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)

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” Thus, from a perusal of the aforesaid Sec. 80P(2)(d) it can safely be gathered that income by way of interest income derived by an assessee

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

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” Thus, from a perusal of the aforesaid Sec. 80P(2)(d) it can safely be gathered that income by way of interest income derived by an assessee

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)

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” Thus, from a perusal of the aforesaid Sec. 80P(2)(d) it can safely be gathered that income by way of interest income derived by an assessee

SANGAM SAHAKARI PATPEDHI MARYADITNAGARI,NAVI MUMBAI, THANE vs. MUMBAI-W-91, VASHI NAVIMUMBAI

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

Bench: Shri Om Prakash Kant () & Ms. Kavitha Rajagopal () Assessment Year: 2015-16 & Assessment Year: 2020-21 Sangam Sahakari Patpedhi Mumbai-W-91, Maryaditnagari, Navi Mumbai, It-Office, Vashi Railway Station Office No. 227, Central Facility Vs. Building Navi Mumbai-400703. Building, 3Rd Floor, Sector-19, Turbhe, Navi Mumbai-400705. Pan No. Aacas 6296 B Appellant Respondent

section 80P(4) of the Act. 6.8 Now, the question is confined to single point as Now, the question is confined to single point as to whether the to whether the appellant has derived its interest income from the party falling in the first appellant has derived its interest income from the party falling in the first appellant has derived

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

C-43, G Block, BKC, Bhandup (W), Bandra (E), Mumbai-400078. Mumbai-400051. PAN No. AAAAT 9173 A Appellant Respondent Assessee by : Mr. Kumar Kale, AR Revenue by : Mr. Kiran P. Unavekar, DR Date of Hearing : 02/06/2022 Date of pronouncement : 21/06/2022 ORDER PER OM PRAKASH KANT, AM This appeal by the assessee is directed against order dated 26/07/2021 passed

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

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

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

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

C ourt followed the decision of the Hon'ble Supreme Court in the case of same asses see which was later on followed by this Court in the case of State Bank of India Vs . CIT, reported in MANU/GJ/1053/2016 : (2016) 389 ITR 578 (Guj), relevant par as are reproduced as under : "16. In case where the co-operative 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

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

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

Bench: Shri Om Prakash Kant () & Ms. Kavitha Rajagopal ()

capital, if not immediately required to be lent to the members, they 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 on any separate

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)

C. Kanojiya, CIT DR Date of Hearing : 21.11.2024 Date of Pronouncement : 19.12.2024 O R D E R Per Beena Pillai, JM: Present appeal is filed by the assessee against order passed by Ld.PCIT-20 Mumbai u/s. 260 of the act for A.Y. 2017-18 on following grounds of appeal: 1. “Deduction u/s. 80P (2)(a)(i) shall be allowed being

MAHAPALIKA KSHETRA MADHYAMIK SHIKSHAK SAHAKARI PATSANSTHA MARYADIT,MUMBAI vs. INCOME TAX OFFICER 21(2)(2), MUMBAI

The appeal of the revenue is dismissed and the appeal the assessee is allowed for statistical purposes

Bench: Shri Pramod Kumar & Shri Ravish Soodita No.4582/Mum/2017 (Assessment Years: 2012-13 & 2013-14) Mahapalika Kshetra Madhyamik Shikshak Ito 21(2)(2), Sahakari Patsanstha Maryadit Room No. 111, 1St Floor, 201/202, Anish Tower, Piramal Chambers, Parel, Vs. Bapat Marg, Matunga West, Mumbai – 400 012 Mumbai – 400 016

gains of any business of banking (including providing credit facilities) carried out by a co-operative society with its members shall be included in the definition of „income‟. On the basis of his aforesaid deliberations, it was observed by the A.O that as the assessee fulfilled all the three conditions laid down under Sec.56(c)(ccv) of Part

MAHIM VIVIDH KARYAKARI SAHAKARI SOCIETY LTD.,,THANE vs. PRINCIPAL COMMISSIONER OF INCOME TAX-1, THANE

In the result we allow the ground no

C. A. No. 1622/2010 dated 08.02.2010 Facts: The assessee being a co-op. credit society is providing credit facilities to its members. The society had surplus funds which is invested in short term deposits with the banks and govt. securities and earned income thereon. The assessee therefore claimed deduction u/s. 80P (2) (a) (i) in respect of such interest income

SANJAY CO-OPERATIVE CREDIT SOCIETY LTD,THANE vs. THE PR. COMM OF INCOME TAX 1, THANE

In the result we allow the ground no

Bench: Shri Kuldip Singh & Shri Gagan Goyalsanjay Co-Operative Credit Society Ltd., Sanjay Society Building, Uttam Naka, Bhayander, Thane-401106. Pan: Aacas3872P ...... Appellant Vs. Pcit-1, Ashar I.T. Park, 6Th Floor, Road No. 16Z, Wagle Indl. Estate, Thane-400604. ..... Respondent Appellant/Assessee By : Dr. Ravindra Nagesh Naik, Ca Respondent/Revenue By : Sh. Kailash Kanojia- Cit-Dr Date Of Hearing : 15/09/2022 Date Of Pronouncement : 13/12/2022 Order Per Gagan Goyal, A.M: This Appeal By Assessee Is Directed Against The Order Of Under Section 263 Of The Income Tax Act, 19061 [For Short ‘The Act’] Vide Order Dated 17.03.2022 For Assessment Year (Ay) 2017-18. The Assessee Has Raised The Following Grounds Of Appeal: “1. The Ld. Pcit-1, Thane Erred In Law & On Facts In Not Appreciating That All The Details/ Information Relating To Interest Income Were Submitted During The Scrutiny

C. A. No. 1622/2010 dated 08.02.2010. 8. Facts: The assessee being a co-op. credit society is providing credit facilities to its members. The society had surplus funds which is invested in short term deposits with the banks and govt. securities and earned income thereon. The assessee therefore claimed deduction u/s. 80P (2) (a) (i) in respect of such interest

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

gains of business attributable to any one or more of such activities. (ii)to (vii)....; (b) to (f).....; (3) …........ (4) The provisions of this section shall not apply in relation to any co-operative bank other than a primary agricultural credit society or a primary co- operative agricultural and rural development bank. Explanation – For the purposes of this sub-section