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

Samarth Surksha Rakshak Co-Op Credit Society Ltd, Sanpada vs. Income Tax Officer, Navi Mumbai

In the result, the appeal is allowed to the extent indicated above

ITA 5495/MUM/2024[2017-18]Status: DisposedITAT Mumbai10 Dec 2024AY 2017-18

Bench: Shri Saktijit Dey, Vp & Shri Narendra Kumar Billaiya, Am Samarth Surksha Rakshak Co-Op Income Tax Officer, Credit Society Ltd., Navi Mumbai Shop No. 23, Shantiniketan Housing Vs. Society, 30/A, Balaji Tower, Sanpada East, Thane, Maharashtra – 400705 Pan/Gir No. Aadas3793G (Appellant) : (Respondent)

For Appellant: Shri Prashant GhumareFor Respondent: Ms. Monika H. Pande, Sr. AR
Section 143(3)Section 80PSection 80P(2)(a)Section 80P(2)(d)

…ai. We further find that the Hon'ble High Court of Karnataka in the case of Pr. Commissioner of Income-tax and Anr. v. Totagars Cooperative Sale Society (2017) 392 ILR 74 (Kam) and Hon'ble High Court of Gujarat in the case of State Bank Of India v. CIT (2016) 389 ITR 578 (Guj), had held, that the interest income eamed 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 State Transport Employees Co Operative Credit and Thrift Society, Mehsana vs. DCIT, Circle, Gandhinagar

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

ITA 1481/AHD/2024[2017-18]Status: DisposedITAT Ahmedabad05 Dec 2024AY 2017-18

Bench: Ms. Suchitra Kamble & Shri Makarand Vasant Mahadeokarआयकर अपील सं./Ita No. 1481/Ahd/2024 िनधा"रण वष"/Asstt. Year: 2017-2018 The State Transport Employees D.C.I.T, Co Operative Credit & Thrift बनामVs Circle, . Society, Gandhinagar. S.T Divisional Office, Modhera Char Rasta, Mehsana-384002. Pan: Aaabt0216B

For Appellant: Shri Sunil Talati, ARFor Respondent: Shri Nitin Vishnu Kulkarni, Sr. DR
Section 143(2)Section 56Section 57Section 80PSection 80P(2)(a)Section 80P(2)(c)Section 80P(2)(d)

…d the interest received from the SBI as per the contention of the Ld.AR. 9. The Ld.DR submitted that the interest received from Nationalized Bank are not allowable as per the decision of Hon’ble Gujarat High Court in the case of SBI vs CIT reported in (2016) 380 ITR 578(Guj.). 10. We have heard the both the parties and perused the material available on record. It is pertinent to note that the interest received from SBI which is a Nationalized Bank is not allowable as per the section 80(P) of the Act but at the same time the assessee has incurred certain expenditure earned. The said proportionate expenditure sho…

Assistant Commissioner of Income-Tax, Circle-2(1)(1), Ahmedabad vs. The Gujarat State Co. Op. Housing Finance Corporation Ltd, Ahmedabad

The appeals of the Revenue are hereby dismissed

ITA 925/AHD/2023[2017-18]Status: DisposedITAT Ahmedabad05 Dec 2024AY 2017-18

Bench: Dr. B.R.R. Kumar, Vice-Ms. Suchitra Kamble

For Appellant: Shri Aarsi Prasad, CIT-DRFor Respondent: Shri Pritesh Shah, CA
Section 143(3)Section 263Section 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.). 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-operative society, the gross total income includes any income r…

Assistant Commissioner of Income-Tax, Circle-2(1)(1), Ahmedabad vs. The Gujarat State Co. Op. Housing Finance Corporation Ltd, Ahmedabad

The appeals of the Revenue are hereby dismissed

ITA 924/AHD/2023[2014-15]Status: DisposedITAT Ahmedabad05 Dec 2024AY 2014-15

Bench: Dr. B.R.R. Kumar, Vice-Ms. Suchitra Kamble

For Appellant: Shri Aarsi Prasad, CIT-DRFor Respondent: Shri Pritesh Shah, CA
Section 143(3)Section 263Section 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.). 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-operative society, the gross total income includes any income r…

Assistant Commissioner of Income-Tax, Circle-2(1)(1), Ahmedabad vs. The Gujarat State Co. Op. Housing Finance Corporation Ltd, Ahmedabad

The appeals of the Revenue are hereby dismissed

ITA 923/AHD/2023[2013-14]Status: DisposedITAT Ahmedabad05 Dec 2024AY 2013-14

Bench: Dr. B.R.R. Kumar, Vice-Ms. Suchitra Kamble

For Appellant: Shri Aarsi Prasad, CIT-DRFor Respondent: Shri Pritesh Shah, CA
Section 143(3)Section 263Section 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.). 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-operative society, the gross total income includes any income r…

Ratneshwari Co.Op.Credit Society Ltd., Mehsana vs. The ACIT., Patan Circle, Patan

The appeal of the assessee is hereby allowed

ITA 1409/AHD/2024[2013-14]Status: DisposedITAT Ahmedabad29 Nov 2024AY 2013-14

Bench: Dr. B.R.R. Kumar, Vice-

For Appellant: Shri SN Divatia, AR & Shri Samir Vora, ARFor Respondent: Ms. Neeju Gupta, Sr DR
Section 194A(3)(v)Section 250Section 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’ Cooperativ…

DCIT, Gandhinagar Circle, Gandhinagar vs. The Sardar Pael Cooperative Credit Society Limited, Gandhinagar

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

ITA 1122/AHD/2023[2020-21]Status: DisposedITAT Ahmedabad29 Nov 2024AY 2020-21

Bench: The Final Hearing Of The Appeal.

Section 143(3)Section 19Section 56Section 57Section 80PSection 80P(2)(a)Section 80P(2)(d)

…ring for the assessee submitted that this issue is already covered in favour of the assessee in its own case for the Asst. Year 2016-17 in ITA No. 1404/Ahd/2019 dated 20-05-2022 following Gujarat High Court judgment in the case of State Bank of India Vs. CIT, 389 ITR 578, Surat Vankar Sahakari Sangh Ltd. Vs. ACIT 72 taxmann.com 169 and Others. Further very recently Hon’ble Gujarat High Court in the case of PCIT Vs. Ashwinkumar Arban Cooperative Society Ltd. in Tax Appeal No. 538 of 2024 and Ors. vide judgment dated 24-09-2024 held that the assessee is entitled for deduction u/s. 80P(2)(d) of the I.T.A No. 1122/Ah…

The Kamran Vikas Co.Op. Credit Society Ltd., Sabarkantha vs. The Income Tax Officer, Ward-1, Himatnagar

In the result the appeal of the assessee is allowed

ITA 1659/AHD/2024[2017-18]Status: DisposedITAT Ahmedabad12 Nov 2024AY 2017-18

Bench: Ms. Suchitra Kamble, Judical Member & Shri Narendra Prasad Sinhaआयकर अपील सं./I.T.A. Nos. 1657 To 1659/Ahd/2024 (िनधा"रण वष" िनधा"रण वष" िनधा"रण वष" / Assessment Years : 2013-14, 2014-15 & 2017-18) िनधा"रण वष"

For Appellant: Shri Rushin Patel, A.RFor Respondent: Shri Sudhakar Verma, Sr. DR
Section 143(3)Section 147Section 148Section 80PSection 80P(2)(a)Section 80P(2)(d)

…IN THE INCOME TAX APPELLATE TRIBUNAL “SMC” BENCH, AHMEDABAD BEFORE Ms. SUCHITRA KAMBLE, JUDICAL MEMBER & SHRI NARENDRA PRASAD SINHA, ACCOUNTANT MEMBER आयकर अपील सं./I.T.A. Nos. 1657 to 1659/Ahd/2024 (िनधा"रण वष" िनधा"रण वष" िनधा"रण वष" / Assessment Years : 2013-14, 2014-15 & 2017-18) िनधा"रण वष" बनाम/ बनाम बनाम बनाम The Kamran Vikas Co- ITO Ward-1, Himmatnagar op. Credit Society Ltd. Vs. Talav Vibhag, Ilol, Sabarkantha, Gujarat, 383220 "थायी लेखा सं./जीआइआर सं./PAN/GIR No. : AAAAT5890Q (Appellant) .. (Respondent) अपीलाथ" ओर से /Appellant by : Shri Rushin Patel, A.R. ""यथ" क" ओर से/Respondent by : Shri Sudhaka…

The Kamran Vikar Co.Op. Credit Society Ltd., Sabarkantha vs. The Income Tax Officer, Ward-1, Himatnagar

In the result the appeal of the assessee is allowed

ITA 1658/AHD/2024[2014-15]Status: DisposedITAT Ahmedabad12 Nov 2024AY 2014-15

Bench: Ms. Suchitra Kamble, Judical Member & Shri Narendra Prasad Sinhaआयकर अपील सं./I.T.A. Nos. 1657 To 1659/Ahd/2024 (िनधा"रण वष" िनधा"रण वष" िनधा"रण वष" / Assessment Years : 2013-14, 2014-15 & 2017-18) िनधा"रण वष"

For Appellant: Shri Rushin Patel, A.RFor Respondent: Shri Sudhakar Verma, Sr. DR
Section 143(3)Section 147Section 148Section 80PSection 80P(2)(a)Section 80P(2)(d)

…IN THE INCOME TAX APPELLATE TRIBUNAL “SMC” BENCH, AHMEDABAD BEFORE Ms. SUCHITRA KAMBLE, JUDICAL MEMBER & SHRI NARENDRA PRASAD SINHA, ACCOUNTANT MEMBER आयकर अपील सं./I.T.A. Nos. 1657 to 1659/Ahd/2024 (िनधा"रण वष" िनधा"रण वष" िनधा"रण वष" / Assessment Years : 2013-14, 2014-15 & 2017-18) िनधा"रण वष" बनाम/ बनाम बनाम बनाम The Kamran Vikas Co- ITO Ward-1, Himmatnagar op. Credit Society Ltd. Vs. Talav Vibhag, Ilol, Sabarkantha, Gujarat, 383220 "थायी लेखा सं./जीआइआर सं./PAN/GIR No. : AAAAT5890Q (Appellant) .. (Respondent) अपीलाथ" ओर से /Appellant by : Shri Rushin Patel, A.R. ""यथ" क" ओर से/Respondent by : Shri Sudhaka…

The Kamran Vikas Co.Op. Credit Society Ltd., Sabarkantha vs. The Income Tax Officer, Ward-1, Himatnagar

In the result the appeal of the assessee is allowed

ITA 1657/AHD/2024[2013-14]Status: DisposedITAT Ahmedabad12 Nov 2024AY 2013-14

Bench: Ms. Suchitra Kamble, Judical Member & Shri Narendra Prasad Sinhaआयकर अपील सं./I.T.A. Nos. 1657 To 1659/Ahd/2024 (िनधा"रण वष" िनधा"रण वष" िनधा"रण वष" / Assessment Years : 2013-14, 2014-15 & 2017-18) िनधा"रण वष"

For Appellant: Shri Rushin Patel, A.RFor Respondent: Shri Sudhakar Verma, Sr. DR
Section 143(3)Section 147Section 148Section 80PSection 80P(2)(a)Section 80P(2)(d)

…IN THE INCOME TAX APPELLATE TRIBUNAL “SMC” BENCH, AHMEDABAD BEFORE Ms. SUCHITRA KAMBLE, JUDICAL MEMBER & SHRI NARENDRA PRASAD SINHA, ACCOUNTANT MEMBER आयकर अपील सं./I.T.A. Nos. 1657 to 1659/Ahd/2024 (िनधा"रण वष" िनधा"रण वष" िनधा"रण वष" / Assessment Years : 2013-14, 2014-15 & 2017-18) िनधा"रण वष" बनाम/ बनाम बनाम बनाम The Kamran Vikas Co- ITO Ward-1, Himmatnagar op. Credit Society Ltd. Vs. Talav Vibhag, Ilol, Sabarkantha, Gujarat, 383220 "थायी लेखा सं./जीआइआर सं./PAN/GIR No. : AAAAT5890Q (Appellant) .. (Respondent) अपीलाथ" ओर से /Appellant by : Shri Rushin Patel, A.R. ""यथ" क" ओर से/Respondent by : Shri Sudhaka…

Chandraprabhu Gramin Bigar Sheti Sahakari Pat Sanstha, Solapur vs. Income Tax Officer, Ward-2, Pandharpur

In the result, the appeal of the assessee is allowed

ITA 1858/PUN/2024[2018-19]Status: DisposedITAT Pune29 Oct 2024AY 2018-19

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

For Appellant: Shri Sharad ShahFor Respondent: Shri B.S. Rajpurohit
Section 143(2)Section 143(3)Section 80PSection 80P(2)(a)Section 80P(2)(d)

…s 80P(2)(d) of the Act. This view has been taken by the Hon'ble Andhra Pradesh High Court in the case of CIT vs. Andra Pradesh State Cooperative Bank Ltd. (336 ITR 516). Similar view has been taken by the Hon'ble Gujarat High Court in the case of SBI vs. CIT (389 ITR 578). Similar view has been taken by ITAT PUNE BENCH 'B' in the case of Sant Motiram Maharaj Sahakari Pat Sanstha Ltd. v. Income Tax Officer, Ward Parbhani [2020] 120 taxmann.com 10 (Pune Trib.). In this decision, Hon'ble ITAT has distinguished the facts of the case of Totgar Co-operative Sale Society Ltd. and concluded that the co- operative credit…

Yughdharma Co-Opperative Housing Society Limited, Mumbai vs. Income Tax Officer- Ward 31(1) (9), Mumbai

In the result, appeal filed by the assessee is partly allowed in the above terms

ITA 3777/MUM/2024[2017-18]Status: DisposedITAT Mumbai25 Oct 2024AY 2017-18

Bench: Shri. Gagan Goyal & Shri. Raj Kumar Chauhanyughdharma Co-Operative Housing Vs. Income Tax Officer – Ward Society Limited 31(1)(9) Yugdharma Chs Ltd. Opp. Inorbit Room No. 536, 5Th Floor, Mall Goregaon, Mumbai – 400104. Kautilya Bhavan, C-41 To C-43, Pan: Aaaay0668F G Block, Bandra Kurla Complex, Bandra East – 400051. (Appellant) (Respondent)

Section 142(1)Section 143(1)Section 143(2)Section 250Section 80PSection 80P(2)(c)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-secti…

Income Tax Officer, Kautilya Bhawan Bkc Mumbai vs. The Times of India Employees Co.Op Credit Society Ltd., Mumbai

The appeal of the Department is dismissed

ITA 3803/MUM/2024[2017-18]Status: DisposedITAT Mumbai22 Oct 2024AY 2017-18

Bench: Shri Narender Kumar Choudhry (Jm) & Shri Omkareshwar Chidara (Am)

Section 80P(2)(d)Section 80P(4)

…ety Ltd. Vs. ITO (ITA No. 6139/Mum/2014 dated 27.9.2017. v) Kaliandas Udyog Bhavan Premises Cooperative Society Ltd. Vs. ITO. 3 The Times of India Employees Cooperative Credit Society 7. Hon'ble Gujarat High Court in the case of State Bank of India Vs. CIT, 389 ITR 578, also held that the assessee society is entitled for deduction u/s. 80P(2)(d) of the Act on the interest earned from the funds invested by the cooperative society by investing in the cooperative banks. Moreover, in the subsequent decision of Hon'ble Karnata High Court in the case of Totagars Cooperative Sale Society Ltd. (2017) 392 ITR 74 dated 5…

New Chandra Co - Op Hgs Soc. Limited, Mumbai vs. Commissioner of Income Tax Appeals Addl /JCIT(A)-3, Bangalure

The appeal of the appellant is allowed

ITA 3410/MUM/2024[2014-15]Status: DisposedITAT Mumbai22 Oct 2024AY 2014-15

Bench: Shri Amit Shukla (Jm) & Shri Omkareshwar Chidara (Am)

Section 143(1)Section 154Section 80PSection 80P(2)Section 80P(2)(d)Section 90P(2)(d)

…IN THE INCOME TAX APPELLATE TRIBUNAL Mumbai “H (SMC)” Bench, Mumbai. Before Shri Amit Shukla (JM) & Shri Omkareshwar Chidara (AM) I.T.A. No. 3410/Mum/2024 (A.Y. 2014-15) I.T.A. No. 3411/Mum/2024 (A.Y. 2013-14) Vs. THE CIT(A)/Addl. New Chandra Cooperative Housing Society Ltd. JCIT-3 Ground Floor, New Bengaluru Chandra CHSL, Veera Desai Road, Andheri W Mumbai-400 053. PAN : AAAAN6586H (Appellant) (Respondent) Assessee by Shri R.M. Hagir Department by Shri Aditya Manohar Rai Date of Hearing 08.08.2024 Date of Pronouncement 22.10.2024 O R D E R Per Omkareshwar Chidara (AM) :- ITA No. 3410/Mum/2024 : The on…

Income Tax Officer, Ward-2, Sangli, Income Tax Department vs. Shivpratap Nagari Cooperative Credit Society Limited, Vita Dist-Sangli

In the result, the appeal of the Revenue is dismissed

ITA 1338/PUN/2024[2020-21]Status: DisposedITAT Pune17 Oct 2024AY 2020-21

Bench: Ms. Astha Chandra & Shree G.D. Padmahshali

For Appellant: N O N EFor Respondent: Shri Arvind Desai
Section 143Section 143(2)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 subsection…

Stella Maris Co-Operative Housing Society Ltd, Mumbai vs. Income Tax Officer Ward 22(3)(6)(, Mumbai

In the result, the assessee’s appeal is allowed

ITA 1762/MUM/2024[2015-16]Status: DisposedITAT Mumbai15 Oct 2024AY 2015-16

Bench: SHRI BR BASKARAN (Accountant Member), SHRI SUNIL KUMAR SINGH (Judicial Member)

Section 143(1)Section 2(19)Section 250Section 5Section 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-secti…

Sharadchandrika Nagari Sahakari Patsanstha Maryadit, Jalgaon vs. ITO Ward1(4), Jalgaon

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

ITA 1767/PUN/2024[2017-18]Status: DisposedITAT Pune10 Oct 2024AY 2017-18

Bench: Shri Inturi Rama Raoआयकर अपील सं. / Ita No.1767/Pun/2024 "नधा"रण वष" / Assessment Year : 2017-18

For Appellant: Shri Shubham RathiFor Respondent: Shri B.S. Rajpurohit
Section 143(2)Section 143(3)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 Employees…

Union Bank Co. Op. Credit Society Ltd., Ahmedabad vs. The Dy.CIT, Circle-1(1)(1), Ahmedabad

In the result, both the appeals of the assessee are partly allowed for statistical purposes

ITA 1229/AHD/2024[2020-21]Status: DisposedITAT Ahmedabad08 Oct 2024AY 2020-21

Bench: Shri T.R. Senthil Kumar & Shri Makarand V. Mahadeokarआयकर अपील सं /Ita Nos.1228 & 1229/Ahd/2024 िनधा"रण वष" /Assessment Years: 2018-19 & 2020-21 Respectively Union Bank Co-Op. Credit The Dy.Cit बनाम/ Society Ltd. Circle-1(1)(1) V/S. 1, Dhalaxmi Market Ahmedabad Revadi Bazar Kalupur Ahmedabad – 380 001 (Gujarat) "थायी लेखा सं./Pan:Aaau 0802 F (अपीलाथ$/ Appellant) (%& यथ$/ Respondent) Assessee By : Shri Anil Kshatriya, Advocate Revenue By : Smt. Bhavna Gupta Singh, Sr.Dr सुनवाई की तारीख/Date Of Hearing : 24/09/2024 घोषणा की तारीख /Date Of Pronouncement: 08/10/2024 आदेश/O R D E R Per Makarand V. Mahadeokar, Am:

For Appellant: Shri Anil Kshatriya, AdvocateFor Respondent: Smt. Bhavna Gupta Singh, Sr.DR
Section 143(1)Section 143(3)Section 144BSection 80PSection 80P(2)(a)

…-15 (ITA No. 838/Ahd/2017 and ITA No.488/Ad/2018) has decided against the assessee relating to interest income earned on fixed deposits with nationalised bank relying on the judgment of Hon’ble jurisdictional High Court in case of State Bank of India Vs. CIT (389 ITR 578). 5.1. The assessee, through written submissions, contended that the interest and dividend income earned from deposits and fixed deposits (FDs) with co- operative banks (such as the ADC Co-operative Bank) should be eligible for deduction under Section 80P(2)(d). The assessee argued that these banks are co-operative entities, and income earned fr…

Union Bank Co.Op. Credit Society Ltd., Ahmedabad vs. The Dy.CIT, Circle-1(1)(1), Ahmedabad

In the result, both the appeals of the assessee are partly allowed for statistical purposes

ITA 1228/AHD/2024[2018-19]Status: DisposedITAT Ahmedabad08 Oct 2024AY 2018-19

Bench: Shri T.R. Senthil Kumar & Shri Makarand V. Mahadeokarआयकर अपील सं /Ita Nos.1228 & 1229/Ahd/2024 िनधा"रण वष" /Assessment Years: 2018-19 & 2020-21 Respectively Union Bank Co-Op. Credit The Dy.Cit बनाम/ Society Ltd. Circle-1(1)(1) V/S. 1, Dhalaxmi Market Ahmedabad Revadi Bazar Kalupur Ahmedabad – 380 001 (Gujarat) "थायी लेखा सं./Pan:Aaau 0802 F (अपीलाथ$/ Appellant) (%& यथ$/ Respondent) Assessee By : Shri Anil Kshatriya, Advocate Revenue By : Smt. Bhavna Gupta Singh, Sr.Dr सुनवाई की तारीख/Date Of Hearing : 24/09/2024 घोषणा की तारीख /Date Of Pronouncement: 08/10/2024 आदेश/O R D E R Per Makarand V. Mahadeokar, Am:

For Appellant: Shri Anil Kshatriya, AdvocateFor Respondent: Smt. Bhavna Gupta Singh, Sr.DR
Section 143(1)Section 143(3)Section 144BSection 80PSection 80P(2)(a)

…-15 (ITA No. 838/Ahd/2017 and ITA No.488/Ad/2018) has decided against the assessee relating to interest income earned on fixed deposits with nationalised bank relying on the judgment of Hon’ble jurisdictional High Court in case of State Bank of India Vs. CIT (389 ITR 578). 5.1. The assessee, through written submissions, contended that the interest and dividend income earned from deposits and fixed deposits (FDs) with co- operative banks (such as the ADC Co-operative Bank) should be eligible for deduction under Section 80P(2)(d). The assessee argued that these banks are co-operative entities, and income earned fr…

Jaihind Nagari Sahakari Patsanstha Maryadit, Narayangaon, Pune vs. Nafc-- Commissioner of Income Tax ( Appeals), Nafc-Delhi

Appeal is allowed in above terms

ITA 1210/PUN/2024[2017-18]Status: DisposedITAT Pune07 Oct 2024AY 2017-18

Bench: Shri Satbeer Singh Godara & Shri Inturi Rama Rao

For Appellant: Shri Pramod ShingteFor Respondent: Shri Ramnath P. Murkunde
Section 143(3)Section 80PSection 80P(2)(a)Section 80P(2)(d)

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