PCIT v. Peroorkada Service Co-op. Bank Ltd.

442 ITR 141High Court2022#433 most cited

What is PCIT v. Peroorkada Service Co-op. Bank Ltd. authority for?

Interest income earned by a co-operative society from deposits with other co-operative banks, such as district or state co-operative banks, is eligible for deduction under Section 80P(2)(d) of the Income-tax Act, as it is considered income from other sources.

208

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2019 to 2026.

Also referred to as

Peroorkada Service Co-op. Bank Ltd. · Section 80P(2)(d) · cooperative society deduction · interest income cooperative bank · deposits with cooperative bank · deduction for cooperative societies · Totagars Cooperative Societies Ltd. · Section 80P · eligible for deduction

Sections most often in play

Section 80P(2)(d)Section 80P(2)(a)(i)Section 80PSection 143(3)Section 144BSection 56Section 147Section 80P(4)

Issues it is cited on

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

Judgments citing PCIT v. Peroorkada Service Co-op. Bank Ltd.

SHREE KESHAV CO OP CREDIT SOCIETY LTD,JUNAGADH vs. THE DCIT/ACIT, CIR 1(1), RAJKOT, RAJKOT

In the result, both appeals filed by the assessee, are allowed

ITA 794/RJT/2025[2020-21]Status: DisposedITAT Rajkot12 Feb 2026AY 2020-21

Bench: Dr. Arjun Lal Saini & Dr. Dinesh Mohan Sinha

For Appellant: Shri D. M. Rindani, ARFor Respondent: Shri Dheeraj Kumar Gupta, Sr. DR
Section 143(3)Section 80P(2)Section 80P(2)(a)Section 80P(2)(d)

…ars Co-operative Sale Society Ltd(supra) is in the context of Section 80P(2)(a)(i) of the Act and is distinguishable and has been distinguished by lower courts in many judgements which are reproduced below: (a) Peroorkada Service Co-operative Bank Ltd. (2022) 442 ITR 141 (Kerala HC) (b) Totagars Co-operative Sale Society (2017) 392 ITR 74 (Karnataka HC) (c) Vavveru Co-operative Rural Bank Ltd. (2017) 88 taxmann.com 728 (Andhra Pradesh and Telangana HC) (d) State Bank of India vs Commissioner of Income-tax (2016) 389 ITR 578 (Guj. HC); (e) The Uttar Gujarat Uma Co-op. Credit Society Ltd. in ITA Nos. 1670, 1671/A/2…

SHREE KESHAV CO OP CREDIT SOCIETY LTD,JUNAGADH vs. THE DCIT/ACIT, CIR - 1(1), RAJKOT, RAJKOT

In the result, both appeals filed by the assessee, are allowed

ITA 793/RJT/2025[2018-19]Status: DisposedITAT Rajkot12 Feb 2026AY 2018-19

Bench: Dr. Arjun Lal Saini & Dr. Dinesh Mohan Sinha

For Appellant: Shri D. M. Rindani, ARFor Respondent: Shri Dheeraj Kumar Gupta, Sr. DR
Section 143(3)Section 80P(2)Section 80P(2)(a)Section 80P(2)(d)

…ars Co-operative Sale Society Ltd(supra) is in the context of Section 80P(2)(a)(i) of the Act and is distinguishable and has been distinguished by lower courts in many judgements which are reproduced below: (a) Peroorkada Service Co-operative Bank Ltd. (2022) 442 ITR 141 (Kerala HC) (b) Totagars Co-operative Sale Society (2017) 392 ITR 74 (Karnataka HC) (c) Vavveru Co-operative Rural Bank Ltd. (2017) 88 taxmann.com 728 (Andhra Pradesh and Telangana HC) (d) State Bank of India vs Commissioner of Income-tax (2016) 389 ITR 578 (Guj. HC); (e) The Uttar Gujarat Uma Co-op. Credit Society Ltd. in ITA Nos. 1670, 1671/A/2…

SURENDRANAGAR DISTRICT CO OP PRODUCERS UNION LIMITED,SURENDRANAGAR vs. ASSISTANT COMMISSIONER OF INCOME TAX, SURENDRANAGAR CIRCLE

In the result, appeal filed by the assessee is allowed

ITA 429/RJT/2025[2014-15]Status: DisposedITAT Rajkot10 Feb 2026AY 2014-15

Bench: Dr. Arjun Lal Saini & Dr. Dinesh Mohan Sinhaआयकरअपीलसं./Ita No. 429/Rjt/2025 ("नधा"रणवष"/Assessment Year: (2014-15) Surendranagar District Co. Op. Acit, Circle, Producers Union Ltd. Vs. Surendranagar-363035 Plot No.249, Phase 2 Gidc Market Yard Circle, Sursagar Dairy, Wadhwan Road, Surendranagar-363035 (Guj) "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aaaas8375B (अपीलाथ"/Assessee) (""यथ"/Respondent) Assessee By : Shri Kalpesh Doshi, Ld. Ar Respondent By : Shri Abhimanyu Singh Yadav, Ld. Sr. Dr Date Of Hearing : Heard On 09/10/2025, Refixed For Clarification On 03.11.2025 & Finally Heard On 02.02.2026 : 10/02/2026 Date Of Pronouncement Order Per, Dr. Arjun Lal Saini, A.M.:

For Appellant: Shri Kalpesh Doshi, Ld. ARFor Respondent: Shri Abhimanyu Singh Yadav, Ld. Sr. DR
Section 142(1)Section 143(2)Section 143(3)Section 234ASection 250Section 271(1)(c)Section 80P(2)(b)Section 80P(2)(d)

…rs Co- operative Sale Society Ltd(supra) is in the context of Section 80P(2)(a)(i) of the Act and is distinguishable and has been distinguished by lower courts in many judgements which are reproduced below: (a) Peroorkada Service Co-operative Bank Ltd. (2022) 442 ITR 141 (Kerala HC) (b) Totagars Co-operative Sale Society (2017) 392 ITR 74 (Karnataka HC) (c) Vavveru Co-operative Rural Bank Ltd. (2017) 88 taxmann.com 728 (Andhra Pradesh and Telangana HC) (d) State Bank of India vs Commissioner of Income-tax (2016) 389 ITR 578 (Guj. HC); (e) The Uttar Gujarat Uma Co-op. Credit Society Ltd. in ITA Nos. 1670, 1671/A/2…

PUTHIYAKAVU SERVICE COOPERATIVE BANK LTD,KOLLAM vs. ITO, WARD-2,, ALAPPUZHA

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

ITA 790/COCH/2025[2022-23]Status: DisposedITAT Cochin25 Nov 2025AY 2022-23

Bench: Shri Inturi Rama Rao, Am & Shri Manu Kumar Giri, Jm

For Appellant: Shri Rajakanan, AdvFor Respondent: Smt. Leena Lal, Snr AR
Section 143(3)Section 80PSection 80P(2)(a)Section 80P(2)(d)

…t is contended by the learned AR for the assessee that interest income earned from co-operative society qualifies for deduction in view of the decision of the Hon'ble Jurisdictional High Court in the case Pr. CIT vs. Peroorkada Service Co-op. Bank Ltd. [2022] 442 ITR 141 (Ker) and interest income earned on investments made with treasury and SBI qualifies for deduction in view of the decision of the Hon'ble Jurisdictional High Court in the case of CIT vs. Sahyadri Co-operative Credit Society Ltd. in ITA No. 63 of 2019. 6. On the other hand, the learned DR for the revenue submitted that the ld.CIT(A) has rightly re…

PUTHIYAKAVU SERVICE COOPERATIVE BANK LTD,KOLLAM vs. ITO, WARD-2, ALAPPUZHA

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

ITA 789/COCH/2025[2020-21]Status: DisposedITAT Cochin25 Nov 2025AY 2020-21

Bench: Shri Inturi Rama Rao, Am & Shri Manu Kumar Giri, Jm

For Appellant: Shri Rajakanan, AdvFor Respondent: Smt. Leena Lal, Snr AR
Section 143(3)Section 80PSection 80P(2)(a)Section 80P(2)(d)

…t is contended by the learned AR for the assessee that interest income earned from co-operative society qualifies for deduction in view of the decision of the Hon'ble Jurisdictional High Court in the case Pr. CIT vs. Peroorkada Service Co-op. Bank Ltd. [2022] 442 ITR 141 (Ker) and interest income earned on investments made with treasury and SBI qualifies for deduction in view of the decision of the Hon'ble Jurisdictional High Court in the case of CIT vs. Sahyadri Co-operative Credit Society Ltd. in ITA No. 63 of 2019. 6. On the other hand, the learned DR for the revenue submitted that the ld.CIT(A) has rightly re…

PUTHIYAKAVU SERVICE COOPERATIVE BANK LTD,KOLLAM vs. ITO, WARD-2, ALAPPUZHA

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

ITA 788/COCH/2025[2018-19]Status: DisposedITAT Cochin25 Nov 2025AY 2018-19

Bench: Shri Inturi Rama Rao, Am & Shri Manu Kumar Giri, Jm

For Appellant: Shri Rajakanan, AdvFor Respondent: Smt. Leena Lal, Snr AR
Section 143(3)Section 80PSection 80P(2)(a)Section 80P(2)(d)

…t is contended by the learned AR for the assessee that interest income earned from co-operative society qualifies for deduction in view of the decision of the Hon'ble Jurisdictional High Court in the case Pr. CIT vs. Peroorkada Service Co-op. Bank Ltd. [2022] 442 ITR 141 (Ker) and interest income earned on investments made with treasury and SBI qualifies for deduction in view of the decision of the Hon'ble Jurisdictional High Court in the case of CIT vs. Sahyadri Co-operative Credit Society Ltd. in ITA No. 63 of 2019. 6. On the other hand, the learned DR for the revenue submitted that the ld.CIT(A) has rightly re…

THE PALODE SERVICE CO OPERATIVE BANK LTD,THIRUVANANTHAPURAM vs. ITO, WARD-2(1), TRIVANDRUM

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

ITA 775/COCH/2025[2021-22]Status: DisposedITAT Cochin19 Nov 2025AY 2021-22

Bench: Shri Inturi Rama Rao, Am & Shri Manu Kumar Giri, Jm Assessment Year: 2021-22 The Palode Service Co-Operative Bank Ltd. .......... Appellant Karimoncode P.O., Palode Thiruvananthapuram 695562 [Pan: Aabat9742J] Vs. Ito, Ward-2(1), Thiruvananthapuram ......... Respondent Assessee By: Shri K.P. Pradeep, Advocate Revenue By: Smt. Leena Lal, Sr. D.R. Date Of Hearing: 07.11.2025 Date Of Pronouncement: 19.11.2025

For Appellant: Shri K.P. Pradeep, AdvocateFor Respondent: Smt. Leena Lal, Sr. D.R
Section 143(3)Section 3Section 63Section 64Section 80PSection 80P(2)(d)Section 80P(2)(i)

…eved, an appeal was filed before the CIT(A), who directed the AO to delete the addition on account of interest from co-operative bank following the decision of the Hon'ble Kerala High Court in the case of Pr. CIT vs. Peroorkada Service Co-op. Bank Ltd. [2022] 442 ITR 141 (Ker). However, confirmed the addition on account of miscellaneous income of Rs. 50,63,786/-. 4. Being aggrieved, the appellant is in appeal before this Tribunal in the present appeal. 5. The learned counsel for the assessee contends that the appellant is a primary agricultural credit co-operative society and the interest income earned from sta…

CALICUT CITY SERVICE CO OPERATIVE BANK LTD,CALICUT vs. PRINCIPAL COMMISSIONER OF INCOME TAX, KOZHIKODE, KOZHIKODE

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

ITA 756/COCH/2025[2023-24]Status: DisposedITAT Cochin19 Nov 2025AY 2023-24

Bench: Shri Inturi Rama Rao, Am & Shri Manu Kumar Giri, Jm Assessment Year: 2023-24 Calicut City Service Co-Op. Bank Ltd. .......... Appellant 19/1180-B, City Bank Building Challappuram, Kozhikode 673002 [Pan: Aabac7863M] Vs. The Income Tax Officer, Ward 1(1), Kozhikode ......... Respondent Assessee By: Shri Parvathy Ammal, Ca Revenue By: Smt. Leena Lal, Sr. D.R. Date Of Hearing: 07.11.2025 Date Of Pronouncement: 19.11.2025

For Appellant: Shri Parvathy Ammal, CAFor Respondent: Smt. Leena Lal, Sr. D.R
Section 143(3)Section 80(2)(d)Section 80PSection 80P(2)(d)Section 80P(2)(i)

…rected the AO to allow the deduction u/s. 80(2)(d) in respect of interest income earned from Kerala Bank of Rs. 7,23,33,296/- following the decision of the Hon'ble Jurisdictional High Court in the case of Pr. CIT vs. Peroorkada Service Co-op. Bank Ltd. [2022] 442 ITR 141 (Ker). However, confirmed the disallowance of excess contribution made to gratuity fund. 4. Being aggrieved, the appellant is in appeal before this Tribunal in the present appeal. 5. The learned counsel for the assessee submits that the disallowance made while computing the business income of the co- operative society qualifies for deduction u/…

PATTATHANAM SERVICE CO-OPERATIVE BANK LTD NO 1145,KOLLAM vs. ITO, WARD 2, KOLLAM

In the result, the ITA No

ITA 718/COCH/2025[2020-21]Status: DisposedITAT Cochin06 Nov 2025AY 2020-21

Bench: Shri Inturi Rama Rao, Am & Shri Manu Kumar Giri, Jm

For Appellant: Shri Sabu C.S., CAFor Respondent: Smt. Leena Lal, Sr. D.R
Section 143(3)Section 270ASection 80P(2)(d)

…ther appeal before us. 3. The ld. AR reiterated the grounds of appeal and referred two judgments of the Hon’ble jurisdictional High Court in the cases of The Mavilayi Service Co-operative Bank Ltd Vs CIT and PCIT Vs Peroorkada Service Co-operative Bank Ltd. [442 ITR 141]. 4. Per contra, the ld. DR relied upon the orders of the CIT(A) and pleaded for the dismissal of both appeals. 5. We have heard the rival submissions and perused the record. We find that the ld. CIT(A) in its para 6.10-6.11 noted that the assessee has not furnished sufficient authenticated documentary evidence that Kerala Bank qualifies as a C…

PATTATHANAM SERVICE CO-OPERATIVE BANK LTD NO 1145,KOLLAM vs. ITO, WARD 2, KOLLAM

In the result, the ITA No

ITA 717/COCH/2025[2020-21]Status: DisposedITAT Cochin06 Nov 2025AY 2020-21

Bench: Shri Inturi Rama Rao, Am & Shri Manu Kumar Giri, Jm

For Appellant: Shri Sabu C.S., CAFor Respondent: Smt. Leena Lal, Sr. D.R
Section 143(3)Section 270ASection 80P(2)(d)

…ther appeal before us. 3. The ld. AR reiterated the grounds of appeal and referred two judgments of the Hon’ble jurisdictional High Court in the cases of The Mavilayi Service Co-operative Bank Ltd Vs CIT and PCIT Vs Peroorkada Service Co-operative Bank Ltd. [442 ITR 141]. 4. Per contra, the ld. DR relied upon the orders of the CIT(A) and pleaded for the dismissal of both appeals. 5. We have heard the rival submissions and perused the record. We find that the ld. CIT(A) in its para 6.10-6.11 noted that the assessee has not furnished sufficient authenticated documentary evidence that Kerala Bank qualifies as a C…

THE KATTOOR SERVICE COOPERATIVE BANK LIMITED,THRISSUR vs. INCOME TAX OFFICER , WARD 2(1), THRISSUR, THRISSUR

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

ITA 714/COCH/2025[2022-23]Status: DisposedITAT Cochin06 Nov 2025AY 2022-23

Bench: Shri Inturi Rama Rao, Am & Shri Manu Kumar Giri, Jm Assessment Year: 2022-23 Kattoor Service Co-Op. Bank Ltd. .......... Appellant Kattoor P.O., Thrissur 680702 [Pan: Aacat3937A] Vs. The Income Tax Officer, Ward-2(1), Thrissur ......... Respondent Assessee By: Shri Amaljith P.J., Ca Revenue By: Shri Sanjit Kumar Das, Cit-Dr Date Of Hearing: 03.11.2025 Date Of Pronouncement: 06.11.2025 O R D E R Per Manu Kumar Giri, Jm: This Appeal Filed By The Assessee Is Directed Against The Order Of The National Faceless Appeal Centre, Delhi [“Cit(A)” In Short] Dated 25.08.2025 For Assessment Year (Ay) 2022-23. 2. Brief Facts Of The Case Are That The Appellant Is A Co-Operative Society Registered Under The Kerala State Co-Operative Societies Act, 1961. It Is Classified As A Primary Agricultural Credit Co-Operative Society. It Is Engaged In The Business Of Accepting Deposits From Members & Providing Credit Facilities To Members. The Return Of 2 Kattoor Service Co-Op. Bank Ltd. Income For Ay 2022-23 Was Filed On 05.11.2022 Disclosing Nil Income After Claiming Deduction U/S. 80P Of The Income Tax Act, 1961 (The Act). Against The Said Return Of Income, The Assessment Was Completed By The Assessment Unit, Income Tax Department (Hereinafter Called "The Ao") Vide Order Dated 19.03.2024 Passes U/S. 143(3) R.W.S. 144B Of The Act At A Total Income Of Rs.5,21,52,939/-. While Doing So, The Ao Denied Deduction U/S.80P(2)(A)(I) & U/S. 80P(2)(D) Of The Act.

For Appellant: Shri Amaljith P.J., CAFor Respondent: Shri Sanjit Kumar Das, CIT-DR
Section 143(3)Section 63Section 64Section 80PSection 80P(2)(a)Section 80P(2)(d)

…ct. 6. The issue related to interest income received from the District Co-operative bank stands adjudicated by Hon'ble Jurisdictional High Court’s decision in the case of PCIT v. Peroorkada Service Co-op. 3 Kattoor Service Co-op. Bank Ltd. Bank Ltd. [2022] 442 ITR 141 (Ker) wherein their Lordships have rejected the Revenue’s identical stand as under: - “12.2 Section 80P deals with Co-operative Societies' computation of income. As already noted, it has four sections and several sub-sections and clauses. The Parliament has considered the various situations in which the exigible income and the deductable income…

PREMIUM TOWER CO OPERATIVE HOUSING SOCIETY,MUMBAI vs. ITO WARD 24(3)(1), MUMBAI

In the result, the appeal filed by the assessee stands partly allowed

ITA 2436/MUM/2025[2010-11]Status: DisposedITAT Mumbai03 Nov 2025AY 2010-11

Bench: Shri Sandeep Gosain

Section 250Section 80Section 80P(2)(d)

…bstantial questions of law canvassed by the learned counsel for the Revenue even arise in the present case. 8. This view has further been reiterated by the judgment of Hon’ble Kerala High Court in the case of PCIT vs. Percoorkada Service Co. Bank Ltd. (2022) 442 ITR 141 (Kerala) dated 01.11.2021, wherein one of the question before the Hon’ble High Court was, whether the interest income earned from deposits with the banks is eligible for deduction u/s 80P(2). The Hon’ble Kerala High Court has also considered the judgment of Hon’ble Supreme Court in the case of Totagars Cooperative Societies Ltd. 322 ITR 323, wher…

PERINGANDOOR SERVICE CO OPERTAIVE BANK LTD,ATHANI, THRISSUR vs. INCOME TAX OFFICER,WARD 2(1), THRISSUR

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

ITA 515/COCH/2025[2022-2023]Status: DisposedITAT Cochin19 Aug 2025AY 2022-2023

Bench: Shri Inturi Rama Rao, Am & Shri Rahul Chaudhary, Jm Assessment Year: 2022-23 Peringandoor Service Co-Op. Bank Ltd. .......... Appellant Athani P.O., Thrissur 680581 [Pan: Aadap3407G] Vs. Income Tax Officer, Wd-2(1), Thrissur .......... Respondent Assessee By: Shri Ramdas M., Ca Revenue By: Ms. Neethu S., Sr. Dr Date Of Hearing: 18.08.2025 Date Of Pronouncement: 19.08.2025 O R D E R Per: Inturi Rama Rao, Am This Appeal Filed By The Assessee Is Directed Against The Order Of The National Faceless Appeal Centre, Delhi Dated 19.05.2025 For Assessment Year (Ay) 2022-23. 2. Brief Facts Of The Case Are That The Appellant Is A Co-Operative Society Registered Under The Kerala State Co-Operative Societies Act, 1969. It Is Classified As A Primary Agricultural Credit Co-Operative Society. It Is Engaged In The Business Of Accepting Deposits From Members & Providing Credit Facilities To Members. The Return Of Income For Ay 2022-23 Was Filed On 30.09.2022 Disclosing Nil

For Appellant: Shri Ramdas M., CAFor Respondent: Ms. Neethu S., Sr. DR
Section 143(3)Section 63Section 80PSection 80P(2)(d)

…. The issue related to interest income received from the District Co- operative bank stands adjudicated by Hon'ble Jurisdictional High Court’s 3 Peringandoor Service Co-op. Bank Ltd. decision in the case of PCIT v. Peroorkada Service Co-op. Bank Ltd. [2022] 442 ITR 141 (Ker) wherein their Lordships have rejected the Revenue’s identical stand as under: - “12.2 Section 80P deals with Co-operative Societies' computation of income. As already noted, it has four sections and several sub-sections and clauses. The Parliament has considered the various situations in which the exigible income and the deductable income o…

MALAYINKIL SERVICE CO-OPERATIVE BANK LTD,THIRUVANANTHAPURAM vs. ITO, THIRUVANANTHAPURAM

In the result, appeals filed by the assessee are allowed

ITA 458/COCH/2025[2012-13]Status: DisposedITAT Cochin31 Jul 2025AY 2012-13

Bench: Shri Inturi Rama Rao, Am

For Appellant: ------- None -------For Respondent: Smt. Leena Lal, Sr. DR
Section 80PSection 80P(2)(a)Section 80P(2)(d)

…ment Year (AY) 2016-17. 2. I notice that the issue related to interest income received from the District Co-operative bank stands adjudicated by the Hon'ble Jurisdictional High Court’s decision in the case of PCIT v. Peroorkada Service Co-op. Bank Ltd. [2022] 442 ITR 141 (Ker) Malayinkil Service Co-op. Society Ltd. wherein their Lordships have rejected the Revenue’s identical stand as under: - “12.2 Section 80P deals with Co-operative Societies' computation of income. As already noted, it has four sections and several sub- sections and clauses. The Parliament has considered the various situations in which the ex…

MALAYINKIL SERVICE CO-OPERATIVE BANK LTD,THIRUVANANTHAPURAM vs. ITO, THIRUVANANTHAPURAM

In the result, appeals filed by the assessee are allowed

ITA 457/COCH/2025[2016-17]Status: DisposedITAT Cochin31 Jul 2025AY 2016-17

Bench: Shri Inturi Rama Rao, Am

For Appellant: ------- None -------For Respondent: Smt. Leena Lal, Sr. DR
Section 80PSection 80P(2)(a)Section 80P(2)(d)

…ment Year (AY) 2016-17. 2. I notice that the issue related to interest income received from the District Co-operative bank stands adjudicated by the Hon'ble Jurisdictional High Court’s decision in the case of PCIT v. Peroorkada Service Co-op. Bank Ltd. [2022] 442 ITR 141 (Ker) Malayinkil Service Co-op. Society Ltd. wherein their Lordships have rejected the Revenue’s identical stand as under: - “12.2 Section 80P deals with Co-operative Societies' computation of income. As already noted, it has four sections and several sub- sections and clauses. The Parliament has considered the various situations in which the ex…

KARAYAVATTAM SERVICE CO-OPERATIVE BANK LIMITED,KARAYAVATTAM vs. INCOME TAX OFFICER WARD2(1), THRISSUR

In the result, appeal filed by the assessee is allowed

ITA 453/COCH/2025[2009-10]Status: DisposedITAT Cochin31 Jul 2025AY 2009-10

Bench: Shri Inturi Rama Rao, Am Assessment Year: 2009-10 Karayavattam Service Co-Op. Bank Ltd., .......... Appellant Karayavattam P.O., Thrissur-680 567 [Pan: Aaaak 7874 R] Vs. Ito, Ward-1 & Tps, .......... Respondent Guruvayur.

For Appellant: NoneFor Respondent: Smt. Leena Lal, Sr. DR
Section 139(1)Section 143(3)Section 148Section 80Section 80PSection 80P(2)(a)Section 80P(2)(d)

…appeal for adjudication. 6. We notice that the issue related to interest income received from the District Co-operative Bank stands adjudicated by Hon'ble Jurisdictional High Court’s decision in the case of PCIT v. Peroorkada Service Co-op. Bank Ltd. [2022] 442 ITR 141 (Ker) wherein their Lordships have rejected the Revenue’s identical stand as under: - “12.2 Section 80P deals with Co-operative Societies' computation of income. As already noted, it has four sections and several sub-sections and clauses. The Parliament has considered the various situations in which the exigible income and the deductable income o…

EDAKKADU URBAN SAHAKARANA SANGAM,KANNUR vs. ITO, WARD-1 & TPS, KANNUR

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

ITA 440/COCH/2025[2020-21]Status: DisposedITAT Cochin31 Jul 2025AY 2020-21

Bench: Shri Inturi Rama Rao, Am Assessment Year: 2020-21 Edakkad Urban Sahakarana Sangam, .......... Appellant Sangam No.C 1725 Kp Ix/42 Kadachira P.O., Kannur-670 621 [Pan: Aaaae 6895 L] Vs. Ito, Ward-1 & Tps, .......... Respondent Kannur. Appellant By: Shri Akhil Shaji, Advocate Respondent By: Smt. Leena Lal, Sr. Dr Date Of Hearing: 21.07.2025 Date Of Pronouncement: 31.07.2025

For Appellant: Shri Akhil Shaji, AdvocateFor Respondent: Smt. Leena Lal, Sr. DR
Section 143(3)Section 80PSection 80P(2)(a)Section 80P(2)(d)

…ice that the issue related to interest income received from the District Co-operative bank stands adjudicated by Hon'ble Jurisdictional High Court’s decision in the case of PCIT v. Peroorkada Service Co-op. 3 Edakkad Urban Sahakarana Sangam Bank Ltd. [2022] 442 ITR 141 (Ker) wherein their Lordships have rejected the Revenue’s identical stand as under: - “12.2 Section 80P deals with Co-operative Societies' computation of income. As already noted, it has four sections and several sub-sections and clauses. The Parliament has considered the various situations in which the exigible income and the deductable income…

NATTIKA SERVICE CO OPERATIVE BANK LTD NO R 308,NATTIKA vs. INCOME TAX OFFICER, GURUVAYUR, THRISSUR

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

ITA 428/COCH/2025[2008-09]Status: DisposedITAT Cochin31 Jul 2025AY 2008-09

Bench: Shri Inturi Rama Rao, Am Assessment Year: 2008-09 Nattika Service Co-Op. Bank Ltd. .......... Appellant No.308, Nattika (Po), Thrissur, Kerala [Pan: Aaaan 6270 A] Vs. Ito, Ward-1 & Tps, .......... Respondent Guruvayoor. Appellant By: Shri M. Ramdas, Ca Respondent By: Smt. Leena Lal, Sr.Dr Date Of Hearing: 13.06.2025 Date Of Pronouncement: 31.07.2025

For Appellant: Shri M. Ramdas, CAFor Respondent: Smt. Leena Lal, Sr.DR
Section 143(3)Section 147Section 148Section 154Section 80PSection 80P(2)(a)Section 80P(2)(d)

…of interest income earned by the assessee on the investments made with cooperative banks. The issue no more res-interage as is covered in favour of the assessee by the Jurisdictional High Court in the case of PCIT v. Peroorkada Service Co-op. Bank Ltd. [2022] 442 ITR 141 (Ker) wherein their Lordships have rejected the Revenue’s identical stand as under: - “12.2 Section 80P deals with Co-operative Societies' computation of income. As already noted, it has four sections and several sub-sections and clauses. The Parliament has considered the various situations in which the exigible income and the deductable income o…

SHIV SAGAR BUSINESS PREMISES CO OP SOC. LTD ,MUMBAI vs. INCOME TAX OFFICER WARD 22(3)(1), MUMBAI

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

ITA 3104/MUM/2025[2021-22]Status: DisposedITAT Mumbai31 Jul 2025AY 2021-22

Bench: SHRI AMIT SHUKLA (Judicial Member), SHRI GIRISH AGRAWAL (Accountant Member)

Section 143(1)Section 2Section 80Section 80PSection 80P(2)(a)Section 80P(2)(d)

…ubstantial questions of law canvassed by the learned counsel for the Revenue even arise in the present case. 8. This view has further been reiterated by the judgment of Hon’ble Kerala High Court in the case of PCIT vs. Percoorkada Service Co. Bank Ltd. (2022) 442 ITR 141 (Kerala) dated 01.11.2021, wherein one of the question 7 Shiv Sagar Business Premises Co-operative Society Limited before the Hon’ble High Court was, whether the interest income earned from deposits with the banks is eligible for deduction u/s 80P(2). The Hon’ble Kerala High Court has also considered the judgment of Hon’ble Supreme Court in the…

AMBALLUR SERVICE CO OPERATIVE BANK LIMITED NO 503,MANNAMPETTA, THRISSUR vs. INCOME TAX OFFICER, THRISSUR

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

ITA 79/COCH/2025[2020-2021]Status: DisposedITAT Cochin22 Jul 2025AY 2020-2021

Bench: Shri Inturi Rama Rao, Am & Shri Sonjoy Sarma, Jm Assessment Year: 2020-21 Amballur Service Co-Op. Bank Ltd. .......... Appellant 6/325, Varakkara, Mannampetta, Trissur 680325 [Pan: Aacaa2779B] Vs. The Income Tax Officer, Ward-2(1) Thrissur .......... Respondent Appellant By: Shri M. Ramdas, Ca Respondent By: Smt. Leena Lal, Sr. D.R. Date Of Hearing: 10.06.2025 Date Of Pronouncement: 22.07.2025 O R D E R Per: Inturi Rama Rao, Am This Appeal Filed By The Assessee Is Directed Against The Order Of The National Faceless Appeal Centre, Delhi [Cit(A)] Dated 29.11.2024 For Assessment Year (Ay) 2020-21. 2. Brief Facts Of The Case Are That The Appellant Is A Co-Operative Society Registered Under The Kerala State Co-Operative Societies Act, 1969. It Is Classified As A Primary Agricultural Credit Co-Operative Society. It Is Engaged In The Business Of Accepting Deposits From Members & Lending Money To Members For Agricultural & Allied Activities. The Appellant Filed Return Of Income For Ay 2020-21

For Appellant: Shri M. Ramdas, CAFor Respondent: Smt. Leena Lal, Sr. D.R
Section 143(3)Section 80PSection 80P(2)(a)Section 80P(2)(d)

…ld with District Co-operative Bank qualifies for deduction u/s. 80P(2)(d) of the Act. The issue is no longer res integra as it stands adjudicated by Hon'ble Jurisdictional High Court’s decision in the case of PCIT v. Peroorkada Service Co-op. Bank Ltd. [2022] 442 ITR 141 (Ker) wherein their Lordships have rejected the Revenue’s identical stand as under: - 3 Amballur Service Co-op. Bank Ltd. “12.2 Section 80P deals with Co-operative Societies' computation of income. As already noted, it has four sections and several sub-sections and clauses. The Parliament has considered the various situations in which the exigi…

Showing 1–20 of 208 · Page 1 of 11

...