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

Incometax Officer, Ward 1, Udupi vs. Brahmavara Vyavasaya Seva, Brahmavara

Bench: Shri George George K & Shri Waseem Ahmed

…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…

M/S. Kajekar Seva Shakari Bank, Bantwal vs. Income Tax Officer, Ward-2(1), Mangalore

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

Bench: Shri George George K & Shri Waseem Ahmedassessment Year : 2018-19 M/S. Kajekar Seva Sahakari Bank, Vs. Ito, Pandavarakallu, B Kajekar, Ward –2(1), Bantal – 574 233, Karnataka. Mangalore. Pan : Aaaak 2473 Q Appellant Respondent Assessee By : Shri. V. Srinivasan, Advocate Revenue By : Shri. Satish Meriga, Cit(Dr)(Itat), Bengaluru. Date Of Hearing : 09.05.2024 Date Of Pronouncement : 10.05.2024

…income from business’ which entails the benefit of deduction under section 80P(2)(a)(i) of the Act. The learned AR further relying 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) stated that assessee is entitled to benefit of deduction under section 80P(2)(d) of the Act. It was further contended that if the interest income is assessed as ‘income from other sources’ and is not granted the benefit of deduction under section 80P(2)(d) of the Act, the assessee ought to be granted deduction of the cost of funds for earnin…

Income Tax Officer, Udupi vs. Kota Co-Operative Agricultural Society Ltd., Kota, Udupi

Bench: Shri George George K & Shri Chandra Poojari

…income from business’ which entails the benefit of deduction under section 80P(2)(a)(i) of the Act. The learned AR further relying 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) stated that assessee is entitled to benefit of deduction under section 80P(2)(d) of the Act. It was further contended that if the interest income is assessed as ‘income from other sources’ and is not granted the benefit of deduction under section 80P(2)(d) of the Act, the assessee ought to be granted deduction of the cost of funds for earnin…

Income Tax Officer, Ward -1 Udupi, Udupi vs. Kota Co-Operative Agricultural Society Ltd, Kota, Udupi

Bench: Shri George George K & Shri Chandra Poojari

…income from business’ which entails the benefit of deduction under section 80P(2)(a)(i) of the Act. The learned AR further relying 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) stated that assessee is entitled to benefit of deduction under section 80P(2)(d) of the Act. It was further contended that if the interest income is assessed as ‘income from other sources’ and is not granted the benefit of deduction under section 80P(2)(d) of the Act, the assessee ought to be granted deduction of the cost of funds for earnin…

Income Tax Officer, Ward -1, Udupi vs. Kota Co-Operative Agricultural Society Ltd, Kota, Udupi

Bench: Shri George George K & Shri Chandra Poojari

…income from business’ which entails the benefit of deduction under section 80P(2)(a)(i) of the Act. The learned AR further relying 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) stated that assessee is entitled to benefit of deduction under section 80P(2)(d) of the Act. It was further contended that if the interest income is assessed as ‘income from other sources’ and is not granted the benefit of deduction under section 80P(2)(d) of the Act, the assessee ought to be granted deduction of the cost of funds for earnin…

Sumantha Pathina Souharda Sahakari Niyamita, Kondlahalli vs. Income Tax Officer, Chitradurga

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

Bench: Shri George George K & Shri Chandra Poojariassessment Year : 2020-21 M/S. Sumantha Pathina Souharda Vs. Ito, Sahakari Niyamita, Medehalli. Sahakari Niyamitha R, Kondlahalli, Molakalmuru, Chitradurga – 577 529, Karnataka. Pan : Aajas 7472 G Appellant Respondent Assessee By : Shri. Suhas K, Ca Revenue By : Shri. Ganesh R. Gale, Standing Counsel For Department Date Of Hearing : 27.02.2024 Date Of Pronouncement : 27.02.2024

…ks are not entitled to deduction under section 80P(2)(a)(i) or under section 80P(2)(d) of the Act. However, the latest judgment of the Hon’ble Apex Court in the case of Kerala State Co-operative Agricultural and Rural Development Bank Ltd., Vs. AO reported in 458 ITR 384 (SC) had categorized various co-operative banks as co-operative societies thereby granting the benefit of deduction under section 80P of the Act to the said co-operative banks. Though the Hon’ble Apex Court was considering the interpretation of section 80P(4) of the Act, when a co-operative bank is deemed to be considered as a co-operative societ…

Machina Service Co-Op. Society Limited, Belthangady vs. Income Tax Officer, Ward-1, Puttur

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

Bench: Shri George George K & Shri Chandra Poojari

…ther it is entitled to deduction under section 80P(2)(d) of the Act in light of the recent judgment of the ITA Nos.124 and 125/Bang/2024 Page 8 of 8 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. 9. In the result, appeal filed by the assessee is allowed for statistical purposes. Pronounced in the open court on the date mentioned on the caption page. (CHANDRA POOJRAI) Vice President Bangalore. Dated: 22.02.2024. /NS/* Copy to: 1. Appellants 2. Respondent 3. DRP 4. CIT 5. CIT(A) 6. DR, ITAT, Bangalore. 7.…

Machina Service Co-Op. Society Ltd., Belthangady vs. Income Tax Officer, Ward-1, Puttur

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

Bench: Shri George George K & Shri Chandra Poojari

…ether it is entitled to deduction under section 80P(2)(d) of the Act in light of the recent judgment of the Page 8 of 8 ITA Nos.124 and 125/Bang/2024 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. 9. In the result, appeal filed by the assessee is allowed for statistical purposes. Pronounced in the open court on the date mentioned on the caption page. Sd/- (CHANDRA POOJRAI) Accountant Member Sd/- (GEORGE GEORGE K) Vice President Bangalore. Dated: 22.02.2024. /NS/* Copy to: 1. Appellants 2. Respondent 3. DRP…

M/S. Primary Agricultural Credit Co-Operative Society Ltd Guruvayanakere, Belthangady vs. Income-Tax Officer, Ward-1, Puttur

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

Bench: Shri George George K & Shri Chandra Poojariassessment Year : 2020-21 M/S. Primary Agricultural Credit Vs. Ito, Co-Operative Society Ltd., Ward –1, 1 ‘Jeshta’ Uppinangady Road, Puttur. Guruvayanakere, Belthangady – 574 217. Pan : Aabas 3237 K Appellant Respondent Assessee By : Ms. Harsha J, Advocate Revenue By : Shri. Parithivel, Jcit(Dr)(Itat), Bengaluru. Date Of Hearing : 06.02.2024 Date Of Pronouncement : 06.02.2024

…ments with Co-operative Banks are entitled to 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 Vs. AO reported in 458 ITR 384 (SC), submitted that assessee is entitled to benefit of deduction under section 80P(2)(d) of the Act. 6. The learned DR supported the orders of the AO and the CIT(A). 7. We have heard the rival submissions and perused the material on record. It is the contention of the assessee that as regards the claim of deduction of interest income received…

M/S. Primary Agricultural Credit Co-Operative Society Ltd Guruvayanakere, Belthangady vs. Income Tax Officer, Ward-1, Puttur

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

Bench: Shri George George K & Shri Chandra Poojariassessment Year : 2018-19 M/S. Primary Agricultural Credit Vs. Ito, Co-Operative Society Ltd., Ward –1, 1 ‘Jeshta’ Uppinangady Road, Puttur. Guruvayanakere, Belthangady – 574 217. Pan : Aabas 3237 K Appellant Respondent Assessee By : Ms. Harsha J, Advocate Revenue By : Shri. Parithivel, Jcit(Dr)(Itat), Bengaluru. Date Of Hearing : 06.02.2024 Date Of Pronouncement : 06.02.2024

…ments with Co-operative Banks are entitled to 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 Vs. AO reported in 458 ITR 384 (SC), submitted that assessee is entitled to benefit of deduction under section 80P(2)(d) of the Act. 6. The learned DR supported the orders of the AO and the CIT(A). 7. We have heard the rival submissions and perused the material on record. It is the contention of the assessee that as regards the claim of deduction of interest income received…

M/S. Primary Agricultural Credit Co-Operative Society Ltd Guruvayanakere, Belthangady vs. Income-Tax Officer, Ward-1, Puttur

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

Bench: Shri George George K & Shri Chandra Poojariassessment Year : 2017-18 M/S. Primary Agricultural Credit Vs. Ito, Co-Operative Society Ltd., Ward –1, 1 ‘Jeshta’ Uppinangady Road, Puttur. Guruvayanakere, Belthangady – 574 217. Pan : Aabas 3237 K Appellant Respondent Assessee By : Ms. Harsha J, Advocate Revenue By : Shri. Parithivel, Jcit(Dr)(Itat), Bengaluru. Date Of Hearing : 06.02.2024 Date Of Pronouncement : 06.02.2024

…ended that the interest income is entitled to 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 Vs. AO reported in 458 ITR 384 (SC), Page 4 of 8 submitted that assessee is entitled to benefit of deduction under section 80P(2)(d) of the Act. 6. The learned DR supported the orders of the AO and the CIT(A). 7. We have heard the rival submissions and perused the material on record. The claim of deduction under section 80P of the Act was denied by the AO primarily for the…

M/S. Dodmane Group Gramagala Seva Sahakari Sangha Niyamita Karkimaki, Karkimakki vs. Income Tax Officer, Ward-1, Sirsi

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

Bench: Shri George George Kassessment Year : 2018-19 Sri Dodmane Group Gramagala Seva Sahakari Vs. Ito, Sangha Niyamita Karkimakki, Ward – 1, 41, Siddapur-Kumta Road Karkimakki Sirsi. Tq 581 322, Karnataka. Pan : Aacad 0741 J Appellant Respondent Assessee By : Ms. Sunaina Bhatia, Ca Revenue By : Shri. Ganesh R Ghale, Advocate, Standing Counsel For Revenue. Date Of Hearing : 21.11.2023 Date Of Pronouncement : 21.11.2023

…income from business’ which entails the benefit of deduction under section 80P(2)(a)(i) of the Act. The learned AR further relying 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) stated that assessee is entitled to benefit of deduction under section 80P(2)(d) of the Act. It was further contended that if the interest income is assessed as ‘income from other sources’ and is not granted the benefit of deduction under section 80P(2)(d) of the Act, the assessee ought to be granted deduction of the cost of funds for earnin…