Tax, Gandhinagar (“Pcit” In Short) Dated 11.03.2019 Passed Under Section 263 Of The Income-Tax Act, 1961 (“The Act” In Short).

For Appellant: Shri H.V. Doshi, CAFor Respondent: Shri James Kurian, CIT-DR

Section 143(3)Section 244ASection 263Section 80PSection 80P(2)

…r alia submitted by the assessee that the decision of the Hon’ble Karnataka High Court in the case of Totgars Co-operative Sale Society (supra) was contrary to the view taken by the Hon’ble Gujarat High Court in the case of State Bank of India Vs. CIT, [2016] 72 Taxmann.com 64. It was also brought to the notice of the learned PCIT by the assessee that Ahmedabad Bench of the ITAT while deciding a similar issue involved in various cases had followed the decision of Hon’ble Gujarat High Court in the case of State Bank of India (supra) and not the decision of the Hon’ble Karnataka High Court in the case of Totgars Co…

The Deesa Mercantile Co.Operative Society Ltd., Deesa vs. The ACIT., B.K.Circle, Palanpur

In the result, the appeal of the assessee stands allowed

ITA 2100/AHD/2014[2011-12]Status: DisposedITAT Ahmedabad17 Jun 2022AY 2011-12

For Appellant: Shri Mehul K. Patel, AdvocateFor Respondent: Shri Abhimanyu Singh Yadav, Sr. DR

Section 80P(2)Section 80P(2)(d)

…bsequently, the assessee filed a Miscellaneous Application being MA No.09/Ahd/2022 pointing out that the said decision was rendered without taking into consideration the decision of Hon’ble Gujarat High Court in the case of State Bank of India Vs. CIT, [2016] 72 Taxmann.com 64, which was relied upon by the assessee and even the copy of the said judgment was placed on record. It was contended on behalf of the assessee that there was thus a mistake apparent from the record in the order of the Tribunal dated 14.12.2021 on this issue and accepting the same, the Tribunal allowed the Miscellaneous Application of the as…

El Cid Co .Op.Hsg. Soc. Ltd., Mumbai vs. ITO, WD 19(1)(3), Mumbai

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

ITA 2266/MUM/2021[2016-17]Status: DisposedITAT Mumbai14 Jun 2022AY 2016-17

Bench: Shri M. Balaganesh () & Shri Pavan Kumar Gadale () Assessment Year: 2016-17

For Appellant: Mr. Pravin Chedda, ARFor Respondent: Ms. Samruddhi Hande, DR

Section 143(2)Section 143(3)Section 234BSection 234CSection 5(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 15 EL CID CO OP Housing Society Ltd. makes it clear beyond any scope of doubt that the p…

M/S.Nlc Indcoserve, Cuddalore vs. Income Tax Officer, Ward-2, Cuddalore

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

ITA 900/CHNY/2020[2016-17]Status: DisposedITAT Chennai08 Jun 2022AY 2016-17

Bench: Shri Mahavir Singhand Shri Girish Agrawal

For Appellant: NoneFor Respondent: Shri. AR V Sreenivasan, Addl. CIT

Section 143(3)Section 72Section 80PSection 80P(2)Section 80P(2)(a)Section 80P(2)(d)Section 80P(2)(vi)

…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…

Mahalaxmi Nagari Sahakari Pat Sanstha Maryadit, Jalna vs. Income-Tax Officer, Ward -2, Jalna

Appeal is partly allowed in above terms

ITA 220/PUN/2022[2011-12]Status: DisposedITAT Pune31 May 2022AY 2011-12

Bench: Shri S.S.Godara

Section 250Section 80P(2)(a)Section 80P(2)(c)Section 80P(2)(d)

…IN THE INCOME TAX APPELLATE TRIBUNAL PUNE BENCH “SMC”, PUNE BEFORE SHRI S.S.GODARA, JUDICIAL MEMBER आयकर अपील सं. / ITA No.220/PUN/2022 "नधा"रण वष" / Assessment Year : 2011-12 Mahalaxmi Nagari Sahakari Pat ITO, Ward-2, Sanstha Maryadit, Jalna Vs. Mastagad, Old Jalna – 431203 Maharashtra PAN : AAAJM0836G (Appellant) (Respondent) Appellant by Ms. Mayuri Kulkarni Respondent by Shri Arvind Desai Date of hearing 27-05-2022 Date of pronouncement 31-05-2022 आदेश / ORDER PER S.S. GODARA, JM : This assessee’s appeal for AY 2011-12 arises against the National Faceless Appeal Centre, Delhi’s order dated 30-03-2022 pas…