Kerala State Cooperative Agricultural and Rural Development Bank Ltd. v. Assessing Officer

458 ITR 384Supreme Court of India2023#1211 most cited

What is Kerala State Cooperative Agricultural and Rural Development Bank Ltd. v. Assessing Officer authority for?

Deduction under section 80P(2)(d) of the Income-tax Act is available to cooperative societies for interest income. This Supreme Court decision affirms that the legal controversy on this matter is settled.

93

judgments rely on this decision, according to BharatTax’s citation analysis of 366,470 Indian tax judgments — from 2021 to 2026.

Also referred to as

Kerala State Cooperative Agricultural and Rural Development Bank Ltd. · Assessing Officer · Section 80P(2)(d) deduction · cooperative societies · interest income · tax exemption · inter-cooperative deposits · settled law · no more res integra · 2023 SC judgment

Also reported as

295 Taxmann 675

Sections most often in play

Section 80P(2)(d)Section 80P(4)Section 80P(2)(a)(i)Section 250Section 80PSection 143(3)Section 143(1)Section 56

Issues it is cited on

section 2(u)section 56(cci)section 56(c)(i)(cci)section 56(c)section 2(d)section 5(c)section 22(1)(b)section 2(c)section 5(b)section 80(p)(4)section 22(1)section 80(p)(2)

Judgments citing Kerala State Cooperative Agricultural and Rural Development Bank Ltd. v. Assessing Officer

Karassery Service Co-Op Bank Ltd, Mukkam vs. The ITO Ward 2(3), Kozhikode

ITA 292/COCH/2023[2014-15]Status: DisposedITAT Cochin25 Sept 2024AY 2014-15

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singh

For Appellant: ------- None -------For Respondent: Shri Sanjit Kumar Das, CIT-DR
Section 2Section 22Section 250Section 56Section 80PSection 80P(2)

…(SC). 4. We further notice that the question of co-operative bank vis-à-vis a co-operative society; for the purpose of the impugned deduction, further arose before their lordships in the Kerala State Cooperative Agricultural and Rural Development Bank [2023] 458 ITR 384 (SC) as well. The department therein was identical as in the “Mavilayi” case. We find that their lordships have taken note of all the relevant statutory provisions deciding the issue in assessee’s favour as under: - 3 ITA No.290-292/Coch/2023 Karassery SCB Ltd. “14. We shall now analyse the aforesaid judgments in a common conspectus. 14.1. In A…

Karassery Service Co-Op Bank Ltd, Mukkam vs. The ITO Ward 2(3), Kozhikode

ITA 291/COCH/2023[2012-13]Status: DisposedITAT Cochin25 Sept 2024AY 2012-13

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singh

For Appellant: ------- None -------For Respondent: Shri Sanjit Kumar Das, CIT-DR
Section 2Section 22Section 250Section 56Section 80PSection 80P(2)

…(SC). 4. We further notice that the question of co-operative bank vis-à-vis a co-operative society; for the purpose of the impugned deduction, further arose before their lordships in the Kerala State Cooperative Agricultural and Rural Development Bank [2023] 458 ITR 384 (SC) as well. The department therein was identical as in the “Mavilayi” case. We find that their lordships have taken note of all the relevant statutory provisions deciding the issue in assessee’s favour as under: - 3 ITA No.290-292/Coch/2023 Karassery SCB Ltd. “14. We shall now analyse the aforesaid judgments in a common conspectus. 14.1. In A…

Karassery Service Co-Op Bank Ltd, Mukkam vs. The ITO Ward 2(3), Kozhikode

ITA 290/COCH/2023[2007-08]Status: DisposedITAT Cochin25 Sept 2024AY 2007-08

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singh

For Appellant: ------- None -------For Respondent: Shri Sanjit Kumar Das, CIT-DR
Section 2Section 22Section 250Section 56Section 80PSection 80P(2)

…(SC). 4. We further notice that the question of co-operative bank vis-à-vis a co-operative society; for the purpose of the impugned deduction, further arose before their lordships in the Kerala State Cooperative Agricultural and Rural Development Bank [2023] 458 ITR 384 (SC) as well. The department therein was identical as in the “Mavilayi” case. We find that their lordships have taken note of all the relevant statutory provisions deciding the issue in assessee’s favour as under: - 3 ITA No.290-292/Coch/2023 Karassery SCB Ltd. “14. We shall now analyse the aforesaid judgments in a common conspectus. 14.1. In A…

M/S Thurayur Service Co -Op Bank Ltd, Kozhikode vs. The ITO Ward 2(1), Kozhikode

In the result, the appeals filed by the appellant are allowed and the order(s) of the Kerala High Court and other authorities to the contrary are set aside

ITA 196/COCH/2023[2015-16]Status: DisposedITAT Cochin25 Sept 2024AY 2015-16

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singh

For Appellant: ------- None -------For Respondent: Smt. Swarnalatha, Sr. D.R
Section 143(3)Section 2Section 22Section 56Section 80PSection 80P(2)

…(SC). 4. We further notice that the question of co-operative bank vis-à-vis a co-operative society; for the purpose of the impugned deduction, further arose before their lordships in the Kerala State Cooperative Agricultural and Rural Development Bank [2023] 458 ITR 384 (SC) as well. The department therein was identical as in the “Mavilayi” case. We find that their lordships have taken note of all the relevant statutory provisions deciding the issue in assessee’s favour as under: - “14. We shall now analyse the aforesaid judgments in a common conspectus. 14.1. In Apex Co-operative Bank of Urban Bank of Maharash…

M/S Thurayur Service Co -Op Bank Ltd, Kozhikode vs. The ITO Ward 2(1), Kozhikode

In the result, the appeals filed by the appellant are allowed and the order(s) of the Kerala High Court and other authorities to the contrary are set aside

ITA 195/COCH/2023[2014-15]Status: DisposedITAT Cochin25 Sept 2024AY 2014-15

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singh

For Appellant: ------- None -------For Respondent: Smt. Swarnalatha, Sr. D.R
Section 143(3)Section 2Section 22Section 56Section 80PSection 80P(2)

…(SC). 4. We further notice that the question of co-operative bank vis-à-vis a co-operative society; for the purpose of the impugned deduction, further arose before their lordships in the Kerala State Cooperative Agricultural and Rural Development Bank [2023] 458 ITR 384 (SC) as well. The department therein was identical as in the “Mavilayi” case. We find that their lordships have taken note of all the relevant statutory provisions deciding the issue in assessee’s favour as under: - “14. We shall now analyse the aforesaid judgments in a common conspectus. 14.1. In Apex Co-operative Bank of Urban Bank of Maharash…

M/S.Puthiyangadi Service Co-Op Bank, Calicut vs. The ITO Ward 1(3), Calicut

In the result, the appeals filed by the appellant are allowed and the order(s) of the Kerala High Court and other authorities to the contrary are set aside

ITA 112/COCH/2023[2017-18]Status: DisposedITAT Cochin25 Sept 2024AY 2017-18

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singhassessment Year: 2017-18 M/S. Puthiyangadi Service Co- The Income Tax Officer Operative Bank Limited No.F1421 V. Ward 1(3), Alappuzha. Puthiyangadi Kozhikode – 673 021 Pan : Aacap0749C. (Appellant) (Respondent)

For Appellant: ------- None -------For Respondent: Smt. V. Swarnalatha, Sr. D.R
Section 2Section 22Section 250Section 56Section 80PSection 80P(2)

…(SC). 4. We further notice that the question of co-operative bank vis-à-vis a co-operative society; for the purpose of the impugned deduction, further arose before their lordships in the Kerala State Cooperative Agricultural and Rural Development Bank [2023] 458 ITR 384 (SC) as well. The department therein was identical as in the “Mavilayi” case. We find that their lordships have taken note of all the relevant statutory provisions deciding the issue in assessee’s favour as under: - “14. We shall now analyse the aforesaid judgments in a common conspectus. 14.1. In Apex Co-operative Bank of Urban Bank of Maharash…

The Sulthan Bathery Service Co-Op Bank Ltd, Wayanad vs. The JCIT Range 2, Kozhikode

In the result, both the appeals in ITA Nos

ITA 320/COCH/2023[2015-16]Status: DisposedITAT Cochin14 Aug 2024AY 2015-16

Bench: Shri Chandra Poojari & Shri Soundararajan K.

For Appellant: Shri Anil D. Nair, A.RFor Respondent: Shri Sanjit Kumar Das, D.R
Section 27Section 271Section 271DSection 271E

…ief that the provisions of ss. 269SS and 269T are not applicable to it.” 6. The ld. D.R. submitted that the above judgements are pronounced before the judgement of Hon’ble Supreme Court in the case of Kerala State Co-operative Agricultural & Rural Bank Ltd. (458 ITR 384) (14.9.2023). As such, above decisions were not available to the appellate authorities both in the case of Citizen Co- operative Society Ltd. cited (supra) or in the case of Karnnur Service Co-operative Bank Ltd. cited (supra). As such, the penalty matter to be examined in the light of judgement of Hon’ble Supreme Court in the case of Kerala Stat…

The Sulthan Bathery Service Co-Op Bank Ltd, Wayanad vs. The JCIT Range 2, Kozhikode

In the result, both the appeals in ITA Nos

ITA 319/COCH/2023[2015-16]Status: DisposedITAT Cochin14 Aug 2024AY 2015-16

Bench: Shri Chandra Poojari & Shri Soundararajan K.

For Appellant: Shri Anil D. Nair, A.RFor Respondent: Shri Sanjit Kumar Das, D.R
Section 27Section 271Section 271DSection 271E

…ief that the provisions of ss. 269SS and 269T are not applicable to it.” 6. The ld. D.R. submitted that the above judgements are pronounced before the judgement of Hon’ble Supreme Court in the case of Kerala State Co-operative Agricultural & Rural Bank Ltd. (458 ITR 384) (14.9.2023). As such, above decisions were not available to the appellate authorities both in the case of Citizen Co- operative Society Ltd. cited (supra) or in the case of Karnnur Service Co-operative Bank Ltd. cited (supra). As such, the penalty matter to be examined in the light of judgement of Hon’ble Supreme Court in the case of Kerala Stat…

Assistant Commissioner of Income Tax, Circle1-(1), Mangalore vs. Dakshin Kannada Co-Operative Milk Producers Union Limited., Mangalore

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

ITA 597/BANG/2024[2017-18]Status: DisposedITAT Bangalore23 Jul 2024AY 2017-18

Bench: Shri Waseem Ahmed & Shri Soundararajan Kassessment Year: 2017-18

For Appellant: Shri A Shiva Rao, CAFor Respondent: Shri Subramanian S, JCIT
Section 80Section 80P(2)(d)

…5 ITR 611. 7. On the other hand, the ld. AR vehemently supported the order of the ld. CIT(A) and submitted that in view of the latest judgment of the Hon’ble Apex Court in the case of Kerala State Co-operative Agricultural Rural Development Vs. AO reported in 458 ITR 384 (SC) and the decision in assessee’s own case for Assessment Year 2020-21 in ITA No. 49/Bang/2024 (order dated 23.04.2024), the issues needs to be restored to the AO. It was submitted that payer Bank viz., SCDCC Bank is in essence is a co-operative society, hence, the interest / dividend income received from it would be entitled to deduction under…

The Erode City Municipal Corporation Emp Co-Op T& C Limited, Chennai vs. ITO, Ward 1 (1), Erode

In the result, the appeal in ITA No

ITA 510/CHNY/2024[2020-21]Status: DisposedITAT Chennai22 Jul 2024AY 2020-21

Bench: Hon’Ble Shri Manoj Kumar Aggarwal, Am & Hon’Ble Shri Manu Kumar Giri, Jm आयकरअपील सं./ Ita No.509 & 510/Chny/2024 (िनधा"रणवष" / Assessment Years: 2018-2019 & 2020-2021)

For Appellant: Ms. G. Vardini Karthik, AdvocateFor Respondent: Shri ARV Srinivasan, IRS, Addl. CIT
Section 119(2)(b)Section 139(1)Section 139(4)Section 143(1)Section 143(2)Section 2(6)Section 80ASection 80PSection 80P(2)(a)

…NK IS ALSO A CO-OPERATIVE SOCIETY 9) The CIT(A) failed to see that deposits were made with EDCC bank, which is a co-operative society registered under the TamilNadu Co-operative Societies Act and places reliance on the Judgement of the Supreme Court in [2023] 458 ITR 384’’. 3. The brief facts of the case are that the appellant society e-filed return of income for AY 2018-19 on 12/03/2019 offering a gross total income of Rs. 87,07,378/- and total income of Rs. Nil after claiming deduction of Rs. 87,07,378/- under section 80P(2)(a)(i). The return was duly processed u/s 143(1) of the Act. The case was selected for s…

The Erode City Municipal Corporation Emp Co-Op T& C Limited, Erode vs. ITO, Ward 1(1), Erode

In the result, the appeal in ITA No

ITA 509/CHNY/2024[2018-19]Status: DisposedITAT Chennai22 Jul 2024AY 2018-19

Bench: Hon’Ble Shri Manoj Kumar Aggarwal, Am & Hon’Ble Shri Manu Kumar Giri, Jm आयकरअपील सं./ Ita No.509 & 510/Chny/2024 (िनधा"रणवष" / Assessment Years: 2018-2019 & 2020-2021)

For Appellant: Ms. G. Vardini Karthik, AdvocateFor Respondent: Shri ARV Srinivasan, IRS, Addl. CIT
Section 119(2)(b)Section 139(1)Section 139(4)Section 143(1)Section 143(2)Section 2(6)Section 80ASection 80PSection 80P(2)(a)

…NK IS ALSO A CO-OPERATIVE SOCIETY 9) The CIT(A) failed to see that deposits were made with EDCC bank, which is a co-operative society registered under the TamilNadu Co-operative Societies Act and places reliance on the Judgement of the Supreme Court in [2023] 458 ITR 384’’. 3. The brief facts of the case are that the appellant society e-filed return of income for AY 2018-19 on 12/03/2019 offering a gross total income of Rs. 87,07,378/- and total income of Rs. Nil after claiming deduction of Rs. 87,07,378/- under section 80P(2)(a)(i). The return was duly processed u/s 143(1) of the Act. The case was selected for s…

Shri Neelakanteshwar Pattin Sahakari Sangh Niyamit, Guledgudd vs. ITO W(1) Bagalkot, Bagalkot

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

ITA 600/BANG/2024[2021-22]Status: DisposedITAT Bangalore03 Jul 2024AY 2021-22

Bench: Shri George George K & Shri Waseem Ahmedr Assessment Year : 2021-22 M/S. Shri Neelakanteshwar Pattina Sahakari Vs. Ito, Sangh Niyamit Guledgudd, Ward – 1, No. Ward No.4 Colleg Road, Bagalkot. Guledgudd – 587 203, Karnataka. Pan : Aawas 7201 C Appellant Respondent Assessee By : S/Shri. Deepak Gunashekar, Ca, Prasanna N. Urala, Advocate Revenue By : Shri. Ganesh R Ghale, Standing Counsel. Date Of Hearing : 30.05.2024 Date Of Pronouncement : 03.06.2024

For Appellant: S/Shri. Deepak Gunashekar, CAFor Respondent: Shri. Ganesh R Ghale, Standing Counsel
Section 143Section 250Section 56Section 57Section 80PSection 80P(2)(a)Section 80P(2)(d)

…Aggrieved by the order of the CIT(A), assessee has preferred this appeal before the Tribunal. The learned AR, by placing reliance on the judgment of Hon’ble Apex Court in the case of Kerala State Co-operative Agricultural Rural Development Vs. AO reported in 458 ITR 384 (SC), submitted that payer bank if it is a co-operative society the interest income received from such co-operative societies would be entitled to deduction under section 80P(2)(d) of the Act. Further, the learned AR also submitted that if assessee is denied the benefit of deduction under section 80P(2)(d) of the Act for the interest income recei…

Yadagere Souharda Co-Operative Society Limited., Chikkamagaluru vs. Income Tax Officer, Ward-1, Chikkamagaluru

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

ITA 444/BANG/2024[2018-19]Status: DisposedITAT Bangalore24 Jun 2024AY 2018-19

Bench: Smt. Beena Pillai & Shri Laxmi Prasad Sahuassessment Year : 2018-19

For Appellant: Shri Varun Bhat, CAFor Respondent: Shri V. Parithivel, Jt.CIT(DR)(ITAT), Bengaluru
Section 56Section 80PSection 80P(2)(a)

…) of the Act, the AO shall also examine whether it is entitled to deduction under section 80P(2)(d) of the Act in light of the recent judgment of the Hon’ble Apex Court in the case of Kerala State Co-operative Agricultural Rural Development Vs. AO reported in 458 ITR 384 (SC). It is ordered accordingly 21. In addition to this We would like to quote the case law which is recently ordered by Income tax Appellate Tribunal Banglore -A bench in the case of M/s. Sumantha Pathina Souharda Sahakari Niyamita, has come up with the opinion that The jurisdictional High Court in the case of PCIT Vs. Totgars Sales Society (sup…

Rehanabad Co-Operative Housing Society Limited, Mumbai vs. Income Tax Officer, Ward 24(1)(1), Mumbai

The appeal is allowed

ITA 4798/MUM/2023[2021-22]Status: DisposedITAT Mumbai24 Jun 2024AY 2021-22

Bench: Shri Prashant Maharishi (Am) I.T.A. No. 4798/Mum/2023 (A.Y. 2021-11) Rehanabad Co- Vs. Ito, Operative Housing Ward-24(1)(1) Society Limited Piramal Chamber 8, Rehanabad Housing Mumbai. Society Limited Spence Road, Byculla Mumbai-400 008. Pan : Aaaar4330D (Appellant) (Respondent) Assessee By Ms. Ritu Punjabi Department By Shri R.R. Makwana Date Of Hearing 04.06.2024 Date Of Pronouncement 24.06.2024 O R D E R 1. This Appeal Is Filed By Rehanabad Cooperative Housing Society Ltd, Mumbai (The Assessee/Appellant) For Assessment Year 2021 – 22 Against The Appellate Order Passed By The Additional Commissioner/Joint Commissioner Of Income Tax (A) Indore (The Learned Cit – A) Dated 31/10/2023 Wherein The Appeal Filed By The Assessee Against Intimation Under Section 143 (1) Of The Income Tax Act, 1961 Dated 19/10/2022 Passed By The Central Processing Centre Bangalore [ The Ld. Ao ] Wherein The Assessee Was Denied The Benefit Of Deduction Under Page 1 Of 9

Section 143Section 80

…dated 27/4/2023 the assessee was allowed the deduction under section 80 PD of the act. iv. that the decision relied upon by the learned CIT – A of Kerala State cooperative agricultural and rural development bank Ltd of the honourable Supreme Court in (2023) (458 ITR 384) (SC) is in fact in favour of the assessee. Even otherwise that was the case of a cooperative agricultural and rural development bank Ltd, and the issue was whether the assessee is cooperative society is entitled to claim deduction of the whole of profits and gains of the business attributable to the business of banking or providing credit facili…

Assistant Commissioner of Income Tax, Mangalore vs. Dakshin Kannada District Co-Operative Milk Producers Union Limited, Mangalore

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

ITA 377/BANG/2024[2018-19]Status: DisposedITAT Bangalore31 May 2024AY 2018-19

Bench: Shri George George K & Shri Waseem Ahmedr Assessment Year : 2018-19 Acit, Vs. M/S. Dakshina Kannada Co-Operative Milk Mangaluru. Producers Union Ltd., Nandini, Kulashekar Kulshekar Mangaluru – 575 005, Karnataka. Pan : Aaaad 0202 C Appellant Respondent Assessee By : Shri. Shiva Rao, Ca Revenue By : Shri. Subramanian S, Jcit(Dr)(Itat), Bengaluru. Date Of Hearing : 30.05.2024 Date Of Pronouncement : 31.05.2024

For Appellant: Shri. Shiva Rao, CAFor Respondent: Shri. Subramanian S, JCIT(DR)(ITAT), Bengaluru
Section 143(2)Section 143(3)Section 250Section 36Section 80Section 80P(2)(d)

…s Co-operative Sale Society Ltd., reported in 395 ITR 611. 6. The learned AR, on the other hand, submitted that in view of the latest judgment of the Hon’ble Apex Court in the case of Kerala State Co-operative Agricultural Rural Development Vs. AO reported in 458 ITR 384 (SC) and the decision in assessee’s own case for Assessment Year 2020-21 in ITA No.49/Bang/2024 (order dated 23.04.2024) the issues need to be restored to the AO. It was submitted that payer Bank viz., SCDCC Bank is in essence is a co- Page 4 of 5 operative society, hence, the interest / dividend income received from it would be entitled to dedu…

M/S. Rythara Sevasahakara Sanga (N), Bengaluru vs. Income Tax Officer, Ward-6(3)(1), Bengaluru

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

ITA 438/BANG/2024[2018-19]Status: DisposedITAT Bangalore27 May 2024AY 2018-19

Bench: Shri Chandra Poojari & Shri Soundararajan K.Assessment Year: 2018-19

For Appellant: Ms. Sunaina Bhatia, A.RFor Respondent: Sri V. Parithivel, D.R
Section 143(2)Section 250Section 80PSection 80P(2)(a)

…ITA No.438/Bang/2024 M/s. Rythara Sevasahakara Sanga N., Bangalore IN THE INCOME TAX APPELLATE TRIBUNAL “C’’ BENCH: BANGALORE BEFORE SHRI CHANDRA POOJARI, ACCOUNTANT MEMBER AND SHRI SOUNDARARAJAN K., JUDICIAL MEMBER Assessment Year: 2018-19 M/s. Rythara Sevasahakara Sanga N., 21st KM, Bangalore-Doddaballapur Road Singanayakanahalli ITO Vs. Bengaluru 560 064 Ward-6(3)(1) Bangalore PAN NO : AAAAR2291P APPELLANT RESPONDENT Appellant by : Ms. Sunaina Bhatia, A.R. Respondent by : Sri V. Parithivel, D.R. Date of Hearing : 21.05.2024 Date of Pronouncement : 27.05.2024 O R D E R PER SOUNDARARAJAN K., JUDICIAL MEMB…

Shree Cheerumba Credit Co-Operative Society Limited, Mangaluru vs. Income-Tax Officer, Ward-2(1), Mangaluru

In the result, we pass the following:

ITA 599/BANG/2024[2020-21]Status: DisposedITAT Bangalore17 May 2024AY 2020-21

Bench: Shri George George K & Shri Waseem Ahmed

For Appellant: Shri Sriram V. Rao, CAFor Respondent: Shri. Subramanian S, JCIT(DR)(ITAT), Bengaluru
Section 143(3)Section 250Section 57Section 80PSection 80P(2)(a)

…deduction under section 80P(2)(d) of the Act. In this context, the learned AR relied on the latest judgment of the Hon’ble Apex Court in the case of Kerala State Co-Operative Agricultural & Rural Development Bank Ltd. Vs. Assessing Officer reported in (2023) 458 ITR 384 (SC). 14. The learned DR supported the orders of the AO and the CIT(A). 15. We have heard the rival submissions and perused the material on record. The Hon’ble Apex Court in the case of Kerala State Co-Operative Agricultural & Rural Development Bank Ltd. Vs. Assessing Officer (supra) had held that although the assessee society in that case is a…

Shree Cheerumba Credit Co-Operative Society Limited, Mangaluru vs. Income Tax Officer, Mangaluru

In the result, we pass the following:

ITA 548/BANG/2024[2018-19]Status: DisposedITAT Bangalore17 May 2024AY 2018-19

Bench: Shri George George K & Shri Waseem Ahmed

For Appellant: Shri Sriram V. Rao, CAFor Respondent: Shri. Subramanian S, JCIT(DR)(ITAT), Bengaluru
Section 143(3)Section 250Section 57Section 80PSection 80P(2)(a)

…deduction under section 80P(2)(d) of the Act. In this context, the learned AR relied on the latest judgment of the Hon’ble Apex Court in the case of Kerala State Co-Operative Agricultural & Rural Development Bank Ltd. Vs. Assessing Officer reported in (2023) 458 ITR 384 (SC). 14. The learned DR supported the orders of the AO and the CIT(A). 15. We have heard the rival submissions and perused the material on record. The Hon’ble Apex Court in the case of Kerala State Co-Operative Agricultural & Rural Development Bank Ltd. Vs. Assessing Officer (supra) had held that although the assessee society in that case is a…

Shree Cheerumba Credit Co-Operative Society Limited, Mangaluru vs. ITO Ward 2(1), Mangaluru

In the result, we pass the following:

ITA 547/BANG/2024[2017-18]Status: DisposedITAT Bangalore17 May 2024AY 2017-18

Bench: Shri George George K & Shri Waseem Ahmed

For Appellant: Shri Sriram V. Rao, CAFor Respondent: Shri. Subramanian S, JCIT(DR)(ITAT), Bengaluru
Section 143(3)Section 250Section 57Section 80PSection 80P(2)(a)

…deduction under section 80P(2)(d) of the Act. In this context, the learned AR relied on the latest judgment of the Hon’ble Apex Court in the case of Kerala State Co-Operative Agricultural & Rural Development Bank Ltd. Vs. Assessing Officer reported in (2023) 458 ITR 384 (SC). 14. The learned DR supported the orders of the AO and the CIT(A). 15. We have heard the rival submissions and perused the material on record. The Hon’ble Apex Court in the case of Kerala State Co-Operative Agricultural & Rural Development Bank Ltd. Vs. Assessing Officer (supra) had held that although the assessee society in that case is a…

Income Tax Officer, Ward 1, Udupi vs. Brahmavara Vyavasaya Seva, Brahmavara

ITA 668/BANG/2024[2020-21]Status: DisposedITAT Bangalore16 May 2024AY 2020-21

Bench: Shri George George K & Shri Waseem Ahmed

For Appellant: Ms. Akshaya K. S, CAFor Respondent: Shri. Subramanian S, JCIT(DR)(ITAT), Bengaluru
Section 250Section 80PSection 80P(2)Section 80P(2)(a)Section 80P(2)(d)

…eligible for deduction under section 80P(2)(a)(i) of the Act. The learned AR further relying on the judgment of the Hon'ble Apex Court in the case of Kerala State Co-Operative Agricultural & Rural Development Bank Ltd. Vs. Assessing Officer reported in (2023) 458 ITR 384 (SC) submitted that assessee is entitled to benefit of deduction under section 80P(2)(d) of the Act since the co-operative bank will encompass also “co-operative society” referred under section 2(19) of the Act. It was further contended that if interest income is to be assessed as “Income from Other Sources" and is not granted the benefit of dedu…