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 366,314 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

Sree Narayana Guru Cooperative Thrift and Credit Society Limited, Delhi vs. Commissioner of Income Tax (Appeals), Civic Centre

Appeal is allowed in above terms

ITA 4783/DEL/2025[2018-19]Status: DisposedITAT Delhi22 Sept 2025AY 2018-19

Bench: Sh. Satbeer Singh Godaraita No. 4783/Del/2025 : Asstt. Year : 2018-19 Sree Narayana Guru Cooperative Vs Cit(A)/Nfac Thrift & Credit Society Ltd., Income Tax Officer, Sree Narayana Kendra, Rb2, Ward-43(6), Pocket-3, Sector-7, D, Dwarka, New Delhi-110002 Sector-6, New Delhi-110075 (Appellant) (Respondent) Pan No. Aacas8347K Assessee By: None Revenue By : Sh. Manoj Kumar, Sr. Dr Date Of Hearing: 22.09.2025 Date Of Pronouncement: 22.09.2025 Order This Assessee’S Appeal For Assessment Year 2018-19, Arises Against The Cit(A)/Nfac, Delhi’S Din & Order No. Itba/Nfac/S/250/2025-26/1078029340(1) Dated 30.06.2025, In Proceedings U/S 143(3) Of The Income Tax Act, 1961 (In Short “The Act”).

For Appellant: NoneFor Respondent: Sh. Manoj Kumar, Sr. DR
Section 143(3)Section 80Section 80PSection 80P(2)Section 80P(2)(a)

…Court in the case of CIT v. Punjab State Cooperative Federation of Housing Building Societies Ltd. [2011] 11 taxmann.com 448 (Punjab & Haryana) , the Hon'ble Gujarat High Court in the case of State Bank of India v. CIT [2016] 72 taxmann.com 64/241 Taxman 163/389 ITR 578 (Gujarat), the Hon'ble Delhi High Court in the case of Mantola Cooperative Thrift & Credit Society Ltd. v. CIT [2014] 50 taxmann.com 278/229 Taxman 68 (Delhi), the Hon'ble Punjab & Haryana High Court in the case of CIT v. Punjab State Cooperative Agricultural Development Bank Ltd. [2017] 77 taxmann.com 308/245 Taxman 125/389 ITR 68 (Bombay) and t…

Yedamangala Vyavasaya Seva Sahakari Bank Niyamitha, Yedamangala, Sullia vs. Income Tax Officer Ward 1 Puttur, Puttur, Dakshina Kannada

ITA 580/BANG/2025[2018-19]Status: DisposedITAT Bangalore16 Sept 2025AY 2018-19

Bench: Shri Waseem Ahmed & Shri Keshav Dubey

For Appellant: Shri Prasanna Shenoy, CAFor Respondent: Shri Ganesh R Ghale, Advocate – Standing
Section 56Section 57Section 80P(2)(a)Section 80P(2)(d)

…ct cooperative bank. Relying on the judgment of Hon’ble Supreme Court and Karnataka High Court the in the case of Totgars Co-op Sales Society Ltd reported in 322 ITR 283 and the judgment of Hon’ble Gujarat High Court in the case of State Bank of India vs. CIT 389 ITR 578, the AO held that interest income earned from the investment of idle fund cannot be treated as income from business of providing credit facilities to the member, therefore the assessee is not entitled to deduction under section 80P(2)(a)(i) of the Act for interest and dividends income of ₹ 28,54,019/- only. 5.2 The AO further held that interest…

West Central Railway Employees Cooperative Credit Society Ltd., Kota vs. ITO, Ward-2(1), Kota

In the results, the appeal of the assessee in ITA no

ITA 1009/JPR/2025[2022-23]Status: DisposedITAT Jaipur10 Sept 2025AY 2022-23
For Appellant: Sh. P. C. Parwal, CAFor Respondent: Sh. Gautam Singh Choudhary, JCIT
Section 143(3)Section 270ASection 80P

…on 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 Co-operative 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…

West Central Railway Employees Cooperative Credit Society Ltd., Kota vs. ITO, Ward-2(1), Kota

In the results, the appeal of the assessee in ITA no

ITA 1008/JPR/2025[2020-21]Status: DisposedITAT Jaipur10 Sept 2025AY 2020-21
Section 143(3)Section 270ASection 80P

…on 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 Co-operative 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…

West Central Railway Employees Cooperative Credit Society Ltd., Kota vs. ITO, Ward-2(1), Kota

In the results, the appeal of the assessee in ITA no

ITA 1007/JPR/2025[2017-18]Status: DisposedITAT Jaipur10 Sept 2025AY 2017-18

Bench: SHRI RATHOD KAMLESH JAYANTBHAI (Accountant Member), SHRI NARINDER KUMAR (Judicial Member)

For Appellant: Sh. P. C. Parwal, CAFor Respondent: Sh. Gautam Singh Choudhary, JCIT
Section 143(3)Section 270ASection 80P

…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 Co-operative 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…

Mahatma Gandhi Nagri Sahakari Pat Sanstha Mydt Udgir, Latur vs. Income Tax Officer- Ward 1 -Latur, Latur

In the result, the appeal of the assessee is allowed

ITA 671/PUN/2025[2020-21]Status: DisposedITAT Pune09 Sept 2025AY 2020-21

Bench: Shri R.K. Panda & Ms. Astha Chandraआयकर अपील सं. / Ita Nos.670 & 671/Pun/2025 निर्धारण वर्ष / Assessment Years : 2018-19 & 2020-21 Mahatma Gandhi Nagri Sahakari Pat Sanstha Mydt Udgir, Bidar Road, Near Mahatma Gandhi Udyan, Udgir, Latur-413517 Pan: Aabam7649H अपीलार्थी / Appellant Assessee By : Department By : Date Of Hearing : Date Of Pronouncement : Ito, Ward-1, Latur Vs. प्रत्यर्थी / Respondent Miss Sailee Gujarathi (Virtual) Shri Ramnath P. Murkunde 02-07-2025 09-09-2025 आदेश / Order Per Astha Chandra, Jm : The Above Two Appeals Filed By The Assessee Are Directed Against The Two Separate Orders Both Dated 10.01.2025 Of The Ld. Commissioner Of Income Tax (Appeals), Nfac, Delhi [“Cit(A)/Nfac"] Pertaining To

For Appellant: Department byFor Respondent: Date of hearing
Section 142(1)Section 143(3)Section 80P(2)(a)Section 80P(2)(d)

…issues in favour of the revenue department, the Court followed the decision of the Hon'ble Supreme Court in the case of same assessee which was later on followed by this Court in the case of State Bank of India Vs. CIT, reported in MANU/GJ/1053/2016 : (2016) 389 ITR 578 (Guj), relevant paras are reproduced as under: "16. In case where the co-operative society is a bank, one of its objects would be to carry on the general business of banking. Like other banks, money would be ifs stock-in-trade or circulating capital and its normal business is to deal in money and credit. The business of such a bank does not consi…

Mahatma Gandhi Nagri Sahakari Pat Sanstha Mydt Udgir, Latur vs. Income Tax Officer- Ward 1 -Latur, Latur

ITA 670/PUN/2025[2018-19]Status: DisposedITAT Pune09 Sept 2025AY 2018-19

Bench: Shri R.K. Panda & Ms. Astha Chandra

For Appellant: Miss Sailee Gujarathi (Virtual)For Respondent: Shri Ramnath P. Murkunde
Section 142(1)Section 143(3)Section 80P(2)(a)Section 80P(2)(d)

…issues in favour of the revenue department, the Court followed the decision of the Hon'ble Supreme Court in the case of same assessee which was later on followed by this Court in the case of State Bank of India Vs. ClT, reported in MANU/GJ/1053/2016 : (2016) 389 ITR 578 (Guj), relevant paras are reproduced as under: "16. In case where the co-operative society is a bank, one of its objects would be to carry on the general business of banking. Like other banks, money would be ifs stock-in-trade or circulating capital and its normal business is to deal in money and credit. The business of such a bank does not consi…

The Puna Kumbharia Group Co-Op Fruits and Vege Grow Society Limited, Surat vs. ACIT Circle 3(2), Surat

In the result, the appeal of the assessee is allowed

ITA 355/SRT/2025[2018-19]Status: DisposedITAT Surat29 Aug 2025AY 2018-19

Bench: Ms Suchitra Raghunath Kamble & Shri Bijayananda Prusethआयकर अपील सं./Ita Nos.354 To 355/Srt/2025 Ays: (2017-18 & 2018-19) (Hybrid Hearing) The Puna Kumbharia Groud Co-Op. Vs. Acit, Fruits & Vege Grow Society Circle – 3(2), Limited, Surat Kela Yard Dumbhai, Puna Kumbhariya Road, Surat - 395003 "थायीलेखासं./जीआइआरसं./Pan/Gir No: Aaaap1147N (Appellant) (Respondent) Appellant By Shri Sapnesh Sheth, Advocate Respondent By Ms Namita Patel, Sr. Dr Date Of Hearing 27/08/2025 Date Of Pronouncement 29/08/2025

Section 250Section 253(3)Section 80P(2)(d)

…IN THE INCOME-TAX APPELLATE TRIBUNAL, SURAT BENCH, SURAT BEFORE MS SUCHITRA RAGHUNATH KAMBLE, JUDICIAL MEMBER AND SHRI BIJAYANANDA PRUSETH, ACCOUNTANT MEMBER आयकर अपील सं./ITA Nos.354 to 355/SRT/2025 AYs: (2017-18 & 2018-19) (Hybrid Hearing) The Puna Kumbharia Groud Co-op. Vs. ACIT, Fruits and Vege Grow Society Circle – 3(2), Limited, Surat Kela Yard Dumbhai, Puna Kumbhariya Road, Surat - 395003 "थायीलेखासं./जीआइआरसं./PAN/GIR No: AAAAP1147N (Appellant) (Respondent) Appellant by Shri Sapnesh Sheth, Advocate Respondent by Ms Namita Patel, Sr. DR Date of Hearing 27/08/2025 Date of Pronouncement 29/08/2025 आदेश / O…

The Puna Kumbharia Group Co-Op Fruits and Vege Grow Society Limited, Surat vs. ACIT Circle 3(2), Surat

In the result, the appeal of the assessee is allowed

ITA 354/SRT/2025[2017-18]Status: DisposedITAT Surat29 Aug 2025AY 2017-18

Bench: Ms Suchitra Raghunath Kamble & Shri Bijayananda Prusethआयकर अपील सं./Ita Nos.354 To 355/Srt/2025 Ays: (2017-18 & 2018-19) (Hybrid Hearing) The Puna Kumbharia Groud Co-Op. Vs. Acit, Fruits & Vege Grow Society Circle – 3(2), Limited, Surat Kela Yard Dumbhai, Puna Kumbhariya Road, Surat - 395003 "थायीलेखासं./जीआइआरसं./Pan/Gir No: Aaaap1147N (Appellant) (Respondent) Appellant By Shri Sapnesh Sheth, Advocate Respondent By Ms Namita Patel, Sr. Dr Date Of Hearing 27/08/2025 Date Of Pronouncement 29/08/2025

Section 250Section 253(3)Section 80P(2)(d)

…IN THE INCOME-TAX APPELLATE TRIBUNAL, SURAT BENCH, SURAT BEFORE MS SUCHITRA RAGHUNATH KAMBLE, JUDICIAL MEMBER AND SHRI BIJAYANANDA PRUSETH, ACCOUNTANT MEMBER आयकर अपील सं./ITA Nos.354 to 355/SRT/2025 AYs: (2017-18 & 2018-19) (Hybrid Hearing) The Puna Kumbharia Groud Co-op. Vs. ACIT, Fruits and Vege Grow Society Circle – 3(2), Limited, Surat Kela Yard Dumbhai, Puna Kumbhariya Road, Surat - 395003 "थायीलेखासं./जीआइआरसं./PAN/GIR No: AAAAP1147N (Appellant) (Respondent) Appellant by Shri Sapnesh Sheth, Advocate Respondent by Ms Namita Patel, Sr. DR Date of Hearing 27/08/2025 Date of Pronouncement 29/08/2025 आदेश / O…

Deputy Commissioner of Income-Tax, Circle-2(1)(1), Surat vs. Bardoli Vibhag Gram Vikas Co Op Credit Society Ltd, Surat

In the result, the appeal of the revenue is dismissed

ITA 317/SRT/2025[2022-23]Status: DisposedITAT Surat22 Aug 2025AY 2022-23

Bench: Ms Suchitra Raghunath Kamble & Shri Bijayananda Pruseth

Section 194A(3)(v)Section 250Section 80PSection 80P(1)Section 80P(2)Section 80P(2)(d)Section 80P(4)

…80P of the Act and after relying on the decisions in cases of Totagars’ Co-operative Sale Society Ltd. vs. ITO, Karnataka (2010) 188 Taxman 288 (SC), Totagars’ Co-operative Sale Society Ltd. vs. PCIT, (2017) 83 taxmann.com 143 (Karnataka), SBI vs. CIT, (2016) 389 ITR 578 (Guj.), Tumkur Merchants Souhardha Credit Co-operative Ltd. vs. ITO, 55 taxmann.com 447 (Kar.), Milk Producers Union Ltd. vs. CIT, TA No.473 of 2014, dated 16.06.2014 (Guj.) and some other decisions, held that interest and dividend income earned by the assessee from its investment in co-operative bank totalling to Rs.12,89,27,780/-, which was cla…

Deputy Commissioner of Income-Tax, Circle-2(1 )(1), Surat vs. Bardoli Vibhag Gram Vikas Co Op Credit Society Ltd, Surat

In the result, the appeal of the revenue is dismissed

ITA 316/SRT/2025[2020-21]Status: DisposedITAT Surat22 Aug 2025AY 2020-21

Bench: Ms Suchitra Raghunath Kamble & Shri Bijayananda Pruseth

Section 194A(3)(v)Section 250Section 80PSection 80P(1)Section 80P(2)Section 80P(2)(d)Section 80P(4)

…80P of the Act and after relying on the decisions in cases of Totagars’ Co-operative Sale Society Ltd. vs. ITO, Karnataka (2010) 188 Taxman 288 (SC), Totagars’ Co-operative Sale Society Ltd. vs. PCIT, (2017) 83 taxmann.com 143 (Karnataka), SBI vs. CIT, (2016) 389 ITR 578 (Guj.), Tumkur Merchants Souhardha Credit Co-operative Ltd. vs. ITO, 55 taxmann.com 447 (Kar.), Milk Producers Union Ltd. vs. CIT, TA No.473 of 2014, dated 16.06.2014 (Guj.) and some other decisions, held that interest and dividend income earned by the assessee from its investment in co-operative bank totalling to Rs.12,89,27,780/-, which was cla…

DCIT, Circle-2(1)(1), Surat vs. Bardoli Vibhag Gram Vikas Co Op Credit Society Ltd, Surat

In the result, the appeal of the revenue is dismissed

ITA 315/SRT/2025[2018-19]Status: DisposedITAT Surat22 Aug 2025AY 2018-19

Bench: Ms Suchitra Raghunath Kamble & Shri Bijayananda Pruseth

Section 194A(3)(v)Section 250Section 80PSection 80P(1)Section 80P(2)Section 80P(2)(d)Section 80P(4)

…80P of the Act and after relying on the decisions in cases of Totagars’ Co-operative Sale Society Ltd. vs. ITO, Karnataka (2010) 188 Taxman 288 (SC), Totagars’ Co-operative Sale Society Ltd. vs. PCIT, (2017) 83 taxmann.com 143 (Karnataka), SBI vs. CIT, (2016) 389 ITR 578 (Guj.), Tumkur Merchants Souhardha Credit Co-operative Ltd. vs. ITO, 55 taxmann.com 447 (Kar.), Milk Producers Union Ltd. vs. CIT, TA No.473 of 2014, dated 16.06.2014 (Guj.) and some other decisions, held that interest and dividend income earned by the assessee from its investment in co-operative bank totalling to Rs.12,89,27,780/-, which was cla…

DCIT, Circle-2(1)(1), Surat vs. Bardoli Vibhag Gram Vikas Co Op Credit Society Ltd, Surat

In the result, the appeal of the revenue is dismissed

ITA 314/SRT/2025[2017-18]Status: DisposedITAT Surat22 Aug 2025AY 2017-18

Bench: Ms Suchitra Raghunath Kamble & Shri Bijayananda Pruseth

Section 194A(3)(v)Section 250Section 80PSection 80P(1)Section 80P(2)Section 80P(2)(d)Section 80P(4)

…80P of the Act and after relying on the decisions in cases of Totagars’ Co-operative Sale Society Ltd. vs. ITO, Karnataka (2010) 188 Taxman 288 (SC), Totagars’ Co-operative Sale Society Ltd. vs. PCIT, (2017) 83 taxmann.com 143 (Karnataka), SBI vs. CIT, (2016) 389 ITR 578 (Guj.), Tumkur Merchants Souhardha Credit Co-operative Ltd. vs. ITO, 55 taxmann.com 447 (Kar.), Milk Producers Union Ltd. vs. CIT, TA No.473 of 2014, dated 16.06.2014 (Guj.) and some other decisions, held that interest and dividend income earned by the assessee from its investment in co-operative bank totalling to Rs.12,89,27,780/-, which was cla…

Co-Operative Electric Supply Society Ltd., Karimnagar vs. DCIT., Circle-1, Karimnagar

ITA 478/HYD/2025[2020-21]Status: DisposedITAT Hyderabad20 Aug 2025AY 2020-21

Bench: Us:

Section 143(1)Section 143(3)Section 147Section 148Section 36(1)(va)

…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…

Co-Operative Electric Supply Society Ltd., Siricilla vs. DCIT., Circle-1, Karimnagar

ITA 411/HYD/2025[2015-16]Status: DisposedITAT Hyderabad20 Aug 2025AY 2015-16

Bench: Us:

Section 143(1)Section 143(3)Section 147Section 148Section 36(1)(va)

…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 Pursottam Farmers Co.Op. Cotton Ginning & Pressing Society Ltd., Surat vs. The Assistant Commissioner of Income Tax, Ciracle-2(2), Surat

In the result, the appeal of the assessee is allowed, whereas the appeal of the revenue is dismissed

ITA 523/SRT/2024[2017-18]Status: DisposedITAT Surat19 Aug 2025AY 2017-18

Bench: Shri Dinesh Mohan Sinha & Shri Bijayananda Prusethआयकर अपील सं./Ita Nos.499/Srt/2024 Assessment Year: (2017-18) (Hybrid Hearing) Dcit, Vs. The Pursottam Farmers Co-Op. Circle – 2(1)(1), Cotton Grnning & Pressing Soc. Surat Ltd., Jahangirpura Gin., Jahangirpura, Rander – 395009, "थायीलेखासं./जीआइआरसं./Pan/Gir No: Aaaat3000A (Appellant) (Respondent) आयकर अपील सं./Ita Nos.523/Srt/2024 Assessment Year: (2017-18) The Pursottam Farmers Co-Op. Vs. Dcit, Cotton Grnning & Pressing Soc. Ltd., Circle – 2(1)(1), Jahangirpura Gin., Jahangirpura, Surat Rander – 395009, "थायीलेखासं./जीआइआरसं./Pan/Gir No: Aaaat3000A (Appellant) (Respondent) Appellant By Shri Ajay Uke, Sr. Dr Respondent By Shri Akshay M. Modi, Ca Date Of Hearing 23/07/2025 Date Of Pronouncement 19/08/2025

Section 143(3)Section 194A(3)(v)Section 250Section 80PSection 80P(1)Section 80P(2)(d)Section 80P(4)

…0P of the Act and after relying on the decision in case of Totagars’ Co-operative Sale Society Ltd. vs. ITO, Karnataka (2010) 188 Taxman 288 (SC) and Totagars’ Co-operative Sale Society Ltd. vs. PCIT, (2017) 83 taxmann.com 143 (Karnataka), SBI vs. CIT, (2016) 389 ITR 578 (Guj.), Tumkur Merchants Souhardha Credit Co-operative Ltd. vs. ITO, 55 taxmann.com 447 (Kar.), Milk Producers Union Ltd. vs. CIT, TA No.473 of 2014, dated 16.06.2014 (Guj.) and some other decisions held that interests and dividend income earned by the assessee from its investment in Surat District Co-operative Bank Ltd. totalling to Rs.2,27,05,9…

Dy. Commissoner of Income-Tax, Circle-2(1)(1), Surat vs. The Pursottam Farmers Co Op Cotton Grnning and Pressing Society Ltd, Surat

In the result, the appeal of the assessee is allowed, whereas the appeal of the revenue is dismissed

ITA 499/SRT/2024[2017-18]Status: DisposedITAT Surat19 Aug 2025AY 2017-18

Bench: Shri Dinesh Mohan Sinha & Shri Bijayananda Prusethआयकर अपील सं./Ita Nos.499/Srt/2024 Assessment Year: (2017-18) (Hybrid Hearing) Dcit, Vs. The Pursottam Farmers Co-Op. Circle – 2(1)(1), Cotton Grnning & Pressing Soc. Surat Ltd., Jahangirpura Gin., Jahangirpura, Rander – 395009, "थायीलेखासं./जीआइआरसं./Pan/Gir No: Aaaat3000A (Appellant) (Respondent) आयकर अपील सं./Ita Nos.523/Srt/2024 Assessment Year: (2017-18) The Pursottam Farmers Co-Op. Vs. Dcit, Cotton Grnning & Pressing Soc. Ltd., Circle – 2(1)(1), Jahangirpura Gin., Jahangirpura, Surat Rander – 395009, "थायीलेखासं./जीआइआरसं./Pan/Gir No: Aaaat3000A (Appellant) (Respondent) Appellant By Shri Ajay Uke, Sr. Dr Respondent By Shri Akshay M. Modi, Ca Date Of Hearing 23/07/2025 Date Of Pronouncement 19/08/2025

Section 143(3)Section 194A(3)(v)Section 250Section 80PSection 80P(1)Section 80P(2)(d)Section 80P(4)

…0P of the Act and after relying on the decision in case of Totagars’ Co-operative Sale Society Ltd. vs. ITO, Karnataka (2010) 188 Taxman 288 (SC) and Totagars’ Co-operative Sale Society Ltd. vs. PCIT, (2017) 83 taxmann.com 143 (Karnataka), SBI vs. CIT, (2016) 389 ITR 578 (Guj.), Tumkur Merchants Souhardha Credit Co-operative Ltd. vs. ITO, 55 taxmann.com 447 (Kar.), Milk Producers Union Ltd. vs. CIT, TA No.473 of 2014, dated 16.06.2014 (Guj.) and some other decisions held that interests and dividend income earned by the assessee from its investment in Surat District Co-operative Bank Ltd. totalling to Rs.2,27,05,9…

Bibhisanpur Samabay Krishi Unnayan Samity Ltd., Kolkata vs. I.T.O., Ward - 27(4), Haldia/ Wbg-W-176(3), Haldia

ITA 1021/KOL/2024[2020-2021]Status: DisposedITAT Kolkata04 Aug 2025AY 2020-2021

Bench: Shri Sonjoy Sarma & Shri Rakesh Mishra

Section 143(3)Section 250Section 56Section 80PSection 80P(2)(a)

…ent corporation staff co-operative credit Soc. Ltd. vs. DCIT, ITA No. 1564/Kol/2011] Page 4 of 30 I.T.A. No.: 1021/KOL/2024 Assessment Year: 2020-21 Bibhisanpur Samabay Krishi Unnayan Samity Ltd. 4.2.3 The Hon’ble High Court, Gujrat, has held in the case of ‘389 ITR 578 (GUJ), SBI Employees Co-credit & Supply Society vs. CIT’ that “In this case, the assessee derived interest by depositing surplus funds with the State Bank of India, but also claimed deduction u/s 80P. It was held that there was no obligation upon assessee to invest its surplus funds with State Bank of India. Investing surplus funds in a bank were…

Aa520 Veerampalayam Pacs Ltd., Erode vs. ITO, Ward-2(1), Erode

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

ITA 593/CHNY/2025[2020-21]Status: DisposedITAT Chennai24 Jul 2025AY 2020-21

Bench: Shri George George K & Shri S.R. Raghunathaआयकर अपील सं./Ita No.:593/Chny/2025 िनधा"रण वष" / Assessment Year: 2020-21 Aa520 Veerappampalayam Ito, Primary Agricultural Co-Operative Vs. Ward -2 (1), Society Ltd., Erode. 1, Aa520, Veerappampalayam, Veerappampalayam Bo, Attavanai Hanumanpalli, Erode – 638 101. [Pan:Aadaa-8893-M] (अपीलाथ"/Appellant) (""थ"/Respondent) अपीलाथ" की ओर से/Appellant By : Ms. G. Vardini Karthik, Advocate ""थ" की ओर से/Respondent By : Shri. Kumar Chandan, Jcit (Virtual)

For Appellant: Ms. G. Vardini Karthik, AdvocateFor Respondent: Shri. Kumar Chandan, JCIT (Virtual)
Section 119(2)(b)Section 139(1)Section 139(4)Section 2(6)Section 80PSection 80P(2)(a)Section 80P(2)(d)

…आयकर अपीलीय अिधकरण, ‘ए’ "ायपीठ, चे"ई IN THE INCOME TAX APPELLATE TRIBUNAL ‘A’ BENCH, CHENNAI "ी जॉज" जॉज" के, उपा"" एवं "ी एस.आर.रघुनाथा, लेखा सद" के सम" BEFORE SHRI GEORGE GEORGE K, VICE PRESIDENT AND SHRI S.R. RAGHUNATHA, ACCOUNTANT MEMBER आयकर अपील सं./ITA No.:593/Chny/2025 िनधा"रण वष" / Assessment Year: 2020-21 AA520 Veerappampalayam ITO, Primary Agricultural Co-operative vs. Ward -2 (1), Society Ltd., Erode. 1, AA520, Veerappampalayam, Veerappampalayam BO, Attavanai Hanumanpalli, Erode – 638 101. [PAN:AADAA-8893-M] (अपीलाथ"/Appellant) (""थ"/Respondent) अपीलाथ" की ओर से/Appellant by : Ms. G. Vardini Karthik…

Shri Jivico Karmachari Co-Operative Credit Society Limited, Rajkot, Gujarat vs. Income Tax Officer, Ward 2(1)(1), Rajkot, Gujarat

In the result, appeal filed by the assessee is allowed

ITA 48/RJT/2025[2017-18]Status: DisposedITAT Rajkot21 Jul 2025AY 2017-18

Bench: Dr. Arjun Lal Saini & Shri Dinesh Mohan Sinhaआयकर अपील सं./Ita Nos.48/Rjt/2025 ("नधा"रण वष" /Assessment Year: (2017-18) Shri Jivico Karmachari Co- Income Tax Officer, Operative Credit Society Ltd. Ward-2(1)(1), Rajkot, Aayakar Vs. Bhawan, Race Course Ring Road, Jivan Prakash, Mahila College Rajkot-360 001 Chowk, Tagore Marg, Rajkot-360 001 "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aaoas 6270 K (अपीलाथ" /Appellant) (""यथ" /Respondent) "नधा"रती क" ओर से /Assessee By : Shri Krutarth Desai, Ar राज"व क" ओर से /Revenue By :Shri Abhimanyu Singh Yadav, Sr-Dr सुनवाई क" तार"ख/ Date Of Hearing : 03/07/2025 घोषणा क" तार"ख/Date Of Pronouncement : 21/07/2025 आदेश / O R D E R Per Dr. A.L. Saini, A.M:

For Appellant: Shri Krutarth Desai, ARFor Respondent: Shri Abhimanyu Singh Yadav, Sr-DR
Section 142(1)Section 143(3)Section 250Section 56Section 80P(2)(a)Section 80P(2)(d)

…stituting a larger Bench by the Hon’ble Jurisdictional Gujarat High Court. ITA No.48/Rjt/2025 (A.Y. 17-18 Sh.Jivico Karmachari Co-Op.Credit Society Ltd. 33. We also find that the Hon’ble jurisdictional High Court in the case of State Bank of India v. CIT 2016 389 ITR 578 (Guj. HC) has also held that any income by way of interest derived by a Co-operative society from its investment with any other Co-operative bank would be deductible u/s. 80P(2)(d) of the Act. 34. We also find that Hon’ble Gujarat High Court has recently modified the judgement delivered by it in Katlary Karayana (supra) on 26th April, 2024 by rem…