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 chargeable to tax as per provision of section 111A of the Act.” 7. Subsequently, the ld. PCIT on examination and verification of assessment record observed that the assessee had earned an amount of Rs. 39,44,212/- as interest income on deposits with Banks namely IDBI, Axis and Bandhan Bank which has been claimed

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

2)(d) The W.B. State Co-op. Agri & Rural Dev. Bank Ltd. AY: 2013-14 of the Act. The Assessing Officer relied upon the decision in the case of The Totgars' Co-operative Sale Society Ltd. vs. ITO 322 ITR 283 (SC) in which it has been held that interest earned by the appellant cooperative society on surplus funds invested

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)

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 and Central Bank of India fetching interest of Rs.6,48,17,859/- and 49,02,799/-; respectively. The Assessing

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.

d) Generally to do all such other things as are incidental or conducive to the attainment of its objects. In view of above, the AO observed that as per the aims & objects specified in the bye laws of the society the assessee is engaged in providing credit facilities to its members only. Therefore the deduction as per the provisions

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

D" Bench, Kolkata in ITA 144/Kol/2016 pertaining to assessment year 2012-13. The substantial question of law, on which the appeal was admitted, is set out below:— "Was Totgar's (supra) made applicable to Co-operative Societies carrying on the business of banking or providing credit facilities to its members, by South Eastern Railway Employees Co-operative Credit Society

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:

D E R PER SONJOY SARMA, JUDICIAL MEMBER: 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: i. For that in the facts and in the circumstances of the case the consideration

ACIT, CIRCLE - 56, KOLKATA, KOLKATA vs. THE WEST BENGAL STATE CO-OPT. BANK LTD., KOLKATA

In the result, the appeals as well as the cross-objections are dismissed

Bench: Hon’Ble Sri N.V.Vasudevan, Jm & Dr.Arjun Lal Saini, Am] I.T.Anos.737-742/Kol/2011 Assessment Years : 1996-97 To 2001-02 A.C.I.T., Circle-56, -Vs.- The West Bengal State Co-Operative Kolkata Bank Ltd.Kolkata [Pan : Aaaat 7072 N] (Respondent) (Appellant) C.O.Nos.36-40/Kol/2011 (A/O I.T.A Nos. 737-741/Kol/2011 ) Assessment Years : 1996-97 To 2000-2001 The West Bengal State Co-Operative -Vs.- A.C.I.T., Circle-56, Bank Ltd., Kolkata Kolkata [Pan : Aaaat 7072 N] (Respondent) (Appellant) For The Department : Shri G.Mallikarjuna, Cit(Dr) For The Assessee : Shri N.C.Mondal, Ca Date Of Hearing : 27.07.2016. Date Of Pronouncement : 03.08.2016. Order Per Bench

gains of business attributable to any one or more of such activities :” 3. The AO felt that deduction u/s 80P(2)(a)(i) should be restricted to income arising from transactions with members only, and, that income arising from transactions with non-members and nominal members is not eligible for such deduction. According to ITA Nos.737-742/K/2011& CO.36-40/K/2011-The W.B.State Copt.Bank

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

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]

d) of the Act to the assessee for which it was not entitled under the said section. 2. That in the fact and circumstances of the case the Ld. CIT(A)-9, Kolkata is not correct in allowing the deductions u/s.80P(2)(a)(i) of the Income Tax Act. 3. That in the fact and circumstances of the case

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)

d) on account of interest income of Rs.6,46,233/- as taxable under other sources when the same was claimed and was allowable u/s 80P(2)(a)(i). 3. For that alternatively, but not admitting, the ld. CIT(A) should have restricted the disallowance only to the profit element @3.12% from the alleged non- attributable business of Rs.23

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)

D E R PER SANJAY AWASTHI, ACCOUNTANT MEMBER 1. The present appeal arises from order u/s 250 of the Income Tax Act, 1961 (hereinafter “the Act”), passed by the Ld. Commissioner of Income Tax (Appeals), National Faceless Appeal Centre (NFAC), Delhi [hereafter “the Ld. CIT(A)”] vide order dated 17.10.2024 for AY 2017-18. 1.1 In this case, the assessee

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

SINGUR THANA LARGE SIZED PRIMARY AGRICULTURE CO-OP. MARKETING SOCIETY LTD.,KOLKATA vs. A.C.I.T -CPC,BANGALORE, BANGALORE

In the result, the appeal of the assessee is allowed

Bench: Shri P.M. Jagtap & Shri S.S. Viswanethra Ravi

D E R Per Shri P.M. Jagtap :- This appeal is filed by the assessee against the order of ld. Commissioner of Income Tax (Appeals)-XXXVI, Kolkata dated 28.08.2013 for the assessment year 2010-11, whereby he upheld the order passed by the Assessing Officer under section 154 declining to rectify the intimation issued under section 143(1) on the issue

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