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

The Prakashchand Jain Multi State Co Operative Credit Society Ltd., Jamner vs. ITO Ward 1(4) Jalgaon, Jalgaon

In the result, appeal of the assessee is allowed

ITA 1791/PUN/2024[2020-21]Status: DisposedITAT Pune21 Nov 2024AY 2020-21

Bench: Dr.Dipak P. Ripote & Shri Vinay Bhamoreआयकर अपील सं. / Ita Nos.1791, 1801 & 1802/Pun/2024 िनधा"रण वष" / Assessment Years: 2020-21, 2014-15 & 2018-19 The Prakashchand Jain Multi V The Income Tax Officer, State Co-Operative Credit S Ward-1(4), Jalgaon. Society Ltd., Mayur Complex, Bajrangpura Road, Jamner, Jalgaon – 424206. Pan: Aaaap4677K Appellant/ Assessee Respondent / Revenue Assessee By Shri Vinay Kawdia – Ar Revenue By Shri Arvind Desai – Addl.Cit(Dr) Date Of Hearing 18/11/2024 Date Of Pronouncement 21/11/2024 आदेश/ Order Per Dr. Dipak P. Ripote, Am: This Bunch Of Three Appeals Filed By The Assessee Directed Against The Separate Orders Of Ld.Commissioner Of Income Tax(Appeals)[Nfac] Under Section 250 Of The Income Tax Act, 1961 For A.Y.2020-21 Dated 10.07.2024, A.Y.2014-15 & A.Y.2018-19 Dated 09.07.2024 Respectively. Since The Issue Involved Is Common & Facts Are Identical, All The Three Appeals

Section 250Section 80PSection 80P(2)(a)

…।आयकर अपीलीय अिधकरण ”बी” "ायपीठ पुणेम"। IN THE INCOME TAX APPELLATE TRIBUNAL PUNE BENCHES “B” :: PUNE BEFORE DR.DIPAK P. RIPOTE, ACCOUNTANT MEMBER AND SHRI VINAY BHAMORE, JUDICIAL MEMBER आयकर अपील सं. / ITA Nos.1791, 1801 & 1802/PUN/2024 िनधा"रण वष" / Assessment Years: 2020-21, 2014-15 & 2018-19 The Prakashchand Jain Multi V The Income Tax Officer, State Co-operative Credit s Ward-1(4), Jalgaon. Society Ltd., Mayur Complex, Bajrangpura Road, Jamner, Jalgaon – 424206. PAN: AAAAP4677K Appellant/ Assessee Respondent / Revenue Assessee by Shri Vinay Kawdia – AR Revenue by Shri Arvind Desai – Addl.CIT(DR) Date of hear…

Thumpamon Thazham Service Co-Operative Bank, Pathanamthitta vs. Income Tax Officer, Thiruvalla

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

ITA 484/COCH/2024[2016-17]Status: DisposedITAT Cochin18 Nov 2024AY 2016-17

Bench: Shri Inturi Rama Raothumpamon Thazham Service The Income Tax Officer Co-Operative Bank Vaishnav Arcade, M.C. Road Thumpamon Thazham P.O. Vs. Thiruvalla 689101 Pathanamthitta 689625 [Pan: Aadat5434H] (Appellant) (Respondent)

For Appellant: ------ None ------For Respondent: Smt. Leena Lal, Sr. D.R
Section 143(3)Section 63Section 64Section 80PSection 80P(2)Section 80P(2)(a)Section 80P(2)(i)

…ct on the part of an assessee.” 3 Thumpamon Thazham Service Co-op. Bank 6. In the above decision the Hon'ble Kerala High Court adopted the ratio of the decision of Hon'ble Andhra Pradesh High Court in The Vavveru Co-operative Rural Bank Ltd. vs. CCIT [2017] 396 ITR 371 and the decision of the Hon'ble Karnataka High Court in the case of Tumkur Merchants Souharda Credit Co-operative Ltd. vs. ITO (ITA No. 307 of 2014) wherein they held that the interest income earned on the deposits made out of surplus fund of the co-operative society qualifies for deduction u/s. 80P(2)(a)(i) of the Act. In the light of the author…

The Chorode Service Co-Op Bank Ltd Ll139, Chorode vs. ITO, Ward-2(2), Kozhikode

In the result, appeal of the Revenue is dismissed

ITA 123/COCH/2024[AY 2020-2021]Status: DisposedITAT Cochin05 Nov 2024

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singh

For Appellant: Sri.V.S.Narayanan, CAFor Respondent: Dr.S.Pandian, CIT-DR
Section 143(1)Section 143(2)Section 143(3)Section 246Section 246ASection 80PSection 80P(2)(a)

…IN THE INCOME TAX APPELLATE TRIBUNAL COCHIN BENCH, COCHIN Before Shri Satbeer Singh Godara, Judicial Member & Shri Amarjit Singh, Accountant Member ITA No.122/Coch/2024 : Asst.Year 2018-2019 ITA No.123/Coch/2024 : Asst.Year 2020-2021 The Chorode Service Co-operative The Income Tax Officer Bank Limited, LL139 Ward – 2(2) v. Kozhikode. Chorode, Vadakara Kozhikode – 673 306. PAN : AAAAT7826N. (Appellant) (Respondent) Appellant by : Sri.V.S.Narayanan, CA Respondent by : Dr.S.Pandian, CIT-DR Date of Pronouncement : 05.11.2024 Date of Hearing : 16.08.2024 O R D E R Per Bench : These two assessee’s appeals in ITA No.12…

The Chorode Service Co-Operative Bank Ltd, Ll139, Chorode vs. ITO, Ward-2(2), Kozhikode

In the result, appeal of the Revenue is dismissed

ITA 122/COCH/2024[2018-2019]Status: DisposedITAT Cochin05 Nov 2024AY 2018-2019

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singh

For Appellant: Sri.V.S.Narayanan, CAFor Respondent: Dr.S.Pandian, CIT-DR
Section 143(1)Section 143(2)Section 143(3)Section 246Section 246ASection 80PSection 80P(2)(a)

…IN THE INCOME TAX APPELLATE TRIBUNAL COCHIN BENCH, COCHIN Before Shri Satbeer Singh Godara, Judicial Member & Shri Amarjit Singh, Accountant Member ITA No.122/Coch/2024 : Asst.Year 2018-2019 ITA No.123/Coch/2024 : Asst.Year 2020-2021 The Chorode Service Co-operative The Income Tax Officer Bank Limited, LL139 Ward – 2(2) v. Kozhikode. Chorode, Vadakara Kozhikode – 673 306. PAN : AAAAT7826N. (Appellant) (Respondent) Appellant by : Sri.V.S.Narayanan, CA Respondent by : Dr.S.Pandian, CIT-DR Date of Pronouncement : 05.11.2024 Date of Hearing : 16.08.2024 O R D E R Per Bench : These two assessee’s appeals in ITA No.12…

The Punukkannoor Service Cooperative Bank Limited No2722, Perumpuzha vs. Assessing Officer, Ward 2, Kollam

In the result, the appeals filed by the assessee are allowed

ITA 756/COCH/2024[2018-19]Status: DisposedITAT Cochin30 Oct 2024AY 2018-19

Bench: Shri Inturi Rama Rao

For Appellant: Shri Sabu, CAFor Respondent: Smt. Leena Lal, Sr. D.R
Section 154Section 63Section 64Section 80PSection 80P(2)(a)

…nded to discourage prudent financial conduct on the part of an assessee.” 4. In the above decision the Hon'ble Kerala High Court adopted the ratio of the decision of Hon'ble Andhra Pradesh High Court in The Vavveru Co-operative Rural Bank Ltd. vs. CCIT [2017] 396 ITR 371 and the decision of the Hon'ble Karnataka High Court in the case of Tumkur Merchants Souharda Credit Co-operative Ltd. vs. ITO (IA No. 307 of 2014) wherein they held that the interest income earned on the deposits made out of surplus fund of the co-operative society qualifies for deduction u/s. 80P(2)(a)(i) of the Act. In the light of the authori…

The Punukkannoor Service Cooperative Bank Limited No2722, Perumpuzha vs. Assessing Officer, Ward 2, Kollam

In the result, the appeals filed by the assessee are allowed

ITA 755/COCH/2024[2015-16]Status: DisposedITAT Cochin30 Oct 2024AY 2015-16

Bench: Shri Inturi Rama Rao

For Appellant: Shri Sabu, CAFor Respondent: Smt. Leena Lal, Sr. D.R
Section 154Section 63Section 64Section 80PSection 80P(2)(a)

…nded to discourage prudent financial conduct on the part of an assessee.” 4. In the above decision the Hon'ble Kerala High Court adopted the ratio of the decision of Hon'ble Andhra Pradesh High Court in The Vavveru Co-operative Rural Bank Ltd. vs. CCIT [2017] 396 ITR 371 and the decision of the Hon'ble Karnataka High Court in the case of Tumkur Merchants Souharda Credit Co-operative Ltd. vs. ITO (IA No. 307 of 2014) wherein they held that the interest income earned on the deposits made out of surplus fund of the co-operative society qualifies for deduction u/s. 80P(2)(a)(i) of the Act. In the light of the authori…

The Punukkannoor Service Cooperative Bank Limited No2722, Perumpuzha vs. Assessing Officer, Ward 2, Kollam

In the result, the appeals filed by the assessee are allowed

ITA 754/COCH/2024[2014-15]Status: DisposedITAT Cochin30 Oct 2024AY 2014-15

Bench: Shri Inturi Rama Rao

For Appellant: Shri Sabu, CAFor Respondent: Smt. Leena Lal, Sr. D.R
Section 154Section 63Section 64Section 80PSection 80P(2)(a)

…nded to discourage prudent financial conduct on the part of an assessee.” 4. In the above decision the Hon'ble Kerala High Court adopted the ratio of the decision of Hon'ble Andhra Pradesh High Court in The Vavveru Co-operative Rural Bank Ltd. vs. CCIT [2017] 396 ITR 371 and the decision of the Hon'ble Karnataka High Court in the case of Tumkur Merchants Souharda Credit Co-operative Ltd. vs. ITO (IA No. 307 of 2014) wherein they held that the interest income earned on the deposits made out of surplus fund of the co-operative society qualifies for deduction u/s. 80P(2)(a)(i) of the Act. In the light of the authori…

The Punukkannoor Service Cooperative Bank Limited No2722, Perumpuzha vs. Assessing Officer, Ward 2, Kollam

In the result, the appeals filed by the assessee are allowed

ITA 753/COCH/2024[2013-14]Status: DisposedITAT Cochin30 Oct 2024AY 2013-14

Bench: Shri Inturi Rama Rao

For Appellant: Shri Sabu, CAFor Respondent: Smt. Leena Lal, Sr. D.R
Section 154Section 63Section 64Section 80PSection 80P(2)(a)

…nded to discourage prudent financial conduct on the part of an assessee.” 4. In the above decision the Hon'ble Kerala High Court adopted the ratio of the decision of Hon'ble Andhra Pradesh High Court in The Vavveru Co-operative Rural Bank Ltd. vs. CCIT [2017] 396 ITR 371 and the decision of the Hon'ble Karnataka High Court in the case of Tumkur Merchants Souharda Credit Co-operative Ltd. vs. ITO (IA No. 307 of 2014) wherein they held that the interest income earned on the deposits made out of surplus fund of the co-operative society qualifies for deduction u/s. 80P(2)(a)(i) of the Act. In the light of the authori…

The Punukkannoor Service Cooperative Bank Limited No2722, Perumpuzha vs. Assessing Officer, Ward 2, Kollam

In the result, the appeals filed by the assessee are allowed

ITA 752/COCH/2024[2012-13]Status: DisposedITAT Cochin30 Oct 2024AY 2012-13

Bench: Shri Inturi Rama Rao

For Appellant: Shri Sabu, CAFor Respondent: Smt. Leena Lal, Sr. D.R
Section 154Section 63Section 64Section 80PSection 80P(2)(a)

…nded to discourage prudent financial conduct on the part of an assessee.” 4. In the above decision the Hon'ble Kerala High Court adopted the ratio of the decision of Hon'ble Andhra Pradesh High Court in The Vavveru Co-operative Rural Bank Ltd. vs. CCIT [2017] 396 ITR 371 and the decision of the Hon'ble Karnataka High Court in the case of Tumkur Merchants Souharda Credit Co-operative Ltd. vs. ITO (IA No. 307 of 2014) wherein they held that the interest income earned on the deposits made out of surplus fund of the co-operative society qualifies for deduction u/s. 80P(2)(a)(i) of the Act. In the light of the authori…

The Punukkannoor Service Cooperative Bank Limited No2722, Perumpuzha vs. Assessing Officer, Ward 2, Kollam

In the result, the appeals filed by the assessee are allowed

ITA 751/COCH/2024[2011-12]Status: DisposedITAT Cochin30 Oct 2024AY 2011-12

Bench: Shri Inturi Rama Rao

For Appellant: Shri Sabu, CAFor Respondent: Smt. Leena Lal, Sr. D.R
Section 154Section 63Section 64Section 80PSection 80P(2)(a)

…nded to discourage prudent financial conduct on the part of an assessee.” 4. In the above decision the Hon'ble Kerala High Court adopted the ratio of the decision of Hon'ble Andhra Pradesh High Court in The Vavveru Co-operative Rural Bank Ltd. vs. CCIT [2017] 396 ITR 371 and the decision of the Hon'ble Karnataka High Court in the case of Tumkur Merchants Souharda Credit Co-operative Ltd. vs. ITO (IA No. 307 of 2014) wherein they held that the interest income earned on the deposits made out of surplus fund of the co-operative society qualifies for deduction u/s. 80P(2)(a)(i) of the Act. In the light of the authori…

The Punukkannoor Service Cooperative Bank Limited No2722, Perumpuzha vs. Assessing Officer, Ward 2, Kollam

In the result, the appeals filed by the assessee are allowed

ITA 750/COCH/2024[2010-11]Status: DisposedITAT Cochin30 Oct 2024AY 2010-11

Bench: Shri Inturi Rama Rao

For Appellant: Shri Sabu, CAFor Respondent: Smt. Leena Lal, Sr. D.R
Section 154Section 63Section 64Section 80PSection 80P(2)(a)

…nded to discourage prudent financial conduct on the part of an assessee.” 4. In the above decision the Hon'ble Kerala High Court adopted the ratio of the decision of Hon'ble Andhra Pradesh High Court in The Vavveru Co-operative Rural Bank Ltd. vs. CCIT [2017] 396 ITR 371 and the decision of the Hon'ble Karnataka High Court in the case of Tumkur Merchants Souharda Credit Co-operative Ltd. vs. ITO (IA No. 307 of 2014) wherein they held that the interest income earned on the deposits made out of surplus fund of the co-operative society qualifies for deduction u/s. 80P(2)(a)(i) of the Act. In the light of the authori…

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)

…r set of facts by holding as under : “3. Even the latter limb of interest income of Rs.96,000/- derived from investments made in nationalized/other bank(s), the Revenue could hardly dispute that case law The Vaveru Cooperative Rural Bank Ltd., vs. CCIT [2017] 396 ITR 371 (AP) that interest income(s) derived from such nationalized/other bank(s) also qualifies for sec.80P deduction and thereby declined it’s very stand. Faced with this situation, I adopt the foregoing detailed discussion mutatis mutandis to accept the assessee’s sec.80P(2)(a)(i)/80P(2)(d) deduction claim(s) in very terms. Ordered accordingly.” 10.…

Lankapalli Pacs Ltd, Lankapalli Village vs. Income Tax Officer, Ward-1(1), Vijayawada

In the result, appeal of the Revenue is dismissed

ITA 364/VIZ/2024[2020-21]Status: DisposedITAT Visakhapatnam24 Oct 2024AY 2020-21

Bench: Shri Duvvuru Rl Reddy, Hon’Ble(Through Hybrid Hearing) आयकर अपील सं./ I.T.A. No.364/Viz/2024 (िनधा"रण वष" / Assessment Year : 2020-21 ) Lankapalli Pacs Ltd, Vs. Income Tax Officer, 171, Lankapalli Village, Ward-1(1), Lankapalli Post, Vijayawada. Ghantasala Mandal-521131, Krishna District, Andhra Pradesh-521131. Pan: Aaaal5410 (अपीलाथ"/ Appellant) (""यथ"/ Respondent) अपीलाथ" क" ओर से/ Appellant By : Sri K. Siva Rama Kumar, Ar ""याथ" क" ओर से / Respondent By : Dr. Aparna Villurim, Sr. Ar सुनवाई क" तारीख / Date Of Hearing : 14/10/2024 घोषणा क" तारीख/Date Of : 24/10/2024 Pronouncement O R D E R

For Appellant: Sri K. Siva Rama Kumar, ARFor Respondent: Dr. Aparna Villurim, Sr. AR
Section 143(3)Section 56Section 80PSection 80P(2)(a)Section 80P(2)(d)

…आयकर अपीलीयअिधकरण, िवशाखापटणम SMC पीठ, िवशाखापटणम IN THE INCOME TAX APPELLATE TRIBUNAL, VISAKHAPATNAM SMC BENCH, VISAKHAPATNAM "ी दु"वू" आर एल रे"ी, "याियक सद"य के सम" BEFORE SHRI DUVVURU RL REDDY, HON’BLE JUDICIAL MEMBER (Through Hybrid Hearing) आयकर अपील सं./ I.T.A. No.364/Viz/2024 (िनधा"रण वष" / Assessment Year : 2020-21 ) Lankapalli PACS Ltd, Vs. Income Tax Officer, 171, Lankapalli Village, Ward-1(1), Lankapalli Post, Vijayawada. Ghantasala Mandal-521131, Krishna District, Andhra Pradesh-521131. PAN: AAAAL5410 (अपीलाथ"/ Appellant) (""यथ"/ Respondent) अपीलाथ" क" ओर से/ Appellant by : Sri K. Siva Rama Kumar, A…

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)

…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 4 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…

Jakraya Multi State Co-Operative Credit Soceity Limited, Solapur vs. Assessing Officer, National E-Assessment Centre

The appeal of the assessee stands ALLOWED

ITA 1423/PUN/2024[2018-19]Status: DisposedITAT Pune01 Oct 2024AY 2018-19

Bench: Hon’Ble Shri G. D. Padmahshali & Hon’Ble Shri Vinay Bhamoreआयकर अपऩल सं. / Ita No. 1423/Pun/2024 निर्धारण वषा / Assessment Year : 2018-19

For Appellant: None for the assesseeFor Respondent: Mr BS Rajpurohit [‘Ld. DR’]
Section 143(3)Section 250Section 251(1)(a)Section 80P(2)Section 80P(2)(a)Section 80P(2)(d)

…IN THE INCOME TAX APPELLATE TRIBUNAL, PUNE ‘SMC’ BENCH, PUNE BEFORE HON’BLE SHRI G. D. PADMAHSHALI, ACCOUNTANT MEMBER and HON’BLE SHRI VINAY BHAMORE, JUDICIAL MEMBER आयकर अपऩल सं. / ITA No. 1423/PUN/2024 निर्धारण वषा / Assessment Year : 2018-19 Jakraya Multi-State Co-operative Credit Society Ltd. At:Watwate, Post:Inchgaon, Tal.:Mohol, Dist.:Solapur-413254 PAN: AABAJ2537K . . . . . . . अपीलार्थी / Appellant बिधम / V/s Income Tax Officer, Ward-1, Pandharpur . . . . . . . प्रत्यर्थी / Respondent द्वधरध / Appearances Assessee by : None for the assessee Revenue by : Mr BS Rajpurohit [‘Ld. DR’] सुनवाई की तारीख / D…

Malharimartand Machimar Vividh Karykari Sahakari Siciety Ltd, Alibag vs. The Income Tax Officer, Ward-3, Panvel

In the result, the appeal filed by the appellant society stands allowed

ITA 1550/PUN/2024[2020-21]Status: DisposedITAT Pune19 Sept 2024AY 2020-21

Bench: Shri Inturi Rama Raoआयकर अपील सं. / Ita No.1550/Pun/2024 "नधा"रण वष" / Assessment Year : 2020-21

For Appellant: NoneFor Respondent: Shri B.S. Rajpurohit
Section 143(3)Section 80P(2)(a)

…le 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. 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…

Adarsh Gramin Bigar Sheti Sahakari Patsanstha Limited, Ahmednagar vs. Commissioner of Income Tax (A), Pune

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

ITA 1536/PUN/2024[2018-19]Status: DisposedITAT Pune18 Sept 2024AY 2018-19

Bench: Shri Inturi Rama Raoआयकर अपील सं. / Ita No.1536/Pun/2024 "नधा"रण वष" / Assessment Year : 2018-19

For Appellant: Shri Devendra A. PaatilFor Respondent: Shri B.S. Rajpurohit
Section 143(3)Section 80P(2)(a)

…le 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. 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…

Kolhapur District Chemist Co Op Credit Society Limited, Kolhapur vs. Dy. CIT Circle 1, Kolhapur

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

ITA 1517/PUN/2024[2020-2021]Status: DisposedITAT Pune18 Sept 2024AY 2020-2021

Bench: Shri Inturi Rama Raoआयकर अपील सं. / Ita No.1517/Pun/2024 "नधा"रण वष" / Assessment Year : 2020-21 Kolhapur District Chemist Coop. Vs. Dcit, Circle-1, Credit Society Limited, Kolhapur 451, E-Ward, Chemist Bhavan, Kevis Plaza, Kolhapur – 416 001 Maharashtra Pan : Aabak1663K Appellant Respondent

For Appellant: Shri Mayuresh DoshiFor Respondent: Shri B.S. Rajpurohit
Section 143(3)Section 80P(2)(a)

…Karnataka High Court in the case of 4 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. 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…

Shri Swami Vivekanand Shikshan Sansthechya Sevakanchi Sahakari Patsanstha, Kolhapur vs. Income Tax Officer, Kolhapur

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

ITA 1484/PUN/2024[2017-18]Status: DisposedITAT Pune18 Sept 2024AY 2017-18

Bench: Shri Inturi Rama Raoआयकर अपील सं. / Ita No.1484/Pun/2024 "नधा"रण वष" / Assessment Year : 2017-18

For Appellant: Shri Pramod ShingteFor Respondent: Shri B.S. Rajpurohit
Section 143(3)Section 80P(2)(a)

…le 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. 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…

The Farmers Service Co-Operative Limited, Srikakulam vs. Income-Tax Officer, Ward-1, Srikakulam

In the result, appeal of the Revenue is dismissed

ITA 166/VIZ/2024[2018-19]Status: DisposedITAT Visakhapatnam14 Aug 2024AY 2018-19

Bench: Shri Duvvuru Rl Reddy, Hon’Ble & Shri S Balakrishnan, Hon’Bleआयकर अपील सं./ I.T.A. No.166/Viz/2024 (िनधा"रण वष" / Assessment Year: 2018-19) The Farmers Service Co-Operative Vs. Income Tax Officer, Limited, Ward-1, Srikakulam. Srikakulam. Pan: Aabtt4377L (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" तारीख / Date Of Hearing : 24/06/2024 घोषणा क" तारीख/Date Of : 14/08/2024 Pronouncement O R D E R

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)

…आयकर अपीलीयअिधकरण, िवशाखापटणम पीठ, िवशाखापटणम IN THE INCOME TAX APPELLATE TRIBUNAL, VISAKHAPATNAM BENCH, VISAKHAPATNAM "ी दु"वू" आर एल रे"ी, "याियक सद"य एवं "ी एस बालाकृ"णन, लेखा सद"य के सम" BEFORE SHRI DUVVURU RL REDDY, HON’BLE JUDICIAL MEMBER & SHRI S BALAKRISHNAN, HON’BLE ACCOUNTANT MEMBER आयकर अपील सं./ I.T.A. No.166/Viz/2024 (िनधा"रण वष" / Assessment Year: 2018-19) The Farmers Service Co-operative Vs. Income Tax Officer, Limited, Ward-1, Srikakulam. Srikakulam. PAN: AABTT4377L (अपीलाथ"/ Appellant) (""यथ"/ Respondent) अपीलाथ" क" ओर से/ Appellant by : Sri I. Kama Sastry, AR ""याथ" क" ओर से / Respondent by : Dr…