MAKER TOWER F PREMISES CO-OP SOC. LTD.,MUMBAI vs. ASSISTANT DIRECTOR OF INCOME TAX - CPC, BENGALURU

In the result, the appeal by the assessee is allowed

Bench: Shri B.R. Baskaran & Shri Sandeep Singh Karhail

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;” 8. Thus, for the purpose of provisions of section 80P(2)(d) of the Act, two conditions are required to be cumulatively satisfied- (i) income

PALM COURT M PREMISES CO OPERATIVE SOCIETY LTD. ,MUMBAI vs. PR. CIT - 30, MUMBAI

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

Bench: Shri Amarjit Singh () & Smt. Kavitha Rajagopal ()

C) No.3 of 2020 judgement dated January 10, 2022 whereby the same would be covered under 2 the Covid Protocol due to pandemic declared by the Hon’ble Supreme Court while determining the period of limitation. 3. Having heard the rival parties and perused the materials on record, we are of the considered view that the assessee’s case would

SHREE MALGANGADEVI SAHAKARI PATPEDHI MARYADIT,MUMBAI vs. PRINCIPLE COMMISSIONER OF INCOME TAX 29, MUMBAI

Accordingly, the grounds raised by the assessee is allowed

Bench: Shri S. Rifaur Rahman, Am & Shri Ram Lal Negi, Jm आयकरअपीलसं./ I.T.A. No. 1074/Mum/2019 (निर्धारणवर्ा / Assessment Year: 2014-15)

section 80P(2)(a)(i) i.e. income of a Co-operative Society as carrying on the business of banking is eligible for deduction. 13. As regards MSEB Commission income Rs. 13.883/- 11 I.T.A. No. 1074/Mum/2019 Shree Malgangadevi Sahkari Patpedhi Maryadit Here we submit that the patpedhi is appointed as MSEB Bill collection center and is receiving commission income as fixed

CIDCO EMPLOYEES CO-OP. CREDIT SOCIETY LTD,NAVI MUMBAI vs. WARD 28(1)(3), NAVI MUMBAI

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

Bench: Shri Anikesh Banerjee & Shri Gagan Goyalcidco Employees Co-Op. Credit Society, Ground Floor, Cidco Bhavan, Cbd Belapur, Navi Mumbai – 400 614 Pan:Aaaac2203N ..... Appellant Vs. Ito Ward 28(1) (3)/ Nfac Delhi ..... Respondent

c) of sub-section (2), shall be allowed with reference to the income, if any, as referred to in those clauses included in the gross total income as reduced by the deductions under Section 80-HH, Section 80-HHA, Section 80-HHB, Section 80-HHC, Section 80-HHD, Section 80-I, Section 80-IA, Section 80-J and Section

DHANVARSHA NAGARI SAHAKARI PATSANSTHA LIMITED,NAVI MUMBAI vs. ITO WARD 28(1)(3), NAVI MUMBAI

TDS u/s 194H without looking at the Jurisdictional Bombay High Court's decision in case of CIT v. Sunil Vishwambharnath Tiwari (2016), 388 ITR 630(Bom), wherein appellant is entitled to claim deduction for enhancement of gross total income because of disallowance of expenditure u/s 40(a)(ia). 5. The appellant craves leave to add, alter, modify, amend, or substitute

JCIT (OSD), CC-4(4), MUMBAI vs. M/S. SHRI RENUKAMATA MULTI-STATE COOPERATIVE URBAN CREDIT SOCIETY LTD., AHAMEDNAGAR

Bench: Shri B.R. Baskaran & Shri Sandeep Singh Karhail

c) The Ahmedabad bench of Tribunal has expressed an identical view in the case of Shri Umiya Co-operative Credit Society Ltd vs. ITO (ITA No.277/Ahd/2022 dated 18-07-2024 by following the decisions rendered by the co-ordinate benches in the following cases:- (i) ITO VS. CD Patani Nagari Sahakari Pat Sanstha (ITA No.727/PUN/2022 dated

SHRI RENUKAMATA MULTI-STATE CO-OPERATIVE URBAN SOCIETY LTD,MUMBAI vs. ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE 4(4), MUMBAI

Bench: Shri B.R. Baskaran & Shri Sandeep Singh Karhail

c) The Ahmedabad bench of Tribunal has expressed an identical view in the case of Shri Umiya Co-operative Credit Society Ltd vs. ITO (ITA No.277/Ahd/2022 dated 18-07-2024 by following the decisions rendered by the co-ordinate benches in the following cases:- (i) ITO VS. CD Patani Nagari Sahakari Pat Sanstha (ITA No.727/PUN/2022 dated

M/S RENUKAMATA MULTI STATE CO-OP. URBAN CREDITN SOC. LTD.,MUMBAI vs. THE ASSTT. CIT, CC-4(4), MUMBAI

Bench: Shri B.R. Baskaran & Shri Sandeep Singh Karhail

C D Patani Nagari Sahakari Pat Sanstha (ITA No.727/PUN/2022 dated 28-03-2023. (ii) Merchants Credit Co-op Society Ltd vs. ITO (ITA No.329/Bang/2023 dated 24.08.2023. (iii) Saidatar Co-operative Credit Society Ltd vs. ITO (ITA No.1613/M/21 dated 05-09-2022. 18. However, as evident from the record, the learned CIT(A) by applying the real income theory made

CUFFE PARADE PERSEPOLIS PREMISES CO-OP. SOC. LTD.,MUMBAI vs. THE PCIT, WARD-17, MUMBAI

In the result, the appeal of the assessee is allowed

2) of the Act. In the said notice, the deduction claimed by the asssessee under Chapter VI of the Act was directed to be examined by the ld AO. Accordingly, the ld AO issued thereafter notice u/s 142(1) of the Act dated 20.6.2017 asking for the relevant details :- Question No. 3 – Please file head wise break up of income

PRITVI APARTMENTS CO-OP. HSG. SOC. LTD.,MMBAI vs. PR. CIT. CITY-19, MUMBAI

In the result, the appeal of the assessee is allowed

Bench: Us, That The Assessee Had Shown Nil Income Under The Head ‘Income From Business’ As Under:- Net Profit As Per Profit & Loss Account (-) 39,46,245 Add: Other Disallowance U/S 36 39,46,245 ------------------ Business Income Nil ------------------

TDS credit available with the assessee. The details of income from other sources are as under:- a)Interest on deposit with ShamraoVithal Co-op Bank Ltd - 1,01,992 b) Interest on deposit with ShamraoVithal Co-op Bank Ltd - 4,69,708 c) Interest on deposit with ShamraoVithal Co-op Bank Ltd - 10,69,640 d) Interest on deposit with

JCIT (OSD), CC-4(4), MUMBAI vs. M/S. SHRI RENUKAMATA MULTI-STATE COOPERATIVE URBAN CREDIT SOCIETY LTD., AHAMEDNAGAR

Bench: Shri B.R. Baskaran & Shri Sandeep Singh Karhail

C D Patani Nagari Sahakari Pat Sanstha (ITA No.727/PUN/2022 dated 28-03-2023. (ii) Merchants Credit Co-op Society Ltd vs. ITO (ITA No.329/Bang/2023 dated 24.08.2023. (iii) Saidatar Co-operative Credit Society Ltd vs. ITO (ITA No.1613/M/21 dated 05-09-2022. 18. However, as evident from the record, the learned CIT(A) by applying the real income theory made

JCIT (OSD), CC-4(4), MUMBAI vs. M/S. SHRI RENUKAMATA MULTI-STATE COOPERATIVE URBAN CREDIT SOCIETY LTD., AHAMEDNAGAR

Bench: Shri B.R. Baskaran & Shri Sandeep Singh Karhail

C D Patani Nagari Sahakari Pat Sanstha (ITA No.727/PUN/2022 dated 28-03-2023. (ii) Merchants Credit Co-op Society Ltd vs. ITO (ITA No.329/Bang/2023 dated 24.08.2023. (iii) Saidatar Co-operative Credit Society Ltd vs. ITO (ITA No.1613/M/21 dated 05-09-2022. 18. However, as evident from the record, the learned CIT(A) by applying the real income theory made

THE PANCHRATNA CO OPERATIVE HOUSING SOCIETY LTD ,MUMBAI vs. INCOME TAX OFFICER -19(3)(1), MUMBAI

In the result, the appeal of the assessee bearing ITA No

Bench: Shri Vikram Singh Yadav & Shri Anikesh Banerjee

80P on account of investments and the same was allowed. 3. Further, it was also noticed that from the assessee's computation claimed TDS of Rs. 710,950/- on account of income of Rs. 72,41,011/- received from Loop that the assessee had Mobile (1) Ltd., Tata Teleservices Ltd., "Gem Plaza Jewellery Mfg. Co. Pvt. Ltd., Goenka Diamond

MHATRE PALACE CHSL,BORIVALI WEST vs. INCOME TAX OFFICER 42 1 3 MUMBAI, MUMBAI

In the result, the appeal filed by the assessee is hereby allowed

Bench: SHRI. NARENDRA KUMAR BILLAIYA (Accountant Member), MS. KAVITHA RAJAGOPAL (Judicial Member)

TDS. It further held 4 Mhatre Palace CHSL that mere exclusion of Section 80P to co-operative banks by Section 80P(4) of the Act on liability to pay tax does not prevent the assessee from claiming deduction u/s. 80P(2)(d) of the Act towards the interest income that has been received from a co- operative bank

JCIT(OSD) CIRCLE 2(3)(1), MUMBAI, MUMBAI vs. HDFC BANK LIMITED, MUMBAI

In the result, both the above stated appeals of the\nassessee in ITA No

c) On further appeal, the impugned order of the Tribunal while allowing the appeal\nheld that before invoking the provisions of Rule 8D of the Income Tax Rules, the\nAssessing Officer has to record his non satisfaction with the suo moto disallowance\nof expenditure made towards earning exempt income by the respondent. This\nexercise not having been carried

NA vs. ANDESH SAHAKARI PATPEDHI MARYADIT,MUMBAIVS.ITO 21(2)(4), MUMBAI

Accordingly, the Ground of appeal No. 4 is dismissed in terms of our aforesaid observations

Bench: Shri Pramod Kumar () & Shri Ravish Sood () Navsandesh Sahakari Patpedhi Income Tax Officer, Maryadit, Chawl No. 13/2,3,4, Vs. Ward-21(2)(4), N.M. Joshi Marg, Lower Parel, Room No. 109, First Floor, Mumbai – 400 013 Piramal Chambers, Parel, Mumbai – 400 012 Pan No. Aadfn6130H (Assessee) (Revenue) Assessee By : Shri Ravindra Naik, A.R Revenue By : Shri Tharian Oommen, D.R Date Of Hearing : 23/09/2021 Date Of Pronouncement : 01/10/2021

TDS under law, such disallowance would ultimately increase assessee‟s profits from business of developing housing project. The ultimate profits of assessee after adjusting disallowance under section 40(a)(ia) of the Act would qualify for deduction under section 80-IB of the Act. This view was taken by the courts in the following cases:  Income-tax Officer - Ward

BUSSA INDUSTRIAL PREMISES CO OPERATIVE SOCIETY LIMITED,MUMBAI vs. ITO(22)(1)(3), PIRAMAL CHAMBERS, MUMBAI

In the result, appeal filed by the assessee is allowed in above terms

Bench: Shri B R Baskaran & Shri Raj Kumar Chauhanbussa Industrial Premises Co- Ito 22(1)(3), Operative Society Ltd. Vs. Piramal Chamber, Mumbai. Century Bazaar Lane, Prabhadevi, Mumbai – 400 025 Pan: Aaaab6817F (Appellant) (Respondent) Assessee Represented By : Shri Pritesh Joshi, Ld. Ar Department Represented By : Shri Umesh Chandra Sinha, Ld. Dr Date Of Conclusion Of Hearing : 12.11.2024 Date Of Pronouncement : 03.01.2025

c) ……. ……. …… Bussa Industrial Premises Co-Operative Society Ltd. (d) “in respect of any income by way of interest or dividends derived by the co-operative society from its investment with any other co-operative society, the whole of such income” 9.1 A reading of the above said provision makes it clear that in the event if any Co-operative Society

JCIT OSD CIRCLE 2(3)(1), MUMBAI, MUMBAI vs. HDFC BANK LIMITED, MUMBAI

In the result, both the above stated appeals of the\nassessee in ITA No

c) On further appeal, the impugned order of the Tribunal while allowing the appeal\nheld that before invoking the provisions of Rule 8D of the Income Tax Rules, the\nAssessing Officer has to record his non satisfaction with the suo moto disallowance\nof expenditure made towards earning exempt income by the respondent. This\nexercise not having been carried

CITIZENCREDIT CO-OPERATIVE BANK LIMITED (HILL ROAD BRANCH),MUMBAI vs. ITO (TDS)-WARD 1(1)(4), MUMBAI

Bench: Shri Narender Kumar Choudhry & Shri Bijayananda Pruseth

80P(2)(d) of the Act. Hence, it was obligatory on part of the assessee to deduct tax on the interest income on the fixed or time deposits paid to the concerned Co-op. societies. The AO further referred to provisions of section 194A(1) r.w.s. 194A(3)(i) of the Act and held that these two provisions are specific