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

capital, if not immediately required to be lent to members and for payment of instalments falling due after some period, cannot be kept idle and it deposits this amount in banks to earn interest; the said income so derived has the attributes of the profits and gains of the business of providing credit facilities to members only

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

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

DHATRIGRAM NIRALGACHI SAMABAY KRISHI UNNAYAN SAMITY LIMITED,WEST BENGAL, PURBA BARDHAMAN vs. INCOME TAX OFFICER, WARD-1(3), BURDWAN

Appeal of the assessee is allowed

Bench: SHRI PRADIP KUMAR CHOUBEY, JUDICIAL MEMBER SHRI SANJAY AWASTHI (Accountant Member)

capital, if not immediately required to be lent to the members, the society cannot keep the said amount idle. If they deposit this amount in bank so as to earn interest, the said interest income is attributable to the profits and gains of the business of providing credit facilities to its members only. The society is not carrying

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

80P(2)(a)(i) but would also be applicable to all banks/commercial_banks, to which Banking Regulation Act, 1949 applies.[Para 37] ■ From this, Punjab and Haryana High Court pointed out that this circular carves out a distinction between 'stock-in-trade' and 'investment' and provides that if the motive behind purchase and sale of shares is to earn profit, then

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

AIHO SAMABAY KRISHI UNNAYAN SAMITY LTD.,MALDA vs. ITO, WARD-3(1), MALDA

Bench: Shri Sanjay Garg & Shri Sanjay Awasthii.T.A. No.129/Kol/2024 Assessment Year: 2017-18 Aiho Samabay Krishi Unnayan Samity Ltd..……………....………....Appellant Jadab Nagar, Aiho Maldah – 732121. [Pan: Aabaa0284A] Vs. Ito, Ward-3(1), Malda….….................................................…..…..... Respondent Appearances By: Shri Siddharth Agarwal, Ar, Appeared On Behalf Of The Appellant. Shri P. P. Barman, Addl. Cit-Sr. Dr, Appeared On Behalf Of The Respondent. Date Of Concluding The Hearing : May 28, 2024 Date Of Pronouncing The Order : July 30 , 2024 आदेश / Order संजय गग", "या"यक सद"य "वारा / Per Sanjay Garg: The Present Appeal Has Been Preferred By The Assessee-Society Against The Order Dated 29.11.2023 Of The National Faceless Appeal Centre [Hereinafter Referred To As ‘Cit(A)’] Passed U/S 250 Of The Income Tax Act (Hereinafter Referred To As The ‘Act’). 2. The Assessee-Society In This Appeal Has Taken The Following Grounds Of Appeal: “1. For That The Ld. Cit(A) Was Not Justified In Confirming The Action Of The A.O (Cpc) In Not Granting The Benefit Of Deduction U/S 80(P) To The Tune Of Rs.35,83,555/- In Respect Of Income Earned From Deposits With Bank From Non-Agricultural Purposes. 2. For That The Ld. Cit(A) Was Not Justified In Confirming The Action Of The A.O (Cpc) To Disallowance Of The Cash Deposit During The Demonetization Period Amounting To Rs.1,86,30,500/- & Wrongly Added Total Rs.2,22,14,055 As Taxable Income.

capital and reserve of which are not less than one lakh of rupees; and 3) the bye-law of which do not permit admission of any other co-operative society as a member. If a co-operative society fulfils all the above three conditions, it is to be treated as co-operative bank for the purpose of section 80P

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

In the result, the appeal of the revenue is hereby dismissed

Bench: Dr. Manish Borad & Shri Sonjoy Sarma] I.T.A. No. 268/Kol/2023 Assessment Year : 2018-19 Acit, Circle-29, Kolkata Vs. M/S. Steel Authority Of India Employees Co-Operative Credit Society Limited Pan: Aadas 9699 B Appellant Respondent Date Of Hearing 15.05.2023 Date Of Pronouncement 09.08.2023 For The Assessee Shri S.K. Tulsiyan, Advocate & Mrs. Puja Somani, Ca For The Revenue Smt. Ranu Biswas, Addl. Cit, Dr Order Per Sonjoy Sarma, Jm: The Present Appeal Has Been Preferred By The Revenue Against The Order Dated 20.12.2022 Of The National Faceless Appeal Centre [Hereinafter Referred To As ‘Cit(A)’] Passed U/S 250 Of The Income Tax Act (Hereinafter Referred To As The ‘Act’). The Revenue Has Raised The Following Grounds Of Appeal:

2 for AY 2013-14 and 2014- 15, the AO is directed to recomputed deduction u/s 80P after taking into account the allocation of expenses including interest for the computation of business income as has been accepted in this appellate order. The AO will allow deduction u/s 80P of the Act on such recomputed income earned from granting of loans

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

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 out that this circular\ncarves out a distinction between 'stock-in-trade' and 'investment' and\nprovides that if the motive behind purchase and sale of shares is to earn\nprofit

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

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 out that this circular\ncarves out a distinction between 'stock-in-trade' and 'investment' and\nprovides that if the motive behind purchase and sale of shares is to earn\nprofit

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

In the result, the appeals filed by the assessee in ITA Nos

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 out that this circular\ncarves out a distinction between 'stock-in-trade' and 'investment' and\nprovides that if the motive behind purchase and sale of shares is to earn\nprofit

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

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 out that this circular\ncarves out a distinction between 'stock-in-trade' and 'investment' and\nprovides that if the motive behind purchase and sale of shares is to earn\nprofit

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

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 out that this circular\ncarves out a distinction between 'stock-in-trade' and 'investment' and\nprovides that if the motive behind purchase and sale of shares is to earn\nprofit

BARDHAMAN DISHARI SHRAMIK O JANAALYAN SAMABAY SAMITY LIMITED,BURDWAN vs. A.C.I.T., CIRCLE - 1, BURDWAN, BURDWAN

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

Bench: Shri Rajesh Kumar&Shri Pradip Kumar Choubey]

gain on sale of land purchased in the year 2000. But it has not been able to explain the claim of deduction of capital reserve. Copy of agreement for purchase of land during the year under consideration has also not been furnished in spite of repeated requests and notices. 3.1 A neither before the Ld. CIT, Burdwan nor before