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 gain. He thus allowed the claim u/s 80P(2)(a)(i) to the extent of Rs. 26,96,495/-. The sole grievance of the ld. PCIT in passing the order u/s 263 relates to inadequate enquiries conducted by the ld. AO in respect of claim of the assessee u/s 80P(2)(a)(i) of the Act. Based on which

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

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

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.

b) To establish a provident fund for members and to make suitable contribution to such fund out of profit (c) … … any movable or immovable property necessary for the business of the society; and ITA No.1244/Kol/2015 A.Y. 2012-13 ITO Wd-332(2) Kol. Vs. M/s N.C.D.Cor.Staff Co-Op Credit So. Ltd. Page 5 (d) Generally to do all such other

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]

gains confidence, places reliance on, or banks upon a particular establishment, is by looking at the total of the assets of the bank concerned. The assets would include all investments net of liabilities. In other words a balance sheet which reflects sound financial health of a bank would get preference over an establishment whose banker is required to invest

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

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

gains of such activities entitled for deduction under section 80P(2)(a)(iv) of the Income Tax Act 1961. our appellant society entitled for deduction under section 80P(2)(d) of the whole of the interest /Dividend received from other Cooperative Societies. Your appellant society entitled for deduction under section 80P(2)(c) of the Income

THE BANK OF TOKYO-MITSUBISHI LIMITED,KOLKATA vs. ADIT, INT. TAX., KOLKATA

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

Bench: SHRI SATBEER SINGH GODARA (Judicial Member), SHRI S. RIFAUR RAHMAN (Accountant Member)

gains of such activities entitled for deduction under section 80P(2)(a)(iv) of the Income Tax Act 1961. our appellant society entitled for deduction under section 80P(2)(d) of the whole of the interest /Dividend received from other Cooperative Societies. Your appellant society entitled for deduction under section 80P(2)(c) of the Income

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(2

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

In the result, appeal by the revenue is dismissed

Bench: Hon’Ble Sri.N.V.Vasudevan, Jm & Sri.Waseem Ahmed Am]

B” BENCH : KOLKATA [Before Hon’ble Sri.N.V.Vasudevan, JM & Sri.Waseem Ahmed AM] I.T.A.No.2203Kol/16 Assessment Years : 2013-14 A.C.I.T., Circle-33, Kolkata, -vs.- M/S.Central Bank of India Employees Co-operative Society Ltd. Kolkata 10, Nellie Sengupta Sarani,Kolkata-87 [PAN : AAAAC 3869 N] (Respondent) (Appellant) For the Department : Shri S.Dasgupta, Addl.CIT Sr.DR. For the Assessee :Shri S.Bhatacharjee, FCA & Gautam Banerjee, Advocate

M/S PANDITPURSAMABAY KRISHI UNNAYAN SAMITY LTD,KOLKATA vs. ITO, WARD-41(1), NADIA

In the result, the appeal of the assessee is dismissed

Bench: Sri Manish Borad& Sri Sonjoy Sarma)

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

DCIT, CIRCLE - 5(1), KOLKATA, KOLKATA vs. M/S. COAL INDIA LIMITED , KOLKATA

b) as trading assets for the purpose of acquiring and retaining control over investee group companies, particularly Max India Ltd., a widely held quoted public limited company. The profit/ loss arising on sale of shares/ securities held as 'investment' was returned as income under the head 'capital gains', whereas any profit/ loss arising on sale of shares/securities held as 'trading

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

80P of the Act will also apply to wrong claim under the head of depreciation. Making of wrong claim is not at par with concealment or giving of inaccurate information, which may call for levy of penalty under section 271( 1) ( c) of the Act.” 5.1.2. Hon’ble High Court of Punjab and Haryana in the case

M/S COAL INDIA LTD.,KOLKATA vs. DCIT, CIR-5(1), , KOLKATA

gains of business and profession'. The Board also went to the extent of\nsaying that this would not be limited only to co-operative societies/Banks\nclaiming deduction under section 80P(2)(a)(i) but would also be applicable to\nall banks/commercial_banks, to which Banking Regulation Act, 1949\napplies.[Para 37]\n■ From this, Punjab and Haryana High Court pointed

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 ]

b) In respect of listed shares and securities held for a period of more than 12 months immediately preceding the date of its transfer, if the assessee desires to treat the income arising from the transfer thereof as Capital Gain, the same shall not be put to dispute by the Assessing Officer. However, this stand, once taken by the assessee

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 ]

b) In respect of listed shares and securities held for a period of more than 12 months immediately preceding the date of its transfer, if the assessee desires to treat the income arising from the transfer thereof as Capital Gain, the same shall not be put to dispute by the Assessing Officer. However, this stand, once taken by the assessee

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 ]

b) In respect of listed shares and securities held for a period of more than 12 months immediately preceding the date of its transfer, if the assessee desires to treat the income arising from the transfer thereof as Capital Gain, the same shall not be put to dispute by the Assessing Officer. However, this stand, once taken by the assessee

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 ]

b) In respect of listed shares and securities held for a period of more than 12 months immediately preceding the date of its transfer, if the assessee desires to treat the income arising from the transfer thereof as Capital Gain, the same shall not be put to dispute by the Assessing Officer. However, this stand, once taken by the assessee