CIT v. Karnataka State Co-operative Apex Bank

251 ITR 194Supreme Court of India2001#1023 most cited

What is CIT v. Karnataka State Co-operative Apex Bank authority for?

Interest income earned by a co-operative bank from statutory investments or mandatory deposits, which are essential for conducting its banking business, qualifies as business income and is exempt under Section 80P(2)(a)(i) of the Income-tax Act.

106

judgments rely on this decision, according to BharatTax’s citation analysis of 366,470 Indian tax judgments — from 2011 to 2026.

Also referred to as

CIT v. Karnataka State Co-operative Apex Bank · 251 ITR 194 · Section 80P(2)(a)(i) · co-operative bank interest income · statutory deposits exemption · mandatory investments 80P · business income co-operative society · reserve fund interest · banking business income tax exemption

Also reported as

118 Taxmann 321

Sections most often in play

Section 80P(2)(a)(i)Section 80P(2)(d)Section 80P(4)Section 56Section 57Section 80PSection 250Section 143(3)

Issues it is cited on

section 80(p)(4)section 80(p)(2)section 58section 80p(2)(a)(iii)section 63section 64section 5(b)section 80p(4)section 80p(1)section 2(19)section 80p(2)(a)section 80p(2)(a)(i)

Judgments citing CIT v. Karnataka State Co-operative Apex Bank

The Metropolitan Co-Operative Housing Society Ltd, Bangalore vs. Income-Tax Officer, Ward-1(2)(1), Bangalore

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

ITA 628/BANG/2023[2017-18]Status: DisposedITAT Bangalore03 Oct 2023AY 2017-18

Bench: Shri George George Kassessment Year : 2017-18 M/S. The Metropolitan Co-Operative Housing Vs. Ito, Society Ltd., Ward – 1(2)(1), No.21, Grund Floor, Vidhana Soudha, Bengaluru. Vidhana Veedi, Bengaluru – 560 001. Pan : Aaaat 0990 P Appellant Respondent Assessee By : Shri. Sandeep Chalapthy, Ca Revenue By : Shri. Ganesh R Ghale, Advocate, Standing Counsel For Revenue. Date Of Hearing : 03.10.2023 Date Of Pronouncement : 03.10.2023

For Appellant: Shri. Sandeep Chalapthy, CAFor Respondent: Shri. Ganesh R Ghale, Advocate, Standing Counsel for Revenue
Section 143(2)Section 143(3)Section 250Section 80PSection 80P(2)(a)Section 80P(2)(d)

…Canara Bank. 6. The learned AR reiterated the submissions made before the AO and the CIT(A) and relied on the judgment of the Hon’ble Apex Court in the case of CIT Vs. Karnataka State Co-operative Apex Bank in Civil Appeal Nos.4646-4648 of 2000, reported in 251 ITR 194 (SC). 7. The learned Standing Counsel supported the orders of the AO and the CIT(A). 8. I have heard the rival submissions and perused the material on record. Out of the claim of deduction under section 80P(2)(d) of the Act, the learned AR submitted that a sum of Rs.18,08,198/- is received from Apex Co-operative Bank. It was submitted that thes…

M/S. Canara Bank Staff Credit Co-Operative Society Limited, Bangalore vs. Income-Tax Officer, Ward-7(2)(2), Bangalore

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

ITA 517/BANG/2023[2017-18]Status: DisposedITAT Bangalore03 Oct 2023AY 2017-18

Bench: Shri George George Kassessment Year : 2017-18 M/S. Canara Bank Staff Credit Co-Operative Vs. Ito, Society Ltd., Ward – 7(2)(2), No.26, 8Th Main Road, Bengaluru. 6Th Cross, Sampangiramanagar, Bengaluru – 560 027. Pan : Aaaac 0152 A Appellant Respondent Assessee By : Shri. Suresh Muthukrishna A, Ca Revenue By : Shri. Ganesh R Ghale, Advocate, Standing Counsel For Revenue. Date Of Hearing : 03.10.2023 Date Of Pronouncement : 03.10.2023

For Appellant: Shri. Suresh Muthukrishna A, CAFor Respondent: Shri. Ganesh R Ghale, Advocate, Standing Counsel for Revenue
Section 143(2)Section 143(3)Section 234BSection 250Section 57(2)Section 80(2)(d)Section 80P(2)Section 80P(2)(a)Section 80P(2)(d)

…g the benefit of deduction under section 80P(2)(a)(i) of the Act. In this context, the learned AR relied on the judgment of the Hon’ble Apex Court in the case of CIT Vs. Karnataka State Co-operative Apex Bank in Civil Appeal Nos.4646-4648 of 2000, reported in 251 ITR 194 (SC). 6. The learned Standing Counsel supported the orders of the AO and the CIT(A). 7. I have heard the rival submissions and perused the material on record. The interest income is received out of investments made with Apex Co-operative Bank. It is the case of the assessee that the investments are made out of compulsions as per the Karnataka C…

Mumbai Postal Employees Co-Operative Credit Society Ltd, Mumbai vs. Income Tax Officer, Ward 17(2)(1), Mumbai

In the result, both the appeal of the assessee are allowed

ITA 1051/MUM/2023[2016-2017]Status: DisposedITAT Mumbai16 Aug 2023AY 2016-2017

Bench: Shri Amit Shukla & Shri Amarjit Singhita Nos.1050 & 1051/Mum/2023 (A.Ys. 2015-16 & 2016-17) Mumbai Postal Employees Vs. Income Tax Officer, Co-Operative Credit Ward 17(2)(1) Society Limited, Gpo Room No. 115, 1 St Floor, Building, Fort, Kautilya Bhavan, C-41 To Mumbai – 400001 C-43, G Block, Bandra Kurla Complex, Bandra (East), Mumbai – 400051 स्थायी लेखा सं./जीआइआर सं./Pan/Gir No: Aaajm0032G Appellant .. Respondent

For Appellant: Madhur Agarwal &For Respondent: Neena Jeph
Section 143(2)Section 143(3)Section 263Section 80P(2)(a)Section 80P(2)(d)Section 80P(4)

…the Act. The Dividend income arose on shares which made available these additional funds and therefore it was also "Attributable to the main business" of providing credit to members.  Supreme Court in case of CIT v/s Karnataka State Co-operative Apex bank - 251 ITR 194; 118 Taxman 321 (SC)has held that where placement of such funds being imperative for purpose of carrying on business, income derived therefrom was income from assessee's business falling under section. 80P(2)(a)(i). This decision of the Supreme Court is squarely applicable to the assessee and has been relied upon by various High Courts and Tribun…

Mumbai Postal Employees Co-Operative Credit Society Ltd, Mumbai vs. Income Tax Officer, Ward 17(2)(1), Mumbai

In the result, both the appeal of the assessee are allowed

ITA 1050/MUM/2023[2015-16]Status: DisposedITAT Mumbai16 Aug 2023AY 2015-16

Bench: Shri Amit Shukla & Shri Amarjit Singhita Nos.1050 & 1051/Mum/2023 (A.Ys. 2015-16 & 2016-17) Mumbai Postal Employees Vs. Income Tax Officer, Co-Operative Credit Ward 17(2)(1) Society Limited, Gpo Room No. 115, 1 St Floor, Building, Fort, Kautilya Bhavan, C-41 To Mumbai – 400001 C-43, G Block, Bandra Kurla Complex, Bandra (East), Mumbai – 400051 स्थायी लेखा सं./जीआइआर सं./Pan/Gir No: Aaajm0032G Appellant .. Respondent

For Appellant: Madhur Agarwal &For Respondent: Neena Jeph
Section 143(2)Section 143(3)Section 263Section 80P(2)(a)Section 80P(2)(d)Section 80P(4)

…the Act. The Dividend income arose on shares which made available these additional funds and therefore it was also "Attributable to the main business" of providing credit to members.  Supreme Court in case of CIT v/s Karnataka State Co-operative Apex bank - 251 ITR 194; 118 Taxman 321 (SC)has held that where placement of such funds being imperative for purpose of carrying on business, income derived therefrom was income from assessee's business falling under section. 80P(2)(a)(i). This decision of the Supreme Court is squarely applicable to the assessee and has been relied upon by various High Courts and Tribun…

Sangam Co-Op Credit Society, Bagalkot vs. Income-Tax Officer Ward-2, Bagalkot

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

ITA 69/BANG/2023[2020-21]Status: DisposedITAT Bangalore12 May 2023AY 2020-21
For Appellant: Shri Ashok Mudnur, CAFor Respondent: Shri Ganesh R. Ghale, Standing Counsel
Section 56Section 57Section 80PSection 80P(2)(a)Section 80P(2)(d)

…IN THE INCOME TAX APPELLATE TRIBUNAL SMC “C” BENCH : BANGALORE SHRI LAXMI PRASAD SAHU, ACCOUNTANT MEMBER ITA Nos. 68 & 69/Bang/2023 Assessment years : 2018-19 & 2020-21 Sangam Coop. Credit Society Ltd., Vs. The Assessing Officer, 100, Post. Rampur. 587 314. National e-assessment Centre, Taluk Rabkavi- Banhatti, Delhi / Dist. Bagalkot. The ITO, Ward 1 & TPS, PAN: AAAAS 7031E Bagalkot. APPELLANT RESPONDENT Appellant by : Shri Ashok Mudnur, CA Respondent by : Shri Ganesh R. Ghale, Standing Counsel. Date of hearing : 24.04.2023 Date of Pronouncement : 12.05.2023 O R D E R These two appeals are by the assessee aga…

Sangam Co-Op Credit Society, Bagalkot vs. Income-Tax Officer Ward 1& Tps, Bagalkot

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

ITA 68/BANG/2023[2018-19]Status: DisposedITAT Bangalore12 May 2023AY 2018-19
For Appellant: Shri Ashok Mudnur, CAFor Respondent: Shri Ganesh R. Ghale, Standing Counsel
Section 56Section 57Section 80PSection 80P(2)(a)Section 80P(2)(d)

…IN THE INCOME TAX APPELLATE TRIBUNAL SMC “C” BENCH : BANGALORE SHRI LAXMI PRASAD SAHU, ACCOUNTANT MEMBER ITA Nos. 68 & 69/Bang/2023 Assessment years : 2018-19 & 2020-21 Sangam Coop. Credit Society Ltd., Vs. The Assessing Officer, 100, Post. Rampur. 587 314. National e-assessment Centre, Taluk Rabkavi- Banhatti, Delhi / Dist. Bagalkot. The ITO, Ward 1 & TPS, PAN: AAAAS 7031E Bagalkot. APPELLANT RESPONDENT Appellant by : Shri Ashok Mudnur, CA Respondent by : Shri Ganesh R. Ghale, Standing Counsel. Date of hearing : 24.04.2023 Date of Pronouncement : 12.05.2023 O R D E R These two appeals are by the assessee aga…

Maninagar Co. Op. Bank Ltd., Ahmedabad vs. DCIT, Circle-6(1), Ahmeddabad

ITA 1584/AHD/2018[2012-13]Status: DisposedITAT Ahmedabad14 Jun 2022AY 2012-13
For Appellant: Shri Rahul Patel, C.AFor Respondent: Shri Urjit Shah, Sr. D.R
Section 148Section 250(6)

…d Central and state Government securities is under the Available For Sale (AFS) category. The appellant submitted that depreciation on Government securities is available in view of decision of judgment in case of CIT vs. Karnatak State Cooperative Apex Bank , 118 Taxmann 321(SC) of the Act. The appellant submitted vide letter 04.09.2017 it had submitted before AO all investment of bank are of AFS category. The appellant submitted that basic contention of AO that all investment of Rs. 8,23,72763/- is HTM category is wrong since as per RBI guideline no bank is permitted to keep more than 25% investment in HTM categ…

Jaluidanga Paschim Nasaratpur Samabay Krishi Unnayan Samity Limited, Burdhaman vs. ITO, Ward-1(1), Burdwan

In the result, the appeal of the assessee is dismissed

ITA 506/KOL/2021[2014-15]Status: DisposedITAT Kolkata27 Apr 2022AY 2014-15

Bench: Shri Manish Borad & Shri Sonjoy Sarmaassessment Year: 2014-15 Jaluidanga Paschim Ito, Ward-1(1), Burdwan Nasaratpur Samabay Krishi Unnayan Samity Ltd. Block: Purbasthali 1, Vs. Village: Jaluidanga, Post: Samudragarh, Dist: Purba Bardhaman, 713519. Pan: Aabaj6381R (Appellant) (Respondent) Present For: Appellant By : Shri S.D. Bandyopadhyay & Shri A.N. Chatterjee, Fca Respondent By : Shri Nicholas Murmu, Addl. Cit Date Of Hearing : 03.03.2022 Date Of Pronouncement : 27.04.2022 O R D E R Per Sonjoy Sarma: This Is Appeal Filed By The Assessee Against The Order Of Ld. Cit(A), National Faceless Appeal Centre Dated 21.09.2021 For A.Y. 2014-15. 2. The Assessee Raised The Following Grounds Of Appeal Are As Under:

For Appellant: Shri S.D. Bandyopadhyay & Shri A.N. Chatterjee, FCAFor Respondent: Shri Nicholas Murmu, Addl. CIT
Section 80P

…IN THE INCOME TAX APPELLATE TRIBUNAL, KOLKATA BENCH “C(SMC)”, KOLKATA BEFORE SHRI MANISH BORAD, ACCOUNTANT MEMBER AND SHRI SONJOY SARMA, JUDICIAL MEMBER Assessment Year: 2014-15 Jaluidanga Paschim ITO, Ward-1(1), Burdwan Nasaratpur Samabay Krishi Unnayan Samity Ltd. Block: Purbasthali 1, Vs. Village: Jaluidanga, Post: Samudragarh, Dist: Purba Bardhaman, 713519. PAN: AABAJ6381R (Appellant) (Respondent) Present for: Appellant by : Shri S.D. Bandyopadhyay & Shri A.N. Chatterjee, FCA Respondent by : Shri Nicholas Murmu, Addl. CIT Date of Hearing : 03.03.2022 Date of Pronouncement : 27.04.2022 O R D E R PER SONJOY S…

M/S. Kallakurichi Co-Operative Sugar Mills Ltd., Kallakurichi vs. ACIT, Villupuram

In the result, the appeals filed by the assessee in ITA

ITA 410/CHNY/2020[2012-13]Status: DisposedITAT Chennai25 Apr 2022AY 2012-13

Bench: Shri Mahavir Singh, Hon’Ble & Shri G. Manjunatha, Hon’Bleआयकर अपील सं./Ita No.369/Chny/2019 & Ita Nos.409 & 410/Chny/2020 िनधा"रण वष" /Assessment Year: 2015-16 & Assessment Years: 2011-12 & 2012-13 V. M/S.Kallakurichi Co-Operative- The Asst. Commissioner- Sugar Mills Unit-Ii, Of Income Tax, Cs11, Kachirapalayam, Villupuram Circle, Kallakurichi, Villupuram. Villupuram. [Pan: Aaaak 0655 Q] (अपीलाथ"/Appellant) (""यथ"/Respondent)

For Respondent: Mr.Sanat Kumar Raha
Section 143Section 143(3)Section 147Section 2(19)Section 56Section 80PSection 80P(2)(d)

…the shape of F.D.Rs. is income derived from banking business and therefore, eligible for deduction under Section 80 P (2) (a) (i) of the Income Tax Act?” 8. After considering the decisions in CIT Vs. Karnataka State Co-operative Apex Bank reported in [2001] 251 ITR 194, CIT Vs. Ramanathapuram District Co-operative Central Bank Ltd reported in [2002] 255 ITR 423 (SC), a Division Bench of the Himachal Pradesh High Court, at paragraph Nos.10 and 11 held thus:- “The Karnataka High Court in CIT Vs. Sri Ram Sahakari Bank Ltd., [2004] 266 ITR 632, held that the interest on investments and short-term fixed deposits in…

M/S. Kallakurichi Co-Operative Sugar Mills Ltd., Kallakurichi vs. ACIT, Villupuram

In the result, the appeals filed by the assessee in ITA

ITA 409/CHNY/2020[2011-12]Status: DisposedITAT Chennai25 Apr 2022AY 2011-12

Bench: Shri Mahavir Singh, Hon’Ble & Shri G. Manjunatha, Hon’Bleआयकर अपील सं./Ita No.369/Chny/2019 & Ita Nos.409 & 410/Chny/2020 िनधा"रण वष" /Assessment Year: 2015-16 & Assessment Years: 2011-12 & 2012-13 V. M/S.Kallakurichi Co-Operative- The Asst. Commissioner- Sugar Mills Unit-Ii, Of Income Tax, Cs11, Kachirapalayam, Villupuram Circle, Kallakurichi, Villupuram. Villupuram. [Pan: Aaaak 0655 Q] (अपीलाथ"/Appellant) (""यथ"/Respondent)

For Respondent: Mr.Sanat Kumar Raha
Section 143Section 143(3)Section 147Section 2(19)Section 56Section 80PSection 80P(2)(d)

…the shape of F.D.Rs. is income derived from banking business and therefore, eligible for deduction under Section 80 P (2) (a) (i) of the Income Tax Act?” 8. After considering the decisions in CIT Vs. Karnataka State Co-operative Apex Bank reported in [2001] 251 ITR 194, CIT Vs. Ramanathapuram District Co-operative Central Bank Ltd reported in [2002] 255 ITR 423 (SC), a Division Bench of the Himachal Pradesh High Court, at paragraph Nos.10 and 11 held thus:- “The Karnataka High Court in CIT Vs. Sri Ram Sahakari Bank Ltd., [2004] 266 ITR 632, held that the interest on investments and short-term fixed deposits in…

M/S. Kallakurichi Co-Operative Sugar Mills Ltd., Kallakurichi vs. ACIT, Villupuram

In the result, the appeals filed by the assessee in ITA

ITA 369/CHNY/2019[2015-16]Status: DisposedITAT Chennai25 Apr 2022AY 2015-16

Bench: Shri Mahavir Singh, Hon’Ble & Shri G. Manjunatha, Hon’Bleआयकर अपील सं./Ita No.369/Chny/2019 & Ita Nos.409 & 410/Chny/2020 िनधा"रण वष" /Assessment Year: 2015-16 & Assessment Years: 2011-12 & 2012-13 V. M/S.Kallakurichi Co-Operative- The Asst. Commissioner- Sugar Mills Unit-Ii, Of Income Tax, Cs11, Kachirapalayam, Villupuram Circle, Kallakurichi, Villupuram. Villupuram. [Pan: Aaaak 0655 Q] (अपीलाथ"/Appellant) (""यथ"/Respondent)

For Respondent: Mr.Sanat Kumar Raha
Section 143Section 143(3)Section 147Section 2(19)Section 56Section 80PSection 80P(2)(d)

…the shape of F.D.Rs. is income derived from banking business and therefore, eligible for deduction under Section 80 P (2) (a) (i) of the Income Tax Act?” 8. After considering the decisions in CIT Vs. Karnataka State Co-operative Apex Bank reported in [2001] 251 ITR 194, CIT Vs. Ramanathapuram District Co-operative Central Bank Ltd reported in [2002] 255 ITR 423 (SC), a Division Bench of the Himachal Pradesh High Court, at paragraph Nos.10 and 11 held thus:- “The Karnataka High Court in CIT Vs. Sri Ram Sahakari Bank Ltd., [2004] 266 ITR 632, held that the interest on investments and short-term fixed deposits in…

M/S Panditpursamabay Krishi Unnayan Samity Ltd, Kolkata vs. ITO, Ward-41(1), Nadia

In the result, the appeal of the assessee is dismissed

ITA 4/KOL/2022[2016-17]Status: DisposedITAT Kolkata05 Apr 2022AY 2016-17

Bench: Sri Manish Borad& Sri Sonjoy Sarma)

Section 143(2)Section 143(3)Section 80PSection 80P(2)Section 80P(2)(a)Section 80P(2)(d)

…e to agree with the views of Patna High Court in the case of Bihar State Housing Co-operative Federation Ltd. (supra). The Division Bench in that case relied on the judgment of the Apex Court in the case of CIT v. Karnataka State Co-operative Apex Bank [2001] 251 ITR 194/118 Taxman 321. That was a case of a co-operative bank. A co-operative bank and a co-operative society do not stand on the same footing. The whole of the income of co-operative bank is deductible whereas in the case of a society the income attributable to any one or more of the activities laid down in Subsection (2) is deductible. The Division Be…

Hdfc Bank Ltd (Successor to Businss of Centurion Bank of Punjab Ltd), Mumbai vs. DCIT 2(3), Mumbai

In the result, appeal is partly allowed

ITA 374/MUM/2012[2008-09]Status: DisposedITAT Mumbai13 Jan 2022AY 2008-09

Bench: Shri G.S.Pannu (Hon’Ble) & Shri Saktijit Dey (Hon’Ble)

Section 14A

…of Maxopp Investment Ltd vs CIT 402 ITR 640 (SC) and in case of South Indian Bank Ltd vs CIT Civil Appeal No.9606 of 2011 judgement dated 09-09-2021. Additionally, he also relied upon the following decisions:- 1. CIT vs Karnataka State Co-operative Apex Bank 251 ITR 194 (SC) 2. PCIT vs State Bank of Patiala 391 ITR 218 (P&H High Court) 3. CIT vs M/s India Advantage Securities Ltd (Bom HC) (ITA No1131 of 2013) 4.DCITvsM/s India Advantage Securities Ltd(TM)(Mum)(ITA 6711/M/20-11) 5.HDFC Bank Ltd vs DCIT (Bom HC) (383 ITR 529(para 18-10) 6 6.HDFC Bank Ltd vs ACIT (ITA No.6173/M/16, order dated 08/07/2020(TM) P…

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)

…rely dealing with its members by providing credit facilities for acquisition of residential sites / flats. The CIT(A) by placing reliance on the judgment of the Hon’ble Apex Court in the case of CIT v. Karnataka State Co-operative Apex Bank reported in (2001) 251 ITR 194 (SC), held that interest arising from investments made in compliance with the statutory provision is exempt u/s 80P(2)(a)(i) of the Act. Accordingly, 3 M/s.The Karnataka State Co-op.Ho.Fed.Ltd. the claim of deduction u/s 80P(2)(a)(i) of the Act was allowed by the CIT(A). 4. The Department being aggrieved by the order of the CIT(A), has preferre…

Mufg Bank Ltd, New Delhi vs. ACIT (International Taxation) Circle-2(2)(1), New Delhi

In the result appeal of the assessee is partly allowed

ITA 7895/DEL/2019[2015-16]Status: DisposedITAT Delhi16 Oct 2020AY 2015-16

Bench: Shri Amit Shukla & Shri Prashant Maharishi(Through Video Conferencing) Mufg Bank Ltd, Vs. Acit (International Taxation), 5Th Floor, Worldmark 2, Asset 8, Circle-2(2)(1), Aerocity, Nh-8, New Delhi New Delhi Pan: Aabct3880D (Appellant) (Respondent)

For Appellant: Shri Nishant Thakkar, AdvFor Respondent: Shr Surender Pal, CIT DR
Section 143(3)Section 14ASection 244ASection 37(1)Section 44C

…INCOME TAX APPELLATE TRIBUNAL DELHI BENCH “I-I”: NEW DELHI BEFORE SHRI AMIT SHUKLA, JUDICIAL MEMBER AND SHRI PRASHANT MAHARISHI, ACCOUNTANT MEMBER (Through Video Conferencing) MUFG Bank Ltd, Vs. ACIT (International Taxation), 5th Floor, Worldmark 2, Asset 8, Circle-2(2)(1), Aerocity, NH-8, New Delhi New Delhi PAN: AABCT3880D (Appellant) (Respondent) Assessee by : Shri Nishant Thakkar, Adv Shri Hiten Chande, Adv Shri Surender Bist, CA Revenue by: Shr Surender Pal, CIT DR Date of Hearing 27/07/2020 Date of pronouncement 16/10/2020 O R D E R PER PRASHANT MAHARISHI, A. M. 1. This appeal is filed by the assessee aga…

Orissa State Handloom Weavers Cooperative Society Ltd., Bhubaneswar vs. ITO, Ward-1(2), Bhubaneswar

In the result, appeal of the assessee is allowed

ITA 169/CTK/2016[2011-12]Status: DisposedITAT Cuttack04 Jun 2020AY 2011-12

Bench: Shri Chandra Mohan Garg & Laxmi Prasad Sahuassessment Year : 2011-12

For Appellant: Shri B.K.Mohapatra, ARFor Respondent: Shri J.K.Lenka, DR
Section 56Section 80PSection 80P(2)(a)Section 80P(2)(ii)

…the AO. Therefore, we have no hesitation to hold that the said income is exempt from taxation u/s. 80P(2)(ii) of the Act. Out conclusion gets strong support from the decision of Hon’ble Supreme Court in the case of CIT vs. Karnataka State Co.op. Apex Bank, 251 ITR 194 (SC) and in the case of CIT vs Bangalore District Co-operative Central Bank Ltd, 233 ITR 282 (SC). P a g e 4 | 5 ITA No.1 69/CTK/201 6 Assessm ent Y ear : 20 11- 12 10. On being asked by the Bench, ld D.R. could not show any new decision or dissimilar facts from the case of the assessee for the assessment year 2003-04. Therefore, we are bound…

ITO Corporate Ward 3(2), Chennai vs. Chennai Teachers Guild Co-Operative Society Ltd., Chennai

In the result, the Revenue’s appeal is dismissed

ITA 1379/CHNY/2019[2016-17]Status: DisposedITAT Chennai20 Feb 2020AY 2016-17

Bench: Shri N.R.S. Ganesan & Shri S. Jayaraman

For Respondent: Shri. B. Suresh, CA
Section 80PSection 80P(2)

…n the shape of F.D.Rs. is income derived from banking business and therefore, eligible for deduction under Section 80 P (2) (a) (i) of the Income Tax Act?” 8. After considering the decisions in CIT Vs. Karnataka State Co-operative Apex Bank reported in [2001] 251 ITR 194, CIT Vs. Ramanathapuram District Co-operative Central Bank Ltd reported in [2002] 255 ITR 423 (SC), a Division Bench of the Himachal Pradesh High Court, at paragraph Nos.10 and 11 held thus:- “The Karnataka High Court in CIT Vs. Sri Ram Sahakari Bank Ltd., [2004] 266 ITR 632, held that the interest on investments and short-term fixed deposits in…

Subramania Siva Co-Operative Sugar Mills Ltd, Dharmapuri vs. ITO, Dharmapuri

In the result, the assessee’s appeal is allowed

ITA 1378/CHNY/2019[2015-16]Status: DisposedITAT Chennai20 Feb 2020AY 2015-16

Bench: Shri N.R.S. Ganesan & Shri S. Jayaraman

For Appellant: Shri. G. Baskar, Advocate &
Section 57Section 80Section 80PSection 80P(2)Section 80P(2)(d)

…n the shape of F.D.Rs. is income derived from banking business and therefore, eligible for deduction under Section 80 P (2) (a) (i) of the Income Tax Act?” 8. After considering the decisions in CIT Vs. Karnataka State Co-operative Apex Bank reported in [2001] 251 ITR 194, CIT Vs. Ramanathapuram District Co-operative Central Bank Ltd reported in [2002] 255 ITR 423 (SC), a Division Bench of the Himachal Pradesh High Court, at paragraph Nos.10 and 11 held thus:- “The Karnataka High Court in CIT Vs. Sri Ram Sahakari Bank Ltd., [2004] 266 ITR 632, held that the interest on investments and short-term fixed deposits in…

DCIT, Circle-4(1), Bhubaneswar vs. M/S. Orissa State Handloom Weavers Co-Operative Society Ltd., Bhubaneswar

In the result, appeal of the revenue is dismissed

ITA 217/CTK/2017[2012-13]Status: DisposedITAT Cuttack28 Nov 2019AY 2012-13

Bench: Shri Chandra Mohan Garg & Laxmi Prasad Sahuassessment Year : 2012-2013

For Appellant: NoneFor Respondent: Shri Subhendu Dutta, DR
Section 80P(2)

…the decision of ITAT, Cuttack in the case of the assessee for the assessment year 2003-04 in ITA No.184/CTK/2007 order dated 1.12.2008, which is supported by the decision of Hon’ble Supreme Court in the case of CIT vs Karnataka State Co-operative Apex Bank, 251 ITR 194 and CIT VS Bangalore District Co- operative bank Ltd., 233 ITR 282 (SC). P a g e 3 | 4 6. Before us, ld D.R. could not controvert the findings of the ld CIT(A) or point out any distinguishing features to not to follow the decision of the Tribunal in the assessee’s own case for the assessment year 2002-03, which the CIT(A) has followed. We als…

ITO, Ward - 35(3), Kolkata vs. M/S. Kolkata Reserve Bank Employees Co-Operative Credit Society Ltd., Kolkata

Appeal is allowed for statistical purposes in above terms

ITA 240/KOL/2018[2014-15]Status: DisposedITAT Kolkata18 Oct 2019AY 2014-15

Bench: Shri J. Sudhakar Reddy, Am & Shri S. S. Godara, Jm आयकर अपीलसं./I.T.A No.240/Kol/2018 ("नधा"रण वष" / Assessment Year: 2014-15) Ito, Ward-35(3), Kolkata. Vs. M/S. Kolkata Reserve Bank Employees Co-Operative Credit Society Ltd. 13, N.S. Road, Rbi Building (Annexe), Kol- 1. "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aabak6244L (Appellant) .. (Respondent) Appellant By : Dr. A. K. Nayak, Cit-Dr Respondent By : Shri Anil Kochar, Advocate सुनवाईक"तार"ख/ Date Of Hearing : 11/09/2019 घोषणाक"तार"ख/Date Of Pronouncement : 18/10/2019 आदेश / O R D E R Per Shri S. S. Godara: This Revenue’S Appeal For Assessment Year 2014-15 Arises Against The Commissioner Of Income Tax (A) - 10, Kolkata Dated 30.11.2017 Passed In Case No.227/Cit(A)-10/Wd.-35(3)/14-15/16-17/Kol Involving Proceedings U/S 143(3) Of The Income Tax Act, 1961 (In Short ‘The Act’). Heard Both The Parties. Case File Perused. 2. The Revenue’S Sole Substantive Grounds Raised In The Instant Appeal Seeks To Reverse The Cit(A) Action Holding The Assessee Eligible For Section 80P(2)(D) Deduction Of Rs.6,97,20,658/- Disallowed In The Assessment Framed On 08.12.2016. Case File Suggests That The Assessee Had Derived The Impugned Interest Income From Parking Of Its Surplus Funds In Fixed Deposits With The Union Bank Of India & Central Bank Of India Fetching Interest Of Rs.6,48,17,859/- & 49,02,799/-; Respectively. The Assessing Officer Quoted Hon’Ble Apex Court’S Decision In Totgars Co-Operative Sale Society Ltd. Vs. Ito (2010) In 188 Taxman 282 (Sc)

For Appellant: Dr. A. K. Nayak, CIT-DRFor Respondent: Shri Anil Kochar, Advocate
Section 143(3)Section 80P(2)Section 80P(2)(a)Section 80P(2)(d)

…with the views of the Patna High Court in the case of Bihar State Housing Co-op Federation Ltd. (supra). The Division Bench in that case relied upon the judgment of the apex court in the case of CIT v. Karnataka State Co-operative Apex Bank reported in [2001] 251 ITR 194 (SC). That was a case of a co-operative bank. A co-operative bank and a cooperative society do not stand on the same footing. The whole of the income of co-operative bank is deductible whereas in the case of society the income attributable to any one or more of the activities laid down in sub-section (2) is deductible. The Division Bench did not…