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“Section 2(24)(viia)”

Section References (mined)Section 2Section 2(24)(viia)28 judgments

The decision most relied on for Section 2(24)(viia) is Ahmedabad in Bharuch Dist. Central Co-op. Bank Ltd. v. ITO, Ward-1, Bharuch (36 Taxmann.com 517), cited in 15 judgments on BharatTax.

Leading authorities on Section 2(24)(viia)

Ahmedabad in Bharuch Dist. Central Co-op. Bank Ltd. v. ITO, Ward-1, Bharuch
36 Taxmann.com 517 · 2013 · Reported
15
citing judgments

Standard assets cannot be considered for allowance under Section 36(1)(viia) of the Income Tax Act.

Judgments citing Section 2(24)(viia)

Reserve Bank Staff and Officers Co-Op Credit Society Ltd, Mumbai vs. ITO Ward 26 (1)(1), Mumbai

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

ITA 3118/MUM/2023[2020-21]Status: DisposedITAT Mumbai22 Jan 2024AY 2020-21

Bench: Shri Prashant Maharishi, Am & Shri Rahul Chaudhary, Jm

For Appellant: Mr. Siddesh Mayekar, ARFor Respondent: Smt. Mahita Nair, DR
Section 143(3)Section 250Section 80PSection 80P(2)(a)Section 80P(2)(d)

clearly not eligible for deduction under Section 80P(2)(a)(i) of the Act in view of the specific provisions of Section 2(24)(viia) read with explanation under Section 80P(4) of the Act with effect from 1st April, 2007. He also denied deduction under Section 80P (2

Reserve Bank Staff and Officers Co-Op Credit Society Ltd, Mumbai vs. ITO Ward 26 (1)(1), Mumbai

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

ITA 3117/MUM/2023[2018-19]Status: DisposedITAT Mumbai22 Jan 2024AY 2018-19

Bench: Shri Prashant Maharishi, Am & Shri Rahul Chaudhary, Jm

For Appellant: Mr. Siddesh Mayekar, ARFor Respondent: Smt. Mahita Nair, DR
Section 143(3)Section 250Section 80PSection 80P(2)(a)Section 80P(2)(d)

clearly not eligible for deduction under Section 80P(2)(a)(i) of the Act in view of the specific provisions of Section 2(24)(viia) read with explanation under Section 80P(4) of the Act with effect from 1st April, 2007. He also denied deduction under Section 80P (2

Reserve Bank Staff and Officers Co-Op Credit Society Ltd, Mumbai vs. ITO Ward 26 (1) (1), Mumbai

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

ITA 3116/MUM/2023[2017-18]Status: DisposedITAT Mumbai22 Jan 2024AY 2017-18

Bench: Shri Prashant Maharishi, Am & Shri Rahul Chaudhary, Jm

For Appellant: Mr. Siddesh Mayekar, ARFor Respondent: Smt. Mahita Nair, DR
Section 143(3)Section 250Section 80PSection 80P(2)(a)Section 80P(2)(d)

clearly not eligible for deduction under Section 80P(2)(a)(i) of the Act in view of the specific provisions of Section 2(24)(viia) read with explanation under Section 80P(4) of the Act with effect from 1st April, 2007. He also denied deduction under Section 80P (2

Reserve Bank Staff and Officers Co-Op Credit Society Ltd, Mumbai vs. ITO Ward 26 (1)(1), Mumbai

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

ITA 3115/MUM/2023[2014-15]Status: DisposedITAT Mumbai22 Jan 2024AY 2014-15

Bench: Shri Prashant Maharishi, Am & Shri Rahul Chaudhary, Jm

For Appellant: Mr. Siddesh Mayekar, ARFor Respondent: Smt. Mahita Nair, DR
Section 143(3)Section 250Section 80PSection 80P(2)(a)Section 80P(2)(d)

clearly not eligible for deduction under Section 80P(2)(a)(i) of the Act in view of the specific provisions of Section 2(24)(viia) read with explanation under Section 80P(4) of the Act with effect from 1st April, 2007. He also denied deduction under Section 80P (2

Reserve Bank Staff and Officers Co-Op Credit Society Ltd, Mumbai vs. ITO Ward 26 (1) (1), Mumbai

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

ITA 3114/MUM/2023[2013-14]Status: DisposedITAT Mumbai22 Jan 2024AY 2013-14

Bench: Shri Prashant Maharishi, Am & Shri Rahul Chaudhary, Jm

For Appellant: Mr. Siddesh Mayekar, ARFor Respondent: Smt. Mahita Nair, DR
Section 143(3)Section 250Section 80PSection 80P(2)(a)Section 80P(2)(d)

clearly not eligible for deduction under Section 80P(2)(a)(i) of the Act in view of the specific provisions of Section 2(24)(viia) read with explanation under Section 80P(4) of the Act with effect from 1st April, 2007. He also denied deduction under Section 80P (2

SHI vs. Amruddhi Nagari Sahakari Patasanstha Maryadit, Mumbai

In the result, appeal filed by the Assessee stands allowed in the aforesaid terms

ITA 2225/MUM/2023[2020-21]Status: DisposedITAT Mumbai30 Oct 2023AY 2020-21

Bench: Shri N. K. Choudhry, Jm

For Appellant: Ms. Smitha V. Nair, Ld. DRFor Respondent: Date of Hearing
Section 2(24)(viia)Section 250Section 5Section 56Section 80PSection 80P(2)(a)Section 80P(4)

deposits collected and income generated thereof which is in the nature of banking business. 1. By virtue of inclusive definition of income in section 2(24)(viia), providing credit facilities by a co-operative society with its members are to be included as profits and gains of business of banking ... facts and circumstances, the assessee is clearly not eligible for deduction u/s 80P(2)(a)(i) in view of the specific provisions of section 2(24)(viia) read with Explanation to 80P(4) of the Income Tax Act, 1961 inserted w.e.f. 01.04.2007.” 4. The Assessee being aggrieved challenged the said

SHI vs. Amruddhi Nagari Sahakari Patasanstha Maryadit, Mumbai

In the result, appeal filed by the Assessee stands allowed in the aforesaid terms

ITA 2224/MUM/2023[2018-19]Status: DisposedITAT Mumbai30 Oct 2023AY 2018-19

Bench: Shri N. K. Choudhry, Jm

For Appellant: Ms. Smitha V. Nair, Ld. DRFor Respondent: Date of Hearing
Section 2(24)(viia)Section 250Section 5Section 56Section 80PSection 80P(2)(a)Section 80P(4)

deposits collected and income generated thereof which is in the nature of banking business. 1. By virtue of inclusive definition of income in section 2(24)(viia), providing credit facilities by a co-operative society with its members are to be included as profits and gains of business of banking ... facts and circumstances, the assessee is clearly not eligible for deduction u/s 80P(2)(a)(i) in view of the specific provisions of section 2(24)(viia) read with Explanation to 80P(4) of the Income Tax Act, 1961 inserted w.e.f. 01.04.2007.” 4. The Assessee being aggrieved challenged the said

SHI vs. Amruddhi Nagari Sahakari Patasanstha Maryadit, Mumbai

In the result, appeal filed by the Assessee stands allowed in the aforesaid terms

ITA 2223/MUM/2023[2017-18]Status: DisposedITAT Mumbai30 Oct 2023AY 2017-18

Bench: Shri N. K. Choudhry, Jm

For Appellant: Ms. Smitha V. Nair, Ld. DRFor Respondent: Date of Hearing
Section 2(24)(viia)Section 250Section 5Section 56Section 80PSection 80P(2)(a)Section 80P(4)

deposits collected and income generated thereof which is in the nature of banking business. 1. By virtue of inclusive definition of income in section 2(24)(viia), providing credit facilities by a co-operative society with its members are to be included as profits and gains of business of banking ... facts and circumstances, the assessee is clearly not eligible for deduction u/s 80P(2)(a)(i) in view of the specific provisions of section 2(24)(viia) read with Explanation to 80P(4) of the Income Tax Act, 1961 inserted w.e.f. 01.04.2007.” 4. The Assessee being aggrieved challenged the said