INCOME TAX OFFICER-26(2)(1), MUMBAI vs. SAI PRERANA CO-OP CREDIT SOCIETY LTD., MUMBAI

In the result, appeals of the assessee and the Revenue are In the result, appeals of the assessee and the Revenue are In the result, appeals of the assessee and the Revenue are decided as under:

Bench: Shri Kuldip Singh () & Shri Om Prakash Kant () Ita Nos. 217, 220 & 221, 218 & 219, 215, 214/Mum/2023 Assessment Years: 2013-14, 2016-17, 2017-18, 2018-19, 2020-21 Sai Prerana Co-Op Credit Ito-17(3)(2), Society Ltd., Room No. 126, 1St Floor, Vs. 317, Puran Aasha Bldg, Gr. Fl. Kautilya Bhavan, C-41 To C- Narashi Natha Street, Katha 43, G Block Bandra Kurla Bazar Masjid Bunder (W), Complex, Bandra (East), Mumbai-400 009. Mumbai-400051. Pan No. Aadts 5638 M Appellant Respondent

reassessment order passed t order passed u/s 147 read with section 143(3) u/s 147 read with section 143(3) of the Act on 03.12.2019 on 03.12.2019, denied the deduction u/s 80P the deduction u/s 80P(2

ITO-26(2)(1), MUMBAI vs. SAI PRERANA CO-OP CREDIT SOCIETY LTD, MUMBAI

In the result, appeals of the assessee and the Revenue are In the result, appeals of the assessee and the Revenue are In the result, appeals of the assessee and the Revenue are decided as under:

Bench: Shri Kuldip Singh () & Shri Om Prakash Kant () Ita Nos. 217, 220 & 221, 218 & 219, 215, 214/Mum/2023 Assessment Years: 2013-14, 2016-17, 2017-18, 2018-19, 2020-21 Sai Prerana Co-Op Credit Ito-17(3)(2), Society Ltd., Room No. 126, 1St Floor, Vs. 317, Puran Aasha Bldg, Gr. Fl. Kautilya Bhavan, C-41 To C- Narashi Natha Street, Katha 43, G Block Bandra Kurla Bazar Masjid Bunder (W), Complex, Bandra (East), Mumbai-400 009. Mumbai-400051. Pan No. Aadts 5638 M Appellant Respondent

reassessment order passed t order passed u/s 147 read with section 143(3) u/s 147 read with section 143(3) of the Act on 03.12.2019 on 03.12.2019, denied the deduction u/s 80P the deduction u/s 80P(2

INCOME TAX OFFICER-26(2)(1), MUMBAI vs. SAI PRERANA CO-OP CREDIT SOCIETY LTD., MUMBAI

In the result, appeals of the assessee and the Revenue are In the result, appeals of the assessee and the Revenue are In the result, appeals of the assessee and the Revenue are decided as under:

Bench: Shri Kuldip Singh () & Shri Om Prakash Kant () Ita Nos. 217, 220 & 221, 218 & 219, 215, 214/Mum/2023 Assessment Years: 2013-14, 2016-17, 2017-18, 2018-19, 2020-21 Sai Prerana Co-Op Credit Ito-17(3)(2), Society Ltd., Room No. 126, 1St Floor, Vs. 317, Puran Aasha Bldg, Gr. Fl. Kautilya Bhavan, C-41 To C- Narashi Natha Street, Katha 43, G Block Bandra Kurla Bazar Masjid Bunder (W), Complex, Bandra (East), Mumbai-400 009. Mumbai-400051. Pan No. Aadts 5638 M Appellant Respondent

reassessment order passed t order passed u/s 147 read with section 143(3) u/s 147 read with section 143(3) of the Act on 03.12.2019 on 03.12.2019, denied the deduction u/s 80P the deduction u/s 80P(2

ITO-26(2)(1) , MUMBAI vs. SAI PRERANA CO-OP CREDIT SOCIETY LTD, MUMBAI

In the result, appeals of the assessee and the Revenue are In the result, appeals of the assessee and the Revenue are In the result, appeals of the assessee and the Revenue are decided as under:

Bench: Shri Kuldip Singh () & Shri Om Prakash Kant () Ita Nos. 217, 220 & 221, 218 & 219, 215, 214/Mum/2023 Assessment Years: 2013-14, 2016-17, 2017-18, 2018-19, 2020-21 Sai Prerana Co-Op Credit Ito-17(3)(2), Society Ltd., Room No. 126, 1St Floor, Vs. 317, Puran Aasha Bldg, Gr. Fl. Kautilya Bhavan, C-41 To C- Narashi Natha Street, Katha 43, G Block Bandra Kurla Bazar Masjid Bunder (W), Complex, Bandra (East), Mumbai-400 009. Mumbai-400051. Pan No. Aadts 5638 M Appellant Respondent

reassessment order passed t order passed u/s 147 read with section 143(3) u/s 147 read with section 143(3) of the Act on 03.12.2019 on 03.12.2019, denied the deduction u/s 80P the deduction u/s 80P(2

SAI PRERNA CO-OP. CREDIT SOCIETY LTD,MUMBAI vs. ITO WD 17(3) (2) , MUMBAI

In the result, appeals of the assessee and the Revenue are In the result, appeals of the assessee and the Revenue are In the result, appeals of the assessee and the Revenue are decided as under:

Bench: Shri Kuldip Singh () & Shri Om Prakash Kant () Ita Nos. 217, 220 & 221, 218 & 219, 215, 214/Mum/2023 Assessment Years: 2013-14, 2016-17, 2017-18, 2018-19, 2020-21 Sai Prerana Co-Op Credit Ito-17(3)(2), Society Ltd., Room No. 126, 1St Floor, Vs. 317, Puran Aasha Bldg, Gr. Fl. Kautilya Bhavan, C-41 To C- Narashi Natha Street, Katha 43, G Block Bandra Kurla Bazar Masjid Bunder (W), Complex, Bandra (East), Mumbai-400 009. Mumbai-400051. Pan No. Aadts 5638 M Appellant Respondent

reassessment order passed t order passed u/s 147 read with section 143(3) u/s 147 read with section 143(3) of the Act on 03.12.2019 on 03.12.2019, denied the deduction u/s 80P the deduction u/s 80P(2

SAI PRERNA CO-OP. CREDIT SOCIETY LTD,MUMBAI vs. ITO WD 17(3) (2) , MUMBAI

In the result, appeals of the assessee and the Revenue are In the result, appeals of the assessee and the Revenue are In the result, appeals of the assessee and the Revenue are decided as under:

Bench: Shri Kuldip Singh () & Shri Om Prakash Kant () Ita Nos. 217, 220 & 221, 218 & 219, 215, 214/Mum/2023 Assessment Years: 2013-14, 2016-17, 2017-18, 2018-19, 2020-21 Sai Prerana Co-Op Credit Ito-17(3)(2), Society Ltd., Room No. 126, 1St Floor, Vs. 317, Puran Aasha Bldg, Gr. Fl. Kautilya Bhavan, C-41 To C- Narashi Natha Street, Katha 43, G Block Bandra Kurla Bazar Masjid Bunder (W), Complex, Bandra (East), Mumbai-400 009. Mumbai-400051. Pan No. Aadts 5638 M Appellant Respondent

reassessment order passed t order passed u/s 147 read with section 143(3) u/s 147 read with section 143(3) of the Act on 03.12.2019 on 03.12.2019, denied the deduction u/s 80P the deduction u/s 80P(2

SAI PRERNA CO-OP. CREDIT SOCIETY LTD,MUMBAI vs. ITO WD 17(3) (2) , MUMBAI

In the result, appeals of the assessee and the Revenue are In the result, appeals of the assessee and the Revenue are In the result, appeals of the assessee and the Revenue are decided as under:

Bench: Shri Kuldip Singh () & Shri Om Prakash Kant () Ita Nos. 217, 220 & 221, 218 & 219, 215, 214/Mum/2023 Assessment Years: 2013-14, 2016-17, 2017-18, 2018-19, 2020-21 Sai Prerana Co-Op Credit Ito-17(3)(2), Society Ltd., Room No. 126, 1St Floor, Vs. 317, Puran Aasha Bldg, Gr. Fl. Kautilya Bhavan, C-41 To C- Narashi Natha Street, Katha 43, G Block Bandra Kurla Bazar Masjid Bunder (W), Complex, Bandra (East), Mumbai-400 009. Mumbai-400051. Pan No. Aadts 5638 M Appellant Respondent

reassessment order passed t order passed u/s 147 read with section 143(3) u/s 147 read with section 143(3) of the Act on 03.12.2019 on 03.12.2019, denied the deduction u/s 80P the deduction u/s 80P(2

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

80P (2) of the Act would not apply in the facts and circumstances of the present case. The Karnataka High Court has discussed the provisions of section BOP as a whole and held that it is a character and nature of income which determines the taxability or exemption from taxability. In these cases, the surplus fund which

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

In the result we allow the ground no

80P (2) of the Act would not apply in the facts and circumstances of the present case. The Karnataka High Court has discussed the provisions of section BOP as a whole and held that it is a character and nature of income which determines the taxability or exemption from taxability. In these cases the surplus fund which was not required

RESERVE BANK STAFF AND OFFICERS CO-OP CREDIT SOCIETY LTD,MUMBAI vs. ITO WARD 26 (1) (1), MUMBAI

In the result, all the five appeals filed by the assessee are allowed

Bench: Shri Prashant Maharishi, Am & Shri Rahul Chaudhary, Jm

reassessment proceedings. 2.4. The learned CIT(A) erred when he ignored that the assessment was reopened on the basis of approval granted by Principal CIT-17, Mumbai in mechanical manner without any application of mind. 3. Deduction u/s. 80P 3.1. The learned CIT(A) erred when he confirmed the stand taken by the learned AO that only the income received

RESERVE BANK STAFF AND OFFICERS CO-OP CREDIT SOCIETY LTD,MUMBAI vs. ITO WARD 26 (1)(1), MUMBAI

In the result, all the five appeals filed by the assessee are allowed

Bench: Shri Prashant Maharishi, Am & Shri Rahul Chaudhary, Jm

reassessment proceedings. 2.4. The learned CIT(A) erred when he ignored that the assessment was reopened on the basis of approval granted by Principal CIT-17, Mumbai in mechanical manner without any application of mind. 3. Deduction u/s. 80P 3.1. The learned CIT(A) erred when he confirmed the stand taken by the learned AO that only the income received

RESERVE BANK STAFF AND OFFICERS CO-OP CREDIT SOCIETY LTD,MUMBAI vs. ITO WARD 26 (1)(1), MUMBAI

In the result, all the five appeals filed by the assessee are allowed

Bench: Shri Prashant Maharishi, Am & Shri Rahul Chaudhary, Jm

reassessment proceedings. 2.4. The learned CIT(A) erred when he ignored that the assessment was reopened on the basis of approval granted by Principal CIT-17, Mumbai in mechanical manner without any application of mind. 3. Deduction u/s. 80P 3.1. The learned CIT(A) erred when he confirmed the stand taken by the learned AO that only the income received

RESERVE BANK STAFF AND OFFICERS CO-OP CREDIT SOCIETY LTD,MUMBAI vs. ITO WARD 26 (1) (1), MUMBAI

In the result, all the five appeals filed by the assessee are allowed

Bench: Shri Prashant Maharishi, Am & Shri Rahul Chaudhary, Jm

reassessment proceedings. 2.4. The learned CIT(A) erred when he ignored that the assessment was reopened on the basis of approval granted by Principal CIT-17, Mumbai in mechanical manner without any application of mind. 3. Deduction u/s. 80P 3.1. The learned CIT(A) erred when he confirmed the stand taken by the learned AO that only the income received

RESERVE BANK STAFF AND OFFICERS CO-OP CREDIT SOCIETY LTD,MUMBAI vs. ITO WARD 26 (1)(1), MUMBAI

In the result, all the five appeals filed by the assessee are allowed

Bench: Shri Prashant Maharishi, Am & Shri Rahul Chaudhary, Jm

reassessment proceedings. 2.4. The learned CIT(A) erred when he ignored that the assessment was reopened on the basis of approval granted by Principal CIT-17, Mumbai in mechanical manner without any application of mind. 3. Deduction u/s. 80P 3.1. The learned CIT(A) erred when he confirmed the stand taken by the learned AO that only the income received

TMT EMPLOYEES CO OPERATIVE CREDIT SOCIETY LIMITED ,MUMBAI vs. PRINCIPAL COMMISSIONER OF INCOME TAX THANE -1, MUMBAI

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

Bench: Shri Om Prakash Kant () & Shri Raj Kumar Chauhan () Assessment Year: 2014-15 Tmt Employees Co-Operative Credit Ito 3(4) Society Ltd., Ashar It Park, 6Th Floor, Road Shop No. 10, Prashaskiya Bhavan, Vs. No. 16Z, Wagle Industrial Thane M P (Tmt) Employees Ccs, Estate, Thane (West)-400604. Wagle Estate Aagar, Thane-400604. Pan No. Aaeat 4545 J Appellant Respondent

u/s 80P2(d) on interest earned from investments made with Co-operative Banks . TMT Employees Co-operative Credit Society TMT Employees Co 2 Ltd 2. We have heard the rival submissions of both parties and We have heard the rival submissions of both parties and We have heard the rival submissions of both parties and carefully perused the material available

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

147 be annulled. (2) WITHOUT PREJUDICE TO GROUND NO. 1, GROUND NO. 2: DEMAND NOTICE UNDER SECTION 156 OF THE ACT ISSUED WITHOUT SIGNATURE OF THE ISSUING AUTHORITY WOULD VITIATE THE ENTIRE ASSESSMENT PROCEEDINGS: On facts and circumstances of the case and in law, the CIT(A) erred in upholding the action of AO in issuing the demand notice u/s

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

2)(d). The Ld.AR challenged that validity of notice u/s 147 for not found the any tangible material for issuances of notice u/s 148 of the Act. The Ld.AR prayed for quashing the notice u/s 148. 8 The Panchratna Co-operative Housing Society Ltd 7. The Ld. DR argued and submitted that the assessment order was passed ex- parte

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\nstatistical purpose

80P and the funds were\nbelonged to the trust, therefore, the rental income and interest income\nwere assessed in the hands of the assessee on protective basis and on\nsubstantial basis in the hands of the trust. The claim of deduction u/s\n80P was also not allowed on the ground that funds were belonged to\nthe trust

MIG CO OPERATIVE HOUSING SOCIETY GROUP- II LTD,MUMBAI vs. ITO 19(3)(3), MUMBAI

147,that the it had overlooked the circumstances under which the re-assessment proceedings were initiated,that there was no much substance in the argument of the assessee that notice u/s. 148 could not be issued when time-limit was available for issue of notice u/s.143(2) for making assessment u/s.143(3) of the Act.He further held that case laws