RESERVE BANK COOPERATIVE SOCIETY LTD.,JAIPUR vs. ITO, WARD-6(2), JAIPUR, JAIPUR

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

Bench: Sh. Sandep Gosain & Dr. M. L. Meena

b) not accepting the contention of assessee that said interest receipt is otherwise eligible for deduction u/s 80P(2)(d) of the Act and (c) not allowing proportionate claim of deduction of Rs.24,88,833/- u/s 80P(2)(a)(i) on the income assessed by AO at Rs.1,00,66,166/-. 2. The appellant craves to alter, amend and modify

DCIT, JAIPUR vs. RAJASTHAN COOPERATIVE DAIRY FEDERATION LTD, JAIPUR

In the result the appeal of the revenue in ITA No

Bench: DR. S. SEETHALAKSHMI (Judicial Member), SHRI RATHOD KAMLESH JAYANTBHAI (Accountant Member)

b)............................................................................................ (c)............................................................................................ (d) in respect of any income by way of interest or dividends derived by the co-operative society from its investments with any other co-operative society, the whole of such income;” Thus, from a perusal of the aforesaid Sec. 80P(2)(d) it can safely be gathered that income by way of interest income derived

DCIT, JAIPUR vs. RAJASTHAN COOPERATIVE DAIRY FEDERATION LTD, JAIPUR

In the result the appeal of the revenue in ITA No

Bench: DR. S. SEETHALAKSHMI (Judicial Member), SHRI RATHOD KAMLESH JAYANTBHAI (Accountant Member)

b)............................................................................................ (c)............................................................................................ (d) in respect of any income by way of interest or dividends derived by the co-operative society from its investments with any other co-operative society, the whole of such income;” Thus, from a perusal of the aforesaid Sec. 80P(2)(d) it can safely be gathered that income by way of interest income derived

DCIT, JAIPUR vs. RAJASTHAN COOPERATIVE DAIRY FEDERATION LTD, JAIPUR

In the result the appeal of the revenue in ITA No

Bench: DR. S. SEETHALAKSHMI (Judicial Member), SHRI RATHOD KAMLESH JAYANTBHAI (Accountant Member)

b)............................................................................................ (c)............................................................................................ (d) in respect of any income by way of interest or dividends derived by the co-operative society from its investments with any other co-operative society, the whole of such income;” Thus, from a perusal of the aforesaid Sec. 80P(2)(d) it can safely be gathered that income by way of interest income derived

SHRI KESHORAIPATAN SAHKARI SUGAR MILLS LIMITED,KOTA vs. PCIT, UDAIPUR

In the result, appeal of the assessee is allowed

Bench: SHRI SANDEEP GOSAIN (Judicial Member), SHRI RATHOD KAMLESH JAYANTBHAI (Accountant Member)

disallowance of the assessee's claim for deduction under section 80P(2)(d) is vacated. Thus, this Ground of appeal is allowed in terms of the aforesaid observations. [Para 22] ii. Solitaire CHS Ltd. vs. Pr. CIT [IT Appeal No. 3155 (Mum.) of 2019, dated 29-11-2019]; (ITAT "G" Bench, Mumbai); iii. Kaliandas Udyog Bhavan Premises Co-Op. Society

THE AJMER COOPERATIVE THRIFT AND SAVING SOCIETY LIMITED AJMER,AJMER vs. CIT(A), NFAC, AJMER

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

disallowed the claim of deduction under section 80P(2)(a)(i) by observing that it can be inferred that whatever activities carried out by the assessee society, the interest earned on Surplus funds invested in bank deposits, is to be treated as Income from Other Sources which is to be assessed under section 56 of the I.T. Act, 1961. Thus

M/S. JAIPUR ZILA DUGDH UTPADAK SAHAKARI SANGH LTD.,JAIPUR vs. DCIT, CIRCLE-6, JAIPUR

In the result, both the appeal of the assessee and the Revenue are disposed off with above directions

disallowed the claim u/s 80P(2)(d) to that extent. 7. In this regard, it was submitted that assessee has not incurred any interest expenditure in earning the interest income on FDR with Jaipur Central Co-operative Bank. This is because assessee has interest free funds by way of share capital and accumulated profit of Ms Jaipur Zila Dugdh Utpadak

DCIT, CIRCLE-6, JAIPUR vs. M/S. JAIPUR ZILA DUGDH UTPADAK SAHAKARI SANGH LTD., JAIPUR

In the result, both the appeal of the assessee and the Revenue are disposed off with above directions

disallowed the claim u/s 80P(2)(d) to that extent. 7. In this regard, it was submitted that assessee has not incurred any interest expenditure in earning the interest income on FDR with Jaipur Central Co-operative Bank. This is because assessee has interest free funds by way of share capital and accumulated profit of Ms Jaipur Zila Dugdh Utpadak

SHIKSHA VIBHAG KARMACHARIGAN SAHAKARI SAMITI LIMITED,KOTA vs. INCOME TAX OFFICER, KOTA

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

disallowance and subsequent addition made u/s 56 accordingly. In the result, this ground of assessee’s appeal is allowed.” 6.1 As regards the claim u/s 80P(2)(d), we find that the only condition for availing the deduction under this provision is any income by way of interest or dividend derived by the Cooperative society from its investment with

SHIKSHA VIBHAG KARMACHARIGAN SAHAKARI SAMITI LIMITED,KOTA vs. ITO, KOTA

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

disallowance and subsequent addition made u/s 56 accordingly. In the result, this ground of assessee’s appeal is allowed.” 6.1 As regards the claim u/s 80P(2)(d), we find that the only condition for availing the deduction under this provision is any income by way of interest or dividend derived by the Cooperative society from its investment with

M/S. AJMER ZILA DUGDH UTPADAK SAHAKARI SANGH LTD.,AJMER vs. PR.CIT, AJMER

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

disallow the same during the assessment proceedings which makes the assessment order erroneous in so far as it is prejudicial to the interest of the revenue. 3. Thus, the order passed by the A.O. on 07.12.2017 is considered erroneous in so far as it is prejudicial to the interest of the Revenue and a show-cause u/s 263 is hereby

WEST CENTRAL RAILWAY EMPLOYEES COOPERATIVE CREDIT SOCIETY LTD.,KOTA vs. ITO, WARD-2(1), KOTA, KOTA

In the results, the appeal of the assessee in ITA no

disallowing the deduction referred to section 80P(4) of the\nAct. Section 80P(4) reads as under:-\n(4) The provisions of this section shall not apply in relation to any co-operative\nbank other than a primary agricultural credit society or a primary co-operative\nagricultural and rural development bank.”\nAs per section 80P(4), a cooperative society engaged

WEST CENTRAL RAILWAY EMPLOYEES COOPERATIVE CREDIT SOCIETY LTD.,KOTA vs. ITO, WARD-2(1), KOTA, KOTA

In the results, the appeal of the assessee in ITA no

disallowing the deduction referred to section 80P(4) of the\nAct. Section 80P(4) reads as under:-\n(4) The provisions of this section shall not apply in relation to any co-operative\nbank other than a primary agricultural credit society or a primary co-operative\nagricultural and rural development bank.”\nAs per section 80P(4), a cooperative society engaged

PALSANA GRAM SEWA SAHKARI SAMITI LTD.,PALSANA vs. PCIT-2, JAIPUR

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

Bench: Shri Sandeep Gosain, Jm & Shri Vikram Singh Yadav, Am Vk;Dj Vihy La-@Ita No. 35 To 37/Jp/2021 Assessment Years: 2010-11 To 2012-13 Palsana Gram Sewa Sahkari Samiti Cuke Pr.Cit-2, Vs. Limited, Jaipur. Village- Palsana Main Market, Palsana, Dist.- Sikar- 332402 (Raj) Pan No.: Aabap 8390 A Vihykfkhz@Appellant Izr;Fkhz@Respondent Fu/Kzkfjrh Dh Vksj Ls@ Assessee By : Shri Shrawan Kr. Gupta (Adv) Jktlo Dh Vksj Ls@ Revenue By : Shri B.K. Gupta (Pr.Cit-Dr) Lquokbz Dh Rkjh[K@ Date Of Hearing : 04/08/2021 Mn?Kks"K.Kk Dh Rkjh[K@ Date Of Pronouncement : 02/11/2021 Vkns'K@ Order Per: Sandeep Gosain, J.M. These Are The Appeals Filed By The Assessee Against The Separate Order Of The Ld. Pr.Cit-2, Jaipur All Dated 31/03/2021 Passed U/S 263 Of The Income Tax Act, 1961 (In Short, The Act) For The A.Y. 2010-11 To 2012-13. 2. The Hearing Of The Appeal Was Concluded Through Video Conference In View Of The Prevailing Situation Of Covid-19 Pandemic.

disallowed the expenditure of Rs.2,86,918/- on account of provisions and audit fees and computed the income of the assessee at Rs.3,95,382/- as against Rs.1,08,464/- and after deduction u/s 80P(2)(a)(i) and 80P(2)(a)(iv) at nil and completed the assessment at Rs. Nil vide assessment order

PALSANA GRAM SEWA SAHKARI SAMITI LTD.,JAIPUR vs. PCIT-2, JAIPUR

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

Bench: Shri Sandeep Gosain, Jm & Shri Vikram Singh Yadav, Am Vk;Dj Vihy La-@Ita No. 35 To 37/Jp/2021 Assessment Years: 2010-11 To 2012-13 Palsana Gram Sewa Sahkari Samiti Cuke Pr.Cit-2, Vs. Limited, Jaipur. Village- Palsana Main Market, Palsana, Dist.- Sikar- 332402 (Raj) Pan No.: Aabap 8390 A Vihykfkhz@Appellant Izr;Fkhz@Respondent Fu/Kzkfjrh Dh Vksj Ls@ Assessee By : Shri Shrawan Kr. Gupta (Adv) Jktlo Dh Vksj Ls@ Revenue By : Shri B.K. Gupta (Pr.Cit-Dr) Lquokbz Dh Rkjh[K@ Date Of Hearing : 04/08/2021 Mn?Kks"K.Kk Dh Rkjh[K@ Date Of Pronouncement : 02/11/2021 Vkns'K@ Order Per: Sandeep Gosain, J.M. These Are The Appeals Filed By The Assessee Against The Separate Order Of The Ld. Pr.Cit-2, Jaipur All Dated 31/03/2021 Passed U/S 263 Of The Income Tax Act, 1961 (In Short, The Act) For The A.Y. 2010-11 To 2012-13. 2. The Hearing Of The Appeal Was Concluded Through Video Conference In View Of The Prevailing Situation Of Covid-19 Pandemic.

disallowed the expenditure of Rs.2,86,918/- on account of provisions and audit fees and computed the income of the assessee at Rs.3,95,382/- as against Rs.1,08,464/- and after deduction u/s 80P(2)(a)(i) and 80P(2)(a)(iv) at nil and completed the assessment at Rs. Nil vide assessment order

PALSANA GRAM SEWA SAHKARI SAMITI LTD.,PALASANA vs. PCIT-2, JAIPUR

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

Bench: Shri Sandeep Gosain, Jm & Shri Vikram Singh Yadav, Am Vk;Dj Vihy La-@Ita No. 35 To 37/Jp/2021 Assessment Years: 2010-11 To 2012-13 Palsana Gram Sewa Sahkari Samiti Cuke Pr.Cit-2, Vs. Limited, Jaipur. Village- Palsana Main Market, Palsana, Dist.- Sikar- 332402 (Raj) Pan No.: Aabap 8390 A Vihykfkhz@Appellant Izr;Fkhz@Respondent Fu/Kzkfjrh Dh Vksj Ls@ Assessee By : Shri Shrawan Kr. Gupta (Adv) Jktlo Dh Vksj Ls@ Revenue By : Shri B.K. Gupta (Pr.Cit-Dr) Lquokbz Dh Rkjh[K@ Date Of Hearing : 04/08/2021 Mn?Kks"K.Kk Dh Rkjh[K@ Date Of Pronouncement : 02/11/2021 Vkns'K@ Order Per: Sandeep Gosain, J.M. These Are The Appeals Filed By The Assessee Against The Separate Order Of The Ld. Pr.Cit-2, Jaipur All Dated 31/03/2021 Passed U/S 263 Of The Income Tax Act, 1961 (In Short, The Act) For The A.Y. 2010-11 To 2012-13. 2. The Hearing Of The Appeal Was Concluded Through Video Conference In View Of The Prevailing Situation Of Covid-19 Pandemic.

disallowed the expenditure of Rs.2,86,918/- on account of provisions and audit fees and computed the income of the assessee at Rs.3,95,382/- as against Rs.1,08,464/- and after deduction u/s 80P(2)(a)(i) and 80P(2)(a)(iv) at nil and completed the assessment at Rs. Nil vide assessment order

KATRATHAL GRAM SEWA SAHKARI SAMITI LIMITED ,KATRATHAL vs. ITO WARD 1 SIKAR, SIKAR

disallowance of the deduction under Section 80P was not justified solely because the return was filed belatedly. Referring to various judicial precedents and circulars, it was noted that the provisions of Section 80AC, as amended from time to time, and the applicability of Section 143(1)(a)(v) did not support the denial of deduction in this case, especially considering

M/S RAJASTHAN COOPERATIVE DAIRY FEDERATION LTD.,JAIPUR vs. PCIT, JAIPUR-2, JAIPUR

In the result, the appeal of the assessee is allowed

section 80P. It also provided break-up of deduction as per which interest on FDR with cooperative bank of Rs.3,69,19,911/- has been claimed as deduction u/s 80P(2)(d). The assessee further submitted that deduction u/s 80P has been allowed to assessee in past while completing assessment u/s 143(3). The AO after examining all the details