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

House Building Societies Ltd Vs. ITO, [1982] 2 ITD 617 (Chd.), after considering the meaning of the word “investment” held that the section 80P(2)(d) of the Act also covers interest income from saving accounts. The relevant findings of the Co-ordinate Bench, in the aforesaid decision, are reproduced as follows: - “4. We have heard the parties

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

SAGAR PREMISES CO-OPERATIVE SOCITEY LIMITED,MUMBAI vs. DEPUTY COMMISSIONER OF INCOME TAX, CPC BENGALURU INCOME TAX OFFICER -17(3)(1), MUMBAI

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

Bench: Shir Kuldip Singh, Hon'Ble & Shri S. Rifaur Rahman, Hon'Blesagar Premises Co-Operative Society Ltd., V. Income Tax Officer – 17(3)(1) 327, Sagar Premises, Narshi Natha Street Kautilya Bhavan Kharek Bazar, Masjid (W), Mumbai - 400009 Bandra Kurla Complex Bandra(E), Mumbai - 400051 Pan: Aamas0482M (Appellant) (Respondent)

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

VAIBHAV CO-OPERATIVE CREDIT SOCIETY ,MUMBAI vs. PRINCIPLE CIT-27 , MUMBAI

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

Bench: Shri Amit Shukla & Shri Gagan Goyalvaibhav Co-Operative Credit Society At Post, Ghansoli Thane-Belapur Road Thane- 400 701 Pan:Aaaav3417F ...... Appellant Vs.

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

MUMBAI POSTAL EMPLOYEES CO-OPERATIVE CREDIT SOCIETY LTD ,MUMBAI vs. INCOME TAX OFFICER, WARD 17(2)(1), MUMBAI

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

Bench: Shri Amit Shukla & Shri Amarjit Singhita Nos.1050 & 1051/Mum/2023 (A.Ys. 2015-16 & 2016-17) Mumbai Postal Employees Vs. Income Tax Officer, Co-Operative Credit Ward 17(2)(1) Society Limited, Gpo Room No. 115, 1 St Floor, Building, Fort, Kautilya Bhavan, C-41 To Mumbai – 400001 C-43, G Block, Bandra Kurla Complex, Bandra (East), Mumbai – 400051 स्थायी लेखा सं./जीआइआर सं./Pan/Gir No: Aaajm0032G Appellant .. Respondent

f. Income earned from the compliance with Governing Act is attributable to the business Interest earned by a co-operative Society carrying on banking business, in compliance of the Governing Act/Regulation is eligible for deduction u/s 80P.  Com of Income-fax v. Nawanshahar Central Co-op Bank-25 Taxmann Com 273 (S. C.) Refer Annexure 21 If a co-operative

MUMBAI POSTAL EMPLOYEES CO-OPERATIVE CREDIT SOCIETY LTD,MUMBAI vs. INCOME TAX OFFICER, WARD 17(2)(1), MUMBAI

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

Bench: Shri Amit Shukla & Shri Amarjit Singhita Nos.1050 & 1051/Mum/2023 (A.Ys. 2015-16 & 2016-17) Mumbai Postal Employees Vs. Income Tax Officer, Co-Operative Credit Ward 17(2)(1) Society Limited, Gpo Room No. 115, 1 St Floor, Building, Fort, Kautilya Bhavan, C-41 To Mumbai – 400001 C-43, G Block, Bandra Kurla Complex, Bandra (East), Mumbai – 400051 स्थायी लेखा सं./जीआइआर सं./Pan/Gir No: Aaajm0032G Appellant .. Respondent

f. Income earned from the compliance with Governing Act is attributable to the business Interest earned by a co-operative Society carrying on banking business, in compliance of the Governing Act/Regulation is eligible for deduction u/s 80P.  Com of Income-fax v. Nawanshahar Central Co-op Bank-25 Taxmann Com 273 (S. C.) Refer Annexure 21 If a co-operative

D.S.K. MADHUBAN (WING A&B ) CO -OP HOUSING SOCIETY LTD,MUMBAI vs. ITO 41(1)(1) , MUMBAI

In the result the appeal filed by the assessee stands partly allowed for statistical purposes

Bench: Hon’Ble Shri Sandeep Gosain

f ii The assesse is covered under the concept of mutuality. Only the income which is earned outside the mutuality is taxed. The assessee only collects contribution from members for managing the society. Accordingly, the assessee does not prepare profit and loss account instead they prepare income and expenditure account iv. Section 43B reads as "a deduction otherwise allowable

D.S.K. MADHUBAN (WING A&B) CO-OP HOUSING SOCIETY LID,MUMBAI vs. ITO 41(1)(1), MUMBAI

In the result the appeal filed by the assessee stands partly allowed for statistical purposes

Bench: Hon’Ble Shri Sandeep Gosain

f ii The assesse is covered under the concept of mutuality. Only the income which is earned outside the mutuality is taxed. The assessee only collects contribution from members for managing the society. Accordingly, the assessee does not prepare profit and loss account instead they prepare income and expenditure account iv. Section 43B reads as "a deduction otherwise allowable

USHA JANAKALYAN NAGAR CHS LTD ,MUMBAI vs. THE INCOME TAX OFFICER-30(1)(1), MUMBAI

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

Bench: Shir Pavan Kumar Gadale & Shri Girish Agrawalusha Janakalyan Nagar Vs. Ito-30(1)(1), Chs Ltd, Kautilya Bhavan, 211, Bkc, Bandra (E), Kharodi,Marveroad, Mumbai-400051. Malad (W), Mumbai-400095. Pan/Gir No. : Aaaau1039J Appellant .. Respondent Appellant By : Shri. Kunal Lunawat.Ar Respondent By : Ms. Rajeswari Menon, Sr.Dr Date Of Hearing 15.05.2024 Date Of Pronouncement 16.05.2024 आदेश / O R D E R Per Pavan Kumar Gadale Jm: The Appeal Is Filed By The Assessee Against The Order Of The National Faceless Appeal Centre (Nfac), Delhi/Cit (A) Passed U/Sec 154 & U/Sec 250 Of The Act. The Assessee Has Raised The Following Grounds Of Appeal:

F” BENCH, MUMBAI BEFORE SHIR PAVAN KUMAR GADALE, JUDICIAL MEMBER & SHRI GIRISH AGRAWAL, ACCOUNTANT MEMBER Usha Janakalyan Nagar Vs. ITO-30(1)(1), CHS Ltd, Kautilya Bhavan, 211, BKC, Bandra (E), Kharodi,MarveRoad, Mumbai-400051. Malad (W), Mumbai-400095. PAN/GIR No. : AAAAU1039J Appellant .. Respondent Appellant by : Shri. Kunal Lunawat.AR Respondent by : Ms. Rajeswari Menon, Sr.DR Date of Hearing 15.05.2024 Date

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

80P has been reproduced herein below: - 80-P. Deduction in respect of income of cooperative societies— (1) Where, in the case of an assessee being a cooperative 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

WALKESHWAR CHANDANBALA CO-OP. HOUSING SOCIETY LTD.,MUMBAI vs. CPC WARD NO19(3)(1), BANGALORE

Bench: Shri Shamim Yahya

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

RAJAT APARTMENTS CO-OP. HOUSING SOCIETY LTD.,MUMBAI vs. ACIT CIRCLE 19(3), MUMBAI

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

Bench: Shri Girish Agrawal & Shri Sunil Kumar Singh

property and income from other sources. Return of income was filed on 15.02.2021 reporting total income at Rs.40,53,940/-. Return was processed by Central Processing Centre (CPC), Bengaluru vide intimation dated 25.11.2021 u/s. 143(1) of the Act. In the said processing of the return, deduction claimed u/s. 80P(2)(d) of Rs.18,23,302/- towards interest earned

RAJAT APARTMENTS CO.OP. HOUSING SOCIETY,MUMBAI vs. ACIT CIRCLE 19(3), MUMBAI

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

Bench: Shri Girish Agrawal & Shri Sunil Kumar Singh

property and income from other sources. Return of income was filed on 15.02.2021 reporting total income at Rs.40,53,940/-. Return was processed by Central Processing Centre (CPC), Bengaluru vide intimation dated 25.11.2021 u/s. 143(1) of the Act. In the said processing of the return, deduction claimed u/s. 80P(2)(d) of Rs.18,23,302/- towards interest earned

NITYANAND BAUG CO OPERATIVE SOCIETY LIMITED,MUMBAI vs. PRINCIPAL COMMISSIONER OF INCOME TAX , MUMBAI

In the result, appeal is allowed in the above terms

Bench: Shri. Br Baskaran & Shri. Raj Kumar Chauhannityanand Baug Co-Operative Vs. Principal Commissioner Of Society Limited Income Tax Plot No. 80/83, Nity Anand Baug, R. Tower No. 6, Vashi Railway C. Marg, Chembur, Mumbai – 400 Station, Commercial Complex, 074. Vashi Navi Mumbai – 400 Pan: Aaaan6410C 703. (Appellant) (Respondent)

80P(2)(d). The Ld. AR simply relied upon the following citations: a. Pathare Prabhu Co. H. S. Ltd. v/s ITO 22(2)(1) (2023)202ITD 464 b. ITO v/s Casa Grande Co-op. H. S. Ltd. ITA No. 1259/M/2023 c. Laxmi Co-op. Н. S. Ltd. v/s ITO 22(2)(3) ITA/1745/M/2023 d. Principal CIT v/s Totagers Co- operative

JOLLY MAKER 1 PREM CO-OP SOC LTD,MUMBAI CITY vs. ASSISTANT COMMISSIONER OF INCOME TAX 17(2) , MUMBAI

In the result, all the appeals of the assessee are allowed for statistical purpose

Bench: Shri Narender Kumar Choudhry & Shri Amarjit Singh

F” BENCH, MUMBAI BEFORE SHRI NARENDER KUMAR CHOUDHRY, JUDICIAL MEMBER & SHRI AMARJIT SINGH, ACCOUNTANT MEMBER ITA Nos.2826 to 2828/Mum/2023 (A.Ys. 2013-14 to 2015-16) Jolly Maker 1 Prem Co-op Vs. Asst. Commissioner of Society Limited, Income Tax-18(2), 95-97, Cuffe Parade, Cuffe KautilyaBhavan, C-41 to Parade, Colaba C-43, G Block, Mumbai – 400005 BandraKurla Complex

ACIT - 2(2)(2), MUMBAI vs. YES BANK LIMITED, MUMBAI

Section 115TA of the Act\nprovides for different rates for different Assessees, which\nsubstantiates that the tax paid by trust u/s 115TA of the Act is the\ntax paid on behalf of the Assessee. The taxability in the hands of\nthe Securitisation trust.\nThus, the interest income of the Assessee, though not taxed in the\nhands of the Assessee (investor

YES BANK LTD.,,MUMBAI vs. DCIT(2)(2)(2), MUMBAI

Section 10(34)\nof the Act, this dividend income is not to be included in the total income\nand is exempt from tax. This triggers the applicability of Section 14A of\nthe Act which is based on the theory of apportionment of expenditure between\ntaxable and non-taxable income as held in Walfort Share and Stock\n\nM/s Yes Bank