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Skf Employee Co-Operative Credit ... vs Principal Commissioner Of Income Tax, ... on 1 May, 2023
cites
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."
Section 80P in The Income Tax Act, 1961 [Entire Act]
The Maharashtra Co-Operative Societies Act, 1960
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
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ITA.No.270/PUN./2023
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 non-members 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 non-members 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 Co-operative 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
8
ITA.No.270/PUN./2023
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 case of CIT Vs. Punjab State Cooperative
8
ITA.No.270/PUN./2023
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.