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

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

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

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

disallowed for section 80P deduction. The Assessing Officer and CIT(A) treated these incomes as 'income from other sources'. The appeals were filed against these orders.", "held": "The Tribunal held that interest income earned from investments of surplus funds with cooperative banks and nationalized banks is eligible for deduction under section 80P(2

CO-OPERATIVE CANE DEVELOPMENT UNION LTD.,HAPUR vs. ITO,WARD-3(4), HAPUR

disallowance of its section 80P deduction claim for interest income earned from banks and commission income from M/s. Modi Industries. The lower authorities treated these as income from 'other' sources.", "held": "The Tribunal held that the interest income earned on investments of surplus funds made with cooperative banks, cooperative societies, and nationalized banks is eligible for deduction under section 80P

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

disallowed for deduction under Section 80P by the lower authorities. The appeals were filed against the CIT(A)'s orders, involving multiple assessment years.", "held": "The Tribunal held that interest income earned from investments made out of surplus funds with cooperative banks and nationalized banks is eligible for deduction under Section 80P(2

GOHANA CO-OP MARKETING PROCESSING SOCIETY LTD,GOHANA vs. INCOME TAX OFFICER, SONIPAT

In the result, the appeal of the assessee is dismissed

Bench: Shri Kul Bharat & Dr.B.R.R.Kumar[Assessment Year : 2018-19] Gohana Co-Op Marketing Vs Ito, Processing Society Ltd., Shop No.1, Sonipat. New Anaj Mandi, Gohana, Sonipat, Haryana-131301 Pan-Aaaag0108Q Appellant Respondent Appellant By None Respondent By Shri Om Parkash, Sr.Dr Date Of Hearing 24.04.2024 Date Of Pronouncement 30.04.2024 Order

section 80P(2)(a)(i) of the Income tax Act, 1961.”_ 3. At the time of hearing, no one attended the proceedings on behalf of the assessee. It is seen from the record that no one has been attending the proceedings on behalf of the assessee despite various opportunities were provided to the assessee. On the last date of hearing

ITO, WARD-63(5), NEW DELHI vs. THE JAWALA CO-OPERATIVE URBAN THRIFT AND CREDIT SOCIETY LTD, NEW DELHI

In the result, the appeal of the Revenue is dismissed

Bench: Shri G.S. Pannu, Hon’Ble & Ms. Astha Chandraasstt. Year : 2014-15 Ito, Ward-63(5), Vs. The Jawala Co-Operative New Delhi. Urban Thrift & Credit Society Ltd. 218, Dda Comml Complex, Cycle Market, Jhandewalan Extn., New Delhi – 110 055 Pan Aabat0824C (Appellant) (Respondent)

disallowance of Rs. 1,47,98,826/- under section 80P stands deleted with observations contained in para 6.2.2 and 6.2.3 of the appellate order reproduced herein below :- “6.2.2. The appellant during appeal hearing submitted that the issues have been decided in favour of the appellant through the order of the Hon’ble ITAT 2

INCOME TAX OFFICER, WARD-1(2)(4), MEERUT vs. MALIYANA COOPERATIVE CANE DEVELOPEMENT UNION, GORAKHPUR

Appeal is dismissed

Bench: Ms. Madhumita Roy & Shri Naveen Chandraasstt. Yr: 2018-19

Section 143(3) r.w.s. 143(3A) & 143(3B) of the Income Tax Act, 1961 (hereinafter referred to as 'the Act') for Assessment Year 2018-19. Grounds of appeal taken by the Revenue read as under: 2 “1. That the CIT(A), NFAC has erred in law and in facts by not appreciating the disallowance of deduction u/s 80P

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

disallowance by the lower authorities was set aside.", "result": "Allowed", "sections": [ "144", "147", "271(1)(c)", "143(3)", "80P(2

THOMSON PRESS (INDIA) LTD. vs. COMMISSIONER OF INCOME TAX-II

2) suggests that the original source of the product has to be found. Thus, as a matter of plain English, when it is said that one word is derived from another, often in another language, what is meant is that the source of that word is another word, often in another language. As an illustration, the word "democracy" is derived

THOMSON PRESS (INDIA) LTD. vs. COMMISSIONER OF INCOME TAX-II

2) suggests that the original source of the product has to be found. Thus, as a matter of plain English, when it is said that one word is derived from another, often in another language, what is meant is that the source of that word is another word, often in another language. As an illustration, the word "democracy" is derived

THOMSON PRESS (INDIA) LTD vs. COMMISSIONER OF INCOME TAX-II

2) suggests that the original source of the product has to be found. Thus, as a matter of plain English, when it is said that one word is derived from another, often in another language, what is meant is that the source of that word is another word, often in another language. As an illustration, the word "democracy" is derived