Vaveru Co-operative Rural Bank Ltd. v. CIT

396 ITR 371High Court2017#262 most cited
299

judgments rely on this decision, according to BharatTax’s citation analysis of 366,470 Indian tax judgments — from 2018 to 2026.

Also referred to as

Vaveru Co-operative Rural Bank Ltd. v. CIT · Section 80P · 80P(2)(a) · 80P(2)(d) · 80P(4) · co-operative society deduction · income of co-operative bank · rejection of Revenue stand · assessee favorable · income-tax deduction

Sections most often in play

Section 80P(2)(a)(i)Section 80P(2)(d)Section 80PSection 143(3)Section 250Section 80P(4)Section 263Section 2(19)

Issues it is cited on

section 57(i)section 80(p)(2)(a)section 80(2)(d)section 286section 161section 80p(2)(c)section 63section 64section 60section 80p(2)(a)(iii)section 80p(2)(a)section 80(p)(2)

Judgments citing Vaveru Co-operative Rural Bank Ltd. v. CIT

Central Bank Staff Co-Operative Credit Society Ltd., Nagpur vs. ITO Ward 1(1), Nagpur

Appeal is allowed in above terms

ITA 423/NAG/2022[2017-18]Status: DisposedITAT Nagpur22 Mar 2024AY 2017-18

Bench: Shri Satbeer Singh Godara

For Appellant: Shri Mahavir Atal, C.AFor Respondent: Shri Abhay Y Marathe, Sr.DR
Section 143(3)Section 80PSection 80P(2)(a)

…deduction(s) 2 ITA.No.423/NAG./2022 of Rs.27,14,281/- received from Central Bank of India. Both the learned lower authorities hold that the above stated bank’s interest is not eligible since not derived from co-operative society. I find that case law [2017] 396 ITR 371 [AP] The Vavveru Co-operative Rural Bank Ltd. vs. CCIT has already settled the issue that interest income from nationalized banks also qualifies for the impugned sec.80P deduction. 3. I accordingly adopt the impugned sec.80P deduction in principle and leave it open for the learned Assessing Officer to finalise his consequential computation as pe…

Dhanashri Multistate Cooperative Credit Society Ltd, Mangalvedhe vs. Income Tax Officer Ward 1 Pandharpur, Pandharpur

ITA 267/PUN/2024[2018-19]Status: DisposedITAT Pune21 Mar 2024AY 2018-19

Bench: Shri Satbeer Singh Godara

For Appellant: Shri Pramod S ShingteFor Respondent: Shri Manish Mehta
Section 143(3)Section 263Section 80P(2)Section 80P(2)(d)

…t was taken by the A.O as regards the eligibility of the assessee towards claim of deduction under Sec. 80P(2)(d), we set-aside his order and 12 ITA.No.266/PUN./2024 restore the order passed by the A.O under Sec. 143(3), dated 07.03.2016.” 4. Case law [2017] 396 ITR 371 [AP] The Vavveru Co- operative Rural Bank Ltd. vs. CCIT has also rejected the Revenue’s stand that interest income derived from nationalized bank(s) by a cooperative credit society indeed qualifies for sec.80P deduction. I accordingly direct the learned Assessing Officer to compute assessee’s impugned deduction(s) in very terms. Ordered according…

Dhanashri Multistate Cooperative Credit Society Ltd, Mangalwedhe vs. ITO Ward 1 Pandharpur, Pandharpur

ITA 266/PUN/2024[2016-17]Status: DisposedITAT Pune21 Mar 2024AY 2016-17

Bench: Shri Satbeer Singh Godara

For Appellant: Shri Pramod S ShingteFor Respondent: Shri Manish Mehta
Section 143(3)Section 263Section 80P(2)Section 80P(2)(d)

…t was taken by the A.O as regards the eligibility of the assessee towards claim of deduction under Sec. 80P(2)(d), we set-aside his order and 12 ITA.No.266/PUN./2024 restore the order passed by the A.O under Sec. 143(3), dated 07.03.2016.” 4. Case law [2017] 396 ITR 371 [AP] The Vavveru Co- operative Rural Bank Ltd. vs. CCIT has also rejected the Revenue’s stand that interest income derived from nationalized bank(s) by a cooperative credit society indeed qualifies for sec.80P deduction. I accordingly direct the learned Assessing Officer to compute assessee’s impugned deduction(s) in very terms. Ordered according…

Neeri Co-Operative Credit Society Limited, Nagpur vs. Income Tax Officer Ward 1(4), Nagpur

ITA 227/NAG/2023[2014-15]Status: DisposedITAT Nagpur21 Mar 2024AY 2014-15

Bench: Shri Satbeer Singh Godara

For Appellant: For Revenue : Shri Abhay Y Marathe, Sr.DRFor Respondent: Shri Abhay Y Marathe, Sr.DR
Section 143(3)Section 80P

…essee’s sec.80P deduction interest income of Rs.1,14,079/- received from State Bank of India. Both the learned lower authorities hold that the above stated bank interest is not eligible since not derived from co-operative society. We find that case law [2017] 396 ITR 371 [AP] The Vavveru Co-operative Rural Bank Ltd. vs. CCIT has already settled the issue that interest income from nationalized banks also qualifies for the impugned sec.80P deduction. 3. I accordingly adopt the impugned sec.80P deduction in principle and leave it open for the learned Assessing Officer to finalise his consequential computation as pe…

The Chinaogirala Pacs Ltd, Chinaogirala Village vs. Income Tax Officer, Ward 1, Gudivada

In the result, appeal of the Revenue is dismissed

ITA 296/VIZ/2023[2020-21]Status: DisposedITAT Visakhapatnam14 Mar 2024AY 2020-21

Bench: Shri Duvvuru Rl Reddy, Hon’Bleआयकर अपील सं./ I.T.A. No.296/Viz/2023 (निर्धारण वर्ा / Assessment Year : 2020-21) The Chinaogirala Pacs Ltd, Vs. Income Tax Officer, Chinaogirala Village, Ward-1, Vuyyuru Mandal, Gudivada, Krishna District, Andhra Pradesh-521301. Andha Pradesh-521245. Pan: Aacat 8188 M (अपीलधर्थी/ Appellant) (प्रत्यर्थी/ Respondent) अपीलधर्थी की ओर से/ Appellant By : None प्रत्यधर्थी की ओर से / Respondent By : Dr. Aparna Villuri, Sr. Ar

For Appellant: NoneFor Respondent: Dr. Aparna Villuri, Sr. AR
Section 143(2)Section 143(3)Section 80PSection 80P(2)(a)Section 80P(2)(d)

…आयकर अपीलीयअधिकरण, विशाखापटणम SMC पीठ, विशाखापटणम IN THE INCOME TAX APPELLATE TRIBUNAL, VISAKHAPATNAM BENCH, VISAKHAPATNAM श्री दुव्िूरु आर एल रेड्डी, न्याययक सदस्य के समक्ष BEFORE SHRI DUVVURU RL REDDY, HON’BLE JUDICIAL MEMBER आयकर अपील सं./ I.T.A. No.296/Viz/2023 (निर्धारण वर्ा / Assessment Year : 2020-21) The Chinaogirala PACS Ltd, Vs. Income Tax Officer, Chinaogirala Village, Ward-1, Vuyyuru Mandal, Gudivada, Krishna District, Andhra Pradesh-521301. Andha Pradesh-521245. PAN: AACAT 8188 M (अपीलधर्थी/ Appellant) (प्रत्यर्थी/ Respondent) अपीलधर्थी की ओर से/ Appellant by : None प्रत्यधर्थी की ओर से / Respondent…

The Farmers Service Co-Op Ltd., Ranasthalam vs. Income-Tax Officer Ward-1, Srikakulam

In the result, appeal of the Revenue is dismissed

ITA 310/VIZ/2023[2020-21]Status: DisposedITAT Visakhapatnam29 Feb 2024AY 2020-21

Bench: Shri Duvvuru Rl Reddy, Hon’Bleआयकर अपील सं./ I.T.A. No.310/Viz/2023 ("नधा"रण वष" / Assessment Year :2020-21) The Farmers Service Co-Op. Ltd., Vs. Income Tax Officer, Ranasthalam, Ward-1, Srikakulam-532407. Srikakulam. Pan: Aabtt 4377 L (अपीलाथ"/ Appellant) (""यथ"/ Respondent) अपीलाथ" क" ओर से/ Appellant By : Sri I Kama Sastry, Ar ""याथ" क" ओर से / Respondent By : Dr. Aparna Villuri, Sr. Ar

For Appellant: Sri I Kama Sastry, ARFor Respondent: Dr. Aparna Villuri, Sr. AR
Section 139(1)Section 142(1)Section 143(2)Section 143(3)Section 80PSection 80P(2)(a)

…आयकर अपील"यअ"धकरण, "वशाखापटणम SMC पीठ, "वशाखापटणम IN THE INCOME TAX APPELLATE TRIBUNAL, VISAKHAPATNAM BENCH, VISAKHAPATNAM "ी दु"वू" आर एल रे"डी, "या"यक सद"य के सम" BEFORE SHRI DUVVURU RL REDDY, HON’BLE JUDICIAL MEMBER आयकर अपील सं./ I.T.A. No.310/Viz/2023 ("नधा"रण वष" / Assessment Year :2020-21) The Farmers Service Co-op. Ltd., Vs. Income Tax Officer, Ranasthalam, Ward-1, Srikakulam-532407. Srikakulam. PAN: AABTT 4377 L (अपीलाथ"/ Appellant) (""यथ"/ Respondent) अपीलाथ" क" ओर से/ Appellant by : Sri I Kama Sastry, AR ""याथ" क" ओर से / Respondent by : Dr. Aparna Villuri, Sr. AR सुनवाई क" तार"ख / Date of Hearing :…

Udupi District Ex-Servicemen'S Multipurpose Co-Op. Society Ltd., Udupi vs. Income Tax Officer, Ward-1 & Tps, Udupi

Accordingly, this issue is allowed for statistical purposes

ITA 77/BANG/2024[2020-21]Status: DisposedITAT Bangalore28 Feb 2024AY 2020-21

Bench: Shri Narender Kumar Choudhry & Shri Laxmi Prasad Sahuassessment Year : 2020-21 M/S. Udupi District Ex-Servicemen’S The Income Tax Multipurpose Co-Op. Officer, Society Ltd., Ward – 1 & Tps, Adi-Udupi, Udupi. Udupi – 576 103. Vs. Pan: Aabau6021F Appellant Respondent

For Appellant: Shri Mahesh R. Uppin, Advocate
Section 56Section 80PSection 80P(2)(a)

…ara Sahakari Sangha Ltd Vs ITO Ward-1 Udupi. Wherefore the Hon'ble Court be pleased to allow the above appeal in the interest of Justice.” He has also relied on the following judgment. Vavveru Co-operative Rural Bank Ltd. vs. CCIT and Anr. Reported in (2017) 396 ITR 371 (T & AP) 5. The Ld.DR relied on the orders of the lower authorities and submitted that the Ld.CIT(A) has relied on the latest judgment of the jurisdictional High Court on the same issue, in the case of PCIT vs. Totagar Co-operative Sale Society reported in 83 taxmann.com 140. As per the judgment, the assessee is not eligible for claim of deducti…

State Bank of India Staff Co-Operative Credit Society Ltd, Hyderabad vs. DCIT., Circle-5(1), Hyderabad

In the result, appeal of the assessee is allowed

ITA 667/HYD/2023[2018-19]Status: DisposedITAT Hyderabad09 Feb 2024AY 2018-19

Bench: Shri Inturi Rama Rao & Shri K.Narasimha Chary

For Appellant: Shri K.A. Sai Prasad, ARFor Respondent: Shri Shakeer Ahamed, DR
Section 143(1)Section 143(3)Section 80P(2)(a)Section 80P(2)(d)

…which are not to be utilised in the near future in the nationalised bank and, therefore, such deposit has nexus with the business of the assessee. Assessee placed reliance on the decisions reported in The Vavveru Co-operative Rural Bank Ltd. vs. CCIT (2017) [396 ITR 371] (AP). 6. Per contra, learned DR argued that insofar as the deduction under section 80P(2)(a)(i) of the Act is concerned, it is available only to primary agricultural co-operative society, but not to all the co-operative societies and, therefore, this fact needs verification. Secondly, he submitted that whether or not the deposited amount is the…

Income Tax Officer, Wrd-1, Bhimavaram vs. Yendangandhi Large Sized Co-Operative Society Ltd, Visakhapatnam

In the result, appeal of the Revenue is dismissed

ITA 243/VIZ/2022[2018-19]Status: DisposedITAT Visakhapatnam22 Nov 2023AY 2018-19

Bench: Shri Duvvuru Rl Reddy, Hon’Ble & Shri S Balakrishnan, Hon’Bleआयकर अपील सं./I.T.A.No.243/Viz/2022 (निर्धारण वर्ा / Assessment Year : 2018-19) Income Tax Officer Vs. M/S Yendagandhi Large Sized Ward-1 Co-Operative Society Ltd. Bhimavaram D.No.4-13, K.K.Road Yendagandi, West Godavari Dist [Pan : Aacat0967G] (अपीलार्थी/ Appellant) (प्रत्यर्थी/ Respondent) Cross Objection No.01/Viz/2023 (Arising Out Of I.T.A.No.243/Viz/2022) (निर्धारण वर्ा / Assessment Year : 2018-19) M/S Yendagandhi Large Sized Co- Income Tax Officer Operative Society Ltd. Ward-1 D.No.4-13, K.K.Road Bhimavaram Yendagandi, West Godavari Dist [Pan : Aacat0967G] (अपीलार्थी/ Appellant) (प्रत्यर्थी/ Respondent) Assessee By : Shri G.V.N.Hari, Ar Revenue By : Shri Madhukar Aves, Dr सुिवधई की तधरीख / Date Of Hearing 10.10.2023 : घोर्णध की तधरीख/Date Of Pronouncement : 22.11.2023 आदेश /O R D E R Per Shri Duvvuru Rl Reddy: This Appeal Is Filed By The Revenue Against The Order Of Commissioner Of Income Tax (Appeals) [Cit(A)], National Faceless

For Appellant: Shri G.V.N.Hari, ARFor Respondent: Shri Madhukar Aves, DR
Section 143(1)Section 143(2)Section 143(3)Section 56Section 80PSection 80P(2)

…आयकरअपीलीयअधिकरण, धिशाखापटणम पीठ, धिशाखापटणम IN THE INCOME TAX APPELLATE TRIBUNAL, VISAKHAPATNAM BENCH, VISAKHAPATNAM श्री दुव्वूरु आर एल रेड्डी, न्याधयक सदस्य एिं श्री एस बालाकृष्णन, लेखा सदस्य के समक्ष BEFORE SHRI DUVVURU RL REDDY, HON’BLE JUDICIAL MEMBER & SHRI S BALAKRISHNAN, HON’BLE ACCOUNTANT MEMBER आयकर अपील सं./I.T.A.No.243/Viz/2022 (निर्धारण वर्ा / Assessment Year : 2018-19) Income Tax Officer Vs. M/s Yendagandhi Large Sized Ward-1 Co-operative Society Ltd. Bhimavaram D.No.4-13, K.K.Road Yendagandi, West Godavari Dist [PAN : AACAT0967G] (अपीलार्थी/ Appellant) (प्रत्यर्थी/ Respondent) Cross Objection No.0…

The B S N L Emp Ccs Limited, Guntur vs. Income Tax Officer, Ward -2(1), Guntur

In the result, appeal of the Revenue is dismissed

ITA 167/VIZ/2023[2020-21]Status: DisposedITAT Visakhapatnam18 Oct 2023AY 2020-21

Bench: Shri Duvvuru Rl Reddy, Hon’Bleआयकर अपील सं./I.T.A.No.165-167/Viz/2023 (ननधधारण वर्ा / Assessment Year :2017-18, 2018-19 & 2020-21) The B.S.N.L.Emp. C.C.S.Ltd. Vs. Income Tax Officer No.Z 613, Chilakaluripet Ward-2(1) Guntur Guntur [Pan : Aaeat2982P] (अपीलार्थी/ Appellant) (प्रत्यर्थी/ Respondent) अपीलधथी की ओर से/ Appellant By : Shri G.V.N.Hari, Ar प्रत्यधथी की ओर से / Respondent By : Shri Madhukar Aves, Dr सुनवधई की तधरीख / Date Of Hearing : 06.09.2023 घोर्णध की तधरीख/Date Of Pronouncement : 18.10.2023 आदेश /O R D E R Per Shri Duvvuru Rl Reddy: These Appeals Are Filed By The Assessee Against The Orders Of Commissioner Of Income Tax (Appeal) [Cit(A)], National Faceless Appeal Centre (Nfac), Delhi Vide Orders Dated 29.03.2023 & 30.03.2023 For The Assessment Year (A.Y.)2017-18, 2018-19 & 2020-21. Since The Grounds Raised In These Appeals Are Common, These Appeals Are Clubbed, Heard Together & A Common Order Is Being Passed For The Sake Of Convenience As Under. Facts Are Extracted From I.T.A.165/Viz/2023. 2. Brief Facts Of The Case Are That The Assessee Society, The B.S.N.L.Emp C.C.S Ltd Registered With Cooperative Society No.Z.613, Chilakaluripet

For Appellant: Shri G.V.N.Hari, ARFor Respondent: Shri Madhukar Aves, DR
Section 143(1)Section 143(3)Section 80P

…आयकरअपीलीयअधिकरण, धिशाखापटणम “एसएमसी”पीठ, धिशाखापटणम IN THE INCOME TAX APPELLATE TRIBUNAL, VISAKHAPATNAM “SMC” BENCH, VISAKHAPATNAM श्री दुव्वूरु आर एल रेड्डी, न्याधयक सदस्य के समक्ष BEFORE SHRI DUVVURU RL REDDY, HON’BLE JUDICIAL MEMBER आयकर अपील सं./I.T.A.No.165-167/Viz/2023 (ननधधारण वर्ा / Assessment Year :2017-18, 2018-19 & 2020-21) The B.S.N.L.Emp. C.C.S.Ltd. Vs. Income Tax Officer No.Z 613, Chilakaluripet Ward-2(1) Guntur Guntur [PAN : AAEAT2982P] (अपीलार्थी/ Appellant) (प्रत्यर्थी/ Respondent) अपीलधथी की ओर से/ Appellant by : Shri G.V.N.Hari, AR प्रत्यधथी की ओर से / Respondent by : Shri Madhukar Aves, DR सु…

The B S N L Emp Ccs Limited, Guntur vs. Income Tax Officer, Ward -2(1), Guntur

In the result, appeal of the Revenue is dismissed

ITA 166/VIZ/2023[2018-19]Status: DisposedITAT Visakhapatnam18 Oct 2023AY 2018-19

Bench: Shri Duvvuru Rl Reddy, Hon’Bleआयकर अपील सं./I.T.A.No.165-167/Viz/2023 (ननधधारण वर्ा / Assessment Year :2017-18, 2018-19 & 2020-21) The B.S.N.L.Emp. C.C.S.Ltd. Vs. Income Tax Officer No.Z 613, Chilakaluripet Ward-2(1) Guntur Guntur [Pan : Aaeat2982P] (अपीलार्थी/ Appellant) (प्रत्यर्थी/ Respondent) अपीलधथी की ओर से/ Appellant By : Shri G.V.N.Hari, Ar प्रत्यधथी की ओर से / Respondent By : Shri Madhukar Aves, Dr सुनवधई की तधरीख / Date Of Hearing : 06.09.2023 घोर्णध की तधरीख/Date Of Pronouncement : 18.10.2023 आदेश /O R D E R Per Shri Duvvuru Rl Reddy: These Appeals Are Filed By The Assessee Against The Orders Of Commissioner Of Income Tax (Appeal) [Cit(A)], National Faceless Appeal Centre (Nfac), Delhi Vide Orders Dated 29.03.2023 & 30.03.2023 For The Assessment Year (A.Y.)2017-18, 2018-19 & 2020-21. Since The Grounds Raised In These Appeals Are Common, These Appeals Are Clubbed, Heard Together & A Common Order Is Being Passed For The Sake Of Convenience As Under. Facts Are Extracted From I.T.A.165/Viz/2023. 2. Brief Facts Of The Case Are That The Assessee Society, The B.S.N.L.Emp C.C.S Ltd Registered With Cooperative Society No.Z.613, Chilakaluripet

For Appellant: Shri G.V.N.Hari, ARFor Respondent: Shri Madhukar Aves, DR
Section 143(1)Section 143(3)Section 80P

…आयकरअपीलीयअधिकरण, धिशाखापटणम “एसएमसी”पीठ, धिशाखापटणम IN THE INCOME TAX APPELLATE TRIBUNAL, VISAKHAPATNAM “SMC” BENCH, VISAKHAPATNAM श्री दुव्वूरु आर एल रेड्डी, न्याधयक सदस्य के समक्ष BEFORE SHRI DUVVURU RL REDDY, HON’BLE JUDICIAL MEMBER आयकर अपील सं./I.T.A.No.165-167/Viz/2023 (ननधधारण वर्ा / Assessment Year :2017-18, 2018-19 & 2020-21) The B.S.N.L.Emp. C.C.S.Ltd. Vs. Income Tax Officer No.Z 613, Chilakaluripet Ward-2(1) Guntur Guntur [PAN : AAEAT2982P] (अपीलार्थी/ Appellant) (प्रत्यर्थी/ Respondent) अपीलधथी की ओर से/ Appellant by : Shri G.V.N.Hari, AR प्रत्यधथी की ओर से / Respondent by : Shri Madhukar Aves, DR सु…

The B S N L Emp Ccs Limited, Guntur vs. Income Tax Officer, Ward -2(1), Guntur

In the result, appeal of the Revenue is dismissed

ITA 165/VIZ/2023[2017-18]Status: DisposedITAT Visakhapatnam18 Oct 2023AY 2017-18

Bench: Shri Duvvuru Rl Reddy, Hon’Bleआयकर अपील सं./I.T.A.No.165-167/Viz/2023 (ननधधारण वर्ा / Assessment Year :2017-18, 2018-19 & 2020-21) The B.S.N.L.Emp. C.C.S.Ltd. Vs. Income Tax Officer No.Z 613, Chilakaluripet Ward-2(1) Guntur Guntur [Pan : Aaeat2982P] (अपीलार्थी/ Appellant) (प्रत्यर्थी/ Respondent) अपीलधथी की ओर से/ Appellant By : Shri G.V.N.Hari, Ar प्रत्यधथी की ओर से / Respondent By : Shri Madhukar Aves, Dr सुनवधई की तधरीख / Date Of Hearing : 06.09.2023 घोर्णध की तधरीख/Date Of Pronouncement : 18.10.2023 आदेश /O R D E R Per Shri Duvvuru Rl Reddy: These Appeals Are Filed By The Assessee Against The Orders Of Commissioner Of Income Tax (Appeal) [Cit(A)], National Faceless Appeal Centre (Nfac), Delhi Vide Orders Dated 29.03.2023 & 30.03.2023 For The Assessment Year (A.Y.)2017-18, 2018-19 & 2020-21. Since The Grounds Raised In These Appeals Are Common, These Appeals Are Clubbed, Heard Together & A Common Order Is Being Passed For The Sake Of Convenience As Under. Facts Are Extracted From I.T.A.165/Viz/2023. 2. Brief Facts Of The Case Are That The Assessee Society, The B.S.N.L.Emp C.C.S Ltd Registered With Cooperative Society No.Z.613, Chilakaluripet

For Appellant: Shri G.V.N.Hari, ARFor Respondent: Shri Madhukar Aves, DR
Section 143(1)Section 143(3)Section 80P

…आयकरअपीलीयअधिकरण, धिशाखापटणम “एसएमसी”पीठ, धिशाखापटणम IN THE INCOME TAX APPELLATE TRIBUNAL, VISAKHAPATNAM “SMC” BENCH, VISAKHAPATNAM श्री दुव्वूरु आर एल रेड्डी, न्याधयक सदस्य के समक्ष BEFORE SHRI DUVVURU RL REDDY, HON’BLE JUDICIAL MEMBER आयकर अपील सं./I.T.A.No.165-167/Viz/2023 (ननधधारण वर्ा / Assessment Year :2017-18, 2018-19 & 2020-21) The B.S.N.L.Emp. C.C.S.Ltd. Vs. Income Tax Officer No.Z 613, Chilakaluripet Ward-2(1) Guntur Guntur [PAN : AAEAT2982P] (अपीलार्थी/ Appellant) (प्रत्यर्थी/ Respondent) अपीलधथी की ओर से/ Appellant by : Shri G.V.N.Hari, AR प्रत्यधथी की ओर से / Respondent by : Shri Madhukar Aves, DR सु…

Rangaraya Large Sized Cooperative Society, Pasivedala vs. Income Tax Officer, Tanuku

In the result, appeal of the Revenue is dismissed

ITA 160/VIZ/2023[2017-18]Status: DisposedITAT Visakhapatnam18 Oct 2023AY 2017-18

Bench: Shri Duvvuru Rl Reddy, Hon’Bleआयकर अपील सं./I.T.A.No.160/Viz/2023 (ननधधारण वर्ा / Assessment Year :2017-18) Rangaraya Large Sized Cooperative Vs. Income Tax Officer Society Tanuku No Wg 445 Pasivedala Kovvur Mandalam Pasivedala [Pan : Aacat2077R] (अपीलार्थी/ Appellant) (प्रत्यर्थी/ Respondent) अपीलधथी की ओर से/ Appellant By : Shri Drsn Sastry, Ar प्रत्यधथी की ओर से / Respondent By : Shri Madhukar Aves, Dr सुनवधई की तधरीख / Date Of Hearing : 14.09.2023 घोर्णध की तधरीख/Date Of Pronouncement : 18.10.2023 आदेश /O R D E R Per Shri Duvvuru Rl Reddy: This Appeal Is Filed By The Assessee Against The Order Of Commissioner Of Income Tax (Appeal) [Cit(A)], National Faceless Appeal Centre (Nfac), Delhi Vide Din & Order No. Itba/Nfac/S/250/2022- 23/1051742265(1) Dated 31.03.2023 Arising Out Of The Assessment Order Passed U/S 143(3) Of The Income Tax Act, 1961 (In Short “Act”) Dated 28.12.2019 For The Assessment Year (A.Y.)2017-18. 2. Brief Facts Of The Case Are That The Assessee, An Agricultural Cooperative Society Registered Under The Society Act, Provides Credit

For Appellant: Shri DRSN Sastry, ARFor Respondent: Shri Madhukar Aves, DR
Section 143(3)Section 80Section 80P

…आयकरअपीलीयअधिकरण, धिशाखापटणम “एसएमसी”पीठ, धिशाखापटणम IN THE INCOME TAX APPELLATE TRIBUNAL, VISAKHAPATNAM “SMC” BENCH, VISAKHAPATNAM श्री दुव्वूरु आर एल रेड्डी, न्याधयक सदस्य के समक्ष BEFORE SHRI DUVVURU RL REDDY, HON’BLE JUDICIAL MEMBER आयकर अपील सं./I.T.A.No.160/Viz/2023 (ननधधारण वर्ा / Assessment Year :2017-18) Rangaraya Large Sized Cooperative Vs. Income Tax Officer Society Tanuku NO WG 445 Pasivedala Kovvur Mandalam Pasivedala [PAN : AACAT2077R] (अपीलार्थी/ Appellant) (प्रत्यर्थी/ Respondent) अपीलधथी की ओर से/ Appellant by : Shri DRSN Sastry, AR प्रत्यधथी की ओर से / Respondent by : Shri Madhukar Aves, DR सुन…

Andhra Pragathi Farmers Service Co-Op Society, Ramadurgam vs. ITO, Ward-1, Adoni

In the result, the appeal of assessee in ITA

ITA 660/HYD/2022[2016-17]Status: DisposedITAT Hyderabad17 Oct 2023AY 2016-17

Bench: Shri R.K. Panda & Shri Laliet Kumar

For Appellant: Shri K.A. Sai Prasad, C.AFor Respondent: Shri Shakeer Ahamed, Sr.AR
Section 142(1)Section 143(1)Section 143(2)Section 143(3)Section 154Section 80PSection 80P(2)Section 80P(2)(a)

…e before us is that the issue is debatable in nature and cannot be the subject matter of rectification order passed u/s 154 of the Act. It was submitted that jurisdictional High Court in the case of Vavveru Co-operative Rural Bank Limited Vs. CCIT reported in 396 ITR 371 (A.P) had decided the issue in favour of the assessee and therefore, the issue is debatable, and the Assessing Officer cannot relook the issue under the garb of section 154 of the Act. Ld. AR further submitted that the co-ordinate Benches of the Tribunal have decided the issue in favour of the assessee and he has drawn our attention to the recent…

Pune Jilha Gramsevak Sahkari Pathsanstha Maryadit Pune, Pune vs. The Income Tax Officer, Ward-12(1), Pune

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

ITA 958/PUN/2023[2020-21]Status: DisposedITAT Pune05 Oct 2023AY 2020-21

Bench: Shri Inturi Rama Raoआयकर अपील सं. / Ita No.958/Pun/2023 िनधा"रण वष" / Assessment Year : 2020-21 Pune Jilha Gramsevak Vs. Ito, Ward-12(1), Pune. Sahkari Pathsanstha Maryadit, 752, Shivlila Chembers, Kumthekar Road, Sadashiv Peth, Pune- 411030. Pan : Aabap0214D Appellant Respondent Assessee By : Smt. Deepa Khare Revenue By : Shri Kalpesh Rupavatiya Date Of Hearing : 27.09.2023 Date Of Pronouncement : 05.10.2023 आदेश / Order Per Inturi Rama Rao, Am: This Is An Appeal Filed By The Assessee Directed Against The Order Of The National Faceless Appeal Centre, Delhi [‘Nfac’] Dated 13.06.2023 For The Assessment Year 2020-21. 2. Briefly, The Facts Of The Case Are That The Appellant Is A Co- Operative Society Incorporated Under The Provisions Of The Maharashtra Co-Operative Societies Act. It Is A Member Of Co- Operative Society Formed For The Purpose Of Providing Credit

For Appellant: Smt. Deepa KhareFor Respondent: Shri Kalpesh Rupavatiya
Section 143(3)Section 80PSection 80P(2)(a)Section 80P(2)(d)

…Karnataka High Court in the case of Tumkur Merchants Souharda Credit Cooperative Ltd. Vs. ITO (2015) 230 taxmann.com 309 (Kar.) and the Hon’ble Telangana and Hon’ble 5 Andhra Pradesh High Court in the case of Vaveru Co-operative Rural Bank Ltd. v CIT [(2017) 396 ITR 371 took a view that such interest income is attributable to the activities of the society and, therefore, eligible for exemption u/s 80P(2)(a)(i) of the Act. Similar view has been taken by the Hon’ble Calcutta High Court in the case of PCIT vs. Gunja Samabay Krishi Unnayan Samity Ltd., 147 taxmann.com 518 (Calcutta) and the Hon’ble Madras High Court…

Andhra Pragati Farmers Service Co-Op Society, Yerraguntla, Kurnool vs. Income Tax Officer, Ward-1, Nandyal

In the result, the appeal of the assessee is allowed

ITA 432/HYD/2023[2017-18]Status: DisposedITAT Hyderabad12 Sept 2023AY 2017-18

Bench: Shri Laliet Kumarassessment Year: 2017-18 Andhra Pragathi Farmers Vs. The Income Tax Officer, Ward – 1, Nandyal. Service Co-Operative Society, Yerraguntla, Kurnool. Pan : Aaaar2374M. (Appellant) (Respondent) Assessee By: Shri K. A. Sai Prasad, C.A. Revenue By: Sri Aravindakshan, Sr. A.R. 12.09.2023 Date Of Hearing: Date Of Pronouncement: 12.09.2023

For Appellant: Shri K. A. Sai Prasad, C.AFor Respondent: Sri Aravindakshan, Sr. A.R
Section 143(2)Section 143(3)Section 80PSection 80P(2)(a)Section 80P(2)(d)

…erived from deposits made in the nationalized banks is no more resintegra as the Tribunal coordinate bench decision in ITA No.284/Hyd/2021, dated 30.09.2021 takes note of the hon'ble jurisdictional High Court decision in Vavveru Coop. Rural Bank Ltd vs. CCIT (396 ITR 371(A.P) as under: 4 “3. We now come to the correctness of learned PCITs revision directions under challenge holding the corresponding regular assessment framed on 27.12.2018 and 27.10.2017 as erroneous ones causing prejudice to the interest of the Revenue on the ground that both the said Assess ng Officers' had accepted the assessee’s section 80P(2…

M/S Ravikiran Co-Operative Credit Society Limited, Belagavi vs. Principal Commissioner of Income Tax, Hubli

In the result, the appeal filed by the assessee in ITA

ITA 94/PAN/2023[2018-19]Status: DisposedITAT Panaji08 Sept 2023AY 2018-19

Bench: Shri Inturi Rama Rao & Shri Partha Sarathi Chaudhurysl.

For Appellant: NoneFor Respondent: Shri Prabhakar Anand DJ
Section 143(3)Section 80P(2)(a)Section 80P(2)(d)

…e Karnataka High Court in the case of Tumkur Merchants Souharda Credit Cooperative Ltd. vs. ITO (2015) 230 taxmann.com 309 (Kar.) and the Hon’ble Telangana and Hon’ble Andhra Pradesh High Court in the case of Vaveru Co-operative Rural Bank Ltd. vs. CIT (2017) 396 ITR 371 took a view that such interest income is attributable to the activities of the society and, therefore, eligible for exemption u/s 80P(2)(a)(i) of the Act. Similar view has been taken by the Hon’ble Calcutta High Court in the case of PCIT vs. Gunja Samabay Krishi Unnayan Samity Ltd., 147 taxmann.com 518 (Calcutta) and the Hon’ble Madras High Court…

M/S Ravikiran Co-Operative Credit Society Limited, Belagavi vs. National E - Assessment Centre, Delhi

In the result, the appeal filed by the assessee in ITA

ITA 93/PAN/2023[2018-19]Status: DisposedITAT Panaji08 Sept 2023AY 2018-19

Bench: Shri Inturi Rama Rao & Shri Partha Sarathi Chaudhurysl.

For Appellant: NoneFor Respondent: Shri Prabhakar Anand DJ
Section 143(3)Section 80P(2)(a)Section 80P(2)(d)

…e Karnataka High Court in the case of Tumkur Merchants Souharda Credit Cooperative Ltd. vs. ITO (2015) 230 taxmann.com 309 (Kar.) and the Hon’ble Telangana and Hon’ble Andhra Pradesh High Court in the case of Vaveru Co-operative Rural Bank Ltd. vs. CIT (2017) 396 ITR 371 took a view that such interest income is attributable to the activities of the society and, therefore, eligible for exemption u/s 80P(2)(a)(i) of the Act. Similar view has been taken by the Hon’ble Calcutta High Court in the case of PCIT vs. Gunja Samabay Krishi Unnayan Samity Ltd., 147 taxmann.com 518 (Calcutta) and the Hon’ble Madras High Court…

M/S Ravikiran Co-Operative Credit Society Limited, Belagavi vs. The Income Tax Officer, Ward - 3, Belagavi

In the result, the appeal filed by the assessee in ITA

ITA 92/PAN/2023[2017-18]Status: DisposedITAT Panaji08 Sept 2023AY 2017-18

Bench: Shri Inturi Rama Rao & Shri Partha Sarathi Chaudhurysl.

For Appellant: NoneFor Respondent: Shri Prabhakar Anand DJ
Section 143(3)Section 80P(2)(a)Section 80P(2)(d)

…e Karnataka High Court in the case of Tumkur Merchants Souharda Credit Cooperative Ltd. vs. ITO (2015) 230 taxmann.com 309 (Kar.) and the Hon’ble Telangana and Hon’ble Andhra Pradesh High Court in the case of Vaveru Co-operative Rural Bank Ltd. vs. CIT (2017) 396 ITR 371 took a view that such interest income is attributable to the activities of the society and, therefore, eligible for exemption u/s 80P(2)(a)(i) of the Act. Similar view has been taken by the Hon’ble Calcutta High Court in the case of PCIT vs. Gunja Samabay Krishi Unnayan Samity Ltd., 147 taxmann.com 518 (Calcutta) and the Hon’ble Madras High Court…

Shri Vardhaman Urban Credit Souharda Sahakari Niyamit, Kudchi vs. Income Tax Officer, Ward - 1, Belagavi

In the result, the appeal filed by the assessee in ITA

ITA 91/PAN/2023[2017-18]Status: DisposedITAT Panaji08 Sept 2023AY 2017-18

Bench: Shri Inturi Rama Rao & Shri Partha Sarathi Chaudhuryआयकर अपील सं. / Ita No.91/Pan/2023 िनधा"रण वष" / Assessment Year : 2017-18 Shri Vardhaman Urban Vs. Ito, Ward-1, Belgaum. Credit Souharda Sahakari Niyamit, Post- Kudchi, Tal- Raibag, Dist.- Belgaum, Karnataka- 591005. Pan : Aaaas5599R Appellant Respondent S.A. No.07/Pan/2023 (Arising Out Of Ita No.91/Pan/2023) िनधा"रण वष" / Assessment Year : 2017-18 Shri Vardhaman Urban Vs. Ito, Ward-1, Belgaum. Credit Souharda Sahakari Niyamit, Post- Kudchi, Tal- Raibag, Dist.- Belgaum, Karnataka- 591005. Pan : Aaaas5599R Appellant Respondent Assessee By : Shri U. G. Ammangi Revenue By : Shri Ashwini D. Hosmani Date Of Hearing : 04.09.2023 Date Of Pronouncement : 08.09.2023 आदेश / Order Per Inturi Rama Rao, Am: This Is An Appeal Filed By The Assessee Directed Against The Order Of The National Faceless Appeal Centre, Delhi [‘Nfac’] Dated

For Appellant: Shri U. G. AmmangiFor Respondent: Shri Ashwini D. Hosmani
Section 143(3)Section 21Section 80PSection 80P(2)(a)Section 80P(2)(d)

…e Karnataka High Court in the case of Tumkur Merchants Souharda Credit Cooperative Ltd. vs. ITO (2015) 230 taxmann.com 309 (Kar.) and the Hon’ble Telangana and Hon’ble Andhra Pradesh High Court in the case of Vaveru Co-operative Rural Bank Ltd. vs. CIT (2017) 396 ITR 371 took a view that such interest income is attributable to the activities of the society and, therefore, eligible for exemption u/s 80P(2)(a)(i) of the Act. Similar view has been taken by the Hon’ble Calcutta High Court in the case of PCIT vs. Gunja Samabay Krishi Unnayan Samity Ltd., 147 taxmann.com 518 (Calcutta) and the Hon’ble Madras High Court…