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)

4) of the Act, deduction under Section 80P(2)(d) of the Act was allowable in respect of interest received by a co-operative society from a co-operative bank. 11.2. During the course of hearing strong reliance was placed by the Learned Departmental Representative on the decision of the Hon’ble Gujarat High Court in the case of Katlary

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)

4) of the Act, deduction under Section 80P(2)(d) of the Act was allowable in respect of interest received by a co-operative society from a co-operative bank. 11.2. During the course of hearing strong reliance was placed by the Learned Departmental Representative on the decision of the Hon’ble Gujarat High Court in the case of Katlary

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

4) of the Act, deduction under Section 80P(2)(d) of the Act was allowable in respect of interest received by a co-operative society from a co-operative bank. 10.2. During the course of hearing strong reliance was placed by the Learned Departmental Representative on the decision of the Hon’ble Gujarat High Court in the case of Katlary

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

4) of the Act, deduction under Section 80P(2)(d) of the Act was allowable in respect of interest received by a co-operative society from a co-operative bank. 10.2. During the course of hearing strong reliance was placed by the Learned Departmental Representative on the decision of the Hon’ble Gujarat High Court in the case of Katlary

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

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

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

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

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

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

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

4 years and therefore, the proviso to section 147 has no application. This Court fi nds that the reasons recorded by the Assessing Officer which led to the formation of the belief contemplated by the proviso to section 147 of the Act has material be aring on the question of escapement of income of the assessee from the assessmen

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

In the result, the appeal by the assessee is partly allowed, while the\nappeal by the Revenue is dismissed

capital of the assessee, are not eligible to\ntake/have any interest in the management of the society, are not eligible\nto vote or contest in any election as director of the Board and cannot\nalso participate in the general body meeting of the assessee society.\n41. Thus, from the above it is evident that the bye-laws of the assessee

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

capital of the assessee, are not eligible to\ntake/have any interest in the management of the society, are not eligible\nto vote or contest in any election as director of the Board and cannot\nalso participate in the general body meeting of the assessee society.\n41. Thus, from the above it is evident that the bye-laws of the assessee

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

capital of the assessee, are not eligible to\ntake/have any interest in the management of the society, are not eligible\nto vote or contest in any election as director of the Board and cannot\nalso participate in the general body meeting of the assessee society.\n41. Thus, from the above it is evident that the bye-laws of the assessee

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

capital of the assessee, are not eligible to\ntake/have any interest in the management of the society, are not eligible\nto vote or contest in any election as director of the Board and cannot\nalso participate in the general body meeting of the assessee society.\n\n41. Thus, from the above it is evident that the bye-laws