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

The Mantola Cooperative Thrift & Credit Society, New Delhi vs. ITO, New Delhi

ITA 2834/DEL/2015[2009-10]Status: DisposedITAT Delhi12 Jun 2019AY 2009-10

Bench: Shri Kuldip Singh & Shri Anadee Nath Misshra

For Appellant: Shri Gaurav Jain, AdvocateFor Respondent: Ms. Naina Soin Kapil,Senior DR
Section 143Section 271Section 271(1)(c)Section 80PSection 80P(2)(a)

…IN THE INCOME TAX APPELLATE TRIBUNAL (DELHI BENCH ‘D’ : NEW DELHI) BEFORE SHRI KULDIP SINGH, JUDICIAL MEMBER and SHRI ANADEE NATH MISSHRA, ACCOUNTANT MEMBER ITA No.2830/Del./2015 (ASSESSMENT YEAR : 2004-05) ITA No.2831/Del./2015 (ASSESSMENT YEAR : 2005-06) ITA No.2832/Del./2015 (ASSESSMENT YEAR : 2006-07) ITA No.2833/Del./2015 (ASSESSMENT YEAR : 2007-08) ITA No.2834/Del./2015 (ASSESSMENT YEAR : 2009-10) The Mantola Cooperative Thrift & vs. ITO, Ward 38 (4), Credit Society, New Delhi. 541, Mantola, Paharganj, New Delhi – 110 055. (PAN : AAAJT1976A) (APPELLANT) (RESPONDENT) ASSESSEE BY : Shri Gaurav Jain, Advocat…

The Mantola Cooperative Thrift & Credit Society, New Delhi vs. ITO, New Delhi

ITA 2833/DEL/2015[2007-08]Status: DisposedITAT Delhi12 Jun 2019AY 2007-08

Bench: Shri Kuldip Singh & Shri Anadee Nath Misshra

For Appellant: Shri Gaurav Jain, AdvocateFor Respondent: Ms. Naina Soin Kapil,Senior DR
Section 143Section 271Section 271(1)(c)Section 80PSection 80P(2)(a)

…IN THE INCOME TAX APPELLATE TRIBUNAL (DELHI BENCH ‘D’ : NEW DELHI) BEFORE SHRI KULDIP SINGH, JUDICIAL MEMBER and SHRI ANADEE NATH MISSHRA, ACCOUNTANT MEMBER ITA No.2830/Del./2015 (ASSESSMENT YEAR : 2004-05) ITA No.2831/Del./2015 (ASSESSMENT YEAR : 2005-06) ITA No.2832/Del./2015 (ASSESSMENT YEAR : 2006-07) ITA No.2833/Del./2015 (ASSESSMENT YEAR : 2007-08) ITA No.2834/Del./2015 (ASSESSMENT YEAR : 2009-10) The Mantola Cooperative Thrift & vs. ITO, Ward 38 (4), Credit Society, New Delhi. 541, Mantola, Paharganj, New Delhi – 110 055. (PAN : AAAJT1976A) (APPELLANT) (RESPONDENT) ASSESSEE BY : Shri Gaurav Jain, Advocat…

The Mantola Cooperative Thrift & Credit Society, New Delhi vs. ITO, New Delhi

ITA 2832/DEL/2015[2006-07]Status: DisposedITAT Delhi12 Jun 2019AY 2006-07

Bench: Shri Kuldip Singh & Shri Anadee Nath Misshra

For Appellant: Shri Gaurav Jain, AdvocateFor Respondent: Ms. Naina Soin Kapil,Senior DR
Section 143Section 271Section 271(1)(c)Section 80PSection 80P(2)(a)

…IN THE INCOME TAX APPELLATE TRIBUNAL (DELHI BENCH ‘D’ : NEW DELHI) BEFORE SHRI KULDIP SINGH, JUDICIAL MEMBER and SHRI ANADEE NATH MISSHRA, ACCOUNTANT MEMBER ITA No.2830/Del./2015 (ASSESSMENT YEAR : 2004-05) ITA No.2831/Del./2015 (ASSESSMENT YEAR : 2005-06) ITA No.2832/Del./2015 (ASSESSMENT YEAR : 2006-07) ITA No.2833/Del./2015 (ASSESSMENT YEAR : 2007-08) ITA No.2834/Del./2015 (ASSESSMENT YEAR : 2009-10) The Mantola Cooperative Thrift & vs. ITO, Ward 38 (4), Credit Society, New Delhi. 541, Mantola, Paharganj, New Delhi – 110 055. (PAN : AAAJT1976A) (APPELLANT) (RESPONDENT) ASSESSEE BY : Shri Gaurav Jain, Advocat…

The Mantola Cooperative Thrift & Credit Society, New Delhi vs. ITO, New Delhi

ITA 2831/DEL/2015[2005-06]Status: DisposedITAT Delhi12 Jun 2019AY 2005-06

Bench: Shri Kuldip Singh & Shri Anadee Nath Misshra

For Appellant: Shri Gaurav Jain, AdvocateFor Respondent: Ms. Naina Soin Kapil,Senior DR
Section 143Section 271Section 271(1)(c)Section 80PSection 80P(2)(a)

…IN THE INCOME TAX APPELLATE TRIBUNAL (DELHI BENCH ‘D’ : NEW DELHI) BEFORE SHRI KULDIP SINGH, JUDICIAL MEMBER and SHRI ANADEE NATH MISSHRA, ACCOUNTANT MEMBER ITA No.2830/Del./2015 (ASSESSMENT YEAR : 2004-05) ITA No.2831/Del./2015 (ASSESSMENT YEAR : 2005-06) ITA No.2832/Del./2015 (ASSESSMENT YEAR : 2006-07) ITA No.2833/Del./2015 (ASSESSMENT YEAR : 2007-08) ITA No.2834/Del./2015 (ASSESSMENT YEAR : 2009-10) The Mantola Cooperative Thrift & vs. ITO, Ward 38 (4), Credit Society, New Delhi. 541, Mantola, Paharganj, New Delhi – 110 055. (PAN : AAAJT1976A) (APPELLANT) (RESPONDENT) ASSESSEE BY : Shri Gaurav Jain, Advocat…

The Mantola Cooperative Thrift & Credit Society, New Delhi vs. ITO, New Delhi

ITA 2830/DEL/2015[2004-05]Status: DisposedITAT Delhi12 Jun 2019AY 2004-05

Bench: Shri Kuldip Singh & Shri Anadee Nath Misshra

For Appellant: Shri Gaurav Jain, AdvocateFor Respondent: Ms. Naina Soin Kapil,Senior DR
Section 143Section 271Section 271(1)(c)Section 80PSection 80P(2)(a)

…IN THE INCOME TAX APPELLATE TRIBUNAL (DELHI BENCH ‘D’ : NEW DELHI) BEFORE SHRI KULDIP SINGH, JUDICIAL MEMBER and SHRI ANADEE NATH MISSHRA, ACCOUNTANT MEMBER ITA No.2830/Del./2015 (ASSESSMENT YEAR : 2004-05) ITA No.2831/Del./2015 (ASSESSMENT YEAR : 2005-06) ITA No.2832/Del./2015 (ASSESSMENT YEAR : 2006-07) ITA No.2833/Del./2015 (ASSESSMENT YEAR : 2007-08) ITA No.2834/Del./2015 (ASSESSMENT YEAR : 2009-10) The Mantola Cooperative Thrift & vs. ITO, Ward 38 (4), Credit Society, New Delhi. 541, Mantola, Paharganj, New Delhi – 110 055. (PAN : AAAJT1976A) (APPELLANT) (RESPONDENT) ASSESSEE BY : Shri Gaurav Jain, Advocat…

M/S Bhadravathi Town Bhavasara Kshatriya Co-Operative Society Limited, Shimoga vs. Income Tax Officer Ward-1, Shimoga

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

ITA 242/BANG/2019[2015-16]Status: DisposedITAT Bangalore30 Apr 2019AY 2015-16

Bench: Shri Arun Kumar Garodiaassessment Year :2015-16 M/S. Bhadravathi Town Bhavasara Kshatriya Co- Operative Society Ltd., The Income Tax B.H. Road, Nr. Halappa Officer, Vs. Circle, Ward – 1, Bhadravathi – 577 301. Shivamogga. Shivamogga Dist. Pan: Aacab3097M Appellant Respondent Appellant By : Shri Rakesh .C.R, Ca Respondent By : Shri Palani Kumar, Addl. Cit (Dr) Date Of Hearing : 30.04.2019 Date Of Pronouncement : 30.04.2019

For Appellant: Shri Rakesh .C.R, CAFor Respondent: Shri Palani Kumar, Addl. CIT (DR)
Section 80P(2)

…e learned ITO and CIT (A) was bound to apply the Karnataka High Courtdecision inM/s. Tumkur Merchants Souharda Credit Co- operative Ltd vs.ITO [2015] 55 taxmann.com 447 (Karn) and Mis. Guttigedarara Credit Co-Operative Society Ltd v. Income Tax Officer [2015] 377 ITR 464 (Karn)as facts being the same.” 3. It was submitted by ld. AR of assessee that the assessee’s claim for deduction u/s. 80P(2) in respect of interest income from bank should be decided in favour of the assessee because this issue is covered in favour of the assessee by the judgement of Hon'ble Karnataka High Court rendered in the case of Tumkur Me…

Sindhudurga Zilla Madhyamik Adhyapak Va Ucchya Madhyamik Shikshak Va Shikshaketar Karmachari Sahakari Patpedhi Maryadit, Sindhudurg vs. Income-Tax Officer

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

ITA 154/PUN/2015[2011-12]Status: DisposedITAT Pune31 May 2018AY 2011-12

Bench: Shri D. Karunakara Rao, Am & Shri Vikas Awasthy, Jm

For Appellant: Shri Nikhil PathakFor Respondent: Shri Achal Sharma
Section 80P(2)(a)Section 80P(2)(d)

…decisions of Hon‟ble Karnataka High Court in the case of Tumkur Merchants Souharda Credit Co-operative Ltd. Vs. Income Tax Officer reported as 230 Taxman 309 and in the case of Guttigedarara Credit Co-operative Society Ltd. Vs. Income Tax Officer reported as 377 ITR 464. The ld. AR submitted that the Co-ordinate Bench of the Tribunal in the case of Income Tax Officer Vs. M/s. Kundalika Nagari Sahakari patsanstha Maryadit in ITA No. 900/PN/2014 for assessment year 2010-11 decided on 29-01-2016 had occasion to deal with identical issue. The Tribunal after considering the decision of Hon‟ble Supreme Court of India…

M/S. Banashankari Credit Co-Operative Society Limited, Bengaluru vs. Income Tax Officer, Ward-7(2)(4), Bengaluru

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

ITA 2874/BANG/2017[2014-15]Status: DisposedITAT Bangalore12 Mar 2018AY 2014-15

Bench: Shri Arun Kumar Garodiaassessment Year :2014-15

For Appellant: Smt. Pratibha .R, AdvocateFor Respondent: Smt. Padma Meenakshi, JCIT (DR)
Section 80P

…e case of Totgar's Co-operative Sale Society Ltd (2010) 188 Taxman 282 was distinguishable. 3. The learned CIT (Appeals) ought to have followed the jurisdictional High Court judgment in the case of Guttigedarara Credit Co- operative Society Ltd vs. ITO (2015) 377 ITR 464 (Karn) and also in Page 2 of 5 the case of Yamakaninardi Co-operative Credit Society vs. cit (2014) 45 Taxmann.com 297 (Karn) and ought to have allowed the deduction as claimed by the Appellant. 4. The learned CIT (Appeals) ought to have appreciated that the investments in deposits were as per the statutory requirement and it was not out of surp…

ACIT, Circle-33, Kolkata vs. Central Bank of India Employees Cooperative Society Limited, Kolkata

In the result, appeal by the revenue is dismissed

ITA 2203/KOL/2016[2013-14]Status: DisposedITAT Kolkata01 Mar 2018AY 2013-14

Bench: Hon’Ble Sri.N.V.Vasudevan, Jm & Sri.Waseem Ahmed Am]

For Appellant: Shri S.Bhatacharjee, FCA & Gautam BanerjeeFor Respondent: Shri S.Dasgupta, Addl.CIT Sr.DR
Section 80P(2)(a)

…cision of the Hon’ble Supreme Court in the case of Totagar Co-operative Society (supra) in the case of Guttigedarar Credit Co-operative Society Ltd. Vs. ITO Ward 2(2), Mysore ITA No.2203/K/2016 Central Bank of India Employees Coop Society Ltd. A.Y.2013-14 8 377 ITR 464 (Karnataka). The Assessee in that case which was a co-operative Society claimed deduction in respect of interest income it earned on deposit of surplus funds as eligible for deduction u/s.80P(2)(a)(i) of the Act. The appellate authorities under the Act held that assessee is liable to income tax in view of the judgment of the Apex Court in the cas…

Shri. Channabasappa, Ceo, Bellary vs. Commissioner of Income Tax, Kalaburagi

In the result, the appeal of the assessee is allowed

ITA 869/BANG/2017[2012-13]Status: DisposedITAT Bangalore31 May 2017AY 2012-13

Bench: Shri Vijay Pal Rao

For Appellant: Shri S.N. Arvinda, AdvoacateFor Respondent: Shri M.K. Biju, JCIT (DR) (ITAT)-3, Bengaluru
Section 80PSection 80P(2)(a)

…IN THE INCOME TAX APPELLATE TRIBUNAL BANGALORE BENCH-SMC “ A ” BEFORE SHRI VIJAY PAL RAO, JUDICIAL MEMBER I.T.A. No.869/Bang/2017 (Assessment Year : 2012-13) Shri H. Chennabasappa, Vs. Commissioner of Income Tax CEO, (Appeals), Primary Agriculture Credit Kalburgi-585 101 Co-opeative Society Ltd., Kalakamba Post, Bellary Dist. PAN AAATP 6810F Appellant Respondent. Appellant By : Shri S.N. Arvinda, Advoacate. Respondent By : Shri M.K. Biju, JCIT (DR) (ITAT)-3, Bengaluru. Date of Hearing : 25.05.2017. Date of Pronouncement : 31.05.2017. O R D E R Per Shri Vijay Pal Rao, J.M. : This appeal by the assessee is di…

Shri. B Madhvesh Rao, Ceo, Bellary vs. Commissioner of Income Tax, Kalaburagi

In the result, the appeal of the assessee is allowed

ITA 868/BANG/2017[2012-13]Status: DisposedITAT Bangalore31 May 2017AY 2012-13

Bench: Shri Vijay Pal Rao

For Appellant: Shri S.N. Arvinda, AdvoacateFor Respondent: Shri M.K. Biju, JCIT (DR) (ITAT)-3, Bengaluru
Section 80PSection 80P(2)(a)

…IN THE INCOME TAX APPELLATE TRIBUNAL BANGALORE BENCH-SMC “ C ” BEFORE SHRI VIJAY PAL RAO, JUDICIAL MEMBER I.T.A. No.868/Bang/2017 (Assessment Year : 2012-13) Shri B. Madhvesh Rao, CEO, Vs. Commissioner of Income Tax Primary Agriculture Credit (Appeals), Co-opeative Society Ltd., Kalburgi-585 101 Bylur Post, Bellary Dist. PAN AAATP 6810F Appellant Respondent. Appellant By : Shri S.N. Arvinda, Advoacate. Respondent By : Shri M.K. Biju, JCIT (DR) (ITAT)-3, Bengaluru. Date of Hearing : 25.05.2017. Date of Pronouncement : 31.05.2017. O R D E R Per Shri Vijay Pal Rao, J.M. : This appeal by the assessee is directe…

Shri. Basavaraj, Ceo, Bellary vs. Commissioner of Income Tax, Kalaburagi

In the result, the appeal of the assessee is allowed

ITA 867/BANG/2017[2012-13]Status: DisposedITAT Bangalore31 May 2017AY 2012-13

Bench: Shri Vijay Pal Rao

For Appellant: Shri S.N. Arvinda, AdvoacateFor Respondent: Shri M.K. Biju, JCIT (DR) (ITAT)-3, Bengaluru
Section 80PSection 80P(2)(a)

…IN THE INCOME TAX APPELLATE TRIBUNAL BANGALORE BENCH-SMC “ B ” BEFORE SHRI VIJAY PAL RAO, JUDICIAL MEMBER I.T.A. No.867/Bang/2017 (Assessment Year : 2012-13) Shri Basavaraj, CEO, Vs. Commissioner of Income Tax Primary Agriculture Credit (Appeals), Co-opeative Society Ltd., Kalburgi-585 101 Kolur Post, Bellary Dist-583 102 PAN AAAAP 4586H Appellant Respondent. Appellant By : Shri S.N. Arvinda, Advoacate. Respondent By : Shri M.K. Biju, JCIT (DR) (ITAT)-3, Bengaluru. Date of Hearing : 25.05.2017. Date of Pronouncement : 31.05.2017. O R D E R Per Shri Vijay Pal Rao, J.M. : This appeal by the assessee is direct…

Shri. S. M Revana Siddaiah, Ceo, Bellary vs. Commissioner of Income Tax, Kalaburagi

In the result, the appeal of the assessee is allowed

ITA 866/BANG/2017[2012-13]Status: DisposedITAT Bangalore31 May 2017AY 2012-13

Bench: Shri Vijay Pal Rao

For Appellant: Shri S.N. Arvinda, AdvoacateFor Respondent: Shri M.K. Biju, JCIT (DR) (ITAT)-3, Bengaluru
Section 80PSection 80P(2)(a)

…IN THE INCOME TAX APPELLATE TRIBUNAL BANGALORE BENCH-SMC “ A ” BEFORE SHRI VIJAY PAL RAO, JUDICIAL MEMBER I.T.A. No.866/Bang/2017 (Assessment Year : 2012-13) Shri Revanna Siddaiah, CEO, Vs. Commissioner of Income Tax Primary Agriculture Credit (Appeals), Co-opeative Society Ltd., Kalburgi-585 101 Dammur Post, Bellary Dist. PAN AAATP 6832D Appellant Respondent. Appellant By : Shri S.N. Arvinda, Advoacate. Respondent By : Shri M.K. Biju, JCIT (DR) (ITAT)-3, Bengaluru. Date of Hearing : 25.05.2017. Date of Pronouncement : 31.05.2017. O R D E R Per Shri Vijay Pal Rao, J.M. : This appeal by the assessee is direc…

Shree Datta Prasad Sahakari Patsanstha Ltd, Mumbai vs. ITO 15(3)(4), Mumbai

In the result, the Revenue’s appeal is dismissed and assessee’s appeal is allowed

ITA 3783/MUM/2014[2010-11]Status: DisposedITAT Mumbai24 May 2017AY 2010-11

Bench: Sri Mahavir Singh, Jm & Sri N.K. Pradhan, Am Shree Datta Prasad Sahakari Income Tax Officer Patsanstha Ltd. Ward 15(3)(4) Dion Shelter Co Op Hsg Matru Mandir, Grant Rd, Society Ist Floor, Shop No. 108 Mumbai-07 Vs. S.B. Barve Marg, Kurla (E) Mumbai-400 024 Pan No. Aabas6993E Appellant .. Respondent Vs. Income Tax Officer Shree Datta Prasad Sahakari Ward 15(3)(4) Patsanstha Ltd. Matru Mandir, Grant Rd, Dion Shelter Co Op Hsg Society Mumbai-07 Ist Floor, Shop No. 108 S.B. Barve Marg, Kurla (E)S Mumbai-400 024 Pan No. Aabas6993E Appellant .. Respondent .. Mr. M Subramanian, Ar Assessee By Revenue By .. Mr. K. Ravi Kiran, Dr .. Date Of Hearing 16-05-2017 Date Of Pronouncement .. 24-05-2017 O R D E R Per Mahavir Singh, Jm:

Section 143(3)Section 2(24)Section 4Section 5Section 56Section 80Section 80PSection 80P(2)(a)Section 80P(4)

….20,42,220/-. He disallowed deduction on the interest under section 80IP(2)(d) of the Act. The learned Counsel for the assessee relied on the decision of Hon’ble Karnataka High Court in the case of Guttigedarara Credit Co-operative Society Ltd. vs. ITO [2015] 377 ITR 464 (Karn) Wherein the same issue as regards to the interest so derived on the capital, if not immediately so required to be lent to the members cannot be kept as idle and if this deposits in a Page 10 of 13 ITA No.3783 & 3769/Mum/2014 Shree Datta Prasad Sahakari Patsanstha Ltd.; AY 10-11 bank account earned interest, the interest so earned is attri…

ITO 15(3)(4), Mumbai vs. Shree Datta Prasad Sahakari Patsanstha Ltd, Mumbai

In the result, the Revenue’s appeal is dismissed and assessee’s appeal is allowed

ITA 3769/MUM/2014[2010-11]Status: DisposedITAT Mumbai24 May 2017AY 2010-11

Bench: Sri Mahavir Singh, Jm & Sri N.K. Pradhan, Am Shree Datta Prasad Sahakari Income Tax Officer Patsanstha Ltd. Ward 15(3)(4) Dion Shelter Co Op Hsg Matru Mandir, Grant Rd, Society Ist Floor, Shop No. 108 Mumbai-07 Vs. S.B. Barve Marg, Kurla (E) Mumbai-400 024 Pan No. Aabas6993E Appellant .. Respondent Vs. Income Tax Officer Shree Datta Prasad Sahakari Ward 15(3)(4) Patsanstha Ltd. Matru Mandir, Grant Rd, Dion Shelter Co Op Hsg Society Mumbai-07 Ist Floor, Shop No. 108 S.B. Barve Marg, Kurla (E)S Mumbai-400 024 Pan No. Aabas6993E Appellant .. Respondent .. Mr. M Subramanian, Ar Assessee By Revenue By .. Mr. K. Ravi Kiran, Dr .. Date Of Hearing 16-05-2017 Date Of Pronouncement .. 24-05-2017 O R D E R Per Mahavir Singh, Jm:

Section 143(3)Section 2(24)Section 4Section 5Section 56Section 80Section 80PSection 80P(2)(a)Section 80P(4)

….20,42,220/-. He disallowed deduction on the interest under section 80IP(2)(d) of the Act. The learned Counsel for the assessee relied on the decision of Hon’ble Karnataka High Court in the case of Guttigedarara Credit Co-operative Society Ltd. vs. ITO [2015] 377 ITR 464 (Karn) Wherein the same issue as regards to the interest so derived on the capital, if not immediately so required to be lent to the members cannot be kept as idle and if this deposits in a Page 10 of 13 ITA No.3783 & 3769/Mum/2014 Shree Datta Prasad Sahakari Patsanstha Ltd.; AY 10-11 bank account earned interest, the interest so earned is attri…

Shri. S.M.Revana Siddaiah, Ceo, Bellary vs. Commissioner of Income Tax, Gulbarga

In the result, the appeals of the assessees are allowed

ITA 2202/BANG/2016[2013-14]Status: DisposedITAT Bangalore28 Feb 2017AY 2013-14

Bench: Shri Vijay Pal Rao

For Respondent: Shri AR.V.Sreenivasan, JCIT (D.R)
Section 80PSection 80P(2)(a)

…has submitted that this issue is now covered by the Hon'ble jurisdictional High Court in the case of Tumkur Merchants Souharda Credit Co- operative Ltd. Vs. ITO 230 Taxmann 309 as well as in the case of M/s. Guttigedarara Co-operative Society Ltd. Vs. ITO 377 ITR 464. 5. On the other hand, the learned Departmental Representative has relied upon the decision of the Hon'ble Supreme Court in the case of Totgar Co- operative Sales Society Ltd. Vs. ITO (supra) as well as the orders of the authorities below. 6. Having considered the rival submissions as well as the relevant material on record, it is noted that…

Sesec, Eco. Railway Employees Co Operative Credit Society Ltd., Kolkata vs. PCIT-10, Kolkata

In the result, the appeal filed by the assessee on this ground, is dismissed

ITA 621/KOL/2016[2011-2012]Status: DisposedITAT Kolkata28 Sept 2016AY 2011-2012

Bench: Hon’Ble Shri S.S.Viswanethra Ravi, Jm & Dr.Arjun Lal Saini, Am ] Assessment Year : 2011-12

For Appellant: Shri Subash Agarwal, AdvocateFor Respondent: Shri Rajat Subhra Biswas, CIT
Section 143(3)Section 154Section 263Section 80PSection 80P(2)(a)

…me is exempt under the aforesaid provisions.—CIT vs. Karnataka State Cooperative Apex Bank (2001) 169 CTR (SC) 486 : (2001) 251 ITR 194 (SC) relied on (ii). GUTTIGEDARARA CREDIT CO-OPERATIVE SOCIETY LTD. vs. INCOME TAX OFFICER-HIGH COURT OF KARNATAKA (2015) : 377 ITR 464: “Certain sums of interest were earned from short-term deposits and from savings bank account. The assessee is a Co-operative Society providing credit facilities to its members. It is not carrying on any other business. The interest income earned by the assessee by providing credit facilities to its members is deposited in the banks for a short…

ACIT, Circle - 56, Kolkata vs. The West Bengal State Co-Opt. Bank Ltd., Kolkata

In the result, the appeals as well as the cross-objections are dismissed

ITA 737/KOL/2011[1996-97]Status: DisposedITAT Kolkata03 Aug 2016AY 1996-97

Bench: Hon’Ble Sri N.V.Vasudevan, Jm & Dr.Arjun Lal Saini, Am] I.T.Anos.737-742/Kol/2011 Assessment Years : 1996-97 To 2001-02 A.C.I.T., Circle-56, -Vs.- The West Bengal State Co-Operative Kolkata Bank Ltd.Kolkata [Pan : Aaaat 7072 N] (Respondent) (Appellant) C.O.Nos.36-40/Kol/2011 (A/O I.T.A Nos. 737-741/Kol/2011 ) Assessment Years : 1996-97 To 2000-2001 The West Bengal State Co-Operative -Vs.- A.C.I.T., Circle-56, Bank Ltd., Kolkata Kolkata [Pan : Aaaat 7072 N] (Respondent) (Appellant) For The Department : Shri G.Mallikarjuna, Cit(Dr) For The Assessee : Shri N.C.Mondal, Ca Date Of Hearing : 27.07.2016. Date Of Pronouncement : 03.08.2016. Order Per Bench

For Appellant: Shri N.C.Mondal, CAFor Respondent: Shri G.Mallikarjuna, CIT(DR)
Section 147Section 80PSection 80P(2)(a)

…occasion to examine the scope of Sec.80P(2)(a)(i) of the Act, in the light of the decision of the Hon’ble Supreme Court in the case of Totagar Co-operative Society (supra) in the case of Guttigedarar Credit Co-operative Society Ltd. Vs. ITO Ward 2(2), Mysore 377 ITR 464 (Karnataka). The Assessee in that case which was a co-operative Society claimed deduction in respect of interest income it earned on deposit of surplus funds as eligible for deduction u/s.80P(2)(a)(i) of the Act. The appellate authorities under the Act held that assessee is liable to income tax in view of the judgment of the Apex Court in the cas…