JEEVAN VIKAS NAGRI SAHAKARI PATPEDHI MARYADIT ,PALGHAR vs. ITO, CIR-4 , THANE

In the result, the appeal of the assessee for AY 2017-18 and AY 2018-19 are allowed

Bench: Ms Kavitha Rajagopal, Jm & Shri Ms Padmavathy S, Am

80P(2)(d) which resulted in addition of Rs.1,63,246 towards income from other sources and Rs. 3,26,68,136 towards income from business. The AO also made an addition under section 69A towards cash deposited during the demonetization period to the tune of Rs.60,61,500/-. 4

INCOME TAX OFFICER, WARD 4.1 , THANE, THANE vs. JEEVAN VIKAS NAGRI SAHAKARI PATPEDHI MARYADIT, MARYADT

In the result, the appeal of the assessee for AY 2017-18 and AY 2018-19 are allowed

Bench: Ms Kavitha Rajagopal, Jm & Shri Ms Padmavathy S, Am

80P(2)(d) which resulted in addition of Rs.1,63,246 towards income from other sources and Rs. 3,26,68,136 towards income from business. The AO also made an addition under section 69A towards cash deposited during the demonetization period to the tune of Rs.60,61,500/-. 4

INCOME TAX OFFICER, WARD-4(1), THANE, THANE vs. JEEVAN VIKAS NAGRI SAHAKARI PATPEDI MARYADIT, VASAI

In the result, the appeal of the assessee for AY 2017-18 and AY 2018-19 are\nallowed

68,136 towards income from\nbusiness. The AO also made an addition under section 69A towards cash deposited\nduring the demonetization period to the tune of Rs.60,61,500/-.\n4.\nAggrieved the assessee filed further appeal before the CIT(A). The CIT(A)\nheld that the AO is not correct in making addition by reallocating the expenses\nthereby making

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

4,21,34,504, estimated at the rate of 0.15 per cent of Rs 2,808.96 crores\nbeing the aggregate cash deposits and credit transactions but excluding the\nremote deposits of all the account holders in the appellant-society against the\naddition of Rs 8,488.80 crores made by the Assessing Officer.\n3.2. The CIT(A) erred in treating

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

4,21.34,504, estimated at the rate of 0.15 per cent of Rs 2,808.96 crores\nbeing the aggregate cash deposits and credit transactions but excluding the\nremote deposits of all the account holders in the appellant-society against the\naddition of Rs 8,488.80 crores made by the Assessing Officer.\n\n3.2. The CIT(A) erred in treating

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

4,21.34,504, estimated at the rate of 0.15 per cent of Rs 2,808.96 crores\nbeing the aggregate cash deposits and credit transactions but excluding the\nremote deposits of all the account holders in the appellant-society against the\naddition of Rs 8,488.80 crores made by the Assessing Officer.\n3.2. The CIT(A) erred in treating the appellants

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

4,21.34,504, estimated at the rate of 0.15 per cent of Rs 2,808.96 crores\nbeing the aggregate cash deposits and credit transactions but excluding the\nremote deposits of all the account holders in the appellant-society against the\naddition of Rs 8,488.80 crores made by the Assessing Officer.\n3.2. The CIT(A) erred in treating the appellants

BLUE ROSE INDUSTRIAL PREMISES CO-OP SOCIETY LTD ,MUMBAI vs. INCOME TAX OFFICER, WARD - 42(1)(1),, MUMBAI

In the result, the assessee’s appeal ITA NO

Bench: SHRI PRASHANT MAHARISHI (Accountant Member), SHRI SUNIL KUMAR SINGH (Judicial Member)

68,455/- M/s. Mumbai District Central Co-operative Bank Ltd Rs.7,18,345/- M/s. Saraswat Cooperative Bank Ltd Rs. 7,60,308/- Total Rs. 38,47,108/- Less: Interest on Savings/ Non-Cooperative Banks Rs. 1,01,407/- Deduction claimed u/s 80P(2)(d) Rs. 37,45,701/- Learned AO, after making adjustment of an interest on savings

BLUE ROSE INDUSTRIAL PREMISES CO-OP SOCIETY LTD ,MUMBAI vs. INCOME TAX OFFICER, WARD - 42(1)(1), MUMBAI, MUMBAI

In the result, the assessee’s appeal ITA NO

Bench: SHRI PRASHANT MAHARISHI (Accountant Member), SHRI SUNIL KUMAR SINGH (Judicial Member)

68,455/- M/s. Mumbai District Central Co-operative Bank Ltd Rs.7,18,345/- M/s. Saraswat Cooperative Bank Ltd Rs. 7,60,308/- Total Rs. 38,47,108/- Less: Interest on Savings/ Non-Cooperative Banks Rs. 1,01,407/- Deduction claimed u/s 80P(2)(d) Rs. 37,45,701/- Learned AO, after making adjustment of an interest on savings

SUKHSAGAR CO OPERATIVE CREDIT SOCIETY LTD ,MUMBAI vs. INCOME TAX OFFICER WARD 32(1)(1), MUMBAI

Accordingly exclude the same net of the proportional expenditure attributable to the earning of interest income.\n14. Thus, both the appeals filed by the assessee are allowed in the same terms

4) of Sec. 80P would no more be entitled for claim of deduction under Sec. 80P of the Act, but however, as a co-operative bank continues to be a co-operative society registered under the Cooperative Societies Act, 1912 (2 of 1912), or under any other law for the time being enforced in any state for the registration

ITO-19(3)(1), MUMBAI vs. THE JACKSON COOP CREDIT SOCIETY OF THE EMPLOYEES OF WESTERN RAILWAY LIMITED, MUMBAI

In the result, appeal filed by the revenue is dismissed

68,024/- made by the\nAO, u/s 80P(2)(a)(i) of the Act, being claimed by the appellant as a interest\nincome yielded from co-operative banks, without appreciating co-operative\nbanks the facts that are function at par with the other commercial banks,\nwhich do not enjoy any tax benefit. Therefore, section 80P of the Income

SUKHSAGAR CO OPERATIVE CREDIT SOCIETY LTD ,MUMBAI vs. INCOME TAX OFFICER WARD 32(1)(1), MUMBAI

Accordingly exclude the same net of the proportional expenditure attributable to the earning of interest income.\n14. Thus, both the appeals filed by the assessee are allowed in the same terms

4) of Sec. 80P would no more be entitled for claim of deduction under Sec. 80P of the Act, but however, as a co-operative bank continues to be a co-operative society registered under the Cooperative Societies Act, 1912 (2 of 1912), or under any other law for the time being enforced in any state for the registration

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

Bench: Shri B.R. Baskaran & Shri Sandeep Singh Karhail

4. Addition under section 68 of the Act for aggregate demand draft/ at par cheque issued by the appellant-society. 4.1. The CIT(A) erred in sustaining the addition under section 68 of the Act at Rs 47,96,398, estimated at the rate of 0.10 per cent of Rs 479.63 crores being the aggregate demand draft

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

Bench: Shri B.R. Baskaran & Shri Sandeep Singh Karhail

4. Addition under section 68 of the Act for aggregate demand draft/ at par cheque issued by the appellant-society. 4.1. The CIT(A) erred in sustaining the addition under section 68 of the Act at Rs 47,96,398, estimated at the rate of 0.10 per cent of Rs 479.63 crores being the aggregate demand draft

NAND BHUVAN IND PRIMISES CO-OP SOC LTD,MUMBAI vs. ITO WARD-24(3)(1), MUMBAI

In the result, the appeal filed by the Assessee stands allowed

Bench: Shri Narender Kumar Choudhryassessment Year: 2017-18

section 250 of the Income Tax Act, 1961 (in short ‘the Act’) for the A.Y. 2017-18. 2 M/s. Nand Bhuvan IND Premises Co Op Soc Ltd. 2. In the instant case, the Assessee by filing its return of income on dated 17.10.2017 and declaring total income of Rs.1,68,010/- , has also claimed the deduction of Rs.16

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\n80P(2)(a) (1) of the Income-tax Act, 1961 (\"IT Act\") after the introduction of\nsection 80P(4) of that Act.\n25. To provide the background for Mavilayi (SC), we may examine how\nthe dispute reached the Supreme Court. To begin with a Division Bench of\nthe Kerala High Court has answered the above issue in Chirakkal

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

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

68,31,658/- being interest received from co-operative banks on which deduction under Section 80P is clamed should not be disallowed. After hearing the case of the assessee, the learned Assessing Officer disallowed the deduction under Section 80P(2)(a) as well as under Section 80P(2)(d) of the Act and assessed the total income

HAFFKINE CO-OP CREDIT SOC LTD,MUMBAI vs. ITO-20(1)(5), MUMBAI

Bench: Shri Kuldip Singh & S Rifaur Rahmanassessment Year: 2010-11 & Assessment Year: 2014-15

68,703/- & 10,52,263/- u/s. 80P (2)(a)(i) of the Act, AY 2010-11 & 2014-15 respectively which has also been disallowed by the Assessing Officer as well as Ld.CIT(A) on the ground that since the Assessee is not undertaken banking business activities it’s not entitle for the deduction and also on the ground that section