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1 - 10 of 16 (0.21 seconds)Section 80P in The Income Tax Act, 1961 [Entire 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) has
taken view in 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, we hold that the interest income earned on the
investment of surplus money with banks is also eligible for exemption
u/s.80P(2)(a)(i) of the Act. Thus, the grounds of appeal No. 1 & 2 stands
allowed."
Cit vs Max India Ltd. on 1 November, 2007
10. We heard the rival submissions and perused the material on record. The
issue in the present appeal relates to the validity of assumption of jurisdiction
u/s 263 by the ld. PCIT. The Parliament had conferred the power of revision on
the Commissioner of Income Tax u/s 263 of the Act in case the assessment
order passed is erroneous and prejudicial to the interests of revenue. In order to
invoke the power of revision, the above two conditions are required to be
satisfied cumulatively. References in this regard can be made to the decision of
the Hon‟ble Supreme Court in the case of Malabar Industrial Co. Ltd. vs. CIT,
243 ITR 83 (SC) and in the case of CIT vs. Max India Ltd., 295 ITR 282 (SC).
The error in the assessment order should be one that it is not debatable or
plausible view. In a case where the Assessing Officer examined the claim, took
one of the plausible views, the assessment order cannot be termed as an
"erroneous". In the present case, we find that admittedly the interest income
was earned from the cooperative banks, the cooperative bank is also a specie
of cooperative society, therefore, the interest income earned by the cooperative
society from the cooperative banks qualifies for deduction u/s 80(P)(2)(d) of the
Act.
Commissioner Of Income Tax-Ii vs M/S Punjab State Cooperative ... on 10 May, 2011
"9. We heard the rival submissions and perused the material on record.
Admittedly, the appellant is a Cooperative society formed under the
provisions of Maharashtra Cooperative Societies Act,1960 with the
objective of accepting deposits and lending money to its members. The
money which is not immediately required for the purpose of lending to
the members is deposited with Bank of Baroda in the form of Fixed
Deposit. The question is whether the interest so earned qualifies for
exemption u/s. 80P(2)(a)(i) of the Act. The AO as well as the CIT(A)
were of the opinion that the interest earned from third parties or
nonmembers does not quality for exemption u/s.80P. It is an admitted
position that the interest so earned should be taxed as „income from
other sources‟ 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
"9. We heard the rival submissions and perused the material on record.
Admittedly, the appellant is a Cooperative society formed under the
provisions of Maharashtra Cooperative Societies Act,1960 with the
objective of accepting deposits and lending money to its members. The
money which is not immediately required for the purpose of lending to
the members is deposited with Bank of Baroda in the form of Fixed
Deposit. The question is whether the interest so earned qualifies for
exemption u/s. 80P(2)(a)(i) of the Act. The AO as well as the CIT(A)
were of the opinion that the interest earned from third parties or
nonmembers does not quality for exemption u/s.80P. It is an admitted
position that the interest so earned should be taxed as „income from
other sources‟ 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
Cooperative Thrift & Credit Society Ltd. Vs. CIT 50 taxmann.com 278,
the Hon‟ble Punjab & Haryana High Court in the 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
Cooperative Thrift & Credit Society Ltd. Vs. CIT 50 taxmann.com 278,
the Hon‟ble Punjab & Haryana High Court in the 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
Cooperative Thrift & Credit Society Ltd. Vs. CIT 50 taxmann.com 278,
the Hon‟ble Punjab & Haryana High Court in the 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.
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 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. The Coordinate Bench of Pune Benches in
the case of M/s. Ratnatray Gramin Bigar Sheti Sah.