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

442 ITR 141High Court2022#434 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 366,005 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.

DCIT, Jaipur vs. Rajasthan Cooperative Dairy Federation Ltd, Jaipur

In the result the appeal of the revenue in ITA No

ITA 200/JPR/2022[2017-18]Status: DisposedITAT Jaipur27 Apr 2023AY 2017-18

Bench: DR. S. SEETHALAKSHMI (Judicial Member), SHRI RATHOD KAMLESH JAYANTBHAI (Accountant Member)

For Appellant: Shri P. C. Parwal (C.A.)For Respondent: Shri Ajay Malik (CIT) fu/kZkfjrh dh vksj ls@
Section 143(2)Section 2(24)(x)Section 36(1)(va)

…ion made in Para 12 to 15 of its order after considering the decision of Hon’ble Karnataka High Court in reported at 392 ITR 74& 395 ITR 611. 9. It is submitted that Hon’ble Kerala High Court in case of PCIT Vs. Peroorkada Service Cooperative Bank Ltd. (2022) 442 ITR 141 has after considering the entire section 80P and the decision of Supreme Court in case of Totgars Co-operative Sale Society Ltd. Vs. ITO in Para 8.3 held as under:- 8.3 Further, clause (d) deals with interest in respect of any income by way of interest or dividends derived by the Co-operative Societies from its investments with any other Co- ope…

Income Tax Officer Ward-1, Chhindwara vs. M. P. Rastriya Koyla Khadan Majdoor Sangh Colliery Employee Cooperative Society, Chhindwara

ITA 4/JAB/2021[2017-18]Status: DisposedITAT Jabalpur11 Jan 2023AY 2017-18

Bench: Shri Sanjay Arora, Hon‘Ble & Shri Manomohan Das, Hon'Ble

For Appellant: Sh. G.N. Purohit, Sr. Advocate &For Respondent: Smt. Maya Maheshwari & Sh
Section 143(3)Section 44Section 5Section 80Section 80P(1)Section 80P(2)(a)

…on u/s. 80-P(1) would not in any case extend to the entire receipt, but only to the income attributable to the provision of credit to it‘s Members. Reliance was placed by him on the decision in Pr. CIT v. Peroorkada Service Cooperative Bank Ltd. & Ors. [2022] 442 ITR 141 (Ker), rendered following Mavilayi Service Cooperative Bank Ltd. (supra). As explained therein, in the context of a primary agricultural credit society engaged in the business of banking and providing credit facilities to it‘s members, it is only the income from the activity specified in s. 80P(2)(a)(i) that would qualify for deduction u/s. 80P(1…

The Commissioner of Income Tax vs. M/S. the Manjoor Service Co-Operative Bank Ltd

Appeal is allowed as indicated above

ITA/201/2019HC Kerala29 Sept 2022

Bench: HONOURABLE MR.JUSTICE S.V.BHATTI,HONOURABLE MR.JUSTICE BASANT BALAJI

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

…of entitlement of benefit under Section 80P(2) of the Act and also the obligation to independently consider whether the deduction is limited to such of the income which falls within the purview of in Mavilayi Service Co-operative Bank Ltd and 2 (2022) 442 ITR 141 (Ker) ITA No.201/2019 -6- Peroorkada Service Co-operative Bank Ltd. Hence, the questions are answered in favour of the Revenue for statistical purposes and the matter is remitted to the Assessing Officer for making fresh assessment order by keeping in view the judgments referred to above. 7. Question no.(3) and (4): 3. Whether…

The Principal Commissioner of Income Tax vs. The Kidangoor Service Co-Operative Bank Ltd

Appeal is allowed as indicated above

ITA/164/2019HC Kerala29 Sept 2022

Bench: HONOURABLE MR.JUSTICE S.V.BHATTI,HONOURABLE MR.JUSTICE BASANT BALAJI

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

…the obligation to independently consider whether the deduction is limited to such of the income which falls within the purview of in Mavilayi Service Co-operative Bank Ltd and Peroorkada Service Co-operative Bank Ltd. Hence, the questions are 2 (2022) 442 ITR 141 (Ker) ITA No.164/2019 -6- answered in favour of the Revenue for statistical purposes and the matter is remitted to the Assessing Officer for making fresh assessment order by keeping in view the judgments referred to above. 7. Question no.(3) and (4): 3. Whether the interest earned on fixed deposit is assessable under the head "…

The Kerala State Homeopathic Co-Operative Pharmacy Limited vs. The Asst.Commissioner of Income Tax, Circle-1, Alappuzha

Appeals are allowed, and the matter is

ITA/115/2019HC Kerala29 Sept 2022

Bench: HONOURABLE MR.JUSTICE S.V.BHATTI,HONOURABLE MR.JUSTICE BASANT BALAJI

Section 80PSection 80P(2)Section 80P(2)(d)

…Mavilayi Service Co-operative Bank Ltd & Peroorkada Service Co-operative Bank Ltd the questions are answered in favour of the assessee and against the Revenue. 5. Resultant to the above discussion, the Tribunal order, 1 (2021) 431 ITR 1 (SC) 2 (2022) 442 ITR 141 (Ker) ITA Nos.115 & 174/2019 -6- Appeal order and Assessment Orders are set aside. The matters are remitted to Assessing Officer for disposal afresh. The Income Tax Appeals are allowed, and the matter is remitted to Assessing Officer as indicated above. Sd/- S.V.BHATTI JUDGE Sd/- BASANT BALAJI JUDGE…

The Kerala State Homeopathic Co-Operative Pharmacy Limited vs. The Asst. Commissioner of Income Tax

Appeals are allowed, and the matter is

ITA/174/2019HC Kerala29 Sept 2022

Bench: HONOURABLE MR.JUSTICE S.V.BHATTI,HONOURABLE MR.JUSTICE BASANT BALAJI

Section 80PSection 80P(2)Section 80P(2)(d)

…Mavilayi Service Co-operative Bank Ltd & Peroorkada Service Co-operative Bank Ltd the questions are answered in favour of the assessee and against the Revenue. 5. Resultant to the above discussion, the Tribunal order, 1 (2021) 431 ITR 1 (SC) 2 (2022) 442 ITR 141 (Ker) ITA Nos.115 & 174/2019 -6- Appeal order and Assessment Orders are set aside. The matters are remitted to Assessing Officer for disposal afresh. The Income Tax Appeals are allowed, and the matter is remitted to Assessing Officer as indicated above. Sd/- S.V.BHATTI JUDGE Sd/- BASANT BALAJI JUDGE…

Principal Commissioner of Income Tax vs. M/S Ajmer Vidyut Vitran Nigam Ltd

ITA/164/2019HC Rajasthan17 Nov 2021

Bench: AKIL KURESHI,REKHA BORANA

Principal Commissioner of Income Tax-2 vs. M/S.Jagannath Chaudhury

ITA/1/2018HC Orissa18 Dec 2019

Bench: MR. JUSTICE K. S. JHAVERI (CJ),MR. JUSTICE K.R.MOHAPATRA