CIT v. Sri Biluru Gurubasava Pattina Sahakari Sangha Niyamitha, Bagalkot

369 ITR 86High Court2014#1816 most cited

What is CIT v. Sri Biluru Gurubasava Pattina Sahakari Sangha Niyamitha, Bagalkot authority for?

A credit co-operative society providing credit facilities to its members is eligible for deduction under Section 80P(2)(a)(i), including interest income from investments attributable to its business. This eligibility distinguishes it from co-operative banks exclusively engaged in banking business, which are excluded under Section 80P(4).

63

judgments rely on this decision, according to BharatTax’s citation analysis of 366,339 Indian tax judgments — from 2015 to 2025.

Also referred to as

Sri Biluru Gurubasava Pattina Sahakari Sangha Niyamitha · Section 80P · Section 80P(2)(a)(i) · Section 80P(4) · credit co-operative society deduction · co-operative bank · income from providing credit to members · interest income attributable to business · eligibility for deduction · revisional jurisdiction under Section 263

Also reported as

56 Taxmann.com 280

Sections most often in play

Section 143(3)Section 80P(2)(a)(i)Section 143(1)Section 148Section 234BSection 234CSection 250Section 271(1)(c)

Issues it is cited on

section 22(1)(b)section 22(1)section 5(b)section 80p(1)section 80p(4)section 80p(2)(a)section 22section 80p(2)(a)(i)section 80p(2)section 2(24)section 56section 80p

Judgments citing CIT v. Sri Biluru Gurubasava Pattina Sahakari Sangha Niyamitha, Bagalkot

ITO, Bangalore vs. M/S Sri. Praja Co-Operative Credit Society Ltd., Bangalore

In the result, the appeal of the Revenue is dismissed

ITA 813/BANG/2015[2010-11]Status: DisposedITAT Bangalore10 Nov 2015AY 2010-11

Bench: Shri Abraham P. George & Shri Vijay Pal Raoassessment Year : 2010-11

For Appellant: Shri Sunil Kumar Agarwala, Jt. CIT(DR)For Respondent: Shri Srinivas Bharath N.K., C.A
Section 4Section 80PSection 80P(2)(a)Section 80P(4)

…s the ld. AR and considered the relevant material on record. At the outset, we note that this issue is now covered by the judgment of the Hon’ble jurisdictional High Court in the case of CIT v. Sri Biluru Gurubasava Pattina Sahakari Sangha Niyamitha,Bagalkot, 369 ITR 86 (Kar), wherein the Hon’ble High Court held in paras 8 & 9 as under:- “8. In the assessment order, the assessing authority has clearly stated that the assessee is a co-operative society and has not obtained any banking license. The business of the assessee is to provide credit facilities to its members. Since the assessee cannot carry on any banki…

Ssk Pattin Sahakari Sangh Niyamit, Bagalkot vs. ITO, Bagalkot

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

ITA 1446/BANG/2013[2009-10]Status: DisposedITAT Bangalore26 Aug 2015AY 2009-10

Bench: Smt. Asha Vijayaraghavan, Jm (Smc)

For Appellant: Shri S. Ramasubramanian, CAFor Respondent: Dr. P.K.Srihari, Addl.CIT
Section 143(3)Section 80P(2)(a)Section 80P(4)

…of the 4 ITA No.1446(Bang)2013 specified means within the meaning of above mentioned definition of banking”. 8. I find the decision of the Hon’ble Karnataka High Court in the case of CIT Vs Sri Biluru Gurubasava Pattina Sahakari Sangha Niyamitha Bagalkot ( 369 ITR 86(Kar.) it has been held as under; “ In the instant case, when the status of the assessee is a co-operative society and is not a co-operative bank, the order passed by the assessing authority extending the benefit of exemption from payment of tax under section 80P(2)(a)(i) of the Act is correct. There is no error. When there is no error, the quest…

Shri. Shanteshwar Vividoddeshagala Sahakara Sangh Niyamit, Bijapur vs. ITO, Bijapur

In the result, the assessee's appeal for Assessment Years 2010-11 is allowed

ITA 844/BANG/2014[2010-11]Status: DisposedITAT Bangalore03 Jul 2015AY 2010-11

Bench: Shri N.V. Vasudevan & Shri Jason P. Boaz

For Appellant: Shri S. Ramasubramanian, C.AFor Respondent: Dr.P.K. Srihari, Addl. CIT (D.R.)
Section 139(1)Section 143(3)Section 43BSection 80P(2)(a)Section 80P(4)

…IN THE INCOME TAX APPELLATE TRIBUNAL BANGALORE BENCH “ B ” BEFORE SHRI N.V. VASUDEVAN, JUDICIAL MEMBER AND SHRI JASON P. BOAZ, ACCOUNTANT MEMBER I.T.A. No.844/Bang/2014 (Assessment Year : 2010-11) Shri Shanteshwar Vividodeshagala Vs. Income Tax Officer, Sahakara Sangh Niyamit, Ward 2, Bijapur. Co-operative Bank Building, Main Road, Horti, Bijapur-586 117 PAN AAAAS 7423G Appellant Respondent. Appellant By : Shri S. Ramasubramanian, C.A. Respondent By : Dr.P.K. Srihari, Addl. CIT (D.R.) Date of Hearing : 27.5.2015. Date of Pronouncement : 3.7.2015. O R D E R Per Shri Jason P. Boaz, A.M. : This appeal by the assess…