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“Section 57(2)”

Section References (mined)Section 57Section 57(2)19 judgments

The decision most relied on for Section 57(2) is CIT v. Sunbeam Auto Ltd. (332 ITR 167), cited in 897 judgments on BharatTax.

Leading authorities on Section 57(2)

CIT v. Sunbeam Auto Ltd.
332 ITR 167 · 2011 · High Court
897
citing judgments

The Commissioner cannot revise an assessment under Section 263 merely because the assessment order does not explicitly reflect an inquiry, or because the Commissioner holds a different opinion. An inquiry, even if considered inadequate, or an assessment based on a plausible view by the Assessing Officer after due examination, does not automatically make the order erroneous or prejudicial to the interests of the revenue.

ITO v. D.G. Housing Projects Ltd.
343 ITR 329 · 2012 · High Court
438
citing judgments

For exercising revisional jurisdiction under Section 263, the Commissioner must first find that the Assessing Officer's order is erroneous and unsustainable in law, as this is a condition precedent. An order is not erroneous merely because two views are possible, or if the Commissioner disagrees with the Assessing Officer's permissible view, or to simply remit the matter for further enquiries.

CIT v. Rajendra Prasad Moody
115 ITR 519 · 1978 · Supreme Court
386
citing judgments

For deductions under Section 57(iii) relating to "Income from Other Sources," an expenditure is allowable if it is laid out wholly and exclusively for the purpose of making or earning such income, even if no income is actually earned in that previous year.

CIT v. Ghanshyam (HUF)
315 ITR 1 · 2009 · Supreme Court
363
citing judgments

Interest received under Section 28 of the Land Acquisition Act, 1894, is considered part of the enhanced compensation on compulsory acquisition of land. It is taxable as 'capital gains' and not separately as 'interest income' under the head Income from Other Sources.

CIT v. Andhra Pradesh State
200 Taxmann 220 · 2011 · High Court
348
citing judgments

Interest earned by a Co-operative Society from investing fixed deposits in banks is entitled to a deduction under Section 80P(2)(a)(i) of the Income-tax Act.

Rama Bai v. CIT
181 ITR 400 · 1990 · Supreme Court
258
citing judgments

Interest income is taxable on either an accrual or cash basis, determined by accounting principles. This method was applicable prior to legislative changes that simplified the taxation of interest income.

CIT v. Govindbhai Mamaiya
91 Taxmann.com 20 · 2018 · Supreme Court
205
citing judgments

Interest on enhanced compensation received under Section 28 of the Land Acquisition Act, 1894, is considered part of the compensation, not merely interest income, and is exigible to tax on a receipt basis.

Shambhu Investment (P) Ltd. v. CIT
263 ITR 143 · 2003 · Supreme Court
181
citing judgments

Income derived from letting out property along with incidental use of furniture, fixtures, and common facilities is assessable as 'income from house property' and not 'business income' when the prime object is merely to let out and not to exploit the property as a business asset.

Judgments citing Section 57(2)

Shri. Biluru Gurubasava Sahakari Pattina Sangh Niyamit, Bagalkot vs. Income Tax Officer, Ward-1, Bagalkot

ITA 418/BANG/2025[2022-23]Status: DisposedITAT Bangalore16 Sept 2025AY 2022-23

Bench: Shri Waseem Ahmed & Shri Keshav Dubey

For Appellant: Sri Sandeep Chalapathy, A.RFor Respondent: Sri Subramanian S., D.R
Section 139(1)Section 143(2)Section 250Section 80P(2)(a)

Shri BiluruGurubasavaSahakari Pattina Sanha Niyamit, Bagalkot Page 8 of 17 Karnataka State Co-operative Society Act, 1959/ Karnataka SouhardaSahakari Act,1997. As per section 57(2) of the Karnataka State Co-operative Society Act, 1959, a co-operative society shall, out of its net profit in any year transfer

Shri Biluru Gurubasava Sahakari Pattina Sangh Niyamit, Bagalkot vs. Income Tax Officer, Ward-1, Bagalkot

ITA 417/BANG/2025[2020-21]Status: DisposedITAT Bangalore16 Sept 2025AY 2020-21

Bench: Shri Waseem Ahmed & Shri Keshav Dubey

For Appellant: Sri Sandeep Chalapathy, A.RFor Respondent: Sri Subramanian S., D.R
Section 139(1)Section 143(2)Section 250Section 80P(2)(a)

Shri BiluruGurubasavaSahakari Pattina Sanha Niyamit, Bagalkot Page 8 of 17 Karnataka State Co-operative Society Act, 1959/ Karnataka SouhardaSahakari Act,1997. As per section 57(2) of the Karnataka State Co-operative Society Act, 1959, a co-operative society shall, out of its net profit in any year transfer

Syndicate Rythara Seva Sahakara Sangha Niyamitha, Bangalore vs. DCIT, Circle-4(3)(1), Bangalore

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

ITA 2294/BANG/2024[2020-21]Status: DisposedITAT Bangalore28 Aug 2025AY 2020-21

Bench: Shri Laxmi Prasad Sahu & Shri Soundararajan K.

For Appellant: Shri Sandeep Chalapathy, CAFor Respondent: Shri Kiran D, CIT-DR
Section 143(2)Section 56Section 57Section 80Section 80PSection 80P(2)(a)Section 80P(2)(d)

that the surplus funds were mandatorily deposited by the modes prescribed u/s. 58 of the Karnataka Co-operative Societies Act. Further, as per section 57(2) of the said Act, every co- operative society should transfer 25% of the net profits in any year to the reserve fund. Therefore

Syndicate Rythara Seva Sahakara Sangha Niyamitha, Bangalore vs. DCIT, Circle-4(3)(1), Bangalore

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

ITA 2293/BANG/2024[2018-19]Status: DisposedITAT Bangalore28 Aug 2025AY 2018-19

Bench: Shri Laxmi Prasad Sahu & Shri Soundararajan K.

For Appellant: Shri Sandeep Chalapathy, CAFor Respondent: Shri Kiran D, CIT-DR
Section 143(2)Section 56Section 57Section 80Section 80PSection 80P(2)(a)Section 80P(2)(d)

that the surplus funds were mandatorily deposited by the modes prescribed u/s. 58 of the Karnataka Co-operative Societies Act. Further, as per section 57(2) of the said Act, every co- operative society should transfer 25% of the net profits in any year to the reserve fund. Therefore

Income Tax Officer, Ward-1, Hospet vs. Gayatri Pattina Souharda Sahakari Sangha Niyamitha, Hospet

ITA 1078/BANG/2024[2017-18]Status: DisposedITAT Bangalore17 Jul 2025AY 2017-18

Bench: Shri Waseem Ahmed & Shri Keshav Dubey

For Appellant: Sri Balram R Rao, A.RFor Respondent: Ms. Neha Sahay, D.R
Section 143(1)Section 143(3)Section 194ASection 250Section 80PSection 80P(2)Section 80P(2)(a)Section 80P(2)(d)

investment purposes but were instead statutorily mandated by the Karnataka State Co- operative Society Act, 1959/ Karnataka Souharda Sahakari Act, 1997. As per section 57(2) of the Karnataka State Co-operative Society Act, 1959, a co-operative society shall, out of its net profit in any year transfer

Income Tax Officer, Ward-7(2)(1), Bengaluru, Bangalore vs. M/S. Bangalore Credit Co-Operative Society Limited, Bangalore

ITA 2348/BANG/2024[2020-21]Status: DisposedITAT Bangalore30 Jun 2025AY 2020-21

Bench: Shri Waseem Ahmed & Shri Keshav Dubey

For Appellant: Sri Sandeep Chalapathy, A.RFor Respondent: Smt. Neha Sahay, D.R
Section 250

assessee society for investment purposes but were instead statutorily mandated by the Karnataka State Co-operative Society Act, 1959. As per section 57(2) of the said Act, a co-operative society shall, out of its net profit in any year transfer an amount not being less than twenty-five

Income-Tax Officer, Ward-7(2)(1), Bengaluru vs. M/S. Bangalore Credit Co-Operative Society Limited, Bengaluru

ITA 2347/BANG/2024[2018-19]Status: DisposedITAT Bangalore30 Jun 2025AY 2018-19

Bench: Shri Waseem Ahmed & Shri Keshav Dubey

For Respondent: Sri Sandeep Chalapathy, A.R
Section 250Section 80PSection 80P(2)(a)Section 80P(2)(d)

ITA Nos.2347 & 2348/Bang/2024 & CO Nos.4 & 5/Bang/2025 M/s. Bangalore Credit Co-operative Society Ltd., Bangalore “A”BENCH: BANGALORE BEFORE SHRI WASEEM

Siddharatha Pattina Sahakari Sangha Niyamita, Bellary vs. Income Tax Officer, Ward-1 & Tps, Hospet

ITA 2113/BANG/2024[2017-18]Status: DisposedITAT Bangalore29 May 2025AY 2017-18

Bench: Shri Waseem Ahmed & Shri Soundararajan Kassessment Year: 2017-18

For Appellant: Shri Varun Bhat, CAFor Respondent: Shri Ganesh R Gale, Standing Counsel for Dept
Section 4Section 58Section 80PSection 80P(2)(a)Section 80P(2)(d)

statutory obligation as per the Karnataka State Co-operative Societies Act, 1959, and not voluntary investments intended to earn income. As per Section 57(2) of the Karnataka State Co-operative Societies Act, 1959, co-operative societies are required to set certain sum, which must be mandatorily invested in manner ... made by the assessee society for investment purposes but were instead mandated by the Karnataka State Co- operative Societies Act, 1959. As per section 57(2) of the said Act, every co-operative society is required to set aside at least 25% of its net profit each year

S S K Pattina Sahakara Sangh Niyamit, Bagalkot vs. Income Tax Officer, Ward-1 & Tps, Bagalkot

ITA 2135/BANG/2024[2020-21]Status: DisposedITAT Bangalore23 May 2025AY 2020-21

Bench: Shri Waseem Ahmed & Shri Keshav Dubeyassessment Year: 2020-21

For Appellant: Shri Sandeep Chalapathy, CAFor Respondent: Shri Subramanian S, JCIT (DR)
Section 57Section 57(2)Section 58Section 80P(2)(a)

made by the assessee society for investment purposes but were instead mandated by the Karnataka State Co-operative Societies Act, 1959. As per section 57(2) of the said Act, every co-operative society is required to set aside at least 25% of its net profit each year

The Secondary Teachers Co-Operative Credit Society Limtied, Dharwad vs. Income Tax Officer, Ward-1(1), Hubli

In the result, the appeal filed by the assessee is allowed for statistical purposes

ITA 2383/BANG/2024[2021-22]Status: DisposedITAT Bangalore05 May 2025AY 2021-22

Bench: Shri Waseem Ahmedassessment Year: 2021-22

For Appellant: Shri Atul Alur, AdvocateFor Respondent: Shri Ganesh R Gale, Standing Counsel for Dept
Section 57(2)Section 80PSection 80P(2)(a)Section 80P(2)(d)

section 80P(2)(d) of the Act. Likewise, the assessee in the second ground stated that the deposit was made in compliance of section 57(2) of the Karnataka Cooperative Societies Act 1959 which requires transfer of 25% of the net profit every year to the reserve found

Prashant Packaging Pvt.Ltd, Patna vs. DCIT/ACIT, Cir-2, Patna

ITA 644/PAT/2024[2018-19]Status: DisposedITAT Patna21 Apr 2025AY 2018-19

Bench: Shri Rajesh Kumar& Shri Pradip Kumar Choubey] Ι.Τ.Α. No. 644/Pat/2024

Section 143(3)Section 40A(3)Section 43B

IN THE INCOME TAX APPELLATE TRIBUNAL “DB” BENCH: PATNA VIRTUAL HEARING AT KOLKATA श्री राजेश कुमार, लेखा सटस्य एवं श्री

Veerasaiva Vidya Vardhaka Sangha Employees Credit Co-Op Society Ltd., Ballari vs. Income Tax Officer, Ward-2, Bellari

ITA 2345/BANG/2024[2017-18]Status: DisposedITAT Bangalore18 Mar 2025AY 2017-18

Bench: Shri Waseem Ahmed & Shri Prakash Chand Yadavassessment Years: 2017-18

For Appellant: Shri Siva Prasad Reddy, ITPFor Respondent: Shri Ganesh R Gale, Standing Counsel for the Dept
Section 57(2)Section 58Section 80P(2)(a)Section 80P(2)(i)

statutory obligation as per the Karnataka State Co-operative Societies Act, 1959, and not voluntary investments intended to earn income. As per Section 57(2) of the Karnataka State Co-operative Societies Act, 1959, co-operative societies are required to set aside 25% of their net profit every year

Basavan Bagewadi Taluka Primary Teachers Co-Operative Society Limited, Bijapur vs. Income Tax Officer, Ward-1, & Tps, Bijapur

ITA 869/BANG/2024[2020-21]Status: DisposedITAT Bangalore04 Mar 2025AY 2020-21

Bench: Shri Waseem Ahmed & Shri Keshav Dubey

For Appellant: Sri G.S. Budyal, A.RFor Respondent: Sri Venkatesh V., D.R
Section 143(2)Section 143(3)Section 250Section 80P(2)(a)Section 80P(2)(d)

accordingly interest on deposit with banks are the business income of the assessee society. Further, AR of the assessee submitted that as per section 57(2) of the Karnataka State Co-operative Act, 1959, Co-operative societies are required to set aside 25% of their net profit every year

Basavan Bagewadi Taluka Primary Teachers Co-Operative Society Limited, Bijapur vs. Income Tax Officer, Ward-1 & Tps, Bijapur

ITA 868/BANG/2024[2018-19]Status: DisposedITAT Bangalore04 Mar 2025AY 2018-19

Bench: Shri Waseem Ahmed & Shri Keshav Dubey

For Appellant: Sri G.S. Budyal, A.RFor Respondent: Sri Venkatesh V., D.R
Section 143(2)Section 143(3)Section 250Section 80P(2)(a)Section 80P(2)(d)

accordingly interest on deposit with banks are the business income of the assessee society. Further, AR of the assessee submitted that as per section 57(2) of the Karnataka State Co-operative Act, 1959, Co-operative societies are required to set aside 25% of their net profit every year

Manish Jagdish Joshi, Mumbai vs. Commissioner of Income Tax (Drp)-3, Mumbai

ITA 1617/MUM/2024[2017-18]Status: DisposedITAT Mumbai26 Aug 2024AY 2017-18

Bench: Shri Om Prakash Kant & Shri Sandeep Singh Karhail

For Appellant: Shri Ajay R Singh/Akshay PawarFor Respondent: Shri Ankush Kapoor, CIT DR
Section 144C(13)Section 147Section 148Section 148ASection 151Section 56(2)(vii)Section 57(2)(vii)

reopening of assessment under section 147 of the Act on various grounds and has also challenged the addition made by the AO under section 57(2)(vii)(b) of the Act. Since the grounds challenging the reopening of assessment under section 147 of the Act have raised jurisdictional issues, therefore

The Jamkhandi Taluk School Teacher Co-Op Credit Society, Jamkhandi vs. Income Tax Officer, Ward-1., Bagalkot

ITA 549/BANG/2024[2020-21]Status: DisposedITAT Bangalore23 Apr 2024AY 2020-21

Bench: Shri Chandra Poojari & Shri Keshav Dubeyassessment Year: 2020-21

For Appellant: Shri Ashok Mudnur, A.RFor Respondent: Shri Ganesh R. Ghale, Standing Counsel for department
Section 143(3)Section 56Section 57Section 57(2)Section 80P(2)Section 80P(2)(a)Section 80P(2)(d)

Rules it is mandated to set aside 25 percent of the profits as reserve funds year on year basis. As per the Section 57(2), 58 read with rules 22 and 23 of the Karnataka Cooperative Act 1959 -each cooperative society shall out of its net profits in any year

Abalabba Developers Private Limited, Mumbai vs. ITO-12(1)(1), Mumbai

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

ITA 2949/MUM/2023[2013-14]Status: DisposedITAT Mumbai12 Apr 2024AY 2013-14

Bench: Shri Vikas Awasthy, Jm & Ms Padmavathy S, Am

For Appellant: Shri M M Golvala, CAFor Respondent: Shri Manoj Kumar Sinha, Sr. DR
Section 133(6)Section 2(24)Section 234BSection 57(2)Section 69Section 698Section 69B

section 2(24) since the impugned transaction is not covered under the definition of "income". The assessee also contended that the provisions of section 57(2)(vii(b) which brings to tax the difference between the stamp duty value and the actual consideration is not applicable to the assessee since

ITO Ward -3(1), New Delhi vs. Appealing Infrastructure Pvt Ltd, New Delhi

In the result, the appeal of the Revenue is dismissed

ITA 1958/DEL/2019[2015-16]Status: DisposedITAT Delhi23 May 2023AY 2015-16

Bench: Dr. B. R. R. Kumarsh. Yogesh Kumar Usita No. 1958/Del/2019 : Asstt. Year : 2015-16 Income Tax Officer, Vs M/S Appealing Infrastructure Pvt. Ltd. 921A, 9Th Floor, Devika Tower, Ward-3(1), New Delhi-110002 Nehru Place, New Delhi-110019 (Appellant) (Respondent) Pan No. Aaica8767B

For Appellant: Sh. V. K. Agarwal, AR &For Respondent: Sh. P. Praveen Sidharth, CIT DR
Section 42Section 56(2)(viib)Section 57(2)(viib)

2. Whether on the facts and in the circumstances of the case, the ld. CIT(A) has failed to appreciate that provisions of Section 57(2)(viib) of the Income Tax Act, 1961 are applicable in the year in which are allotted at a premium and not in the year

Hotel Owner'S Credit Co-Operative Society, Mysuru vs. Income Tax Officer, Ward-1(1), Mysuru

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

ITA 368/BANG/2021[2015-16]Status: DisposedITAT Bangalore27 Jan 2022AY 2015-16

Bench: Shri George George K, Jm & Shri B.R.Baskaran, Am

For Appellant: Sri.Rampriya Das CAFor Respondent: Sri.Pradeep Kumar, CIT-DR
Section 143(3)Section 263Section 57(2)Section 80Section 80P

circumstances of the case. 2. The learned Income Tax Officer should have appreciated the fact that The co-operative societies are bound by Section 57(2), Sec 58 and the rule 23(2) of the Karnataka Co-operative Societies Rules, 1960 which requires co-operative societies to park the Reserve