THE MULLANPUR GARIBDAS CO-OP MULTIPURPOSE SOCIETY,MOHALI vs. DCIT, C-6(1), MOHALI

Bench: SHRI A.D.JAIN (Vice President), SHRI KRINWANT SAHAY (Accountant Member)

gains of business' need to be given weightage, ITA 515/CHD/2017 ITA 569/CHD/2018 & ITA 645/CHD/2019 10 attributable to one of the activities specified in section 80P(2)(a), that it had been held that these words emphasize that the income in respect of which deduction is sought must constitute the operational income and not the other income which accrues

THE JYOTI CO-OPERATIVE NON AGRICULTURAL THRIFT & CREDIT SOCIETY LTD.,SIRMOUR vs. ITO, WARD, NAHAN

In the result, the assessee is not eligible for deduction on interest on deposits placed with scheduled commercial banks under section 80(P)(2)(a)(i) of the Act and the appeal of the assessee is di...

section 80P(2)(a)(i) of the Act. The learned counsel for the appellant has relied upon various decisions wherein the assessee was a banking company. In the opinion of this court, since the appellant admittedly does not carry on any banking business, the said decisions would not be applicable in the facts of the present case.' (Emphasis supplied

THE JYOTI CO-OPERATIVE NON AGRICULTURAL THRIFT & CREDIT SOCIETY LTD.,SIRMOUR vs. ITO, WARD, NAHAN

In the result, the assessee is not eligible for deduction on interest on deposits placed with scheduled commercial banks under section 80(P)(2)(a)(i) of the Act and the appeal of the assessee is di...

Bench: SHRI. VIKRAM SINGH YADAV, AM आयकर अपील सं . / ITA No.160, 161 & 162/ Chd/2023 निर्धारण वर्ष / Assessment Year : 2017-18, 2012-13 & 2013-14 The Jyoti Co-operative Non Agricultural Thrift & Credit Society Ltd. Sirmour, Solan, HP-173025 स्थायी लेखा सं. / PAN NO: AAABT1453G अपीलार्थी/Appellant बनाम The ITO H.P Ward-Nahan, Sirmour प्रत्यर्थी/Respondent निर्धारिती की ओर से/Assessee by : Shri Vishal Mohan, Sr. Advocate with Shri Parveen Sharma, Advocate राजस्व की ओर से / Revenue by : Dr. Ranjeet K

section 80P(2)(a)(i) of the Act. The learned counsel for the appellant has relied upon various decisions wherein the assessee was a banking company. In the opinion of this court, since the appellant admittedly does not carry on any banking business, the said decisions would not be applicable in the facts of the present case.' (Emphasis supplied

THE JYOTI CO-OPERATIVE NON AGRICULTURAL THRIFT & CREDIT SOCIETY LTD.,SIRMOUR vs. ITO, WARD, NAHAN

In the result, the assessee is not eligible for deduction on interest on deposits placed with scheduled commercial banks under section 80(P)(2)(a)(i) of the Act and the appeal of the assessee is di...

Bench: SHRI. VIKRAM SINGH YADAV (Accountant Member)

section 80P(2)(a)(i) of the Act. The learned counsel for the appellant has relied upon various decisions wherein the assessee was a banking company. In the opinion of this court, since the appellant admittedly does not carry on any banking business, the said decisions would not be applicable in the facts of the present case.' (Emphasis supplied

THE PUNJAB STATE FEDERATION OF COOPERATIVE HOUSE BUILDING SOCIETIES LTD.,CHANDIGARH vs. ACIT, CHANDIGARH

In the result, both the above appeals of the Assessee are dismissed

Bench: SHRI. LALIET KUMAR (Judicial Member), SHRI. KRINWANT SAHAY (Accountant Member)

80P, amounting to Rs.8,66,76,909. The assessee is a co-operative society engaged in providing loans to member housing societies and developing housing projects. The return disclosed income from four heads: house property, business/profession, capital gains, and other sources. The case was selected for scrutiny, and notices under sections 143(2

THE PUNJAB STATE FEDERATION OF COOPERATIVE HOUSE BUILDING SOCIETIES LTD.,CHANDIGARH vs. DCIT, CHANDIGARH

In the result, both the above appeals of the Assessee are dismissed

Bench: the appeal is finally heard.

80P, amounting to Rs.8,66,76,909. The assessee is a co-operative society engaged in providing loans to member housing societies and developing housing projects. The return disclosed income from four heads: house property, business/profession, capital gains, and other sources. The case was selected for scrutiny, and notices under sections 143(2

DCIT, CIRCLE, PATIALA vs. M/S PUNJAB STATE POWER CORPORATION LTD., PATIALA

In the result, ground no. 1 & 3 of the Revenue’s appeal is allowed and ground no

Bench: SHRI. VIKRAM SINGH YADAV (Accountant Member), SHRI. PARESH M. JOSHI (Judicial Member)

Capital gains'. Evidently it is not correct because the interest on income-tax refund, being a separate income, does not satisfy either the conditions of section 15 or 45, as the case may be. It, therefore, emerges that the nature of income on which income tax was wrongly collected is not determinative of the nature of interest income which results

M/S PUNJAB STATE COOPERATIVE FED. OF,CHANDIGARH vs. DCIT,, CHANDIGARH

The appeal stand dismissed

Bench: SHRI RAJPAL YADAV (Vice President), SHRI MANOJ KUMAR AGGARWAL (Accountant Member)

2. Facts leading to present litigation are that the assessee declared profit of Rs.16.66 Crores and it claimed exempt income for Bathinda Project u/s 10(20A) for Rs.2.34 Crores. Against remaining amount of Rs.14.31 Crores, the assessee claimed deduction u/s 80P for Rs.14.20 Crores. The Ld. AO denied exemption u/s 10(20A) since the cooperative society could not be termed

PUNJAB STATE COOP. BANK LTD.,CHANDIGARH vs. ACIT, CL-2(1), CHANDIGARH

In the result the impugned order of Ld

Bench: SHRI. VIKRAM SINGH YADAV (Accountant Member), SHRI. PARESH M. JOSHI (Judicial Member)

80P(2)(a)(i) of the Income Tax Act, prior to the amendment in the said section and is a regular assessee with the Income Tax Department through the Assistant Commissioner of Income Tax Circle 2(1) Chandigarh. 3. That the assessee society filed its return for the year under consideration on 30th September 2013 declaring therein