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

M/S.Co-Operative Insurance Society Ltd, Trivandrum vs. The ITO, WD-2(1), Trivandrum

In the result, the appeals filed by the assessee are partly allowed for

ITA 445/COCH/2019[2015-16]Status: DisposedITAT Cochin01 Oct 2019AY 2015-16

Bench: S/Shri Chandra Poojari, Am & George George K., Jm

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

…in Bench of the Tribunal in the case of ITO vs. M/s. Trivandrum District Electricity Board Employees Co-operative Society (supra) had followed the principles laid down by the following judicial pronouncements: (i) CIT vs. Karnataka State Co-operative Bank (251 ITR 194) (SC) (ii) Vaveru Co-operative Rural Bank Ltd. vs. CIT (2017) 396 ITR 371 (The Telungana and Andhra Pradesh High Court. (iii) Muttom Service Co-operative Bank Ltd. (ITA No. 106/Coch/2016) (iv) The Mangalam Service Co-operative Bank Ltd. vs. ITO (ITA No. 495/Coch/2017 – order dated 17/10/2017) 8. In the light of the above order of the Cochin B…

The ITO, WD-2(1), Trivandrum vs. Trivandrum District Electricity Board Employees Co-Op Society, Trivandrum

In the result, the appeals filed by the Revenue and cross objections filed by the assessee, are dismissed

ITA 275/COCH/2019[2015-16]Status: DisposedITAT Cochin01 Aug 2019AY 2015-16

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

For Appellant: Sri.Amaljith P.J., FCAFor Respondent: Smt. A.S.Bindhu, Sr.DR
Section 80P(2)(a)

…on the grounds raised in the memorandum of appeal. The learned AR, on the other hand, submitted that the issue in question is squarely covered in favour of the assessee by the following judicial pronouncements :- (i) CIT v. Karnataka State Co-operative Bank [251 ITR 194 (SC)] (ii) Vaveru Co-operative Rural Bank Ltd. v CIT [(2017) 396 ITR 371 (The Telungana And Andhra Pradesh High Court) (iii) Muttom Service Co-operative Bank Ltd. (ITA No.372/Coch/2010) (iv) Mundakkayam Service Co-operative Bank Ltd. (ITA No.106/Coch/2016). (v) The Mangalam Service Co-operative Bank Ltd. v. ITO (ITA No.495/Coch/2017 – order dated…

The ITO, WD-2(1), Trivandrum vs. Trivandrum District Electricity Board Employees Co-Op Society, Trivandrum

In the result, the appeals filed by the Revenue and cross objections filed by the assessee, are dismissed

ITA 274/COCH/2019[2012-13]Status: DisposedITAT Cochin01 Aug 2019AY 2012-13

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

For Appellant: Sri.Amaljith P.J., FCAFor Respondent: Smt. A.S.Bindhu, Sr.DR
Section 80P(2)(a)

…on the grounds raised in the memorandum of appeal. The learned AR, on the other hand, submitted that the issue in question is squarely covered in favour of the assessee by the following judicial pronouncements :- (i) CIT v. Karnataka State Co-operative Bank [251 ITR 194 (SC)] (ii) Vaveru Co-operative Rural Bank Ltd. v CIT [(2017) 396 ITR 371 (The Telungana And Andhra Pradesh High Court) (iii) Muttom Service Co-operative Bank Ltd. (ITA No.372/Coch/2010) (iv) Mundakkayam Service Co-operative Bank Ltd. (ITA No.106/Coch/2016). (v) The Mangalam Service Co-operative Bank Ltd. v. ITO (ITA No.495/Coch/2017 – order dated…

The ITO, WD-2(1), Trivandrum vs. Trivandrum District Electricity Board Employees Co-Op Society, Trivandrum

In the result, the appeals filed by the Revenue and cross objections filed by the assessee, are dismissed

ITA 273/COCH/2019[2011-12]Status: DisposedITAT Cochin01 Aug 2019AY 2011-12

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

For Appellant: Sri.Amaljith P.J., FCAFor Respondent: Smt. A.S.Bindhu, Sr.DR
Section 80P(2)(a)

…on the grounds raised in the memorandum of appeal. The learned AR, on the other hand, submitted that the issue in question is squarely covered in favour of the assessee by the following judicial pronouncements :- (i) CIT v. Karnataka State Co-operative Bank [251 ITR 194 (SC)] (ii) Vaveru Co-operative Rural Bank Ltd. v CIT [(2017) 396 ITR 371 (The Telungana And Andhra Pradesh High Court) (iii) Muttom Service Co-operative Bank Ltd. (ITA No.372/Coch/2010) (iv) Mundakkayam Service Co-operative Bank Ltd. (ITA No.106/Coch/2016). (v) The Mangalam Service Co-operative Bank Ltd. v. ITO (ITA No.495/Coch/2017 – order dated…

The ITO, WD-2(1), Trivandrum vs. Trivandrum District Electricity Board Employees Co-Op Society, Trivandrum

In the result, the appeal filed by the Revenue and cross objection filed by the assessee, are dismissed

ITA 266/COCH/2019[2013-14]Status: DisposedITAT Cochin01 Aug 2019AY 2013-14

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

For Appellant: Sri.Amaljith P.J., FCAFor Respondent: Smt. A.S.Bindhu, Sr.DR
Section 5Section 80P(2)Section 80P(2)(a)

…on the grounds raised in the memorandum of appeal. The learned AR, on the other hand, submitted that the issue in question is squarely covered in favour of the assessee by the following judicial pronouncements :- (i) CIT v. Karnataka State Co-operative Bank [251 ITR 194 (SC)] (ii) Vaveru Co-operative Rural Bank Ltd. v CIT [(2017) 396 ITR 371 (The Telungana And Andhra Pradesh High Court) (iii) Muttom Service Co-operative Bank Ltd. (ITA No.372/Coch/2010) (iv) Mundakkayam Service Co-operative Bank Ltd. (ITA No.106/Coch/2016). (v) The Mangalam Service Co-operative Bank Ltd. v. ITO (ITA No.495/Coch/2017 – order da…

The Umreth Urban Co. Op.Bank Ltd., Anand vs. The DCIT., Anand Circle, Anand

In the result, appeal filed by the Assessee is allowed

ITA 803/AHD/2017[2012-13]Status: DisposedITAT Ahmedabad29 Jul 2019AY 2012-13

Bench: Shri Pradip Kumar Kedia & Shri Mahavir Prasad)

For Appellant: Shri S. N. Divetia, ARFor Respondent: Shri Mudit Nagpal, Sr. D.R
Section 143(3)Section 71Section 80P(2)(a)

…ative Bank (supra). At the stage when the Assessing Officer decided the issue, the Revenue had carried the decision in further appeal. However, subsequently, by virtue of the decision of the Apex Court in the case of C.I.T. v. Karnataka State Coop. Apex Bank, 251 ITR 194, the entire issue has been settled and decided in favour of the assessee. The Apex 5 . A.Y. 2012-13 Court held and observed that there is nothing in the phraseology of section 80P(2)(a)(i) which makes it applicable only to income derived from working or circulating capital. It was further observed that from investment made, in compliance with sta…

Shiksha Vibhag Karmacharigan Sahakari Samiti Limited, Kota vs. Income Tax Officer, Kota

In the result, all the appeals of the assessee are allowed

ITA 87/JPR/2018[2014-15]Status: DisposedITAT Jaipur17 Jun 2019AY 2014-15
For Appellant: Shri S.R. Sharma (CA) &For Respondent: Shri A.K. Rawat (Jt. CIT)
Section 80PSection 80P(2)(a)Section 80P(2)(d)Section 80P(4)

…आयकर अपीलीय अधिकरण] जयपुर न्यायपीठ] जयपुर IN THE INCOME TAX APPELLATE TRIBUNAL, JAIPUR BENCHES, JAIPUR Jh fot; iky jkWo] U;kf;d lnL; ,oa Jh foØe flag ;kno] ys[kk lnL; ds le{k BEFORE: SHRI VIJAY PAL RAO, JM AND SHRI VIKRAM SINGH YADAV, AM vk;dj vihy la-@ITA No. 281 & 282/JP/2017 & 87/JP/2018 fu/kZkj.k o"kZ@Assessment Year : 2012-13, 13-14 & 14-15. cuke Shiksha Vibhag Karmacharigan The Income Tax Officer, Vs. Sahakari Samiti Ltd., Ward 2(3), Near ING School, Shripura, Kota. Kota. LFkk;h ys[kk la-@thvkbZvkj la-@PAN No. AACAS 3060 P vihykFkhZ@Appellant izR;FkhZ@Respondent fu/kZkfjrh dh vksj ls@ Assessee by : Shri S…

Shiksha Vibhag Karmacharigan Sahakari Samiti Limited, Kota vs. ITO, Kota

In the result, all the appeals of the assessee are allowed

ITA 281/JPR/2017[2012-13]Status: DisposedITAT Jaipur17 Jun 2019AY 2012-13
For Appellant: Shri S.R. Sharma (CA) &For Respondent: Shri A.K. Rawat (Jt. CIT)
Section 80PSection 80P(2)(a)Section 80P(2)(d)Section 80P(4)

…आयकर अपीलीय अधिकरण] जयपुर न्यायपीठ] जयपुर IN THE INCOME TAX APPELLATE TRIBUNAL, JAIPUR BENCHES, JAIPUR Jh fot; iky jkWo] U;kf;d lnL; ,oa Jh foØe flag ;kno] ys[kk lnL; ds le{k BEFORE: SHRI VIJAY PAL RAO, JM AND SHRI VIKRAM SINGH YADAV, AM vk;dj vihy la-@ITA No. 281 & 282/JP/2017 & 87/JP/2018 fu/kZkj.k o"kZ@Assessment Year : 2012-13, 13-14 & 14-15. cuke Shiksha Vibhag Karmacharigan The Income Tax Officer, Vs. Sahakari Samiti Ltd., Ward 2(3), Near ING School, Shripura, Kota. Kota. LFkk;h ys[kk la-@thvkbZvkj la-@PAN No. AACAS 3060 P vihykFkhZ@Appellant izR;FkhZ@Respondent fu/kZkfjrh dh vksj ls@ Assessee by : Shri S…

ACIT, Circle - 40, Kolkata vs. M/S. Sbi Staff Association Co-Op Bank Ltd., Kolkata

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

ITA 424/KOL/2018[2014-15]Status: DisposedITAT Kolkata10 May 2019AY 2014-15

Bench: Sh. P.M.Jagtap & Sh.S.S.Viswanethra Ravivs Acit, M/S. Sbi Staff Association Co- Cirle-40, 2Nd Floor, 3, Op. Bank Ltd., Govt. Place (W), 11, Abdul Hamid Street, Kolkata-700001. Kolkata-700069. Pan-Aadts2489J (Appellant) (Respondent) Appellant By Sh. C.J.Singh, Jcit, Sr.Dr Respondent By Sh. Piyush Dey, Fca Date Of Hearing 25.03.2019 Date Of Pronouncement 10.05.2019 Order Per S.S. Viswanethra Ravithis Appeal Filed By The Revenue Against The Order Dated 08.12.2016 Passed By Cit(A)-12, Kolkata For Ay 2014-15. 2. The Only Issue Is To Be Decided As To Whether The Cit(A) Is Justified In Deleting The Addition Made U/S 80P(2)(A)(I) Of The Income Tax Act, 1961 (In Short “Act”) In The Facts & Circumstances Of The Case.

Section 63Section 64Section 80PSection 80P(2)(a)

…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 anyone or more of the activities laid down in Sub-section (2) is deductible. The Division B…

The ITO, Ward-2(3), Trivandrum vs. Manickal Service Co-Op Bank Ltd, Trivandrum

ITA 99/COCH/2019[2014-15]Status: DisposedITAT Cochin30 Apr 2019AY 2014-15

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

For Appellant: Sri.Amaljith P.J., FCAFor Respondent: Smt. A.S.Bindhu, Sr.DR
Section 80P(2)(a)

…on the grounds raised in the memorandum of appeal. The learned ARs, on the other hand, submitted that the issue in question is squarely covered in favour of the assessee by the following judicial pronouncements :- (i) CIT v. Karnataka State Co-operative Bank [251 ITR 194 (SC)] (ii) Vaveru Co-operative Rural Bank Ltd. v CIT [(2017) 396 ITR 371 (The Telungana And Andhra Pradesh High Court) (iii) Muttom Service Co-operative Bank Ltd. (ITA No.372/Coch/2010) (iv) Mundakkayam Service Co-operative Bank Ltd. (ITA No.106/Coch/2016). (v) The Mangalam Service Co-operative Bank Ltd. v. ITO (ITA No.495/Coch/2017 – order da…

The ITO, WD-2(1), Trivandrum vs. M/S.Ananthapuram Cooperative Society, Trivandrum

ITA 98/COCH/2019[2012-13]Status: DisposedITAT Cochin30 Apr 2019AY 2012-13

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

For Appellant: Sri.Amaljith P.J., FCAFor Respondent: Smt. A.S.Bindhu, Sr.DR
Section 80P(2)(a)

…on the grounds raised in the memorandum of appeal. The learned ARs, on the other hand, submitted that the issue in question is squarely covered in favour of the assessee by the following judicial pronouncements :- (i) CIT v. Karnataka State Co-operative Bank [251 ITR 194 (SC)] (ii) Vaveru Co-operative Rural Bank Ltd. v CIT [(2017) 396 ITR 371 (The Telungana And Andhra Pradesh High Court) (iii) Muttom Service Co-operative Bank Ltd. (ITA No.372/Coch/2010) (iv) Mundakkayam Service Co-operative Bank Ltd. (ITA No.106/Coch/2016). (v) The Mangalam Service Co-operative Bank Ltd. v. ITO (ITA No.495/Coch/2017 – order da…

Theito, WD-2(1), Trivandrum vs. Kerala University Employees Co-Op Society Ltd, Trivandrum

ITA 97/COCH/2019[2014-15]Status: DisposedITAT Cochin30 Apr 2019AY 2014-15

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

For Appellant: Sri.Amaljith P.J., FCAFor Respondent: Smt. A.S.Bindhu, Sr.DR
Section 80P(2)(a)

…on the grounds raised in the memorandum of appeal. The learned ARs, on the other hand, submitted that the issue in question is squarely covered in favour of the assessee by the following judicial pronouncements :- (i) CIT v. Karnataka State Co-operative Bank [251 ITR 194 (SC)] (ii) Vaveru Co-operative Rural Bank Ltd. v CIT [(2017) 396 ITR 371 (The Telungana And Andhra Pradesh High Court) (iii) Muttom Service Co-operative Bank Ltd. (ITA No.372/Coch/2010) (iv) Mundakkayam Service Co-operative Bank Ltd. (ITA No.106/Coch/2016). (v) The Mangalam Service Co-operative Bank Ltd. v. ITO (ITA No.495/Coch/2017 – order da…

The ITO, WD-2(1), Trivandrum vs. The Government Secretariat Staff Co-Op Society Ltd, Trivandrum

ITA 93/COCH/2019[2014-15]Status: DisposedITAT Cochin30 Apr 2019AY 2014-15

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

For Appellant: Sri.Amaljith P.J., FCAFor Respondent: Smt. A.S.Bindhu, Sr.DR
Section 80P(2)(a)

…on the grounds raised in the memorandum of appeal. The learned ARs, on the other hand, submitted that the issue in question is squarely covered in favour of the assessee by the following judicial pronouncements :- (i) CIT v. Karnataka State Co-operative Bank [251 ITR 194 (SC)] (ii) Vaveru Co-operative Rural Bank Ltd. v CIT [(2017) 396 ITR 371 (The Telungana And Andhra Pradesh High Court) (iii) Muttom Service Co-operative Bank Ltd. (ITA No.372/Coch/2010) (iv) Mundakkayam Service Co-operative Bank Ltd. (ITA No.106/Coch/2016). (v) The Mangalam Service Co-operative Bank Ltd. v. ITO (ITA No.495/Coch/2017 – order da…

The ITO, WD/2(1), Trivandrum vs. M/S.Postal Telecom Bsnl Employees Co-Op Society Ltd, Trivandrum

ITA 71/COCH/2019[2013-14]Status: DisposedITAT Cochin30 Apr 2019AY 2013-14

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

For Appellant: Sri.Amaljith P.J., FCAFor Respondent: Smt. A.S.Bindhu, Sr.DR
Section 80P(2)(a)

…on the grounds raised in the memorandum of appeal. The learned ARs, on the other hand, submitted that the issue in question is squarely covered in favour of the assessee by the following judicial pronouncements :- (i) CIT v. Karnataka State Co-operative Bank [251 ITR 194 (SC)] (ii) Vaveru Co-operative Rural Bank Ltd. v CIT [(2017) 396 ITR 371 (The Telungana And Andhra Pradesh High Court) (iii) Muttom Service Co-operative Bank Ltd. (ITA No.372/Coch/2010) (iv) Mundakkayam Service Co-operative Bank Ltd. (ITA No.106/Coch/2016). (v) The Mangalam Service Co-operative Bank Ltd. v. ITO (ITA No.495/Coch/2017 – order da…

The ITO, WD/2(1), Trivandrum vs. M/S.Postal Telecom Bsnl Employees Co-Op Society Ltd, Trivandrum

ITA 70/COCH/2019[2012-13]Status: DisposedITAT Cochin30 Apr 2019AY 2012-13

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

For Appellant: Sri.Amaljith P.J., FCAFor Respondent: Smt. A.S.Bindhu, Sr.DR
Section 80P(2)(a)

…on the grounds raised in the memorandum of appeal. The learned ARs, on the other hand, submitted that the issue in question is squarely covered in favour of the assessee by the following judicial pronouncements :- (i) CIT v. Karnataka State Co-operative Bank [251 ITR 194 (SC)] (ii) Vaveru Co-operative Rural Bank Ltd. v CIT [(2017) 396 ITR 371 (The Telungana And Andhra Pradesh High Court) (iii) Muttom Service Co-operative Bank Ltd. (ITA No.372/Coch/2010) (iv) Mundakkayam Service Co-operative Bank Ltd. (ITA No.106/Coch/2016). (v) The Mangalam Service Co-operative Bank Ltd. v. ITO (ITA No.495/Coch/2017 – order da…

The ITO, WD/2(1), Trivandrum vs. M/S.Postal Telecom Bsnl Employees Co-Op Society Ltd, Trivandrum

ITA 69/COCH/2019[2011-12]Status: DisposedITAT Cochin30 Apr 2019AY 2011-12

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

For Appellant: Sri.Amaljith P.J., FCAFor Respondent: Smt. A.S.Bindhu, Sr.DR
Section 80P(2)(a)

…on the grounds raised in the memorandum of appeal. The learned ARs, on the other hand, submitted that the issue in question is squarely covered in favour of the assessee by the following judicial pronouncements :- (i) CIT v. Karnataka State Co-operative Bank [251 ITR 194 (SC)] (ii) Vaveru Co-operative Rural Bank Ltd. v CIT [(2017) 396 ITR 371 (The Telungana And Andhra Pradesh High Court) (iii) Muttom Service Co-operative Bank Ltd. (ITA No.372/Coch/2010) (iv) Mundakkayam Service Co-operative Bank Ltd. (ITA No.106/Coch/2016). (v) The Mangalam Service Co-operative Bank Ltd. v. ITO (ITA No.495/Coch/2017 – order da…

The ITO, WD/2(1), Trivandrum vs. M/S.Posta Telecom Bsnl Employees Co-Op Society Ltd, Trivandrum

ITA 68/COCH/2019[2010-11]Status: DisposedITAT Cochin30 Apr 2019AY 2010-11

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

For Appellant: Sri.Amaljith P.J., FCAFor Respondent: Smt. A.S.Bindhu, Sr.DR
Section 80P(2)(a)

…on the grounds raised in the memorandum of appeal. The learned ARs, on the other hand, submitted that the issue in question is squarely covered in favour of the assessee by the following judicial pronouncements :- (i) CIT v. Karnataka State Co-operative Bank [251 ITR 194 (SC)] (ii) Vaveru Co-operative Rural Bank Ltd. v CIT [(2017) 396 ITR 371 (The Telungana And Andhra Pradesh High Court) (iii) Muttom Service Co-operative Bank Ltd. (ITA No.372/Coch/2010) (iv) Mundakkayam Service Co-operative Bank Ltd. (ITA No.106/Coch/2016). (v) The Mangalam Service Co-operative Bank Ltd. v. ITO (ITA No.495/Coch/2017 – order da…

The ITO, Trivandrum vs. M/S.Avanakuzhy Service Co-Op Society, Trivandrum

ITA 100/COCH/2019[2015-16]Status: DisposedITAT Cochin30 Apr 2019AY 2015-16

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

For Appellant: Sri.Amaljith P.J., FCAFor Respondent: Smt. A.S.Bindhu, Sr.DR
Section 80P(2)(a)

…on the grounds raised in the memorandum of appeal. The learned ARs, on the other hand, submitted that the issue in question is squarely covered in favour of the assessee by the following judicial pronouncements :- (i) CIT v. Karnataka State Co-operative Bank [251 ITR 194 (SC)] (ii) Vaveru Co-operative Rural Bank Ltd. v CIT [(2017) 396 ITR 371 (The Telungana And Andhra Pradesh High Court) (iii) Muttom Service Co-operative Bank Ltd. (ITA No.372/Coch/2010) (iv) Mundakkayam Service Co-operative Bank Ltd. (ITA No.106/Coch/2016). (v) The Mangalam Service Co-operative Bank Ltd. v. ITO (ITA No.495/Coch/2017 – order da…

The Burdwan Central Co-Operative Bank Limited, Burdwan vs. ACIT, Circle-2, Burdwan

In the result, these three appeals of assessee for the A

ITA 2405/KOL/2016[2008-09]Status: DisposedITAT Kolkata23 Jan 2019AY 2008-09

Bench: Shri A.T. Varkey, J.M. & Dr.A.L.Saini, A.M.)

For Appellant: Shri Pratp Kanti Ghosh, FCA, ld.ARFor Respondent: Shri Pijush Mukherjee, Addl. CIT, ld. Sr.DR
Section 263

…pellant. The Hon’ble court referred to the following judgments —CIT vs. South India Bank Ltd. 241 ITR 374 (Ker), Malabar Co-operative Central Bank Ltd. vs. CIT 101 ITR 87 (Ker), UCO Bank vs. CIT 240 ITR 355 (SC), CIT vs. Karnataka State Co-operative Apex Bank 251 ITR 194 (SC) and Mehsana District Central Co-operative Bank Ltd. vs. ITO 251 ITR 522 (SC) and distinguished the decision in the case of Vijaya Bank Ltd. vs. Addl. CIT (1991) 94 CTR (SC) 216 : (1991) 187 ITR 541 (SC). The Hon’ble Court finally concluded that Securities held by banks constitute their stock-in-trade and consequently the notional loss claime…

The ITO, WD-2, Thiruvalla vs. M/S.Mylapra Service Co-Op Bank Ltd, Pathanamthitta

ITA 499/COCH/2018[2015-16]Status: DisposedITAT Cochin16 Jan 2019AY 2015-16

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

For Appellant: Smt. A.S.BindhuFor Respondent: Sri. C.A.Jojo
Section 56Section 80PSection 80P(2)(a)

…nd, submitted that the issue in question ITA No.435/Coch/2018 & 499/Coch/2018 4 M/s.The Muttom SCB Ltd. & Mylapra SCB Ltd. is squarely covered in favour of the assessee by the following judicial pronouncements :- (i) CIT v. Karnataka State Co-operative Bank [251 ITR 194 (SC)] (ii) Vaveru Co-operative Rural Bank Ltd. v CIT [(2017) 396 ITR 371 (The Telungana And Andhra Pradesh High Court) (iii) Muttom Service Co-operative Bank Ltd. (ITA No.372/Coch/2010) (iv) Mundakkayam Service Co-operative Bank Ltd. (ITA No.106/Coch/2016). (v) The Mangalam Service Co-operative Bank Ltd. v. ITO (ITA No.495/Coch/2017 – order da…