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

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 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

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

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

In the result, appeal of the Revenue is dismissed

Bench: Shri Pramod Kumar & Shri Rajpal Yadavआयकर अपील सं./ Ita No.1905/Ahd/2016 "नधा"रण वष"/Asstt. Year: 2012-13 Dcit, Sabarkantha Circle Vs. Sabarkantha District Co-Op. Himatnagar. Milk Producers Union Ltd. Sabar Dairy, Sub Post Boriya Himatnagar 383 006. Pan : Aaaas 5265 L

80P(2)(d) of the Act. Respectfully following the order of the ITAT, which has been upheld by the Hon’ble High Court in the assessment year 2009-10, we do not find any merit in this ground of appeal. It is rejected. 8 9. Ground No.2: In this ground, grievance of the Revenue is that the ld.CIT

UMA CO-OP. CREDIT SOCIETY,,KHEDA vs. THE INCOME TAX OFFICER, WARD-5,, NADIAD

In the result, the assessee’s appeal is thus allowed for statistical purposes

Bench: Shri Waseem Ahmed & Ms. Madhumita Roy

capital and its normal business is to deal in money and credit. The business of such a bank does not consist only of receiving deposits and lending money to its members or such other societies as ore mentioned in the objects. When such a society lends out its monies so that they may be readily available to meet the demands

ANKLAV TALUKA EMPLOYEE CO.-OP. CREDIT AND CONSUMER SOCIETY LTD.,,ANAND vs. THE INCOME TAX OFFICER, WARD-1(3)(2),, ANAND

In the result, appeal filed by the assessee is dismissed

Bench: Shri Mahavir Prasad & Shri Amarjit Singh)

gains of business attributable to such activities would be deductible. On perusal of schedule forming part of income and expenditure account that the society has also earned interest on Fixed Deposit with other than co.op. Society also which comes to Rs.4,78,938/-which is income from other sources. Earning of interest from other than co-op, society

THE ITO, WARD-1(3)(5),, AHMEDABAD vs. M/S. STATE BANK OF INDIA SUP-OFFICIALS CO-OP. CREDIT SOCIETY LTD.,, AHMEDABAD

In the result, appeal filed by the department is dismissed

Bench: Shri Mahavir Prasad & Shri Amarjit Singh)

section 80P(2)(d) are not satisfied." ITO vs. State Bank of India Asst.Year –2010-11 2.3 Finally addition of Rs.42,14,854/- was made against the assessee and also penalty proceeding were initiated u/s.271(c) of the I.T. Act. 3. Therefore, assessee preferred appeal before the Hon’ble ITAT vide ITA No.347/Ahd/2014 for Asst. Year 2010-11, in this

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

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 of the Act and the same was wrongly allowed by the AO while finalizing the assessment without examining the facts

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

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

MR. PRANJAL PATEL,,AHMEDABAD vs. THE PR. CIT-2,, AHMEDABAD

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

80P(2)(e) on the baiss of evidence and material on record. I.T.A No. 1357/Ahd/2017 A.Y. 2012-13 Page No 11 Mr. Pranjal Patel vs. Pr. CIT 4. 207 CTR 0178 (PHHC):- It is pertained to taking view on mere audit objection. 5. 277 CTR 0354 (J &K):- It is pertained to the issue that CIT(A)’s observation would

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

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