SHREE RAM CO.-OP. CREDIT SOCIETY LTD.,,DAHOD vs. THE INCOME TAX OFFICER, WARD-1,, VADODARA

In the result, the appeal of the assessee is dismissed

gain of business attributable to such activities will be deductible. Earning of interest income from Bank is not activity for which income would be deductible. Therefore, the interest income earned from bank/co-operative bank amounting to Rs. 82,21,635/- was treated as income from other sources u/s. 56 of the act on which deduction u/s. 80P was disallowed. 3. Aggrieved

BARODA CITIZEN COMMUNITY CO. OP. CREDIT SCOIETY LTD.,,VADODARA vs. THE ITO, WARD-1(2)(2), VADODARA

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

Bench: Shri Rajpal Yadav & Shri Waseem Ahmedआयकर अपील सं./Ita Nos. 996 & 1051/Ahd/2019 िनधा"रण वष"/Asstt. Years: 2013-14 & 2014-15 Baroda Citizen Community Co-Op. Credit I.T.O, Society Ltd., Vs. Ward-1(2)(2), 203, 2Nd Floor, Baroda. Ivory Terrace, R.C. Dutt Road, Vadodara.

gains attributable to non-members arising as a result of advancement of loans was held to be not an allowable deduction under Section 80P(2)(a)(i) of the Act. In view of the above, we do not find any merits in the argument advanced by the learned counsel for the assessee. 8.4 Now coming to alternate appeal

BARODA CITIZEN COMMUNITY CO. OP. CREDIT SCOIETY LTD.,,VADODARA vs. THE ITO, WARD-1(2)(2), VADODARA

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

Bench: Shri Rajpal Yadav & Shri Waseem Ahmedआयकर अपील सं./Ita Nos. 996 & 1051/Ahd/2019 िनधा"रण वष"/Asstt. Years: 2013-14 & 2014-15 Baroda Citizen Community Co-Op. Credit I.T.O, Society Ltd., Vs. Ward-1(2)(2), 203, 2Nd Floor, Baroda. Ivory Terrace, R.C. Dutt Road, Vadodara.

gains attributable to non-members arising as a result of advancement of loans was held to be not an allowable deduction under Section 80P(2)(a)(i) of the Act. In view of the above, we do not find any merits in the argument advanced by the learned counsel for the assessee. 8.4 Now coming to alternate appeal

THE GOVERNMENT SERVANTS CO.-OP. CREDIT LTD.,,VADODARA vs. THE INCOME TAX OFFICER, WARD-3(1)(1),, VADODARA

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

section 143(3) of the Income Tax Act, 1961; in short “the Act”. 2. The solitary ground of appeal in this case filed by the assessee is against the decision of ld. CIT(A) in confirming the action of the assessing officer in not allowing the deduction u/s. 80P of the act on interest amount of I.T.A No. 108/Ahd/2017

GANDHINAGAR DISTRICT CO.OP.MILK PRODUCERS UNION LIMITED,GANDHINAGAR vs. THE ACIT, CIRCLE GANDHINAGA, GANDHINAGAR

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

Bench: Shri T.R. Senthil Kumar & Shri Makarand V. Mahadeokarआयकर अपील सं /Ita No.513/Ahd/2023 िनधा"रण वष" /Assessment Year : 2020-21 Gandhinagar District Co- The Asst.Cit बनाम/ Op.Milk Producers Union Ltd. Circle, Gandhinagar V/S. K. Road, Gidc Electronics Estate Sector-25, Gandhinagar Gujarat – 382 024 "थायी लेखा सं./Pan: Aaajg 1061 B (अपीलाथ%/ Appellant) (&' यथ%/ Respondent) Assessee By : Shri Tushar Hemani, Sr.Advocate & Shri Parimalsinh B. Parmar, Ar Revenue By : Shri Rignesh Das, Sr.Dr सुनवाई की तारीख/Date Of Hearing : 25/09/2024 घोषणा की तारीख /Date Of Pronouncement: 03/10/2024 आदेश/O R D E R Per Makarand V. Mahadeokar, Am:

80P(2)(a) or (b) of the Act. The statutory language does not impose additional conditions or exclusions that would disqualify the assessee from this benefit. The disallowance of this deduction by the AO and CIT(A) is hereby set aside, and the deduction is allowed in full. 6.4. In view of the detailed findings and analysis, the appeal

THE KHEDA TALUKA SHIKSHAK MANDLI LIMITED,,KHEDA vs. THE PR. CIT-2,, VADODARA

In the result, the appeal of the assessee is partly allowed

capital exceeding ₹1 lakhs within the meaning of section 56 of part V of Page 3 of 7 Asstt. Years 2012-13 Banking Regulation Act. Accordingly, it is not eligible for deduction under the provisions of section 80P(4) of the Act. 2.6 Similarly, the interest income on the money deposited with the nationalized bank is not eligible for deduction

GUJARAT FISHERIES CENTRE CO .OPERATIVE ASSOCIATION LIMITED,,AHMEDABDA vs. ITO, WRAD-5(2)(2),, AHMEDABAD

In the result, the appeal of the assessee is dismissed

capital gains (STCG) on sale of depreciable assets u/s 50 of the Act and the same was not offered for taxation. The principal CIT noted that the same was also not allowable for deduction under the provisions of section 80P

THE UMRETH URBAN CO. OP.BANK LTD.,,ANAND vs. THE DCIT., ANAND CIRCLE,, ANAND

In the result, appeal filed by the Assessee is allowed

Bench: Shri Pradip Kumar Kedia & Shri Mahavir Prasad)

capital gain would not be eligible for deduction under section 80P(2)(a)(i) of the Act. Once again, the issue

THE DY. CIT., ANAND CIRCLE,, ANAND vs. M/S. KAIRA DIST. CO.-OP. MILK PRODUCERS UNION LTD.,, ANAND

In the result, the appeal of the revenue is dismissed

Bench: Shri Kul Bharat & Shri Waseem Ahmedआयकर अपील सं./Ita No.2218/Ahd/2016 "नधा"रण वष"/Asstt. Year: 2012-2013 D.C.I.T, M/S. Kaira District Co-Op. Milk, Anand Circle, Vs. Producers Union Ltd., Anand. Amul Dairy Road, Anand-388001. Pan: Aaaak8694F

80P(2)(d) held that assessee cannot borrow the money for temporary investment. He has also submitted that even Gujarat High Court in assessee's own case while dealing with issue of re-opening u/s. 148 for disallowing the deduction of interest observed that AO is conscious about the claim made by the assessee and the position of interest earned

BARODA DIST. CO.OP. MILK PRODUCERS UNION LTD.,,BARODA vs. THE DY. COMMISSIONER OF INCOME TAX, CIRCLE-1(2),, BARODA

In the result assessee’s appeal in ITA No

Bench: Shri Waseem Ahmed & Ms. Madhumita Roy

80P(2)(iv) of the Act. The assessee had not debited indirect expenses from the same and therefore relying on the judgment of Gandevi Taluka Khedut Sahakari Sangh Ltd.-vs-CIT reported in 76 Taxman 36 Guj (1994) on the ratio that deduction u/s 80(P)(2)(a)(iv) was to be allowed on net profit and gain

BARODA DIST. CO.OP. MILK PRODUCERS UNION LTD.,,BARODA vs. THE DY. COMMISSIONER OF INCOME TAX, CIRCLE-1(2),, BARODA

In the result assessee’s appeal in ITA No

Bench: Shri Waseem Ahmed & Ms. Madhumita Roy

80P(2)(iv) of the Act. The assessee had not debited indirect expenses from the same and therefore relying on the judgment of Gandevi Taluka Khedut Sahakari Sangh Ltd.-vs-CIT reported in 76 Taxman 36 Guj (1994) on the ratio that deduction u/s 80(P)(2)(a)(iv) was to be allowed on net profit and gain

M/S. ISCON MEGACITY MEMBERS ASSOCIATION ,,BHAVNAGAR vs. THE INCOME TAX OFFICER, (EXEMP. ), BHAVNAGAR

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

Bench: Shri Rajpal Yadav & Shri Amarjit Singhआयकर अपील सं./I.T.A. No.1290/Ahd/2014 ("नधा"रण वष" / Assessment Year : 2010-11)

gains'' earned or ''arising'', ''accruing'' to a ''person''. According to the said decision, where a number of persons combine and contribute to a common fund for the financing of some venture or object and in this respect, have no dealings or relations with any outside body, then any surplus returned to those persons cannot be regarded in any sense

GUJARAT VEPARI MAHAMANDAL SAHKARI AUDYOGIK VASAHAT LIMITED,AHMEDABAD vs. THE ITO, WARD-3(3)(5), AHMEDABAD

The appeal of the assessee is partly allowed for statistical purpose

Bench: Ms. Suchitra Kamble

capital gain of Rs. 16,28,950/-. 5. The Ld. CIT(A) has erred in law and on facts in not dealing of ground of appellant in regards to a deduction allowable U/S 80-P of the Act of Rs. 13,49,634/-. Gujarat Vepari Mahamandal Sahkari Audyogik Vasahat Ltd. vs. ITO, A.Y. 2022-23 6. The appellant craves liberty

THE CO. OP.CREDIT SOCIETY OF VISANAGAR LTD,VISANAGAR vs. THE ACIT, CIRCLE-PATAN, PATAN

The appeal of the assessee is allowed for statistical purposes

gains of business or profession", the provisions of section 57 would apply which govern the allowing of expenses from earning of interest income and other similar incomes chargeable u/s 56 of the Act. Therefore, the allowing of expenses would be allowed strictly in view of the provisions of section 57 of the Act. For the instant reference, the same

THE ASSTT. COMMISSIONER OF INCOME TAX, SABARKANTHA CIRCLE,, HIMATNAGAR vs. THE SABARKANTHA DISTRICT CO.-OP. MILK PRODUCERS UNION LTD.,, HIMATNAGAR

Appeal of the revenue stands dismissed

80P(2(d) of the Act. Therefore, we feel no need to interfere with the order passed by Ld. CIT(A) and the same is hereby upheld.” During the year as submitted by the assessee in its submission before the ld. CIT(A) discussed at page no. 15 of the CIT(A)’s order that assessee was having