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Shree Ghadgenath Gramin Bigar Sheti ... vs Principal Commissioner Of Income-Tax ... on 23 May, 2023
cites
M/S. The Malabar Industrial Co. Ltd vs Commissioner Of Income-Tax, Kerala ... on 10 February, 2000
9. The above discussion clearly brings out the fact of existence
of debate on the issue of taxability of the interest income earned on
the deposits made with other co-operative banks or other banks.
Therefore, in the light of the law settled by the Hon'ble Supreme
Court in the case of Malabar Industrial Co. Ltd. vs. CIT, 243 ITR
83, the power of revision cannot be exercised by the ld. PCIT in
exercising of power vested with him u/s 263 in respect of debatable
issue.
Commissioner Of Income Tax-Ii vs M/S Punjab State Cooperative ... on 10 May, 2011
8. Now, we proceed to examine the existence of fact of debate on
the issue of exemption of interest income earned by the assessee co-
operative society from other co-operative banks or other banks.
There is a cleavage of judicial opinion among several High Courts
on the issue of eligibility of this kind of income for exemption u/s.
80P(2)(a)(i) of the Act. The Hon'ble Punjab & Haryana High Court
in the case of CIT vs. Punjab State Cooperative Federation of
Housing Building Societies Ltd. 11 taxmann.com 448, the Hon'ble
Gujarat High Court in the case of State Bank of India Vs. CIT 389
ITR 578 (Guj.
State Bank Of India vs Assistant Commissioner Of Income Tax on 4 November, 2022
8. Now, we proceed to examine the existence of fact of debate on
the issue of exemption of interest income earned by the assessee co-
operative society from other co-operative banks or other banks.
There is a cleavage of judicial opinion among several High Courts
on the issue of eligibility of this kind of income for exemption u/s.
80P(2)(a)(i) of the Act. The Hon'ble Punjab & Haryana High Court
in the case of CIT vs. Punjab State Cooperative Federation of
Housing Building Societies Ltd. 11 taxmann.com 448, the Hon'ble
Gujarat High Court in the case of State Bank of India Vs. CIT 389
ITR 578 (Guj.
Mantola Co-Operative Thrift And Credit ... vs Commissioner Of Income Tax 21 on 17 July, 2017
), the Hon'ble Delhi High Court in the case of
Mantola Co-operative Thrift & Credit Society Ltd. Vs. CIT 50
taxmann.com 278, the Hon'ble Punjab & Haryana High Court in the
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case of CIT Vs. Punjab State Cooperative Agricultural
Development Bank Ltd. 389 ITR 68 and the Hon'ble Kolkata High
Court in the case of CIT Vs. Southern Eastern Employees
Cooperative Credit Society Ltd. 390 ITR 524 took a view that the
income arising on the surplus invested in short term deposits and
securities cannot be attributed to the activities of the society and,
therefore, not eligible for exemption u/s.80P(2)(a)(i) of the Act.
Commissioner Of Income Tax ... vs Kerala State Cooperative Agricultural ... on 18 December, 2019
), the Hon'ble Delhi High Court in the case of
Mantola Co-operative Thrift & Credit Society Ltd. Vs. CIT 50
taxmann.com 278, the Hon'ble Punjab & Haryana High Court in the
10
case of CIT Vs. Punjab State Cooperative Agricultural
Development Bank Ltd. 389 ITR 68 and the Hon'ble Kolkata High
Court in the case of CIT Vs. Southern Eastern Employees
Cooperative Credit Society Ltd. 390 ITR 524 took a view that the
income arising on the surplus invested in short term deposits and
securities cannot be attributed to the activities of the society and,
therefore, not eligible for exemption u/s.80P(2)(a)(i) of the Act.
Principal Commissioner Of Income Tax-` vs South Eastern Railway Employees' ... on 15 July, 2016
), the Hon'ble Delhi High Court in the case of
Mantola Co-operative Thrift & Credit Society Ltd. Vs. CIT 50
taxmann.com 278, the Hon'ble Punjab & Haryana High Court in the
10
case of CIT Vs. Punjab State Cooperative Agricultural
Development Bank Ltd. 389 ITR 68 and the Hon'ble Kolkata High
Court in the case of CIT Vs. Southern Eastern Employees
Cooperative Credit Society Ltd. 390 ITR 524 took a view that the
income arising on the surplus invested in short term deposits and
securities cannot be attributed to the activities of the society and,
therefore, not eligible for exemption u/s.80P(2)(a)(i) of the Act.
M/S Tumkur Merchants Souharda Credit ... vs Assessee on 19 February, 2014
Pat Sanstha Maryadit Vs.
ITO (ITA Nos.559/560/PUN/2018, dated 11-12-2018) taken view in
11
favour of the assessee following the judgment of Hon'ble Karnataka
High Court in the case of Tumkur Merchants Souharda Credit
Cooperative Ltd. (supra). Respectfully following the decision of the
Coordinate Bench of the Tribunal, I am of the considered opinion
that the interest income earned on fixed deposits with bank partake
of the business income which is eligible for deduction u/s
80P(2)(a)(i) of the Act.
1.The Vavveru Co-Operative Rural Bank ... vs 1.The Chief Commissioner Of Income Tax, ... on 15 March, 2017
and the Hon'ble Telangana and Hon'ble Andhra
Pradesh High Court in the case of Vaveru Co-operative Rural Bank
Ltd. v CIT [(2017) 396 ITR 371 took a view that such interest
income is attributable to the activities of the society and, therefore,
eligible for exemption u/s 80P(2)(a)(i) of the Act.
Mehsana District Central Co-Operative ... vs Income-Tax Officer on 30 August, 2001
Similar view has
been taken by the Hon'ble Calcutta High Court in the case of PCIT
vs. Gunja Samabay Krishi Unnayan Samity Ltd., 147 taxmann.com
518 (Calcutta) and the Hon'ble Madras High Court in the case of
Chennai Central Co-operative Bank Ltd. vs. ITO, 148 taxmann.com
17 (Madras). The Coordinate Bench of Pune Benches in the case of
M/s. Ratnatray Gramin Bigar Sheti Sah.