447 (Kar). 3. Guttigedarara Credit Co-operative Society Ltd. v. ITO Ward 2(2), Mysore

377 ITR 464High Court2015#899 most cited

What is 447 (Kar). 3. Guttigedarara Credit Co-operative Society Ltd. v. ITO Ward 2(2), Mysore authority for?

Interest income earned by a credit co-operative society from temporary bank deposits, which cannot be immediately lent to members, is considered business income attributable to its credit facilities and is eligible for deduction under Section 80P(2)(a)(i). This interpretation gives a broader meaning to income 'attributable to' the business.

118

judgments rely on this decision, according to BharatTax’s citation analysis of 366,339 Indian tax judgments — from 2016 to 2026.

Also referred to as

Guttigedarara Credit Co-operative Society Ltd. · 377 ITR 464 · Section 80P(2)(a)(i) · Section 80P · Section 56 · credit co-operative society · interest income from bank deposits · business income · deduction · attributable to business

Sections most often in play

Section 80P(2)(a)(i)Section 80P(2)(d)Section 143(3)Section 250Section 80PSection 263Section 2(19)Section 80P(4)

Issues it is cited on

section 57(i)section 80(p)(2)(a)section 80(2)(d)section 286section 161section 80p(2)(c)section 80p(2)(a)(iii)section 60section 80p(2)(i)section 194a(3)(v)interest on securitiessection 2(19)

Judgments citing 447 (Kar). 3. Guttigedarara Credit Co-operative Society Ltd. v. ITO Ward 2(2), Mysore

Gunja Samabay Krishi Unnayan Samity Ltd, Purulia vs. PCIT, Asansol

In the result, the appeal of the assessee is allowed

ITA 110/KOL/2021[2016-17]Status: DisposedITAT Kolkata28 Jun 2022AY 2016-17

Bench: Shri Aby T Varkey & Shri Girish Agrawalassessment Year: 2016-17 Gunja Samabay Krishi Pcit, Asansol Unnayan Samity Ltd. Vill. Gunja, Golbera, P.S. Vs. Joypur, Dist. Purulia, Pin. 723103 Pan: Aabag 2110 M (Appellant) (Respondent)

For Appellant: Shri M. Goenka, CAFor Respondent: Shri Sudipta Guha, CIT, DR
Section 142(1)Section 143(3)Section 263Section 80Section 80PSection 80P(2)(a)Section 80P(2)(d)Section 80P(2)(i)

…ength of financial details, distinguishes the facts of the case in the decision of Hon’ble Supreme Court in the case of Totagars Co-operative Societies Ltd. (supra). 13.1. We further note that in the case of of Gutti Gedarara Co-operative Society Ltd. vs ITO 377 ITR 464 (Karnataka), the Hon’ble High Court considered this issue in para 7 to 12 which is reproduced as under: “7. From the aforesaid facts and rival contentions, the undisputed facts which emerge are, certain sums of interest were earned from short-term deposits and from savings bank account. The assessee is a Co-operative Society providing credit fac…

M/S Nagashettikoppa Chibbalageri Vyavasaya Seva Sahakari Sangha Niyamit, Uttara Kannada vs. Income Tax Officer, Ward-2(3), Hubballi

In the result, appeal of the assessee is treated as partly allowed for statistical purpose

ITA 53/BANG/2022[2017-18]Status: DisposedITAT Bangalore12 May 2022AY 2017-18

Bench: Shri Chandra Poojariassessment Year : 2017-18

For Appellant: Sri Vishal S Rao, A.RFor Respondent: Shri Ganesh R. Ghale, Standing counsel for dept
Section 143(2)Section 234BSection 80P(2)(a)

…preme made it clear that they are confining the said judgment to the facts of that case. The Court therefore concluded that Hon’ble Supreme Court was not laying down any law. Similar view taken in Guttigedarara Credit Co- operative Society Ltd. vs. ITO [2015] 377 ITR 464 (Karnataka). In the case of PRINCIPAL COMMISSIONER OF INCOME TAX AND ANOTHER vs. TOTAGARS CO-OPERATIVE SALE SOCIETY 392 ITR 0074 (Karn) in the context of deduction u/s.80P(2)(d) of the Act, it was held that Sec.80P(2)(d) of the Act allows deduction in respect of any income by way of interest or dividends derived by the co-operative society from i…

The Markandey Mahila Multipurpose Co-Op. Society Ltd, Belgaum vs. ITO, Ward - 1(2), Belgaum

In the result, appeal of the assessee is allowed in terms of our aforesaid observations

ITA 372/PAN/2017[2012-13]Status: DisposedITAT Panaji31 Mar 2022AY 2012-13

Bench: Shri Ravish Sood & Shri Jamlappa D Battullआयकर अपील सं. / Ita No. 372/Pan/2017 "नधा"रण वष" / Assessment Year : 2012-13 The Markendey Mahila Multipurpose Co-Op Society Ltd.,12, At Post-Kangrail-Khurd, Taluka & Dist. Belgaum. Pan : Aabam5563C .......अपीलाथ" / Appellant बनाम / V/S. The Income Tax Officer, Ward -1(2), Belgaum ……""यथ" / Respondent Assessee By : Shri Pramod Vaidhya, Ar Revenue By : Shri Sourabh Nayak, Sr. Dr

For Appellant: Shri Pramod Vaidhya, ARFor Respondent: Shri Sourabh Nayak, Sr. DR
Section 143(1)Section 143(2)Section 143(3)Section 56Section 80PSection 80P(2)(a)Section 80P(2)(d)Section 80P(4)

…iety on its deposits with the banks is eligible for deduction u/s 80P(2)(a)(i) of the Act, the Ld. AR, in support thereof had relied on the judgments of the Hon'ble High Court of Karnataka in the case of Guttigedarara Credit Co-operative Society Ltd. Vs. ITO, 377 ITR 464 (Kar.) and Tumkur Merchants Souharda Cooperative Ltd. Vs. ITO, Tumkur, 55 taxmann.com 447 (Kar.). It was submitted by the Ld. AR, that the Hon'ble High Court of jurisdiction in both the aforementioned judgments, had observed, that where a Co-operative society which was engaged in the business of providing credit facilities to its members had depo…

M/S. Kotekar Vyavasaya Seva Sahakara Sangha Niyamitha, Mangaluru vs. The Income Tax Officer, Ward - 2(4), Mangaluru

In the result, the appeal filed by the assessee stands allowed for statistical purposes

ITA 1232/BANG/2019[2015-16]Status: DisposedITAT Bangalore14 Mar 2022AY 2015-16

Bench: Shri. Chandra Poojari & Smt. Beena Pillaiassessment Year : 2015-16 M/S. Kotekar Vyavasaya Seva Sahakara Sangha Niyamitha, The Income Tax Officer, 5-4(5), Raitha Sadana, Ward – 2(4), Beeri, Kotekar, Mangalore. Mangalore – 575 022. Vs. Pan: Aaaak2844D Appellant Respondent Assessee By : Shri Prashanth .G.S, Ca : Shri Sankar Ganesh K, Jcit Revenue By (Dr) Date Of Hearing : 31-01-2022 Date Of Pronouncement : 14-03-2022 Order Per Beena Pillaipresent Appeal Arises Out Of Order Dated 19.03.2019 Passed By Ld.Cit(A), Mangaluru On Following Grounds Of Appeal: Tax Effect In Sl.No. Grounds Of Appeal Rs. A) The Orders Of The Authorities Below In So Far As These Are Against The Appellant Is Opposed To Law, Weight Of Evidence, Natural Justice, Probabilities, Facts & Circumstances Of The Appellant'S 1. Case. B) The Appellant Denies Itself Liable To Be Assessed On A Total Income Of Rs.82,17,400/- As Against The Returned Income Of Rs.1,99,640/- Under The Facts & Circumstances

For Appellant: Shri Prashanth .G.S, CA
Section 57Section 80PSection 80P(2)(a)Section 80P(2)(d)Section 80P(4)

…IN THE INCOME TAX APPELLATE TRIBUNAL ‘A’ BENCH : BANGALORE BEFORE SHRI. CHANDRA POOJARI, ACCOUNTANT MEMBER AND SMT. BEENA PILLAI, JUDICIAL MEMBER Assessment Year : 2015-16 M/s. Kotekar Vyavasaya Seva Sahakara Sangha Niyamitha, The Income Tax Officer, 5-4(5), Raitha Sadana, Ward – 2(4), Beeri, Kotekar, Mangalore. Mangalore – 575 022. Vs. PAN: AAAAK2844D APPELLANT RESPONDENT Assessee by : Shri Prashanth .G.S, CA : Shri Sankar ganesh K, JCIT Revenue by (DR) Date of Hearing : 31-01-2022 Date of Pronouncement : 14-03-2022 ORDER PER BEENA PILLAI, JUDICIAL MEMBER Present appeal arises out of order dated 19.03.2019 passe…

Krishnarajapet Taluk Agri Pro Co Op Marketing Society, Mandya vs. Principal Commissioner of Income Tax, Mysore

In the result, appeal of the assessee is treated as partly allowed for statistical purpose

ITA 514/BANG/2021[2015-16]Status: DisposedITAT Bangalore09 Feb 2022AY 2015-16

Bench: Shri N.V. Vasudevan & Shri B. R. Baskaranassessment Year : 2015-16 M/S. Krishnarajapet Taluk Agri Pro Co-Op Vs. Pr. Commissioner Of Income Tax, Marketing Society Ltd., Mysore. K. R. Pet, K. R. Pet Taluk, Mandya 571 426. Pan : Aaaak 4566 E Appellant Respondent Assessee By : Shri. Shankar Gowda H, Fca Revenue By : Shri. Sankar Ganesh K, Jcit(Dr)(Itat), Bengaluru. Date Of Hearing : 08.02.2022 Date Of Pronouncement : 08.02.2022 O R D E R Per N. V. Vasudevan: V. Vasudevan

For Appellant: Shri. Shankar Gowda H, FCAFor Respondent: Shri. Sankar Ganesh K, JCIT(DR)(ITAT), Bengaluru
Section 143(3)Section 263Section 80PSection 80P(2)Section 80P(2)(a)Section 80P(2)(d)Section 80P(2)(i)Section 80P(4)

…upreme made it clear that they are confining the said judgment to the facts of that case. The Court therefore concluded that Hon’ble Supreme Court was not laying down any law. Similar view taken in Guttigedarara Credit Co-operative Society Ltd. vs. ITO [2015] 377 ITR 464 (Karnataka). In the case of PRINCIPAL COMMISSIONER OF INCOME TAX AND ANOTHER vs. TOTAGARS CO-OPERATIVE SALE SOCIETY 392 ITR 0074 (Karn) in the context of deduction u/s.80P(2)(d) of the Act, it was held that Sec.80P(2)(d) of the Act allows deduction in respect of any income by way of interest or dividends derived by the co-operative society from i…

Hotel Owner'S Credit Co-Operative Society, Mysuru vs. Income Tax Officer, Ward-1(1), Mysuru

In the result, the appeal filed by the assessee is partly allowed

ITA 368/BANG/2021[2015-16]Status: DisposedITAT Bangalore27 Jan 2022AY 2015-16

Bench: Shri George George K, Jm & Shri B.R.Baskaran, Am

For Appellant: Sri.Rampriya Das CAFor Respondent: Sri.Pradeep Kumar, CIT-DR
Section 143(3)Section 263Section 57(2)Section 80Section 80P

…redit Co-op Society that they are confining the said judgment to the facts of that case. The Court therefore concluded that Hon’ble Supreme Court was not laying down any law. Similar view taken in Guttigedarara Credit Co- operative Society Ltd. vs. ITO [2015] 377 ITR 464 (Karnataka). In the case of PRINCIPAL COMMISSIONER OF INCOME TAX AND ANOTHER vs. TOTAGARS CO-OPERATIVE SALE SOCIETY 392 ITR 0074 (Karn) in the context of deduction u/s.80P(2)(d) of the Act, it was held that Sec.80P(2)(d) of the Act allows deduction in respect of any income by way of interest or dividends derived by the co-operative society from i…

M/S. Uppinangady Co-Operative Agricultural Society Limited, Puttur vs. Income Tax Officer, Ward - 1, Puttur

In the result, the appeal filed by the assessee is allowed for statistical purposes

ITA 1207/BANG/2019[2016-17]Status: DisposedITAT Bangalore10 Dec 2021AY 2016-17

Bench: Shri George George K, Jm & Shri B.R.Baskaran, Am

For Appellant: Sri.V.Srinivasan, AdvocateFor Respondent: Sri.Sankar Ganesh K, JCIT-DR
Section 143(3)Section 57Section 80P(2)Section 80P(2)(a)Section 80P(2)(d)

…preme made it clear that they are confining the said judgment to the facts of that case. The Court therefore concluded that Hon’ble Supreme Court was not laying down any law. Similar view taken in Guttigedarara Credit Co- operative Society Ltd. vs. ITO [2015] 377 ITR 464 (Karnataka). In the case of PRINCIPAL COMMISSIONER OF INCOME TAX AND ANOTHER vs. TOTAGARS CO-OPERATIVE SALE SOCIETY 392 ITR 0074 (Karn) in the context of deduction u/s.80P(2)(d) of the Act, it was held that Sec.80P(2)(d) of the Act allows deduction in respect of any income by way of interest or dividends derived by the co-operative society from i…

Income Tax Officer Ward-5(2)(3), Bangalore vs. M/S the Karnataka State Co-Operative Housing Federation Limited, Bangalore

In the result, the appeal filed by the Revenue is allowed for statistical purposes

ITA 2874/BANG/2018[2015-16]Status: DisposedITAT Bangalore10 Dec 2021AY 2015-16

Bench: Shri George George K, Jm & Shri B.R.Baskaran, Am

For Appellant: Sri.Sankar Ganesh K, JCIT-DRFor Respondent: Sri.Sandeep, CA & Sri.Vignesh, CA
Section 143(3)Section 80PSection 80P(2)(a)Section 80P(2)(d)

…preme made it clear that they are confining the said judgment to the facts of that case. The Court therefore concluded that Hon’ble Supreme Court was not laying down any law. Similar view taken in Guttigedarara Credit Co- operative Society Ltd. vs. ITO [2015] 377 ITR 464 (Karnataka). In the case of PRINCIPAL COMMISSIONER OF INCOME TAX AND ANOTHER vs. TOTAGARS CO-OPERATIVE SALE SOCIETY 392 ITR 0074 (Karn) in the context of deduction u/s.80P(2)(d) of the Act, it was held that Sec.80P(2)(d) of the Act allows deduction in respect of any income by way of interest or dividends derived by the co-operative society from i…

M/S. Gnanaganga Gruha Nirmana Sahakara Sanga Niyamita, Mysore vs. The Principal Commissioner of Income Tax, Mysore

In the result, the appeal filed by the assessee is allowed for statistical purposes

ITA 578/BANG/2020[2016-17]Status: DisposedITAT Bangalore09 Dec 2021AY 2016-17

Bench: Shri Chandra Poojari, Am & Smt.Beena Pillai, Jm

For Appellant: Sri.Tata Krishna, AdvocateFor Respondent: Sri.Vilas V.Shinde, CIT-DR
Section 143(3)Section 263Section 80PSection 80P(2)(a)Section 80P(2)(c)Section 80P(2)(d)

…preme made it clear that they are confining the said judgment to the facts of that case. The Court therefore concluded that Hon’ble Supreme Court was not laying down any law. Similar view taken in Guttigedarara Credit Co- operative Society Ltd. vs. ITO [2015] 377 ITR 464 (Karnataka). In the case of PRINCIPAL0 COMMISSIONER OF INCOME TAX AND ANOTHER vs. TOTAGARS CO-OPERATIVE SALE SOCIETY 392 ITR 0074 (Karn) in the context of deduction u/s.80P(2)(d) of the Act, it was held that Sec.80P(2)(d) of the Act allows deduction in respect of any income by way of interest or dividends derived by the co-operative society from…

M/S. Gnanaganga Gruha Nirmana Sahakara Sanga Niyamita, Mysore vs. The Principal Commissioner of Income Tax, Mysore

In the result, the appeal filed by the assessee is allowed for statistical purposes

ITA 577/BANG/2020[2015-16]Status: DisposedITAT Bangalore09 Dec 2021AY 2015-16

Bench: Shri Chandra Poojari, Am & Smt.Beena Pillai, Jm

For Appellant: Sri.Tata Krishna, AdvocateFor Respondent: Sri.Vilas V.Shinde, CIT-DR
Section 143(3)Section 263Section 80PSection 80P(2)(a)Section 80P(2)(c)Section 80P(2)(d)

…preme made it clear that they are confining the said judgment to the facts of that case. The Court therefore concluded that Hon’ble Supreme Court was not laying down any law. Similar view taken in Guttigedarara Credit Co- operative Society Ltd. vs. ITO [2015] 377 ITR 464 (Karnataka). In the case of PRINCIPAL0 COMMISSIONER OF INCOME TAX AND ANOTHER vs. TOTAGARS CO-OPERATIVE SALE SOCIETY 392 ITR 0074 (Karn) in the context of deduction u/s.80P(2)(d) of the Act, it was held that Sec.80P(2)(d) of the Act allows deduction in respect of any income by way of interest or dividends derived by the co-operative society from…

M/S. Prathamika Krushi Pattina Sahakara Niyamita, Hagaribommanahalli vs. The Principal Commissioner of Income Tax, Kalaburgi

In the result, the appeal filed by the assessee is allowed for statistical purposes

ITA 1725/BANG/2019[2014-15]Status: DisposedITAT Bangalore22 Nov 2021AY 2014-15

Bench: Shri Chandra Poojari, Am & Shri George George K, Jm

For Appellant: Sri.Siva Prasad Reddy, ITPFor Respondent: Sri.Pradeep Kumar, CIT-DR
Section 143(3)Section 263Section 3Section 80PSection 80P(2)Section 80P(2)(a)Section 80P(2)(d)

…preme made it clear that they are confining the said judgment to the facts of that case. The Court therefore concluded that Hon’ble Supreme Court was not laying down any law. Similar view taken in Guttigedarara Credit Co- operative Society Ltd. vs. ITO [2015] 377 ITR 464 (Karnataka). In the case of PRINCIPAL COMMISSIONER OF INCOME TAX AND ANOTHER vs. TOTAGARS CO-OPERATIVE SALE SOCIETY 392 ITR 0074 (Karn) in the context of deduction u/s.80P(2)(d) of the Act, it was held that Sec.80P(2)(d) of the Act allows deduction in respect of any income by way of interest or dividends derived by the co-operative society from i…

M/S. Prathamika Krushi Pattina Sahakara Niyamita, Hosapete vs. The Principal Commissioner of Income Tax, Kalaburgi

In the result, the appeal filed by the assessee is allowed for statistical purposes

ITA 1724/BANG/2019[2014-15]Status: DisposedITAT Bangalore22 Nov 2021AY 2014-15

Bench: Shri Chandra Poojari, Am & Shri George George K, Jm

For Appellant: Sri.Siva Prasad Reddy, ITPFor Respondent: Sri.Pradeep Kumar, CIT-DR
Section 143(3)Section 263Section 80PSection 80P(2)Section 80P(2)(a)

…preme made it clear that they are confining the said judgment to the facts of that case. The Court therefore concluded that Hon’ble Supreme Court was not laying down any law. Similar view taken in Guttigedarara Credit Co- operative Society Ltd. vs. ITO [2015] 377 ITR 464 (Karnataka). In the case of PRINCIPAL COMMISSIONER OF INCOME TAX AND ANOTHER vs. TOTAGARS CO-OPERATIVE SALE SOCIETY 392 ITR 0074 (Karn) in the context of deduction u/s.80P(2)(d) of the Act, it was held that Sec.80P(2)(d) of the Act allows deduction in respect of any income by way of interest or dividends derived by the co-operative society from i…

M/S. Manjunatheshwara Credit Co-Operative Society Limited, Bengaluru vs. Income Tax Officer, Ward- 6(2)(2), Bengaluru

In the result, the appeal filed by the assessee is allowed for statistical purposes

ITA 2238/BANG/2019[2015-16]Status: DisposedITAT Bangalore14 Oct 2021AY 2015-16

Bench: Shri George George K, Jm & Shri B.R.Baskaran, Am

For Appellant: Sri.Chaitanya V. Mudrabettu, CAFor Respondent: Sri.K.Sankar Ganesh, JCIT-DR
Section 143(2)Section 143(3)Section 80PSection 80P(2)(a)Section 80P(2)(d)

…upreme made it clear that they are confining the said judgment to the facts of that case. The Court therefore concluded that Hon’ble Supreme Court was not laying down any law. Similar view taken in Guttigedarara Credit Co-operative Society Ltd. vs. ITO [2015] 377 ITR 464 (Karnataka). In the case of PRINCIPAL COMMISSIONER OF INCOME TAX AND ANOTHER vs. TOTAGARS CO-OPERATIVE SALE SOCIETY 392 ITR 0074 (Karn) in the context of deduction u/s.80P(2)(d) of the Act, it was held that Sec.80P(2)(d) of the Act allows deduction in respect of any income by way of interest or dividends derived by the co-operative society from i…

M/S. Primary Agricultural Credit Co-Operative Service Society Limited, Belthangady vs. Income Tax Officer, Ward- 1, Puttur

In the result, the appeal of the assessee is allowed for statistical purposes

ITA 1306/BANG/2019[2016-17]Status: DisposedITAT Bangalore08 Oct 2021AY 2016-17

Bench: Shri B.R. Baskaran & Smt Beena Pillaiita. No. 1306/Bang/2019 Assessment Year: 2016-17 M/S. Primary Agricultural Credit Co-Operative Service The Income Tax Officer, Society Ltd., Ward – 1, Puttur – Ujire, 574 201. Belthangady – 574 240. Vs. Pan: Aaaju0058J (Appellant) (Respondent) For Assessee: Shri Mahesh R. Uppin, Advocate For Revenue : Shri Priyadarshi Mishra, Addl.Cit.(Dr) Date Of Hearing : 30.08.2021 Date Of Pronouncement : 08.10.2021 Order Per Beena Pillai, Jm. Present Appeals Are Filed By The Assessee Against The Common Order Dated 14/03/2019 Passed By The Ld.Cit(A) Mangaluru For Assessment Year 2016-17 On The Following Grounds:

For Appellant: Shri Mahesh R. Uppin, AdvocateFor Respondent: Shri Priyadarshi Mishra, Addl.CIT.(DR)
Section 143(2)Section 80Section 80PSection 80P(2)(a)Section 80P(2)(d)

…of the Act. The Court also observed that even the Hon’ble Supreme Court made it clear that, they are confining the said judgment to the facts of that case. Similar view taken in case of Guttigedarara Credit Co-operative Society Ltd. vs. ITO reported in (2015) 377 ITR 464 by Hon’ble Karnataka High Court. In a subsequent decision of Pr.CIT And Anrs. vs. Totagars Co-Operative Sale Society reported in 392 ITR 74 in the context of deduction u/s.80P(2)(d) of the Act, it was held by Hon’ble Karnataka High Court that deduction in respect of any income by way of interest or dividends derived by the co-operative society fr…

Nikhara Souharda Credit Co-Operative Limited, Bengaluru vs. The Income Tax Officer, Ward- 5(2)(5), Bengaluru

In the result, the appeals filed by the assessee are allowed for statistical purposes

ITA 630/BANG/2020[2014-15]Status: DisposedITAT Bangalore22 Sept 2021AY 2014-15

Bench: Shri George George K

For Appellant: Sri.Nitish Ranjan, CAFor Respondent: Sri.Ganesh R.Ghale, Standing Counsel
Section 143(2)Section 2(19)Section 57Section 80PSection 80P(2)(a)Section 80P(2)(d)

…upreme made it clear that they are confining the said judgment to the facts of that case. The Court therefore concluded that Hon’ble Supreme Court was not laying down any law. Similar view taken in Guttigedarara Credit Co-operative Society Ltd. vs. ITO [2015] 377 ITR 464 (Karnataka). In the case of PRINCIPAL COMMISSIONER OF INCOME TAX AND ANOTHER vs. TOTAGARS CO-OPERATIVE SALE SOCIETY 392 ITR 0074 (Karn) in the context of deduction u/s.80P(2)(d) of the Act, it was held that Sec.80P(2)(d) of the Act allows deduction in respect of any income by way of interest or dividends derived by the co-operative society from i…

Nikhara Souharda Credit Co-Operative Limited, Bengaluru vs. The Income Tax Officer, Ward- 5(2)(5), Bengaluru

In the result, the appeals filed by the assessee are allowed for statistical purposes

ITA 629/BANG/2020[2013-14]Status: DisposedITAT Bangalore22 Sept 2021AY 2013-14

Bench: Shri George George K

For Appellant: Sri.Nitish Ranjan, CAFor Respondent: Sri.Ganesh R.Ghale, Standing Counsel
Section 143(2)Section 2(19)Section 57Section 80PSection 80P(2)(a)Section 80P(2)(d)

…upreme made it clear that they are confining the said judgment to the facts of that case. The Court therefore concluded that Hon’ble Supreme Court was not laying down any law. Similar view taken in Guttigedarara Credit Co-operative Society Ltd. vs. ITO [2015] 377 ITR 464 (Karnataka). In the case of PRINCIPAL COMMISSIONER OF INCOME TAX AND ANOTHER vs. TOTAGARS CO-OPERATIVE SALE SOCIETY 392 ITR 0074 (Karn) in the context of deduction u/s.80P(2)(d) of the Act, it was held that Sec.80P(2)(d) of the Act allows deduction in respect of any income by way of interest or dividends derived by the co-operative society from i…

M/S. Ravindra Multipurpose Co-Operative Society Limited, Udupi vs. Income Tax Officer, Ward - 3, Udupi

In the result, the appeal of the assessee is allowed for statistical purposes

ITA 1262/BANG/2019[2016-17]Status: DisposedITAT Bangalore31 Aug 2021AY 2016-17

Bench: Shri Chandra Poojari & Smt. Beena Pillaiassessment Year : 2016-17

For Appellant: Shri Ramasubramaniyan, C.AFor Respondent: Smt. H Kabila, Addl.CIT
Section 143(2)Section 80PSection 80P(2)(a)Section 80P(2)(d)

…he Court also observed that even the Page 9 of 12 Hon’ble Supreme Court made it clear that, they are confining the said judgment to the facts of that case. Similar view taken in case of Guttigedarara Credit Co-operative Society Ltd. vs. ITO reported in [2015] 377 ITR 464 by Hon’ble Karnataka High Court. In a subsequent decision of Pr.CIT And Anrs vs. Totagars Co- Operative Sale Society reported in 392 ITR 74 in the context of deduction u/s.80P(2)(d) of the Act, it was held by Hon’ble Karnataka high Court that deduction in respect of any income by way of interest or dividends derived by the co-operative society fr…

M/S. Jyothi Pattin Souhard Sahakari Niyamit, Gadag vs. Principal Commissioner of Income Tax, Hubballi

In the result, appeal of the Assessee is dismissed

ITA 650/BANG/2020[2015-16]Status: DisposedITAT Bangalore13 Aug 2021AY 2015-16
For Appellant: Shri. R. Chandrashekar, AdvocateFor Respondent: Ms. Neera Malhotra, CIT(DR)(ITAT), Bengaluru
Section 143(3)Section 263Section 28Section 80Section 80P(2)(a)Section 80P(2)(d)

…t clear that they are confining the said judgment to the facts of that case. The Court therefore Page 7 of 14 concluded that Hon’ble Supreme Court was not laying down any law. Similar view taken in Guttigedarara Credit Co-operative Society Ltd. vs. ITO [2015] 377 ITR 464 (Karnataka). In the case of PRINCIPAL COMMISSIONER OF INCOME TAX AND ANOTHER vs. TOTAGARS CO-OPERATIVE SALE SOCIETY 392 ITR 0074 (Karn) in the context of deduction u/s.80P(2)(d) of the Act, it was held that Sec.80P(2)(d) of the Act allows deduction in respect of any income by way of interest or dividends derived by the co-operative society from i…

Sri Vasavamba Co-Operative Society Limited, Hunsur vs. The Principal Commissioner of Income Tax, Mysore

In the result, appeal by the assessee is partly allowed for statistical purpose

ITA 453/BANG/2020[2015-16]Status: DisposedITAT Bangalore13 Aug 2021AY 2015-16

Bench: Shri N.V. Vasudevan & Shri Chandra Poojariassessment Year : 2015-16 M/S. Vasavamba Co-Operative Society Ltd., Vs. The Principal Commissioner Of Income Tax, Ganesh Temple, Street Hunsur, Mysuru. Mysuru – 571 105, Karnataka. Pan : Aalas 6055 P Appellant Respondent Appellant By : Shri. V. Srinivasan, Advocate Respondent By : Ms. Neera Malhotra, Cit(Dr)(Itat), Bengaluru Date Of Hearing : 10.08.2021 Date Of Pronouncement : 13.08.2021 O R D E R Per N.V. Vasudevanthis Is An Appeal By The Assessee Against The Order Dated 28.04.2020 Of Pr.Cit, Mysuru, Passed Under Section 263 Of The Income Tax Act, 1961 (Hereinafter Called ‘The Act’), In Relation To Assessment Year 2015-16. 2. The Assessee Is A Co-Operative Society Registered Under The Karnataka State Co-Operative Societies Act, 1959. It Accepts Deposits From Its Members & Provides Credit Facilities To Its Members. The Assessee Also Derives Income By Distributing Food Grains On Behalf Of The Karnataka State Food & Civil Supplies Corporation Ltd. In The Return Of Income Filed For Assessment Year 2015-16, The Asssessee Claimed Deduction Under Section 80P(2)(A)(I) Of The Act, 1961 Of A Sum Of Rs.10,61,494/- As Income From The Business Of Providing Credit Facilities To Its Members. The Ao Page 2 Of 15 Passed An Order Of Assessment Under Section 143(3) Of The Act Dated 31.07.2017 Accepting The Claim Of The Assessee.

For Appellant: Shri. V. Srinivasan, AdvocateFor Respondent: Ms. Neera Malhotra, CIT(DR)(ITAT), Bengaluru
Section 143(3)Section 263Section 80Section 80P(2)(a)Section 80P(2)(d)

…upreme made it clear that they are confining the said judgment to the facts of that case. The Court therefore concluded that Hon’ble Supreme Court was not laying down any law. Similar view taken in Guttigedarara Credit Co-operative Society Ltd. vs. ITO [2015] 377 ITR 464 (Karnataka). In the case of PRINCIPAL COMMISSIONER OF INCOME TAX AND ANOTHER vs. TOTAGARS CO-OPERATIVE SALE SOCIETY 392 ITR 0074 (Karn) in the context of deduction u/s.80P(2)(d) of the Act, it was held that Sec.80P(2)(d) of the Act allows deduction in respect of any income by way of interest or dividends derived by the co-operative society from i…

Prathamik Krishi Pattina Sahakari Sangha Niyamit, Bagalkot vs. Income Tax Officer Ward-2, Bagalkot

In the result, appeal of the assessee is allowed for statistical purposes

ITA 2630/BANG/2018[2015-16]Status: DisposedITAT Bangalore28 Nov 2019AY 2015-16

Bench: Shri A.K. Garodia & Shri Pavan Kumar Gadaleprathamik Krishi Pattina Sahakari Sangha Niyamit, Bidari Post, Jamakhandi Taluk, Dist Bagalkot-586125 ….Appellant Pan Aaaap 3489M Vs. Income Tax Officer, Ward 2, Bagalkot. ……Respondent.

For Appellant: Shri Veerana M Murgod, C.AFor Respondent: Shri Sunil Kumar Agarwal, Addl. CIT (D.R)
Section 143(2)Section 143(3)Section 80P(2)Section 80P(2)(a)Section 80P(2)(ai)Section 80P(2)(d)

…IN THE INCOME TAX APPELLATE TRIBUNAL BANGALORE BENCHES “ A ” BENCH: BANGALORE BEFORE SHRI A.K. GARODIA, ACCOUNTANT MEMBER AND SHRI PAVAN KUMAR GADALE, JUDICIAL MEMBER Prathamik Krishi Pattina Sahakari Sangha Niyamit, Bidari Post, Jamakhandi Taluk, Dist Bagalkot-586125 ….Appellant PAN AAAAP 3489M Vs. Income Tax Officer, Ward 2, Bagalkot. ……Respondent. Assessee By: Shri Veerana M Murgod, C.A. Revenue By: Shri Sunil Kumar Agarwal, Addl. CIT (D.R) Date of Hearing : 26.11.2019 Date of Pronouncement : 28.11.2019 O R D E R PER SHRI PAVAN KUMAR GADALE, JM : The assessee has filed an appeal against the order of Commiss…