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 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

Sultanpur Juth Seva Sahkari Mandli Ltd, Rajkot vs. Assessment Unit, NFAC (Present Juris. ACIT-Dict Cir 1(1) Rajkot), Rajkot

In the result, appeal filed by the assessee is allowed

ITA 492/RJT/2024[2018-19]Status: DisposedITAT Rajkot27 Feb 2025AY 2018-19

Bench: Dr. Arjun Lal Saini & Shri Dinesh Mohan Sinhaआयकर अपील सं./Ita No.492 & 493 & 697/Rjt/2024 ("नधा"रण वष"/Assessment Year: (2018-19 & 2020-21) Sultanpur Juth Seva Sahkari Assessment Unit, Nfac Mandali Ltd. (Present Juris. Acit-Dcit Vs. Cir-1(1) Sultanpur, At Sultanpur Tal: Gondal, Dist. It Office, New Aayakar Bhavan, Vatiaka, Rajkot – 364470 Rajkot - 360001 "थायी लेखा सं./जीआइआरसं./Pan/Gir No.: Aaabs0194F (अपीलाथ"/Appellant) (""यथ"/Respondent)

For Appellant: Shri Sulabh Pad Shah, Ld. ARFor Respondent: Shri Abhimanyu Singh Yadav, Ld. Sr. DR
Section 142(1)Section 143(3)Section 270ASection 80P(2)(a)Section 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 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 KatlaryKarayana (supra) on 26th April, 2024 by rem…

ITO Mehsana Ward 5 Kadi, Kadi vs. The Gozaria Peoples Co Operative Credit Society Limited, Gozaria

Appeal is dismissed

ITA 1819/AHD/2024[2018-19]Status: DisposedITAT Ahmedabad18 Feb 2025AY 2018-19

Bench: Dr. Brr Kumar & Shri T.R. Senthil Kumari.Ta. No.1819/Ahd/2024 (Assessment Year: 2018-19) The Income Tax Officer, Vs. The Gozaria Peoples Co- Mehsana Ward 5, Operative Credit Society Kadi. Limited, Gozaria 2, Main Bazar At Gozaria Ta. Mehsana Dist. Mehsana-383825 [Pan No.Aaajt1283G] (Appellant) .. (Respondent) Appellant By : Shri B K Patel, Ar Respondent By: Smt. Trupti Patel, Sr. Dr

For Appellant: Shri B K Patel, ARFor Respondent: Smt. Trupti Patel, Sr. DR
Section 194A(3)(v)Section 263Section 68Section 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’ Cooperativ…

The Bardez Urban Co-Op Credit Society Ltd, Mapusa vs. The Income Tax Officer, Ward 2(4), Panaji, Goa

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

ITA 74/PAN/2024[AY 2016-17]Status: DisposedITAT Panaji11 Feb 2025

Bench: Shri Pavan Kumar Gadale & Shri G D Padmahshalii T A. Nos. 74/Pan/2024 (A.Y. 2016-17 ) The Bardezurban Co- Vs Ito-Ward-2(4), Panaji.-403001, Operative Credit Society . Goa. Limited, Shop.No.19 20 . Cosmos Centre Mapusa, Bardez-403507, Goa. Pan .No. Aaaat6217F (अपीलाथ"/Appellant) (""यथ"/Respondent) Assessee By Shri.S.J.Kamat.Ar Revenue By Shri.Narendra Reddy.Sr.Dr सुनवाई क" तार"ख/Date Of Hearing 06.02.2025 घोषणा क" तार"ख/Date Of Pronouncement 11.02.2025 Order Per Pavan Kumar Gadale, Jm: The Appeal Is Filed By The Assesse Against The Order Of National Faceless Appeal Centre (Nfac) Delhi / Cit(A) Passed U/Sec 143(3) & U/Sec 250 Of The Act. 2. At The Time Of Hearing, The Ld.Ar Of The Assessee Submitted That There Is A Delay In Filing The Appeal Before The Hon’Ble Tribunal & The Assesse Has Filed The Affidavit For Condonation Of Delay. Whereas, The Facts Mentioned In The Affidavit Are Reasonable & The Ld. Dr Has No 2 Ita. No. 74/Pan/2024 The Bardez Urban Co-Operative Credit Society Limited.. Specific Objections. Accordingly, We Condone The Delay & Admit The Appeal. The Assessee Has Raised The Grounds Of Appeal Challenging The Order Of The Cit(A) Sustaining The Denial Of Claim Of Deduction Under Section 80P(2)(D) Of The Act.

Section 143(1)Section 80PSection 80P(2)(d)

…low the view taken by the Hon'ble High Court of Karnataka in the case of Pr. Commissioner of Income Tax and Anr. Vs. Totagars Cooperative Sale Society (2017) 392 ITR 74 (Karn) and Hon'ble High Court of Gujarat in the case of State Bank Of India Vs. CIT (2016) 389 ITR 578 (Guj), wherein it was observed that the interest income earned by a cooperative 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. Be that as it may, in our considered view, as the A.O while framing the assessment had taken a possible view, and therein concluded that…

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

In the result, appeal filed by the assessee is allowed

ITA 2426/CHNY/2024[2017-18]Status: DisposedITAT Chennai05 Feb 2025AY 2017-18

Bench: Shri Aby T. Varkey & Shri Amitabh Shukla

For Appellant: Mr.G. Baskar, AdvocateFor Respondent: Ms.Sheila Parthasarthy
Section 80P(2)Section 80P(2)(a)Section 80P(2)(d)

…आयकर अपीलीय अिधकरण, ‘बी’ "यायपीठ, चे"ई। IN THE INCOME TAX APPELLATE TRIBUNAL ‘B’ BENCH: CHENNAI "ी एबी टी. वक", "ाियक सद" एवं एवं एवं एवं "ी अिमताभ शु"ा, लेखा सद" के सम" BEFORE SHRI ABY T. VARKEY, JUDICIAL MEMBER AND SHRI AMITABH SHUKLA, ACCOUNTANT MEMBER आयकर अपील सं./ITA No.2426/Chny/2024 िनधा"रण वष"/Assessment Year: 2017-18 v. M/s. Southern Railway Employees- The DCIT, Co-op. Credit Society Ltd., Circle-1(1), No.1, Tiruchirappalli Cantonment Trichy. S.O. Tiruchirappalli-620 001. [PAN: AABAS 3170 K] (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ" क" ओर से/ Appellant by : Mr.G. Baskar, Advocate ""यथ" क" ओर स…

Guru Anand Co-Operative Housing Society Ltd., Mumbai vs. Income Tax Officer WD 42 1 2, Mumbai

In the result, appeal filed by the assessee is allowed

ITA 5695/MUM/2024[2021-22]Status: DisposedITAT Mumbai03 Feb 2025AY 2021-22

Bench: BEFORESHRI ANIKESH BANERJEE (Judicial Member), SHRI PRABHASH SHANKAR (Accountant Member)

For Appellant: Shri Arvind Wadke, CAFor Respondent: Shri Kiran Unavekar(SR DR)
Section 139(1)Section 143(1)Section 154Section 155Section 246ASection 250Section 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…

Guru Anand Co-Operative Housing Society Ltd, Mumbai vs. Income Tax Officer WD 42 1 2, Mumbai

In the result, appeal filed by the assessee is allowed

ITA 5691/MUM/2024[2020-21]Status: DisposedITAT Mumbai03 Feb 2025AY 2020-21

Bench: SHRI ANIKESH BANERJEE (Judicial Member), SHRI PRABHASH SHANKAR (Accountant Member)

For Appellant: Shri Arvind Wadke, CAFor Respondent: Shri Kiran Unavekar(SR DR)
Section 139(1)Section 143(1)Section 154Section 155Section 246ASection 250Section 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…

The Ayali Kalan Co-Op Agriculture Multi, Ludhiana vs. Income Tac Officer, Ludhiana

The appeal of the assessee is allowed

ITA 259/CHANDI/2016[2009-10]Status: DisposedITAT Chandigarh30 Jan 2025AY 2009-10

Bench: Shri Rajpal Yadav

For Appellant: Shri Parveen Jindal, CAFor Respondent: Dr. Ranjit Kaur, Addl. CIT Sr.DR
Section 271(1)(c)Section 80Section 80P(2)

…uction under Section 80P(2) or not was a debatable issue at the point of time when assessee has filed the return. Hon'ble Gujrat High Court has silenced this controversy in the case of Employees of State Bank of India Co-operative Society Vs CIT reported in 389 ITR 578. This decision has been rendered in the assessment year 2016. Prior to that, it was not clear whether such interest income will qualify for grant of deduction under Section 80P(2). It has been demonstrated before us that there are decisions of the ITAT wherein deduction on such an amount was allowed A.Y.2009-10 4 to an assessee. Therefore, we a…

Shree Sarvodaya Sahakari Mandali Ltd., Vadodara vs. NFAC, Delhi Present Jurisdiction the Dy.CIT, Circle-2(1)(1), Vadodara

In the result, both the appeals of the assessee are allowed

ITA 1349/AHD/2024[2017-18]Status: DisposedITAT Ahmedabad24 Jan 2025AY 2017-18

Bench: Dr.Brr Kumar & Shri Siddhartha Nautiyal

For Appellant: Shri Viranch Modi, A.RFor Respondent: Ms. Ketaki Desai, Sr. DR
Section 143(3)Section 147Section 80Section 80PSection 80P(2)(d)

…led appeal before the ld. CIT(A) who deleted the additions made by the Assessing Officer in these assessment years, relying the order of the Hon’ble High Courts in the cases of Totgar’s Sale Society Ltd. (2017) 292 ITR 74 (Kar.) and State Bank of India (2016) 389 ITR 578 (Guj.). ITA No.1348 & 1349/Ahd/2024 Asst.Years 2016-17 & 2017-18 - 4– 5. Aggrieved by the order of the ld. CIT(A), the Revenue is now in appeal before the Tribunal. 6. The provisions of section 80P(2)(d) of the Act are as under:- “[Deduction in respect of income of co-operative societies. 80P. (1) Where, in the case of an assessee being a co-o…

Shree Sarvodaya Sahakari Mandali Ltd., Vadodara vs. NFAC, Delhi Present Jurisdiction the Dy. CIT, Cicle-2(1)(1), Vadodara

In the result, both the appeals of the assessee are allowed

ITA 1348/AHD/2024[2016-17]Status: DisposedITAT Ahmedabad24 Jan 2025AY 2016-17

Bench: Dr.Brr Kumar & Shri Siddhartha Nautiyal

For Appellant: Shri Viranch Modi, A.RFor Respondent: Ms. Ketaki Desai, Sr. DR
Section 143(3)Section 147Section 80Section 80PSection 80P(2)(d)

…led appeal before the ld. CIT(A) who deleted the additions made by the Assessing Officer in these assessment years, relying the order of the Hon’ble High Courts in the cases of Totgar’s Sale Society Ltd. (2017) 292 ITR 74 (Kar.) and State Bank of India (2016) 389 ITR 578 (Guj.). ITA No.1348 & 1349/Ahd/2024 Asst.Years 2016-17 & 2017-18 - 4– 5. Aggrieved by the order of the ld. CIT(A), the Revenue is now in appeal before the Tribunal. 6. The provisions of section 80P(2)(d) of the Act are as under:- “[Deduction in respect of income of co-operative societies. 80P. (1) Where, in the case of an assessee being a co-o…

Sundar Ram Shetty Nagar Credit Souharda Sahakari Limited, Bangalore vs. ITO, Ward-4(3)(1), Bengaluru

In the result, the appeal of the assessee is hereby partly allowed for the statistical purposes

ITA 2392/BANG/2024[2018-19]Status: DisposedITAT Bangalore22 Jan 2025AY 2018-19

Bench: Shri Waseem Ahmed

For Appellant: Shri Gireesha T.L, C.AFor Respondent: Shri Ganesh R Gale, Standing Counsel for Dept
Section 57Section 80PSection 80P(2)(a)

…(i) of the Act. The AO in holding so referred the judgment of Hon’ble Karnataka High Court in case of PCIT vs. Totagars Co-Op Sales Society reported in 83 taxmann.com 140 and the judgment of Hon’ble Gujarat High Court in the case of State Bank of India vs CIT 389 ITR 578. Thus, the AO made addition of ₹ 24,59,101/- to the total income of the assessee. . ITA No.2391 & 2392/Bang/2024 Page 3 of 10 4. The aggrieved assessee preferred an appeal before the Learned CIT(A). The learned CIT(A) after considering the facts in totality held that investing surplus funds in banks is not part of the business of the assessee.…

Sundar Ram Shetty Nagar Credit Souharda Sahakari Limited, Bangalore vs. ITO, Ward-4(3)(1), Bangalore

In the result, the appeal of the assessee is hereby partly allowed for the statistical purposes

ITA 2391/BANG/2024[2017-18]Status: DisposedITAT Bangalore22 Jan 2025AY 2017-18

Bench: Shri Waseem Ahmed

For Appellant: Shri Gireesha T.L, C.AFor Respondent: Shri Ganesh R Gale, Standing Counsel for Dept
Section 57Section 80PSection 80P(2)(a)

…(i) of the Act. The AO in holding so referred the judgment of Hon’ble Karnataka High Court in case of PCIT vs. Totagars Co-Op Sales Society reported in 83 taxmann.com 140 and the judgment of Hon’ble Gujarat High Court in the case of State Bank of India vs CIT 389 ITR 578. Thus, the AO made addition of ₹ 24,59,101/- to the total income of the assessee. . ITA No.2391 & 2392/Bang/2024 Page 3 of 10 4. The aggrieved assessee preferred an appeal before the Learned CIT(A). The learned CIT(A) after considering the facts in totality held that investing surplus funds in banks is not part of the business of the assessee.…

Shri Vidhyut Board Credit and Consumers Co Operative Society Limited, Bhavnagar vs. A.C.I.T., Circle-1, Bhavnagar

ITA 1057/AHD/2024[2017-18]Status: DisposedITAT Ahmedabad16 Jan 2025AY 2017-18

Bench: Ms. Suchitra Kamble

Section 142(1)Section 143(2)Section 144BSection 2(19)Section 80PSection 80P(2)Section 80P(2)(a)Section 80P(2)(d)

…ITA No.1057/Ahd/2024 Assessment Year: 2017-18 Shri Vidhyut Board Credit & Consumers Co-op. Society Ltd. vs. ACIT Page 1 of 5 IN THE INCOME TAX APPELLATE TRIBUNAL AHMEDABAD “SMC” BENCH, AHMEDABAD BEFORE Ms. SUCHITRA KAMBLE, JUDICIAL MEMBER ITA No.1057/Ahd/2024 Assessment Year: 2017-18 Shri Vidhyut Board Credit & Consumers Co-operative Society Limited, Power House Compound, Chavdigate, Bhavnagar – 364 001 (Gujarat) [PAN – AAAAS 7855 C] Vs. Assistant Commissioner of Income Tax, Circle-1, Bhavnagar. (Appellant) (Respondent) Assessee by Shri Tushar Hemani, Sr. Advocate Revenue by Shri C. Dharani Nath, Sr. DR Date of…

Haveli Taluka Veej Kamgar Sahakari Pathsanstha Maryadit, Pune vs. Income Tax Officer Ward 6 (1) Pune, Pmt Building, Swargate

In the result, the appeal of the assessee is allowed

ITA 1428/PUN/2024[2017-18]Status: DisposedITAT Pune15 Jan 2025AY 2017-18

Bench: Shri R.K. Panda & Ms. Astha Chandraआयकर अपील सं. / Ita No.1428/Pun/2024 निर्धारण वर्ष / Assessment Year : 2017-18 Haveli Taluka Veej Kamgar Sahakari Pathsanstha Maryadit, 415/2 A, Shrine Complex, Somvar Peth, Pune -411011 Vs. Income Tax Officer, Ward - 6(1), Pune Pan : Aaaah2281D अपीलार्थी / Appellant प्रत्यर्थी / Respondent Assessee By : Department By : Date Of Hearing : Date Of Pronouncement : Shri Deepak S. Sasar Shri Ramnath P. Murkunde 05-11-2024 15-01-2025 आदेश / Order Per Astha Chandra, Jm : The Appeal Filed By The Assessee Is Directed Against The Order Dated 29.04.2024 Of The Ld. Commissioner Of Income Tax (Appeals)/Nfac, Delhi [“Cit(A)"] Pertaining To Assessment Year (“Ay”) 2017-18. 2. The Assessee Has Raised The Following Grounds Of Appeal :- *1. The Ld. Cit(A) Has Wrongly Confirmed The Disallowance Of Deduction Of Rs.8,84,993/- Claimed By The Appellant U/S.80P (2)(A)(I) Of The Income Tax Act, 1961 Of Interest Income Earned From Deposit With Pdcc Bank. 2. Alternatively, The Interest Income Earned By The Appellant From The Investments In A Co-Operative Bank Is Also Eligible For Deduction Under Section 80P (2) (D) Of The Income Tax Act, 1961. 3. The Ld. Cit (A) Has Wrongly Confirmed The Disallowance Of Deduction U/S.80P Of Commission Receipts Of Rs.53,52,723/- After Deducting The Salary Expenses Of Rs.3,00,202/- From The Total Commission Receipts Of Rs.56,52,925/-. Being The Same Income Is Received From The Mseb On Account Of Running Cash Counter For Mseb Bill Payments & The Same Is Treated As Income From Other Sources. 4. The Appellant Crave Leave To Add, Delete, Amend, Alter, Vary And/Or Withdraw All Or Any One Of The Above Grounds Of Appeal.” 2

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

…ion 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 taxman.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…

Mehsana District Co. Operative Purchase and Sales Union Ltd., Mehsana vs. The ACIT, Circle Mehsana, Mehsana

In the result, appeal of the assessee is allowed

ITA 1760/AHD/2024[2017-18]Status: DisposedITAT Ahmedabad09 Jan 2025AY 2017-18

Bench: Ms. Suchitra Kamble & Shri Makarand Vasant Mahadeokarassessment Year: 2017-18

Section 142(1)Section 143(1)Section 143(2)Section 244ASection 80PSection 80P(2)(d)

…onsideration, the assessee received interest/dividend income of Rs.42,12,352/- from Co-operative Banks. After taking cognisance of the assessee’s reply and relying on the decision of Hon’ble Gujarat High Court in the case of State Bank of India vs. CIT (2016) 380 ITR 578 (Guj.) and Hon’ble Apex Court’s decision in the case of Totgars Co-operative Sale Society Limited vs. ITO (188 Taxman 282 (SC)) made disallowance of Rs.42,12,352/- out of deduction under Section 80P(2)(d) of the Act The Assessing Officer also made addition of Rs.3,776/- on account of interest income under Section 244A of the Act. 4. Being aggrie…

Seahara Co-Oprative Cane Development Union Limited, Bijnor vs. ITO, Nazibabad, Bijnor

Appeal is allowed

ITA 4708/DEL/2024[2020-21]Status: DisposedITAT Delhi06 Jan 2025AY 2020-21

Bench: Sh. Satbeer Singh Godara

For Appellant: Ms. Akansha, CAFor Respondent: Sh. Sanjay Kumar, Sr. DR
Section 143(3)Section 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 Cooperative 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…

Sahkari Ganna Vikas Samiti Limited, Badayun vs. ACIT - 2, Moradabad

Appeal is partly allowed

ITA 3985/DEL/2024[2017-18]Status: DisposedITAT Delhi06 Jan 2025AY 2017-18

Bench: Shri Satbeer Singh Godaraassessment Year: 2017-18 Sahkari Ganna Vikas Samiti Vs. Acit-2, Limited, Moradabad C/O-Ayyubi Chamber, Raniganj, Lakhimpur Kheri, Badaun, Uttar Pradesh Pan :Aazfs2514E (Appellant) (Respondent) Assessee By None Department By Sh. Sanjay Kumar, Sr. Dr

Section 10Section 143(3)Section 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 Employee…

The Sattavis Patidar Samaj Co.Op. Credit and Vividhlaxi Seva Society Ltd., Mehsana vs. The ITO, Ward-5, Patan

In the result, the appeal of the assessee is allowed

ITA 1477/AHD/2024[2017-18]Status: DisposedITAT Ahmedabad03 Jan 2025AY 2017-18

Bench: Dr.Brr Kumarshri Siddhartha Nautiyal

For Appellant: NoneFor Respondent: Shri VK Mangla, 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] Asst.Year –2017-18 - 3–  Reliance placed by the revenue on decisions of the Karnataka High Cour…

Saini Co Operative Tharift and Credit Society Ltd, Delhi vs. CIT(A)-NFAC, Delhi

ITA 836/DEL/2024[2015-2016]Status: DisposedITAT Delhi20 Dec 2024AY 2015-2016

Bench: Sh. Satbeer Singh Godara & Sh. S. Rifaur Rahmanita No. 834/Del/2024 : Asstt. Year : 2011-12 Ita No. 836/Del/2024 : Asstt. Year : 2015-16 Saini Co-Operative Thrift & Credit Vs Cit(A)-16, Society Ltd., 2420-2421, Bazar New Delhi-110002 Kamra Bangash, A. G. C. R. Central Delhi, New Delhi-110002 (Appellant) (Respondent) Pan No. Aabas8396K Assessee By : Sh. K. Sampath, Adv. & Sh. V. Rajkumar, Adv. Revenue By : Sh. Sahil Kumar Bansal, Sr. Dr Date Of Hearing: 12.12.2024 Date Of Pronouncement: 20.12.2024 Order Per Satbeer Singh Godara: These Assessee’S Twin Appeal In Ita No. 834/Del/2024 For Assessment Years 2011-12, Arise Against The Cit(A)-16, New Delhi’S Order Dated 06.08.2019 Passed In Case No. 10333/2018-19 In Proceedings U/S 143(3) R.W.S. 147 & It’S Latter Appeal Ita No. 836/Del/2024 For A.Y. 2015-16, Is Directed Against The Cit(A)/Nfac, Delhi’S Din & Order No. Itba/Nfac/S/250/2023-24/1059607361(1) Dated 11.01.2024, In Proceedings U/S 271B Of The Income Tax Act, 1961 (In Short “The Act”), Respectively.

For Appellant: Sh. K. Sampath, Adv. &For Respondent: Sh. Sahil Kumar Bansal, Sr. DR
Section 143(3)Section 271BSection 80Section 80PSection 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…

Saini Co Operative Tharift and Credit Society Ltd, Delhi vs. CIT(A)-16, Delhi

ITA 834/DEL/2024[2011-2012]Status: DisposedITAT Delhi20 Dec 2024AY 2011-2012

Bench: Sh. Satbeer Singh Godara & Sh. S. Rifaur Rahmanita No. 834/Del/2024 : Asstt. Year : 2011-12 Ita No. 836/Del/2024 : Asstt. Year : 2015-16 Saini Co-Operative Thrift & Credit Vs Cit(A)-16, Society Ltd., 2420-2421, Bazar New Delhi-110002 Kamra Bangash, A. G. C. R. Central Delhi, New Delhi-110002 (Appellant) (Respondent) Pan No. Aabas8396K Assessee By : Sh. K. Sampath, Adv. & Sh. V. Rajkumar, Adv. Revenue By : Sh. Sahil Kumar Bansal, Sr. Dr Date Of Hearing: 12.12.2024 Date Of Pronouncement: 20.12.2024 Order Per Satbeer Singh Godara: These Assessee’S Twin Appeal In Ita No. 834/Del/2024 For Assessment Years 2011-12, Arise Against The Cit(A)-16, New Delhi’S Order Dated 06.08.2019 Passed In Case No. 10333/2018-19 In Proceedings U/S 143(3) R.W.S. 147 & It’S Latter Appeal Ita No. 836/Del/2024 For A.Y. 2015-16, Is Directed Against The Cit(A)/Nfac, Delhi’S Din & Order No. Itba/Nfac/S/250/2023-24/1059607361(1) Dated 11.01.2024, In Proceedings U/S 271B Of The Income Tax Act, 1961 (In Short “The Act”), Respectively.

For Appellant: Sh. K. Sampath, Adv. &For Respondent: Sh. Sahil Kumar Bansal, Sr. DR
Section 143(3)Section 271BSection 80Section 80PSection 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…

Maliyana Co-Operative Cane Development Union, Gorakhpur vs. ITO, Ward-1(1)(4), Meerut

Appeal is allowed in above terms

ITA 1874/DEL/2023[2017-18]Status: DisposedITAT Delhi12 Dec 2024AY 2017-18

Bench: Sh. Satbeer Singh Godara & Sh. M. Balaganeshita No. 1874/Del/2023 : Asstt. Year : 2017-18 Maliyana Co-Operative Cane Vs Income Tax Officer, Development Union, C/O D. S. Kohli, Ward-1(1)(4), F.F.-06, Narayan Tower, Gandhi Meerut, U.P. Ashram Lane, Golghar, Gorakhpur, U.P.-273001 (Appellant) (Respondent) Pan No. Aaaam6185F Assessee By : Sh. Ibad Mushtaq, Adv. Revenue By : Sh. Akhilesh Kumar Yadav, Sr. Dr Date Of Hearing: 05.12.2024 Date Of Pronouncement: 12.12.2024 Order Per Satbeer Singh Godara: This Assessee’S Appeal For Assessment Year 2017-18, Arises Against The Cit(A)/Nfac, Delhi’S Din & Order No. Itba/Nfac/S/250/2023-24/1051871860(1) Dated 05.04.2023 In Proceedings U/S 144 Of The Income Tax Act, 1961 (In Short “The Act”).

For Appellant: Sh. Ibad Mushtaq, AdvFor Respondent: Sh. Akhilesh Kumar Yadav, Sr. DR
Section 144Section 80Section 80PSection 80P(2)Section 80P(2)(a)

…ative Federation of Housing Building Societies Ltd. [2011] 11 taxmann.com 448 (Punjab & Haryana) , the Hon'ble Gujarat High Court in the case of 3 Maliyana Co-operative Cane Development Union 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…