MANTOLA COOPERATIVE THRIFT & CREDIT SOCIETY,NEW DELHI vs. ITO WARD-62(5), NEW DELHI

In the result, all the appeals of the assessee are allowed

Bench: Sh. Amit Shukladr. B. R. R. Kumar(E-Court Module) Ita No. 4078/Del/2019 : Asstt. Year : 2012-13 Ita No. 6935/Del/2018 : Asstt. Year : 2013-14 Ita No. 2036/Del/2019 : Asstt. Year : 2014-15 The Mantola Cooperative Vs Income Tax Officer, Thrift & Credit Society Ltd., Ward-62(5), 541, Mantola, Phar Ganj, New Delhi New Delhi-110055 (Appellant) (Respondent) Pan No. Aaajt1976A Assessee By : Sh. Gaurav Jain, Adv. Revenue By : Ms. Rakhi Vimal, Sr. Dr Date Of Hearing: 22.06.2020 Date Of Pronouncement: 27.07.2020

disallowance of deduction under section 80P and dismissing the ground raised by the appellant, despite holding in para 6.1.8 that the interest received from deposits made with co- operative banks/societies is eligible for deduction under section 80P (sic section 80P(2

THE MANTOLA COOPERATIVE THRIFT & CREDIT SOCIETY LTD,NEW DELHI vs. ITO, WARD-62(5), NEW DELHI

In the result, all the appeals of the assessee are allowed

Bench: Sh. Amit Shukladr. B. R. R. Kumar(E-Court Module) Ita No. 4078/Del/2019 : Asstt. Year : 2012-13 Ita No. 6935/Del/2018 : Asstt. Year : 2013-14 Ita No. 2036/Del/2019 : Asstt. Year : 2014-15 The Mantola Cooperative Vs Income Tax Officer, Thrift & Credit Society Ltd., Ward-62(5), 541, Mantola, Phar Ganj, New Delhi New Delhi-110055 (Appellant) (Respondent) Pan No. Aaajt1976A Assessee By : Sh. Gaurav Jain, Adv. Revenue By : Ms. Rakhi Vimal, Sr. Dr Date Of Hearing: 22.06.2020 Date Of Pronouncement: 27.07.2020

disallowance of deduction under section 80P and dismissing the ground raised by the appellant, despite holding in para 6.1.8 that the interest received from deposits made with co- operative banks/societies is eligible for deduction under section 80P (sic section 80P(2

THE VEER CO-OPERATIVE GROUP HOUSING SOCIETY LTD.,NEW DELHI vs. ITO, WARD- 39(4), NEW DELHI

In the result, ITA.No.2787/Del

Bench: Shri Bhavnesh Saini & Shri Prashant Maharishi

section 80P(2)(c)(ii) for a sum of Rs.50,000/-. The above provision provides “deduction in respect of income of Cooperative Societies”. In the case of Cooperative Society engaged in activities other than those specified in clause (a) or (b) (either independently or in addition to or any of the activities so specified) so much of its profits

THYE VEER CO-OPERATIVE GROUP HOUSING SOCIETY LTD,NEW DELHI vs. ITO, WARD-39(4), NEW DELHI

In the result, ITA.No.2787/Del

Bench: Shri Bhavnesh Saini & Shri Prashant Maharishi

section 80P(2)(c)(ii) for a sum of Rs.50,000/-. The above provision provides “deduction in respect of income of Cooperative Societies”. In the case of Cooperative Society engaged in activities other than those specified in clause (a) or (b) (either independently or in addition to or any of the activities so specified) so much of its profits

ITO, WARD- 63(5), NEW DELHI vs. THE JWALA COOPERATIVE URBAN THRIFT AND CREDIT SOCIETY LTD., NEW DELHI

In the result, appeal of the assessee is allowed

Bench: Sh. Amit Shukladr. B. R. R. Kumarita No. 5623/Del/2018 : Asstt. Year : 2012-13 Income Tax Officer, Vs The Jwala Cooperative Urban Ward-63(5), Thrift & Credit Society Ltd., New Delhi-110002 218, Dda Cycle Market, Jhandewalan Extn. New Delhi-110055 (Appellant) (Respondent) Pan No. Aabat0924C Assessee By : Ms. Gunjan Jain, Ca Revenue By : Sh. Ratan Singh, Sr. Dr Date Of Hearing: 20.10.2021 Date Of Pronouncement: 20.01.2022

disallowance of deduction under section 80P(2)(d) being interest on FDR amounting to Rs.1,34,65,081/- and S.B. interest

THE MANTOLA COOPERATIVE THRIFT & CREDIT SOCIETY LTD.,NEW DELHI vs. ITO, NEW DELHI

In the result the appeals filed by the assessee stands partly allowed

Bench: Shri S. V. Mehrotra & Smt. Beena A. Pillai

disallowance under section 80P to interest income of Rs.63,74,470, being the amount of interest received from commercial banks, in view of the provisions of Section 80P(2

THE JANTA ADARSH CO-OPERATIVE THRIFT & CREDIT SOCIETY LTD.,DELHI vs. ITO WARD-52(1), DELHI

In the result, appeal of the assessee is partly allowed

Bench: Shri Kul Bharat

section 2(19) of the Act. 5. That, without prejudice to ground No. 1 to 3, on the facts and in the circumstances of the case the case the Ld. CIT(A), NFAC has grossly erred both on facts and in law in confirming the addition Rs.7,60,197/- by not allowing deduction u/s.80P(2

JANTA ADARSH CO-OPERATIVE THRIFT & CREDIT SOCIETY LTD.,NEW DELHI vs. ITO,WARD-52(1), NEW DELHI

In the result, appeal of the assessee is partly allowed

Bench: Shri Kul Bharat

section 2(19) of the Act. 5. That, without prejudice to ground No. 1 to 3, on the facts and in the circumstances of the case the case the Ld. CIT(A), NFAC has grossly erred both on facts and in law in confirming the addition Rs.7,60,197/- by not allowing deduction u/s.80P(2

MUZAFFARNAGAR DISTRICT COOPERATIVE BANK LTD.,MUZAFFARNAGAR vs. DCIT, CIRCLE- 1 , MUZAFFARNAGAR

In the result, the appeals filed by the appellant are allowed and the order(s) of the Kerala High Court and other authorities to the contrary are set aside

Bench: Sh. Satbeer Singh Godara & Sh. M. Balaganeshita No. 1708/Del/2018 : Asstt. Year : 2015-16 Muzaffarnagar District Cooperative Vs Dcit, Bank Ltd., C/O Anil Deep & Company, Circle-1, 41/85, Sadar Bazar, Muzaffarnagar, Muzaffarnagar Uttar Pradesh-251001 (Appellant) (Respondent) Pan No. Aaaam4327P Assessee By : Sh. Sanjay Malik, Adv. Revenue By : Sh. Akhilesh Kumar Yadav, Sr. Dr Date Of Hearing: 02.12.2024 Date Of Pronouncement: 05.12.2024 Order Per Satbeer Singh Godara: This Assessee’S Appeal For Assessment Year 2015-16, Arises Against The Order Of Cit(A), Muzaffarnagar Dated 16.01.2018 In Case No. 9258-7434-250-717, In Proceedings U/S 143(3) Of The Income Tax Act, 1961 (In Short “The Act”).

2(c) of the BR Act, 1949 on obtaining licence under Section 22 of the said Act. Conclusion: In the instant case, although the appellant society is an apex co-operative society within the meaning of the State Act, 1984, it is not a co-operative bank within the meaning of Section 5(b) read with Section

SAINI CO-OPERATIVE THARIFT AND CREDIT SOCIETY LTD,DELHI vs. ITO WARD-48(1), DELHI

In the result, the appeal is allowed

Bench: Sh. Satbeer Singh Godara & Sh. S. Rifaur Rahman

disallowing it’s section 80P(2)(a)(i) deduction of Rs.1,03,68,974/-; representing it’s interest received from

SAINI CO-OPERATIVE THARIFT AND CREDIT SOCIETY LTD,DELHI vs. ITO WARD-48(1), DELHI

In the result, the appeal is allowed

Bench: Sh. Satbeer Singh Godara & Sh. S. Rifaur Rahman

disallowing it’s section 80P(2)(a)(i) deduction of Rs.1,03,68,974/-; representing it’s interest received from

MUFG BANK LTD,NEW DELHI vs. ACIT (INTERNATIONAL TAXATION) CIRCLE-2(2)(1), NEW DELHI

In the result appeal of the assessee is partly allowed

Bench: Shri Amit Shukla & Shri Prashant Maharishi(Through Video Conferencing) Mufg Bank Ltd, Vs. Acit (International Taxation), 5Th Floor, Worldmark 2, Asset 8, Circle-2(2)(1), Aerocity, Nh-8, New Delhi New Delhi Pan: Aabct3880D (Appellant) (Respondent)

Disallowance made under Rule – 8D(2)(ii) is bad as the assessee had enough interest free funds available. Each of the aforesaid contention is explained in detail below. Section 14A is not applicable in case of bank when the investments are held as stock-in-trade: It is submitted that the investment in PTCs is made by the assessee

SAHAKARI GANNA VIKAS SAMITI,UTTAR PRADESH vs. ITO-2(5) CHANDAUSI, UTTAR PRADESH

In the result, appeal of the assessee is allowed

Bench: Sh. Kul Bharat & Sh. Pradip Kumar Kediasahakari Ganna Vikas Vs. Ito-2(5), Samiti, Sikri Gate Chandausi Chandausi, Sambhal, Uttar Pradesh Uttar Pradesh-244 412 Pan No. Aaaaf 1459 L (Appellant) (Respondent) Assessee By Shri Fuzail Ahmad Ayyubi, Adv. Revenue By Shri Anuj Garg, Sr. D.R. Date Of Hearing: 19.07.2023 Date Of Pronouncement: 19.07.2023

2,22,704/- under section 80P of the Act. The issue for consideration before us is that whether once the return of income is filed beyond the prescribed date under section 139(1) of the Act, can the deduction under section 80P of the Act be denied to the assessee, by way of adjustment under section

COMMISSIONER OF INCOME TAX

Section 80P(2)(d) of the Act and, therefore, has to be disallowed under Section 14A. 5. The assessee succeeded

CIT vs. KRIBHCO

Section 80P(2)(d) of the Act and, therefore, has to be disallowed under Section 14A. 5. The assessee succeeded

DCIT, REWARI vs. M/S THE REWARI DISTRICT PRIMARY CO-OPERATIVE AGRICULTURE & RURAL DEVELOPMENT BANK LTD.,, REWARI

Appeal of the Revenue is dismissed

disallowed the claim u/s 80P. The CIT(A) was not right in allowing the appeal of the assessee. 6. The Ld. AR submitted that no credit facility was provided to any non members and the assessee exclusively deals with members of the assessee. The assessee submitted that as per the section 80P(2

ITO, WARD-58(7), NEW DELHI vs. THE CO-OPERATIVE URBAN THRIFT & CREDIT SOCIETY LTD, DELHI

In the result, the appeal is partly allowed

Bench: Shri Saktijit Dey, Vice- & Dr. B.R.R. Kumarassessment Year: 2018-19 Ito, Ward-58(7), The Co-Operative Urban Thrift New Delhi & Credit Society Ltd., 31/64, Vs. Bhikam Singh Colony, (Pan:Aabat2253J) Vishwas Nagar, Shahdara Delhi-1100 32

Section 80P(2)(d) of the Act is available on interest income earned from other co-operative societies and not from banks. Accordingly, he disallowed

CO-OPERATIVE CANE DEVELOPMENT UNION LTD.,MODI NAGAR vs. ITO,WARD-1(2), GHAZIABAD

disallowed deductions on interest income from banks and commission income, treating them as income from other sources.", "held": "The Tribunal held that interest earned by a cooperative society from investments in banks qualifies for deduction under Section 80P(2

CO-OPERATIVE CANE DEVELOPMENT UNION LTD.,MODI NAGAR vs. ITO,WARD-1(2), GHAZIABAD

disallowed by the lower authorities for income earned from interest on deposits and commission from M/s. Modi Industries. The assessment orders were dated 04.12.2017.", "held": "The Tribunal held that interest income earned by a cooperative society from investments in cooperative banks and nationalized banks is eligible for deduction under section 80P(2