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

Marathwada Nagari Sahakari Path Sanstha Maryadit, Kalyan vs. Assessing Officer, Ward 1(1), Kalyan

In the result, appeal of the assessee is allowed

ITA 3346/MUM/2025[2020-21]Status: DisposedITAT Mumbai18 Jul 2025AY 2020-21

Bench: Ms. Kavitha Rajagopal & Shri Prabhash Shankarmarathwada Nagari Sahakari V/S. Assessing Officer, Ward – Path Sanstha Maryadit, बनाम 1(1), Mohan Plaza, Wayle Shop No. 06, 1St Floor, Nagar, Khadakpada, Kalyan Dhamnikar Plaza, Bhiwandi, – 421301, Maharashtra Thane – 421302, Maharashtra स्थायी लेखा सं./जीआइआर सं./Pan/Gir No: Aaaam9150E Appellant/अपीलार्थी .. Respondent/प्रतिवादी

For Appellant: Shri Sushant Alme, ARFor Respondent: Shri Vivek Perampurna, (CIT- DR)
Section 143(3)Section 263Section 56Section 80PSection 80P(2)Section 80P(2)(a)Section 80P(2)(d)

…ed in Kaliandas Udyog Bhavan Premises Co-op. Society Ltd.(supra) the decision was rendered by making reliance upon the decision of Hon'ble Karnataka in PCIT & Anr vs. Totagars Coperative Sale Society (392 ITR 74) and Hon'ble Gujarat High Court in SBI vs. CIT (389 ITR 578 (Guj.) also held that interest income earned by assessee on investment held that a Co-operative Bank would be eligible for claim of deduction under section 80P(2)(d). 13. Considering the aforesaid legal preposition, we are of the view that assessee is entitled for deduction on interest earned from Co-operative Bank which are primarily a Co-operat…

Veej Company Sevakanchi Sahakari Path Sanstha Ltd., Kalyan vs. Assessing Officer, Ward 3(1), Kalyan

In the result, appeal of the assessee is allowed

ITA 3341/MUM/2025[2020-21]Status: DisposedITAT Mumbai18 Jul 2025AY 2020-21

Bench: Ms. Kavitha Rajagopal & Shri Prabhash Shankarveej Company Sevakanchi V/S. Assessing Officer, Ward – Sahakari Path Sanstha बनाम 3(1), Rani Mansion, 2Nd Ltd.,Shramik Sahakar, Usha Floor, Kalyan Murbad Road, Sankul Valiper Road, Oak Thane - 421 301, Baug, Thane - 421301, Maharashtra Maharashtra स्थायी लेखा सं./जीआइआर सं./Pan/Gir No: Aaaam2266M Appellant/अपीलार्थी .. Respondent/प्रतिवादी

For Appellant: Shri Sushant Alme,ARFor Respondent: Shri Vivek Perampurna (CIT - DR)
Section 143(3)Section 263Section 56Section 80PSection 80P(2)Section 80P(2)(a)

…ed in Kaliandas Udyog Bhavan Premises Co-op. Society Ltd.(supra) the decision was rendered by making reliance upon the decision of Hon'ble Karnataka in PCIT & Anr vs. Totagars Coperative Sale Society (392 ITR 74) and Hon'ble Gujarat High Court in SBI vs. CIT (389 ITR 578 (Guj.) also held that interest income earned by assessee on investment held that a Co-operative Bank would be eligible for claim of deduction under section 80P(2)(d). 13. Considering the aforesaid legal preposition, we are of the view that assessee is entitled for deduction on interest earned from Co-operative Bank which are primarily a Co-operat…

Co-Operative Cane Development Union Pvt. Ltd, Modi Nagar, Uttar Pradesh vs. Income Tax Officer, Ward 2 1 (2), Ghaziabad

Appeal is allowed in above terms

ITA 5830/DEL/2024[2017-2018]Status: DisposedITAT Delhi18 Jul 2025AY 2017-2018

Bench: Shri Satbeer Singh Godara & Shri S. Rifaur Rahmanassessment Year: 2017-18 Vs. Income Tax Officer, M/S. Co-Operative Cane Development Union Pvt. Ltd., Ward-2(1)(2), Modi Nagar, Ghaziabad Uttar Pradesh Pan: Aaajc0168M (Appellant) (Respondent) Assessee By Sh. Ibad Mushtaq, Adv. Department By Sh. Rajesh Kumar Dhanesta, Sr. Dr

Section 144Section 80Section 80PSection 80P(2)Section 80P(2)(a)

…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 Employee…

Income Tax Officer, Ward-1, Hospet vs. Gayatri Pattina Souharda Sahakari Sangha Niyamitha, Hospet

ITA 1078/BANG/2024[2017-18]Status: DisposedITAT Bangalore17 Jul 2025AY 2017-18

Bench: Shri Waseem Ahmed & Shri Keshav Dubey

For Appellant: Sri Balram R Rao, A.RFor Respondent: Ms. Neha Sahay, D.R
Section 143(1)Section 143(3)Section 194ASection 250Section 80PSection 80P(2)Section 80P(2)(a)Section 80P(2)(d)

…tfully following the view taken by the Hon'ble Karnataka High Court in the case of PCIT & Anr. Vs. Totagars Cooperative Sale Society reported in (2017) 392 ITR 74 and the Hon'ble Gujarat High Court in the case of State Bank Of India Vs. CIT reported in (2016) 389 ITR 578, we are also of the considered opinion that interest earned on any amount of investment over and above the required statutory limits from such commercial/cooperative banks that fall within the definition of “banking company' as per section 2(c), Section 5(b) and holds license under section 22 of the Banking regulation Act 1949, such interest are…

Southern Railway Employees Cooperative Credit Society Ltd., Tiruchirapalli vs. DCIT, Cirlce-1(1), Trichy

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

ITA 2478/CHNY/2024[2018-19]Status: DisposedITAT Chennai16 Jul 2025AY 2018-19

Bench: SHRI MANU KUMAR GIRI (Judicial Member), SHRI JAGADISH (Accountant Member)

For Appellant: Shri P.M.Kathir, AdvocateFor Respondent: Shri Shiva Srinivas, CIT
Section 80P(2)Section 80P(2)(a)Section 80P(2)(d)

…आयकर अपीलीय अधिकरण’ ‘बी’ न्यायपीठ चेन्नई में। IN THE INCOME TAX APPELLATE TRIBUNAL ‘B’ BENCH, CHENNAI माननीय श्री मनु कुमार गिरि, न्यागयक सदस्य एवं माननीय श्री जगदीश, लेखा सदस्य के समक्ष। BEFORE HON’BLE SHRI MANU KUMAR GIRI, JUDICIAL MEMBER AND HON’BLE SHRI JAGADISH, ACCOUNTANT MEMBER आयकरअपील सं./ ITA No.2478/2024 (धििाारणवर्ा / Assessment Year: 2018-19) Southern Railway Employees Vs. The Deputy Commissioner of Cooperative Credit Society Ltd, Income Tax, No.1, Tiruchirappalli Cantonment Circle-1(1), S.O Tiruchirapalli, Trichy. Tamil Nadu-620 001. [PAN:AABAS3170K] (अपीलार्थी/Appellant) (प्रत्यर्थी/Respondent) अपी…

The Orchid Heights Co.Op Housing Service Society Limited, Ahmedabad vs. ITO, Ward-3(3)(5), Ahmedabad

In the result, the appeal of the assessee is allowed

ITA 26/AHD/2025[2021-22]Status: DisposedITAT Ahmedabad09 Jul 2025AY 2021-22

Bench: Dr. B.R.R. Kumar, Vice- & Ms Suchitra Kamblethe Orchid Heights Co-Op Income Tax Officer, Vs. Housing Service Society Ward-3(3)(5), Limited, Ahmedabad. Applewood Township, Nr. Shantipura Circle, Ahmedabad-382210.. [Pan :Aagat8437 K] (Appellant) .. (Respondent) Appellant By : Shri M J Ranpura, Ar Respondent By: Shri Suresh Chand Meena, Sr. Dr Date Of Hearing 03.07.2025 Date Of Pronouncement 09.07.2025 O R D E R Per Dr. B.R.R. Kumar, Vice-:- Delay Condoned This Appeal Is Filed By The Assessee Against The Appellate Order Dated 29.04.2024 Passed By The Commissioner Of Income Tax (Appeals)/National Faceless Appeal Centre, Delhi, Relating To The Assessment Year 2021-22. 2. The Assessee Has Raised The Following Grounds Of Appeals:

For Appellant: Shri M J Ranpura, ARFor Respondent: Shri Suresh Chand Meena, Sr. DR
Section 194ASection 194A(3)(v)Section 263Section 80PSection 80P(2)(d)Section 80P(4)

…integra in view of the decision of this Court in case of Katlary Kariyana Merchant Sahkari Sarafi Mandali Ltd. v Asstt. Commissioner of Income Tax [2022] 140 taxmann.com 602 (Guj.) as well as in case of State Bank of India v Commissioner of Income Tax (2018) 389 ITR 578 (Guj.) wherein it was held that the deduction under section 80P(2)(d) is available to the cooperative societies on the income earned as interest on the investment made with the cooperative bank which in turn, is a cooperative society itself. [Para 28]  Reliance placed by the revenue on decisions of the Karnataka High Court in Totgars’ Cooperati…

Pune Madhyamik Shikshak Sahkari Patapedhi Maryadit, Pune vs. Principal Commissioner of Income Tax, Pune 4, Pune

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

ITA 909/PUN/2025[2020-21]Status: HeardITAT Pune03 Jul 2025AY 2020-21

Bench: Shri R. K. Panda & Ms Astha Chandraassessment Year : 2020-21

For Appellant: Shri Sharad A ShahFor Respondent: Shri Amit Bobde, CIT
Section 143(2)Section 143(3)Section 263Section 56Section 80Section 80PSection 80P(2)(a)Section 80P(2)(d)

…re the interest income derived by a cooperative society from its investments held with a co-operative bank would be entitled for claim of deduction under section 80P of the act. Honourable High Court of Gujarat in the case of State Bank Of India v. CIT (2016) 389 ITR 578 (Guj) (Guj-HC), had 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 section 80P (2) (d) of the act. Backed by the aforesaid conflicting judicial pronouncements, we may herein observe, that as held by the Honorable High Court of Bomb…

M/S. Co-Operative Cane Development Union Ltd. Rohana Kalan, Muzaffarnagar vs. DCIT, Muzaffarnagar

ITA 6441/DEL/2014[2011-12]Status: DisposedITAT Delhi01 Jul 2025AY 2011-12

Bench: Shri Satbeer Singh Godara & Shri S. Rifaur Rahmanassessment Year: 2011-12 Co-Operative Cane Vs. Dcit, Development Union Ltd. Circle-1, Rohana Kalan, Muzaffarnagar C/O- Mashkoor Ahmad, Adv., 10-Dr. Suresh Market, Bhagat Singh Road, Muzaffarnagar Pan: Aaajc0343A (Appellant) (Respondent) Assessee By None Department By Sh. Rajesh Kumar Dhanesta, Sr. Dr

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

…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 Employee…

Income Tax Officer, Ward-7(2)(1), Bengaluru, Bangalore vs. M/S. Bangalore Credit Co-Operative Society Limited, Bangalore

ITA 2348/BANG/2024[2020-21]Status: DisposedITAT Bangalore30 Jun 2025AY 2020-21

Bench: Shri Waseem Ahmed & Shri Keshav Dubey

For Appellant: Sri Sandeep Chalapathy, A.RFor Respondent: Smt. Neha Sahay, D.R
Section 250

…(2)(d). At the same time, we find, that the Hon'ble Karnataka High Court in the case of PCIT &Anr. vs. Totagars Cooperative Sale Society reported in (2017) 392 ITR 74 and Hon’ble Gujarat High Court in the case of State Bank Of India Vs. CIT reported in (2016) 389 ITR 578, held, that the interest income earned by a co-operative society on its investments held with a cooperative bank would be eligible for claim of deduction under Sec.80P(2)(d) of the Act. 9.3 At this juncture, we respectfully following the view taken by the Hon'ble Karnataka High Court in the case of PCIT &Anr. Vs. Totagars Cooperative Sale Society…

Income-Tax Officer, Ward-7(2)(1), Bengaluru vs. M/S. Bangalore Credit Co-Operative Society Limited, Bengaluru

ITA 2347/BANG/2024[2018-19]Status: DisposedITAT Bangalore30 Jun 2025AY 2018-19

Bench: Shri Waseem Ahmed & Shri Keshav Dubey

For Respondent: Sri Sandeep Chalapathy, A.R
Section 250Section 80PSection 80P(2)(a)Section 80P(2)(d)

…(2)(d). At the same time, we find, that the Hon'ble Karnataka High Court in the case of PCIT &Anr. vs. Totagars Cooperative Sale Society reported in (2017) 392 ITR 74 and Hon'ble Gujarat High Court in the case of State Bank Of India Vs. CIT reported in (2016) 389 ITR 578, held, that the interest income earned by a co-operative society on its investments held with a cooperative bank would be eligible for claim of deduction under Sec.80P(2)(d) of the Act. 9.3 At this juncture, we respectfully following the view taken by the Hon'ble Karnataka High Court in the case of PCIT &Anr. Vs. Totagars Cooperative Sale Societ…

Jai Jalaram Co-Operative Credit Society Limited, Mumbai vs. The Income Tax Officer, Ward 29(1)(5), Mumbai

In the result appeal of the assessee is allowed partly for esult appeal of the assessee is allowed partly for esult appeal of the assessee is allowed partly for statistical purpose

ITA 2887/MUM/2025[2015-16]Status: DisposedITAT Mumbai30 Jun 2025AY 2015-16

Bench: Shri Sandeep Gosain () & Shri Om Prakash Kant () Assessment Year: 2015-16 Jai Jalaram Co-Operative Credit The Ito Ward 29(1)(5), Society Ltd., Kautilya Bhavan, Bandra Kurla Vs. Shop No. -2 Ground Floor, Shop Complex, No. -2 Ground Floor, Mulund Mumbai-400051. Siddhivinayak C.H.S. Near Punjab National Bank Zaver Road, Mulund West, Mumbai-400080. Pan No. Aaaaj 2603 B Appellant Respondent

For Appellant: Mr. Pravin Chavan, Sr. DRFor Respondent: None
Section 143(3)Section 56Section 80P(2)(a)Section 80P(2)(d)Section 80P(4)

…(2017) 392 ITR 74 and Hon'ble Gujarat High Court in the case of State Bank Of India Vs. Hon'ble Gujarat High Court in the case of State Bank Of India Vs. Hon'ble Gujarat High Court in the case of State Bank Of India Vs. CIT reported in CIT reported in (2016) 389 ITR 578, I hold that, the interest income (2016) 389 ITR 578, I hold that, the interest income earned by a cooperative society on its inv earned by a cooperative society on its investments held with a Co estments held with a Co- operative banks/Nationalised banks would not be eligible for operative banks/Nationalised banks would not be eligible for opera…

Gold Coin Apartments Co Operative Housing Society Ltd, Mumbai vs. ITO Ward 22(1)(1), Mumbai

In the result, the appeal of the assessee is allowed

ITA 3185/MUM/2025[2021-22]Status: DisposedITAT Mumbai25 Jun 2025AY 2021-22

Bench: SHRI RAHUL CHAUDHARY, JUDICIAL MEMBER SHRI OMKARESHWAR CHIDARA (Accountant Member)

For Appellant: Shri Vidyadhar KhandekarFor Respondent: Shri Asif Karmal
Section 143(1)Section 250Section 80PSection 80P(2)(d)Section 80P(4)

…interest/dividend income is in the nature of ‘profits and gains’ or ‘income from other sources’ is not relevant. In this regard, it would be pertinent to refer to the judgment of the Hon’ble Gujarat High Court in the case of State Bank Of India Vs. CIT (2016) 389 ITR 578 (Guj) wherein it has been held as under: “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 categories mentioned in section 80P(2)(a…

The DCIT, Cir-3(2) Gangtok, Gangtok Sikkim vs. Sikkim State Cooperative Supply and Marketing Federation Limited, Gangtok Sikkim

ITA 1583/KOL/2024[2020-21]Status: DisposedITAT Kolkata18 Jun 2025AY 2020-21

Bench: Shri Pradip Kumar Choubey & Shri Rakesh Mishra

Section 250Section 80P

…. [2007] 295 ITR 164 Affirmed." 21. The aforesaid decision of the Hon'ble Supreme Court in the case of Totgar's Co-operative Sale Society Ltd. (supra) was followed by a Division Bench of the Gujarat High Court in the case of State Bank of India v. CIT [2016] 389 ITR 578/241 Taxman 163/72 taxmann.com 64 and the Division Bench of the Gujarat High Court has held as under: "(ii) That the assessee did not carry on any banking business and its objects did not contemplate investment of surplus funds received from its members. The business of a credit society like that of the assessee was limited to providing credit to…

Deputy Commissioner of Income Tax, Cir-3(2), Gangtok, Gangtok Sikkim vs. Sikkim State Cooperative Supply and Marketing Federation Limited, Gangtok Sikkim

ITA 1582/KOL/2024[2018-19]Status: DisposedITAT Kolkata18 Jun 2025AY 2018-19

Bench: Shri Pradip Kumar Choubey & Shri Rakesh Mishra

Section 250Section 80P

…. [2007] 295 ITR 164 Affirmed." 21. The aforesaid decision of the Hon'ble Supreme Court in the case of Totgar's Co-operative Sale Society Ltd. (supra) was followed by a Division Bench of the Gujarat High Court in the case of State Bank of India v. CIT [2016] 389 ITR 578/241 Taxman 163/72 taxmann.com 64 and the Division Bench of the Gujarat High Court has held as under: "(ii) That the assessee did not carry on any banking business and its objects did not contemplate investment of surplus funds received from its members. The business of a credit society like that of the assessee was limited to providing credit to…

Cooperative Cane Development Society Ltd Morna, Morna Muzaffarnagar vs. AO NFAC Delhi, NFAC Delhi

In the result, the appeal filed by the Revenue is dismissed

ITA 5764/DEL/2024[2020-21]Status: DisposedITAT Delhi05 Jun 2025AY 2020-21

Bench: Shri Satbeer Singh Godara & Shri Manish Agarwalassessment Year: 2020-21 Cooperative Cane Vs. Assessing Officer, Development Society Ltd., Nfac, Delhi Morna, District Muzaffarnagar, Uttar Pradesh Pan: Aaefc0580D (Appellant) (Respondent)

Section 144Section 80Section 80PSection 80P(2)(a)

…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 Employee…

The Badshahpur Primary Agriculture Co-Op Society Limited, Badshahpur vs. ITO, Ward- 4(1), Gurgaon

Appeal is allowed in above terms

ITA 1823/DEL/2025[2018-19]Status: DisposedITAT Delhi04 Jun 2025AY 2018-19

Bench: Sh. Satbeer Singh Godaraita No. 1823/Del/2025 : Asstt. Year : 2018-19 The Badshahpur Primary Agriculture Vs Income Tax Officer, Co-Operative Society Ltd., Teekli Ward-4(1), Road, Badshahpur, Haryana-122101 Gurgaon (Appellant) (Respondent) Pan No. Aacat6170H Assessee By: Sh. Arpit Goel, Ca Revenue By : Sh. Akhilesh Kumar Yadav, Sr. Dr Date Of Hearing: 04.06.2025 Date Of Pronouncement: 04.06.2025 Order

For Appellant: Sh. Arpit Goel, CAFor Respondent: Sh. Akhilesh Kumar Yadav, 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…

Mhatre Palace Chsl, Borivali West vs. Income Tax Officer 42 1 3 Mumbai, Mumbai

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

ITA 887/MUM/2025[2021-22]Status: DisposedITAT Mumbai03 Jun 2025AY 2021-22

Bench: SHRI. NARENDRA KUMAR BILLAIYA (Accountant Member), MS. KAVITHA RAJAGOPAL (Judicial Member)

For Appellant: Shri. Mandar Vaidya A/w. KalpeshFor Respondent: Shri. Asif Karmali, (SR. DR.)
Section 143(1)Section 22Section 250Section 5Section 57Section 80P(2)(d)

…he Act, by relying on the decision of the Hon'ble Karnataka High Court in the case of PCIT & Anr. Vs. Totagars Co-operative Sale Society reported in (2017) 392 ITR 74 and Hon’ble Gujarat High Court in the case of State Bank of India Vs. CIT reported in (2016) 389 ITR 578 and Hon’ble Apex Court in the case of Totgars Co-operative Sale Society Ltd. (322 ITR 283) (SC) and held that the assessee is only eligible to claim deduction on the same u/s. 57 of the Act to the extent applicable. 2 Mhatre Palace CHSL 6. The assessee is in appeal before us, challenging the impugned order of the ld. CIT(A). 7. We have heard the…

Parsi Salsette Bldg No. 1 Chs Limited, Mumbai vs. Income Tax Officer 24(3)(1), Mumbai

Accordingly, Ground No. II raised by the Assessee is allowed and as a result, Ground No

ITA 1734/MUM/2025[2021-22]Status: DisposedITAT Mumbai27 May 2025AY 2021-22

Bench: SHRI OM PRAKASH KANT, ACCOUNTANT MEMBER SHRI RAHUL CHAUDHARY (Judicial Member)

For Appellant: Shri Haridas BhatFor Respondent: Shri Akhtar Hussain Ansari
Section 143(1)Section 143(3)Section 80Section 80PSection 80P(2)(d)Section 80P(4)

…interest/dividend income is in the nature of ‘profits and gains’ or ‘income from other sources’ is not relevant. In this regard, it would be pertinent to refer to the judgment of the Hon’ble Gujarat High Court in the case of State Bank Of India Vs. CIT (2016) 389 ITR 578 (Guj) wherein it has been held as under: “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 categories mentioned in section 80P(2)(a…

Co-Operative Cane Development Union Afzalgarh, Bijnor vs. ITO, Ward- 3(5), Dhampur

Appeal is allowed in above terms

ITA 5304/DEL/2024[2018-19]Status: DisposedITAT Delhi27 May 2025AY 2018-19

Bench: Sh. Satbeer Singh Godara & Sh. Manish Agarwalita No. 5304/Del/2024 : Asstt. Year : 2018-19 Co-Operative Cane Development Union Vs Income Tax Officer, Afzalgarh, Bijnor, Ward-3(5), Uttar Pradesh-246722 Dhampur, Bijnor, Uttar Pradesh-246722 (Appellant) (Respondent) Pan No. Aaajc0288L Assessee By : Ms. Gurneet Kaur, Adv. Revenue By : Sh. Rajesh Kumar Dhanesta, Sr. Dr Date Of Hearing: 27.05.2025 Date Of Pronouncement: 27.05.2025 Order Per Satbeer Singh Godara: This Assessee’S Appeal For Assessment Year 2018-19, Arises Against The Cit(A)/Nfac, Delhi’S Din & Order No. Itba/Nfac/S/250/2024-25/1067969612(1) Dated 26.08.2024 In Proceedings U/S 143(3) Of The Income Tax Act, 1961 (In Short “The Act”).

For Appellant: Ms. Gurneet Kaur, AdvFor Respondent: Sh. Rajesh Kumar Dhanesta, 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…

Shree Jamnagar Jilla Sahakari Kharid Vechan Sangh Limited, Jamnagar vs. DCIT-Cir-2(1), Jamnagar

In the result, appeal filed by the assessee is allowed

ITA 223/RJT/2025[2018-2019]Status: DisposedITAT Rajkot16 May 2025AY 2018-2019

Bench: Dr. Arjun Lal Sainiआयकर अपील सं./ Ita No.223/Rjt/2025 "नधा"रण वष"/Assessment Year : 2018-19

For Appellant: Ms. Janvi Shah, ARFor Respondent: Shri Dheeraj Kumr Gupta, Sr-DR
Section 142(1)Section 144Section 250Section 80P(2)(d)

…nsideration as these judgements never distinguished and never overruled by constituting a larger Bench by the Hon’ble Jurisdictional Gujarat High Court. 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 ITA NO. 223/Rjt/2025 A.Y 18-19 Sh.J.J.S.K.V.S.Ltd. 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 i…