SADHANA SAHAKARI PATPEDHI LIMITED,PALGHAR vs. CIT(A), NFAC, DELHI

gains of business’. Our view draws strength from the decision of the Tribunal in the case of Kaliandas Udyog Bhavan Premises Co-operative Society Ltd. vs. ITO: ITA No. 6547/Mum/2017, dated 24.04.2018. In that case, after examining the judgment of the Hon’ble Supreme Court in the case of Totgars Cooperative Sale Society

ITO-26(2)(1), MUMBAI, MUMBAI vs. SANGLI VAIBHAV CO OPERATIVE CREDIT SOCIETY LIMITED, MUMBAI

Bench: SHRI NARENDRA KUMAR BILLAIYA, ACCOUNTANT MEMBER SHRI RAHUL CHAUDHARY (Judicial Member)

gains of business’. Our view draws strength from the decision of the Tribunal in the case of Kaliandas Udyog Bhavan Premises Co-operative Society Ltd. vs. ITO: ITA No. 6547/Mum/2017, dated 24.04.2018. In that case, after examining the judgment of the Hon’ble Supreme Court in the case of Totgars Cooperative Sale Society

ITO-26(2)(1), MUMBAI, MUMBAI vs. SANGLI VAIBHAV CO OPERATIVE CREDIT SOCIETY LIMITED, MUMBAI

Bench: SHRI NARENDRA KUMAR BILLAIYA, ACCOUNTANT MEMBER SHRI RAHUL CHAUDHARY (Judicial Member)

gains of business’. Our view draws strength from the decision of the Tribunal in the case of Kaliandas Udyog Bhavan Premises Co-operative Society Ltd. vs. ITO: ITA No. 6547/Mum/2017, dated 24.04.2018. In that case, after examining the judgment of the Hon’ble Supreme Court in the case of Totgars Cooperative Sale Society

ITO-26(2)(1), MUMBAI, MUMBAI vs. SANGLI VAIBHAV CO OPERATIVE CREDIT SOCIETY LIMITED, MUMBAI

Bench: SHRI NARENDRA KUMAR BILLAIYA, ACCOUNTANT MEMBER SHRI RAHUL CHAUDHARY (Judicial Member)

gains of business’. Our view draws strength from the decision of the Tribunal in the case of Kaliandas Udyog Bhavan Premises Co-operative Society Ltd. vs. ITO: ITA No. 6547/Mum/2017, dated 24.04.2018. In that case, after examining the judgment of the Hon’ble Supreme Court in the case of Totgars Cooperative Sale Society

ITO 15(2)(4), MUMBAI vs. SHIVRAJ SAHAKARI PATSANSTHA MARYADIT, MUMBAI

Bench: S/Sh.Rajendra & Amarjit Singhिनधा"रण वष" वष" /Assessment Year: 2010-11 आयकर अपील सं./I.T.A./5268/Mum/2014,िनधा"रण िनधा"रण िनधा"रण वष" वष" Income Tax Officer-15(2)(4) M/S. Shivraj Sahakari Patsanstha Maryadit Matru Mandir, Room No.111, Grant S.S. Sanstha Maryadit, Omkar Chs, Bldg. Road(W) Vs. No.32/934, Pant Nagar, Ghatkopar (E) Mumbai-400 007. Mumbai. Pan:Aaajs 2751 A (अपीलाथ" /Appellant) (""यथ" / Respondent) राज"व क" ओर से / Revenue By: Dr. A.K. Nayak-Dr अपीलाथ" क" ओर से /Assessee By: None सुनवाई क" तारीख / Date Of Hearing: 22/03/2017 घोषणा क" तारीख / Date Of Pronouncement: 31.03.2017 लेखा सद"य सद"य राजे"" राजे"" केकेकेके अनुसार अनुसार /Per Rajendra, Am- लेखा लेखा लेखा सद"य सद"य राजे"" राजे"" अनुसार अनुसार Challenging The Order Dated 16/06/2014 Of The Cit (A)-26, Mumbai, The Assessing Officer (Ao) Has Filed The Present Appeal. Assessee, An Aop, Filed Its Return Of Income On 13/09/2010, Declaring Total Income At Rs. Nil, After Claiming Deduction U/S. 80P Of The Act, Amounting Rs. 44.50 Lakhs. The Ao Completed The Assessment U/S. 143 (3) Of The Act, On 28/03/2013, Determining Its Income At Rs. 44, 50, 811/-

capital of Rs. 95.70 lakhs, statutory reserves of Rs. 90.33 lakhs deposits of Rs.838.65 lakhs from members and other liabilities, that on the asset side it had balances with various scheduled and co-operative banks, investments in fixed deposits maintained with Co- Operative Banks and loan/advances, that it had received interest on loans of Rs. 1 59.85 lakhs (including penalty

BOMBAY MERCANTILE CO-OP BANK LTD EMPLOYEES CO-OP CREDIT SOCIETY LTD,MUMBAI vs. ITO-17(1)(3), MUMBAI

Bench: SHRI OM PRAKASH KANT, ACCOUNTANT MEMBER SHRI RAHUL CHAUDHARY (Judicial Member)

capital from their salaries and does not accept any deposits and or loans from any pension for its transaction and activities. The society was availing overdraft facility against its own deposits from the Bombay Mercantile Co-operative Bank Ltd. and paid interest on the same. The assessee by virtue of letter dated 21.11.2012 also stated that the society was eligible

BOMBAY MERCANTILE CO-OP BANK LTD EMPOYEES CO-OP CREDIT SOCIETY LTD,MUMBAI vs. ITO-17(1)(3), MUMBAI

capital from their salaries and does not accept any deposits and or loans from any pension for its transaction and activities. The society was availing overdraft facility against its own deposits from the Bombay Mercantile Co-operative Bank Ltd. and paid interest on the same. The assessee by virtue of letter dated 21.11.2012 also stated that the society was eligible

SANGAM NAGARI SAHAKRI PATPEDHI MARYADIT,NAVIMUMBAI vs. MUM-W-91-RANGE-222, NAVIMUMBAI

In the result, both the appeal of the assessee are allowed

section 80P(4) of the Act.\n6.8 Now, the question is confined to single point as to whether the appellant has derived its interest income from the party falling in the first bracket or in the second bracket or both. If the interest income has been earned from any co-operative society having a banking license or from any commercial

BOMBAY CITY POSTAL CLERKS CO-OP CREDIT SOCIETY LTD.,MUMBAI vs. THE PR. CIT-20, MUMBAI

In the result the appeal filed by the assessee stands allowed

Bench: SMT BEENA PILLAI (Judicial Member), SMT RENU JAUHRI (Accountant Member)

capital in an excess of rupees one lakh. It has been the Bombay City Postal Clearks Co.op. Credit Society Ltd. ;A. Y.2017-18 appellant's contention that the conditions No. (1) and (3) provided above are not satisfied. 10. Therefore the issue that arises for consideration is whether the appellant satisfies condition No.(1) and (3) above. The impugned order after

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

In the result, the assessee‟s appeal ITA NO

Bench: SHRI GAGAN GOYAL (Accountant Member), SHRI SUNIL KUMAR SINGH (Judicial Member)

80P. Deduction in respect of income of co-operative societies. (1) Where, in the case of an assessee being a co-operative society, the gross total income includes any income referred to in sub-section (2), there shall be deducted, in accordance with and subject to the provisions of this section, the sums specified in sub-section (2), in computing

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

In the result, the assessee‟s appeal ITA NO

Bench: SHRI GAGAN GOYAL (Accountant Member), SHRI SUNIL KUMAR SINGH (Judicial Member)

80P. Deduction in respect of income of co-operative societies. (1) Where, in the case of an assessee being a co-operative society, the gross total income includes any income referred to in sub-section (2), there shall be deducted, in accordance with and subject to the provisions of this section, the sums specified in sub-section (2), in computing

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

In the result, the assessee‟s appeal ITA NO

Bench: SHRI GAGAN GOYAL (Accountant Member), SHRI SUNIL KUMAR SINGH (Judicial Member)

80P. Deduction in respect of income of co-operative societies. (1) Where, in the case of an assessee being a co-operative society, the gross total income includes any income referred to in sub-section (2), there shall be deducted, in accordance with and subject to the provisions of this section, the sums specified in sub-section (2), in computing

MIDDLE INCOME GROUP CO-OPERATIVE HOUSING SOCIETY LIMITED ,MUMBAI vs. INCOME TAX OFFICER-23(2)(3), MUMBAI

Bench: Shri G.S.Pannu & Shri Pawan Singh

capital gain in the hand of assessee. The 5 ITA No. 492 & 484/M/2018- Middle Income Group Co. Op. Hsg. Soc. Ltd. assessing officer also denied the deduction under section 80P

TUPURWADI CO OP CREDIT SOCIETY LTD,MUMBAI vs. ITO 21(3)(4), MUMBAI

Appeal stands dismissed

Bench: Shri C.N. Prasad, Jm & Shri Manoj Kumar Aggarwal, Am

80P : (1) Where, in the case of an assessee being a co-operative society, the gross total income includes any income referred to in sub-section (2), there shall be deducted, in accordance with and subject to the provisions of this section, the sums specified in sub-section (2), in computing the total income of the assessee. (2) The sums

THE SARVODAY CO.OP. CREDIT SOC. LTD.,MUMBAI vs. ITO WD- 26(3)(6) NOW ASSESSED WITH ITO, WD 26(2)(1), MUMBAI

In the result, the appeal of the assessee is allowed

Bench: Shri Kuldip Singh () & Shri Om Prakash Kant () Assessment Year: 2017-18 The Sarvoday Co-Operative Credit Income Tax Officer, Society Ltd., Ward 26(3)(6), 19, Shiv Shopping Centre, Shivaji Vs. 315, 3Rd Floor, Kautilya Bhavan, Talao, Sardar Pratap Singh Marg, C-41 To C-43, G Block, Bkc, Bhandup (W), Bandra (E), Mumbai-400078. Mumbai-400051. Pan No. Aaaat 9173 A Appellant Respondent

section 80 P(2)(a)(i) of the Act in the case of credit in the case of credit cooperative societies . cooperative societies . 6. The Ld. counsel counsel further submitted that decision of the submitted that decision of the Tumkur Merchants (supra) has been followed by the Merchants (supra) has been followed by the Tribunal Tribunal in following cases

SADHANA SAHAKARI PATPEDHI LIMITED,PALGHAR vs. CIT(A), NFAC, DELHI

Bench: Shri B.R. Baskaran & Shri Anikesh Banerjee

capital and its normal business is to deal in money a nd credit. The business of such a bank does not consist only of receiving deposits and lending money to its members or such other societies as are mentioned in the objects. When such a society lends out its monies so that they may be readily avail able to meet

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

Bench: Shri Narendra Kumar Billaiya, Hon’Ble & Shri Sunil Kumar Singh, Hon’Ble

gains of business. This is why Totgars struck a different note." 14. This apart, Hon’ble Karnataka High Court in Principal Commissioner of Income Tax and another V Totgars Co- operative Sale Society, [2017] 392 ITR 74 (Karn.), has, after referring Hon’ble Apex Court Judgement in Totgar (Supra) held in para 7,8,9,10 as under: "7. However

INCOME TAX OFFICER, INCOME TAX MUMBAI vs. STATE BANK OF INDIA EMPLOYEES M.S. PATEL CO-OP CREDIT SOCIETY LTD, MUMBAI

In the result, appeal of the revenue is dismissed

section 80P(2)d) of the Act.\"\n3. \"Whether on the facts and circumstances of the case and in law, the\nLd. CIT(A) was correct in allowing deduction u/s.80P(2,(@) of the Income\nTax Act in respect of interest earned from deposits, though Hon'ble\nKarnataka High Court in a detailed judgment discussing the law and\nvarious related issues