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Documents citing Bank Of Maharashtra Employees Co-Op ... vs Income Tax Officer,, Pune on 22 December, 2017

State Bank Of India , Hospet vs The Assistant Commissioner Of Income ... on 8 June, 2018

6. From the above paras reproduced from the Tribunal order in earlier years, it is seen that in those years, the Tribunal has restored the matter back to the file of AO for fresh decision in the light of the Tribunal order rendered in the case of Bank of Maharashtra Vs. ITO (supra) with the direction that if assessee is able to establish that it was only a notional provision which was reversed afterwards then no TDS liability can be imposed on the assessee. In the present year also, we set aside the order of CIT (A) and remand the matter to the AO for fresh decision with the same directions after providing reasonable opportunity of being heard to assessee.
Income Tax Appellate Tribunal - Bangalore Cites 14 - Cited by 0 - Full Document

State Bank Of India,, Kanpur vs Department Of Income Tax

assessees preferred appeals and in ITA Nos. 476, 477, 479, 480 and 481/LKW/2012, the ld. CIT(A) has allowed relief to the assessee following the Board's Circular No.3/2010 dated 2.3.2010 and the order of the Ahmedabad Bench of the Tribunal in the case of Bank of Maharashtra vs. ITO, 38 SOT 432 wherein it has been held that interest credited as per notional entry was only provisioning the accounts for the purposes of macro monitoring and it was not actual credit or payment of interest to depositors. Therefore, section 194A is not applicable.
Income Tax Appellate Tribunal - Lucknow Cites 17 - Cited by 0 - Full Document

Yashwant Nagari Sahakari Patsanstha ... vs Ito Ward 10(1) Pune, Pune on 4 June, 2024

The Hon'ble Madras High Court in the case of Thorapadi Urban Co- operative Credit Society Ltd., Vs. ITO 296 Taxman 250 (Madras) vide order dated 10.10.2023 held that the assessee was eligible for deduction under section 80P(2)(d) of the Act on the Interest Received from Co-operative Banks. No direct decision of the Hon'ble Jurisdictional High Court has been brought to our notice. Therefore, respectfully following the above precedent and adopting the detailed reasoning above, we direct the Assessing Officer to allow deduction under section 80P(2) of the Act for the impugned income discussed in earlier para. Accordingly, grounds of appeal raised by the assessee are allowed."
Income Tax Appellate Tribunal - Pune Cites 14 - Cited by 0 - Full Document

Deputy Commissioner Of Income Tax ... vs Janata Grahak Madhyawarti Sahkari ... on 18 February, 2025

3. Aggrieved, the assessee filed appeal before the Ld. CIT(A). The Ld. CIT(A) in para 5.4 of his appellate order observed that the seven Co-operative Banks in respect of which the addition has been made by the Ld. AO on account of these being unregistered, the assessee has infact provided necessary evidences to substantiate that these banks are registered under the Co-operative Societies Act. In view thereof, the only issue to be decided relates to the claim of the assessee in respect of interest earned from all the 12 Co-operative Banks when all of these banks are found to be registered under the Co-operative Societies Act, either under the Central Act or State Act. The Ld. CIT(A) in para 5.8 of his appellate order further observed that the impugned issue is no longer res integra and has been decided in favour of the assessee by the Pune Bench of the Tribunal in assessee's own case for AY 2009-10 and also in the case of The Ugar Sugar Works Kamgar & Dr. Shirgaokar Shaikshanik Trust Nokar Co- op. Credit Society Vs. ITO in ITA No. 84/PUN/2018 for AY 2012-13, dated 27.05.2022 and therefore following the decision(s) (supra) of the Pune Tribunal, 3 ITA Nos.1745, 1746 & 1747/PUN/2024, AYs. 2016-17, 2017-18 & 2020-21 the Ld. CIT(A) observed that the assessee is eligible for the said claim of deduction u/s 80P(2)(d) of the Act. The Ld. CIT(A) in para 5.11 of his order also observed that the revision order passed u/s 263 for AY 2017-18 in assessee's own case has been quashed by the Pune Bench of the Tribunal holding that the original assessment order passed by the Assessing Officer which allowed the claim of deduction u/s 80P(2)(d) of the Act in respect of interest earned from the Co-operative Banks is neither erroneous nor prejudicial to the interest of the revenue. In the light of these observations, the Ld. CIT(A) allowed the appeal of the assessee and directed the Jurisdictional AO to allow the claim of deduction u/s 80P(2)(d) of the Act in respect of the interest income earned from the Co-operative Banks, to the assessee. The relevant observations and findings of the Ld. CIT(A) are reproduced below :
Income Tax Appellate Tribunal - Pune Cites 31 - Cited by 0 - Full Document

Deputy Commissioner Of Income Tax ... vs Janata Grahak Madhyawarti Sahkari ... on 18 February, 2025

3. Aggrieved, the assessee filed appeal before the Ld. CIT(A). The Ld. CIT(A) in para 5.4 of his appellate order observed that the seven Co-operative Banks in respect of which the addition has been made by the Ld. AO on account of these being unregistered, the assessee has infact provided necessary evidences to substantiate that these banks are registered under the Co-operative Societies Act. In view thereof, the only issue to be decided relates to the claim of the assessee in respect of interest earned from all the 12 Co-operative Banks when all of these banks are found to be registered under the Co-operative Societies Act, either under the Central Act or State Act. The Ld. CIT(A) in para 5.8 of his appellate order further observed that the impugned issue is no longer res integra and has been decided in favour of the assessee by the Pune Bench of the Tribunal in assessee's own case for AY 2009-10 and also in the case of The Ugar Sugar Works Kamgar & Dr. Shirgaokar Shaikshanik Trust Nokar Co- op. Credit Society Vs. ITO in ITA No. 84/PUN/2018 for AY 2012-13, dated 27.05.2022 and therefore following the decision(s) (supra) of the Pune Tribunal, 3 ITA Nos.1745, 1746 & 1747/PUN/2024, AYs. 2016-17, 2017-18 & 2020-21 the Ld. CIT(A) observed that the assessee is eligible for the said claim of deduction u/s 80P(2)(d) of the Act. The Ld. CIT(A) in para 5.11 of his order also observed that the revision order passed u/s 263 for AY 2017-18 in assessee's own case has been quashed by the Pune Bench of the Tribunal holding that the original assessment order passed by the Assessing Officer which allowed the claim of deduction u/s 80P(2)(d) of the Act in respect of interest earned from the Co-operative Banks is neither erroneous nor prejudicial to the interest of the revenue. In the light of these observations, the Ld. CIT(A) allowed the appeal of the assessee and directed the Jurisdictional AO to allow the claim of deduction u/s 80P(2)(d) of the Act in respect of the interest income earned from the Co-operative Banks, to the assessee. The relevant observations and findings of the Ld. CIT(A) are reproduced below :
Income Tax Appellate Tribunal - Pune Cites 31 - Cited by 0 - Full Document

Deputy Commissioner Of Income Tax ... vs Janata Grahak Madhyawarti Sahkari ... on 18 February, 2025

3. Aggrieved, the assessee filed appeal before the Ld. CIT(A). The Ld. CIT(A) in para 5.4 of his appellate order observed that the seven Co-operative Banks in respect of which the addition has been made by the Ld. AO on account of these being unregistered, the assessee has infact provided necessary evidences to substantiate that these banks are registered under the Co-operative Societies Act. In view thereof, the only issue to be decided relates to the claim of the assessee in respect of interest earned from all the 12 Co-operative Banks when all of these banks are found to be registered under the Co-operative Societies Act, either under the Central Act or State Act. The Ld. CIT(A) in para 5.8 of his appellate order further observed that the impugned issue is no longer res integra and has been decided in favour of the assessee by the Pune Bench of the Tribunal in assessee's own case for AY 2009-10 and also in the case of The Ugar Sugar Works Kamgar & Dr. Shirgaokar Shaikshanik Trust Nokar Co- op. Credit Society Vs. ITO in ITA No. 84/PUN/2018 for AY 2012-13, dated 27.05.2022 and therefore following the decision(s) (supra) of the Pune Tribunal, 3 ITA Nos.1745, 1746 & 1747/PUN/2024, AYs. 2016-17, 2017-18 & 2020-21 the Ld. CIT(A) observed that the assessee is eligible for the said claim of deduction u/s 80P(2)(d) of the Act. The Ld. CIT(A) in para 5.11 of his order also observed that the revision order passed u/s 263 for AY 2017-18 in assessee's own case has been quashed by the Pune Bench of the Tribunal holding that the original assessment order passed by the Assessing Officer which allowed the claim of deduction u/s 80P(2)(d) of the Act in respect of interest earned from the Co-operative Banks is neither erroneous nor prejudicial to the interest of the revenue. In the light of these observations, the Ld. CIT(A) allowed the appeal of the assessee and directed the Jurisdictional AO to allow the claim of deduction u/s 80P(2)(d) of the Act in respect of the interest income earned from the Co-operative Banks, to the assessee. The relevant observations and findings of the Ld. CIT(A) are reproduced below :
Income Tax Appellate Tribunal - Pune Cites 31 - Cited by 0 - Full Document
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