GUNJA SAMABAY KRISHI UNNAYAN SAMITY LTD,PURULIA vs. PCIT,, ASANSOL

In the result, the appeal of the assessee is allowed

Bench: Shri Aby T Varkey & Shri Girish Agrawalassessment Year: 2016-17 Gunja Samabay Krishi Pcit, Asansol Unnayan Samity Ltd. Vill. Gunja, Golbera, P.S. Vs. Joypur, Dist. Purulia, Pin. 723103 Pan: Aabag 2110 M (Appellant) (Respondent)

capital gains of the assessee is chargeable u/s 111A of the Act as discussed in para 6 of the order. Therefore deduction under section 80P

ITO, WARD - 35(3), KOLKATA , KOLKATA vs. M/S. KOLKATA RESERVE BANK EMPLOYEES CO-OPERATIVE CREDIT SOCIETY LTD., , KOLKATA

Appeal is allowed for statistical purposes in above terms

Bench: Shri J. Sudhakar Reddy, Am & Shri S. S. Godara, Jm आयकर अपीलसं./I.T.A No.240/Kol/2018 ("नधा"रण वष" / Assessment Year: 2014-15) Ito, Ward-35(3), Kolkata. Vs. M/S. Kolkata Reserve Bank Employees Co-Operative Credit Society Ltd. 13, N.S. Road, Rbi Building (Annexe), Kol- 1. "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aabak6244L (Appellant) .. (Respondent) Appellant By : Dr. A. K. Nayak, Cit-Dr Respondent By : Shri Anil Kochar, Advocate सुनवाईक"तार"ख/ Date Of Hearing : 11/09/2019 घोषणाक"तार"ख/Date Of Pronouncement : 18/10/2019 आदेश / O R D E R Per Shri S. S. Godara: This Revenue’S Appeal For Assessment Year 2014-15 Arises Against The Commissioner Of Income Tax (A) - 10, Kolkata Dated 30.11.2017 Passed In Case No.227/Cit(A)-10/Wd.-35(3)/14-15/16-17/Kol Involving Proceedings U/S 143(3) Of The Income Tax Act, 1961 (In Short ‘The Act’). Heard Both The Parties. Case File Perused. 2. The Revenue’S Sole Substantive Grounds Raised In The Instant Appeal Seeks To Reverse The Cit(A) Action Holding The Assessee Eligible For Section 80P(2)(D) Deduction Of Rs.6,97,20,658/- Disallowed In The Assessment Framed On 08.12.2016. Case File Suggests That The Assessee Had Derived The Impugned Interest Income From Parking Of Its Surplus Funds In Fixed Deposits With The Union Bank Of India & Central Bank Of India Fetching Interest Of Rs.6,48,17,859/- & 49,02,799/-; Respectively. The Assessing Officer Quoted Hon’Ble Apex Court’S Decision In Totgars Co-Operative Sale Society Ltd. Vs. Ito (2010) In 188 Taxman 282 (Sc)

gains of business’. Such interest income cannot be said also to be attributable to the activities of the society, namely, carrying on the business of providing credit facilities to its embers or marketing of the agricultural produce of its member. When the assesseesociety provides credit facilities to its members, it earns interest income. As stated above, in this case, interest

ACIT, CIRCLE-33, KOLKATA, KOLKATA vs. CENTRAL BANK OF INDIA EMPLOYEES COOPERATIVE SOCIETY LIMITED, KOLKATA

Appeal is allowed for statistical purposes in above terms

Bench: Shri P.M.Jagtap, Vice- & Shri S.S.Godaraassessment Year:1014-15

capital to the appellant for grant of credit to its members, (c) maintaining the liquidity option and (d) keeping the income option alive. The Assessing Officer considered the Interest income of Rs.22070040 earned from fixed deposits and Savings Bank Account as alleged Income from Other sources and on that basis he denied the deduction u/s 80P(2)(a) in respect

THE W.B STATE CO-OP AGRI AND RURAL DEVELOPMENT BANK LIMITED. ,KOLKATA vs. DCIT, CIR-54,KOLKATA, KOLKATA

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

Bench: Shri Sanjay Garg & Shri Rakesh Mishra

section 80P. In response to the query in this regard, the Ld. AR of the assessee submitted that during the relevant year, NABARD had granted loan of Rs.100 crore and Rs.56.34 crore which in turn was lent to the members in several instalments. The assessee borrowed wholesale and lent on retail basis. It claimed that there is always some floating

TALUK GOPALPUR SAMABAY KRISHI UNNAYAN SAMITY LIMITED. ,MEDINIPUR vs. ITO, WARD NO-27(3), HALDIA, HALDIA

In the result, the appellant fails with respect to ground no

Bench: Pradip Kumar Choubey & Sri Sanjay Awasthi

gains achieved from interest earnings on such investments, is to be deducted in computing the total income. ……………………………………………………. ……………………………………………………. Page 6 of 8 I.T.A. No.: 1152/KOL/2023 Assessment Year: 2018-19 Taluk Gopalpur Samabay Krishi Unnayan Samity Limited. 9. We find that revenue's case is covered by South Eastern Railways Employees Co-operative Credit Society Ltd. (supra

BANSABATI CO-OPERATIVE BANK LTD., ,HOOGHLY vs. PRINCIPAL CIT - 8, KOLKATA , KOLKATA

In the result, appeal of the assessee is allowed

Bench: Shri J. Sudhakar Reddy, Am & Shri A. T. Varkey, Jm]

section 80P(2)(a)(i) of the Act. 54. The dispute therefore is as to what constitutes “business of banking”; because the whole of the amount of profits and gains of business attributable to business of banking is deductible while computing the total income of an assessee, where an assessee is a co-operative society. Therefore, a twofold inquiry

ITO, WD-36(4), KOLKATA, KOLKATA vs. THE NEW INDIA ASSURANCE CO LTD., KOLKATA

In the result, the appeal of the revenue is allowed for statistical purposes

gains, was not immediately required by the assessee for lending money to the members, as there were no takers. Therefore they had deposited the money in a bank so as to earn interest. ; the said interest income is attributable to carrying on the business of banking and therefore it is liable to be deducted in terms of section 80P

ITO, WD-32(2), KOLKATA, KOLKATA vs. M/S NATIONAL COAL DEVELOPMENT CORPORATION STAFF CO-OPERATIVE CREDIT SOCIETY LTD., KOLKATA

In the result, Revenue’s appeal stands allowed partly for statistical purpose

Bench: Shri Waseem Ahmed & Shri S.S.Viswanethra Raviassessment Year:2012-13 Income Tax Officer, M/S National Coal बनाम Ward-32(2),Pr. Development Corporation / Commissioner Of Staff Co-Operative Credit V/S. Income Tax, 10- Society Ltd., Thapar B,Middleton Row, 3Rd, House, 5Th Floor, 25, Floor, Boaboune Road, Kolkata- Kolkata-71 001 [Pan No.Aaaln 0409 N] .. अपीलाथ" /Appellant ""यथ" /Respondent Shri Araindam Bhattacharjee, Addl. Cit-Dr अपीलाथ" क" ओर से/By Appellant Shri Subash Agarwl, Advocate ""यथ" क" ओर से/By Respondent 03-11-2017 सुनवाई क" तार"ख/Date Of Hearing 15-12-2017 घोषणा क" तार"ख/Date Of Pronouncement आदेश /O R D E R Per Waseem Ahmed:- This Appeal By The Revenue Is Against The Order Of Commissioner Of Income Tax (Appeals)-9, Kolkata Dated 23.07.2015. Assessment Was Framed By Ito Ward- 32(2), Kolkata U/S 143(3) Of The Income Tax Act, 1961 (Hereinafter Referred To As ‘The Act’) Vide His Order Dated 30.09.2014 For Assessment Year 2012-13. The Grounds Raised By The Revenue Per Its Appeal Are As Under:- “1. For That On The Facts & In The Circumstances Of The Case, The Ld. Cit(A) Was Not Justified In Confirming The Sanction Of The Ao In Holding That The Interest Income Earned By The Assessee-Credit Society Amounting To Rs.40,76,664/- On Account Of Fixed Deposits Does Not Qualify For Deduction U/S 80P.

gains, was not immediately required by the assessee for lending money to the members as there were no takers and the same, therefore, had been deposited in a Bank so as to earn interest. In these facts and circumstances of the case, as involved in the case of Tumkur Merchants Souharda Credit Cooperative Limited (supra), the decision

JALUIDANGA PASCHIM NASARATPUR SAMABAY KRISHI UNNAYAN SAMITY LIMITED,BURDHAMAN vs. ITO, WARD-1(1), BURDWAN

In the result, the appeal of the assessee is dismissed

Bench: Shri Manish Borad & Shri Sonjoy Sarmaassessment Year: 2014-15 Jaluidanga Paschim Ito, Ward-1(1), Burdwan Nasaratpur Samabay Krishi Unnayan Samity Ltd. Block: Purbasthali 1, Vs. Village: Jaluidanga, Post: Samudragarh, Dist: Purba Bardhaman, 713519. Pan: Aabaj6381R (Appellant) (Respondent) Present For: Appellant By : Shri S.D. Bandyopadhyay & Shri A.N. Chatterjee, Fca Respondent By : Shri Nicholas Murmu, Addl. Cit Date Of Hearing : 03.03.2022 Date Of Pronouncement : 27.04.2022 O R D E R Per Sonjoy Sarma: This Is Appeal Filed By The Assessee Against The Order Of Ld. Cit(A), National Faceless Appeal Centre Dated 21.09.2021 For A.Y. 2014-15. 2. The Assessee Raised The Following Grounds Of Appeal Are As Under:

gains of business". Such interest income cannot be said also to be attributable to the activities of the society, namely, carrying on the business of providing credit facilities to its members or marketing of the agricultural produce of its members. When the assessee-society provides credit facilities to its members, it earns interest income. As stated above, in this case

D.C.I.T.CIR - VIII,KOL, KOLKATA vs. SHRI RAM CHANDRA AGARWAL, KOLKATA

In the result, the appeal of the revenue is dismissed as stated above

Bench: : Shri M. Balaganesh

capital gains on sale of shares of M/s. Vishal Retail Ltd as pointed out by the ld.AO in his penalty order vide page 2. The plea of the assessee that the claim for exemption u/s. 10(38) of the Act was a bonafide mistake made by the assessee has to be accepted. There is no material on record to show

SESEC, ECO. RAILWAY EMPLOYEES CO OPERATIVE CREDIT SOCIETY LTD.,KOLKATA vs. PCIT-10, KOLKATA, KOLKATA

In the result, the appeal filed by the assessee on this ground, is dismissed

Bench: Hon’Ble Shri S.S.Viswanethra Ravi, Jm & Dr.Arjun Lal Saini, Am ] Assessment Year : 2011-12

capital and free reserves which can be considered to have been invested in bank deposits fetching the interest income to the assessee; & (iii) The interest on house building advance to the staff of the assessee and miscellaneous receipts are not income from providing credit facilities to its members and is not eligible for deduction under section 80P

ACIT, CIR.-29,, KOLKATA vs. M/S STEEL AUTHORITY OF INDIA EMPLOYEES CO-OP. CR. SOCIETY LTD., KOLKATA

In the result, all the appeals of the revenue are dismissed and all the appeals of the assessee are allowed

Bench: Shri A. T. Varkey, Jm & Shri Rajesh Kumar, Am ]

capital gain from investments for AY 2011-12 which was reversed by the Ld. CIT(A) and held it as business income which action of the Ld. CIT(A) has not been challenged by the AO, so the finding of Ld CIT(A) that assessee is a trader of of shares and mutual funds crystallises. Therefore, applying the principle

STEEL AUTHORITY OF INDIA EMPLOYEES COOPERATIVE CREDIT SOCIETY LTD.,KOLKATA vs. ACIT, CIR.-28, KOLAKTA

In the result, all the appeals of the revenue are dismissed and all the appeals of the assessee are allowed

Bench: Shri A. T. Varkey, Jm & Shri Rajesh Kumar, Am ]

capital gain from investments for AY 2011-12 which was reversed by the Ld. CIT(A) and held it as business income which action of the Ld. CIT(A) has not been challenged by the AO, so the finding of Ld CIT(A) that assessee is a trader of of shares and mutual funds crystallises. Therefore, applying the principle

ACIT, CIR.-29, KOLKATA vs. STEEL AUTHORITY OF INDIA EMP.CO.OP.CR. SOCIETY LTD , KOLKATA

In the result, all the appeals of the revenue are dismissed and all the appeals of the assessee are allowed

Bench: Shri A. T. Varkey, Jm & Shri Rajesh Kumar, Am ]

capital gain from investments for AY 2011-12 which was reversed by the Ld. CIT(A) and held it as business income which action of the Ld. CIT(A) has not been challenged by the AO, so the finding of Ld CIT(A) that assessee is a trader of of shares and mutual funds crystallises. Therefore, applying the principle

STEEL AUTHORITY OF INDIA EMPLOYEES CO.-OP. CREDIT SOCIETY LTD.,KOLKATA vs. ACIT, CIR.-28, KOLKATA

In the result, all the appeals of the revenue are dismissed and all the appeals of the assessee are allowed

Bench: Shri A. T. Varkey, Jm & Shri Rajesh Kumar, Am ]

capital gain from investments for AY 2011-12 which was reversed by the Ld. CIT(A) and held it as business income which action of the Ld. CIT(A) has not been challenged by the AO, so the finding of Ld CIT(A) that assessee is a trader of of shares and mutual funds crystallises. Therefore, applying the principle

ACIT, CIR.-29, KOLKATA vs. STEEL AUTHORITY OF INDIA EMP.CO.OP.CR. SOCIETY LTD , KOLKATA

In the result, all the appeals of the revenue are dismissed and all the appeals of the assessee are allowed

Bench: Shri A. T. Varkey, Jm & Shri Rajesh Kumar, Am ]

capital gain from investments for AY 2011-12 which was reversed by the Ld. CIT(A) and held it as business income which action of the Ld. CIT(A) has not been challenged by the AO, so the finding of Ld CIT(A) that assessee is a trader of of shares and mutual funds crystallises. Therefore, applying the principle

STEEL AUTHORITY OF INDIA EMPLOYEES CO.OP. CREDIT SOCIETY LTD.,KOLKATA vs. ACIT, CIR.-28, KOLKATA

In the result, all the appeals of the revenue are dismissed and all the appeals of the assessee are allowed

Bench: Shri A. T. Varkey, Jm & Shri Rajesh Kumar, Am ]

capital gain from investments for AY 2011-12 which was reversed by the Ld. CIT(A) and held it as business income which action of the Ld. CIT(A) has not been challenged by the AO, so the finding of Ld CIT(A) that assessee is a trader of of shares and mutual funds crystallises. Therefore, applying the principle

JALUIDANGA PASCHIM NASARATPUR SAMABY KRISHI UNNAYAN SAMITY LIMITED,BARDHAMAN, WEST BENGAL vs. INCOME TAX OPPFICER, WARD-1(3), BURDWAN

In the result, appeal of the assessee is partly allowed for statistical purposes

capital gains NIL Income from other sources NIL Less: Deduction under Section 80P of the 29,58,419.00 Income Tax Act, 1961 Total