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

Mazhuvannoor Service Co-Operative Bank Ltd No. E21, Mazhuvannoor vs. ITO, Non Corporate Ward-1(1), Ernakulam

Appeal is dismissed in above terms

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singhasst.Year 2020-21 Mazhuvannoor Service Cooperative Ito, Bank Ltd. No.E21, V. Non Corporate 635, Mazhuvannoor, Ward-1(1), South Mazhuvannoor P.O., Ernakulam Ernakulam- 686669 Kerala Pan : Aabam 9326M (Appellant) (Respondent) Appellant By : None Respondent By : Smt.V.Swarnalatha, Sr.Dr Date Of Pronouncement : 06.11.2024 Date Of Hearing : 14.08.2024 O R D E R Per Bench : This Assessee’S Appeal Ita No.113/Coch/2024 For Assessment Year 2020-21 Arises Out Of The Order Of The Commissioner Of Income-Tax (Appeals) / Nfac Vide Din & Order No.Itba/Nfac/S/250/2023-24/1058876986(1) Dated 19.12.2023, In Proceedings U/S.250 Of The Income-Tax Act, 1961; In Short “The Act” Hereinafter. Case Called Twice. None Appears At Assessee’S Behest. It Is Accordingly Proceed Exparte.

…IN THE INCOME TAX APPELLATE TRIBUNAL COCHIN BENCH, COCHIN Before Shri Satbeer Singh Godara, Judicial Member & Shri Amarjit Singh, Accountant Member Asst.Year 2020-21 Mazhuvannoor Service Cooperative ITO, Bank Ltd. No.E21, v. Non Corporate 635, Mazhuvannoor, Ward-1(1), South Mazhuvannoor P.O., Ernakulam Ernakulam- 686669 Kerala PAN : AABAM 9326M (Appellant) (Respondent) Appellant by : None Respondent by : Smt.V.Swarnalatha, Sr.DR Date of Pronouncement : 06.11.2024 Date of Hearing : 14.08.2024 O R D E R Per Bench : This assessee’s appeal ITA No.113/Coch/2024 for assessment year 2020-21 arises out of the order of…

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

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singh

…st income derived from deposits in cooperative banks herein is not eligible for the impugned deduction. We notice in this factual backdrop that the hon’ble jurisdictional high court in it’s recent judgment in PCIT v. Peroorkada Service Co-op. Bank Ltd. [2022] 442 ITR 141 (Ker) has already accepted the assessee’s contentions 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 of the assessee is…

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

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singh

…st income derived from deposits in cooperative banks herein is not eligible for the impugned deduction. We notice in this factual backdrop that the hon’ble jurisdictional high court in it’s recent judgment in PCIT v. Peroorkada Service Co-op. Bank Ltd. [2022] 442 ITR 141 (Ker) has already accepted the assessee’s contentions 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 of the assessee is…

The ITO, Trivandrum vs. Mudavanmukal Service Co-P Bank Ltd, Trivandrum

Appeal is allowed for statistical purposes in above terms

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singhassessment Year - 2012-2013 Mudavanmukal Service Co- Vs. The Income Tax Officer, Operative Bank Ltd. Poojappura, Mudavanmukal Ward 2(1), Trivandrum – 695 012. Thiruvananthapuram. Pan Aaaam4578Q (Appellant) (Respondent) Revenue By : Smt. V. Swarnalatha, Sr Dr Assessee By : Sri Adithya Unnikrishnan, Ca Date Of Hearing : 13.08.2024 Date Of Pronouncement : 05.11. 2024 Order Per Bench : This Revenue’S Appeal Ita.No.470/Coch/2023, For Assessment Year 2012-2013 Arises Out Of The Order Of The Learned Cit(A)-Nfac Vide Din & Order No.Itba/Nfac/S/ 250/2023-24/1052557181(1) Dated 03.05.2023 In Proceedings U/S.144 Of The Income-Tax Act, 1961; In Short “The Act” Hereinafter.

…sources as per [2010] 322 ITR 283 (SC) Totgars Cooperative Sale Society Ltd., vs. ITO. We find no substance in the Revenue’s instant former grievance as hon’ble jurisdictional high court’s latest decisionin PCIT vs. Peroorkada Service Cooperative Bank [2022] 442 ITR 141 (Kerala) has already settled the issue in assessee’s favour and against the department. The former substantive ground fails in very terms. 3. Learned DR next submits that the Assessing Officer had rightly made sec.68 unexplained cash credit addition of Rs.2,63,98,320/- in assessee’s hands representing difference in closing and opening balances o…

Kannur District Ex Serviceman Multipurpose Co-Op Society, Kannur vs. The ITO Ward 1 & Tps, Kannur

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

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singhassessment Year - 2016-2017 Kannur District Ex-Servicemen Multipurpose V. The Income Tax Officer Co-Operative Society Limited, Ward 1 & Tps Payangadi Rs Kannur. Kannur 670 303. Pan : Aaaak8922A. (Appellant) (Respondent) Appellant By : Shri George Thomas, C.A. Respondent By : Smt. V. Swarnalatha, Sr. Dr Date Of Date Of Hearing : 13.08.2024 Pronouncement : 05.11.2024 Order Per Bench : This Assessee’S Appeal, Ita.No.432/Coch/2023, For Assessment Year 2016-2017, Arises Out Of The Order Of The Commissioner Of Income-Tax (Appeals) / Nfac Vide Din & Order No.Itba/Nfac/S/250/2022-23/1051675600(1) Dated 30.03.2023, In Proceedings U/S.143(3) Of The Income-Tax Act, 1961; In Short “The Act” Hereinafter.

…far as the assessee’s claim qua its impugned income derived from a co-operative bank is concerned, we indeed have the benefit of the benefit of the hon'ble jurisdictional high court’s detailed judgment in Pr. CIT vs. Peroorkada Service Co-op. Bank Ltd. [2022] 442 ITR 141 (Ker) having rejected the Revenue’s identical arguments. That being the case we accept the assessee’s impugned section 80P deduction claim in principle and leave it open for the learned Assessing Officer to verify all necessary facts in the foregoing terms as per law. 6. This appeal of the assessee is allowed for statistical purposes in above te…

Nedupana Panchayat Residence Welfare Co-Op Society Ltd, Kollam vs. The ITO Ward 5 ( Now Ward 2), Kollam

Appeal is allowed in above terms

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singh

…TO [2010] 322 ITR 283 (SC) and therefore, we ought to uphold both the learned lower authorities action. 3. We note in this limited factual backdrop that hon’ble jurisdictional high court’s recent decision in PCIT v. Peroorkada Service Co-op. Bank Ltd. [2022] 442 ITR 141 (Ker) has accepted the assessee’s very stand reading as under : - 3 ITA No.424/Coch/2023. Nedupana Panchayath Residence Welfare Co-op Society 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 situ…

Chakkittapara Service Co-Operative Bank Ltd, Chakkittapara vs. ITO, Ward-2(1), Kozhikode

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singh

…er category of interest income derived from deposits made in co-operative banks is concerned, we find that the hon'ble jurisdictional high court has settled the issue against the department in the case of Pr. CIT vs. Peroorkada Service Co-op. Bank Ltd. [2022] 442 ITR 141 (Ker) 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 of the assessee is considered while computing the income of the asse…

Chakkittapara Service Co-Operative Bank Ltd, Chakkittapara vs. ITO, Ward-2(1), Kozhikode

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singh

…er category of interest income derived from deposits made in co-operative banks is concerned, we find that the hon'ble jurisdictional high court has settled the issue against the department in the case of Pr. CIT vs. Peroorkada Service Co-op. Bank Ltd. [2022] 442 ITR 141 (Ker) 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 of the assessee is considered while computing the income of the asse…

Chakkittapara Service Co-Operative Bank, Chakkittapara vs. ITO, Ward-2(1), Kozhikode

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singh

…er category of interest income derived from deposits made in co-operative banks is concerned, we find that the hon'ble jurisdictional high court has settled the issue against the department in the case of Pr. CIT vs. Peroorkada Service Co-op. Bank Ltd. [2022] 442 ITR 141 (Ker) 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 of the assessee is considered while computing the income of the asse…

Thudanganad Service Co-Operative Bank Ltd, Thudanganad vs. ITO, Ward-1, Thodupuzha

Appeal is partly allowed in above terms

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singhthudanganad Service Co-Op. The Income Tax Officer Bank Ltd. Ward - 1. Thodupuzha Thudanganad P.O., Muttam Vs. Thudanganad 685587 [Pan: Aacat5997N] (Appellant) (Respondent)

…KYC documents supporting the former interest income in consequential proceedings. 5. So far as assessee’s interest income of Rs. 6,39,100/- is concerned, we find that hon'ble jurisdictional high court in Pr. CIT vs. Peroorkada Service Co-op. Bank Ltd. [2022] 442 ITR 141 (Ker) has settled the issue against the department. We thus partly accept the assessee’s instant substantive ground regarding the latter head of interest income, i.e. Rs. 6,39,100/- in very terms. Ordered accordingly. 6. This assessee’s appeal is partly allowed in above terms. 3 Thudanganad Service Co-op. Bank Ltd. Order pronounced in the open…

Kalady Kanjoor Rural Co-Operative Bank Ltd, Ernakulam vs. DCIT, Kochi

In the result, the appeals filed by the appellant are allowed and

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singhassessment Year: 2018-19

…e Sales Society [2017] 395 ITR 611 (Kar.) 4. We notice in this background that the very issue stands adjudicated in Hon'ble Jurisdictional High Court’s recent decision in ITA No. 323 of 2019 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 inco…

Nedumkunnam Service Co-Operative Bank Ltd.No.1301, Kottayam vs. Assessment Unit, Income Tax Department

Accordingly, assessee’s appeal ITA No.801/Coch/2023 is allowed

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singh

…r.CIT & Anr. v. Totagars Co-operative Sale Society reported in (2017) 395 ITR 611 (Kar.), such an interest income has to be treated as income from “other” sources only. We note that the hon’ble jurisdictional high court in Pr.CIT v. Peroorkada SCB Ltd. [2022] 442 ITR 141 (Ker) has already decided the instant issue in assessee’s favour and against the Revenue, 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 ded…

Pulluvila Fisherman Development Welfare Co-Operative Society., Trivandrum vs. The Income Tax Officer, Ward-2(2), Trivandrum

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singh

…instant first and foremost argument in principle. 3. Learned counsel next submits that the assessee had denied it's interest income from deposits in cooperative banks and hon'ble jurisdictional high court in PCIT v. Peroorkada Service Co-op. Bank Ltd. [2022] 442 ITR 141 (Ker) has 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 of the assessee is consi…

The Kareeppa Panchayath Service Co-Operative Bank Ltd.D, Kollam vs. The ITO, Kollam

Appeal is allowed in above terms

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singhassessment Year : 2017-18

…derived it’s impugned interest income from District Cooperative Bank and other Bank(s) which is found to be covered in assessee’s 23 Kareeppa Panchayat Service Co-op. Bank Ltd. \ favour in the case of Pr. CIT vs. Peroorkada Service Co-op. Bank Ltd. [2022] 442 ITR 141 (Ker) 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 of the assessee is considered while computing the income of the…

Chentrappini Service Co-Op Bank Ltd, Thrissur vs. The ITO Ward 2(1), Thrissur

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singh

…r.CIT & Anr. v. Totagars Co-operative Sale Society reported in (2017) 395 ITR 611 (Kar.), such an interest income has to be treated as income from “other” sources only. We note that the hon’ble jurisdictional high court in Pr.CIT v. Peroorkada SCB Ltd. [2022] 442 ITR 141 (Ker) has already decided the instant issue in assessee’s favour and against the Revenue, 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 ded…

Chentrappini Service Co-Op Bank Ltd, Thrissur vs. The ITO Ward 2(1), Thrissur

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singh

…r.CIT & Anr. v. Totagars Co-operative Sale Society reported in (2017) 395 ITR 611 (Kar.), such an interest income has to be treated as income from “other” sources only. We note that the hon’ble jurisdictional high court in Pr.CIT v. Peroorkada SCB Ltd. [2022] 442 ITR 141 (Ker) has already decided the instant issue in assessee’s favour and against the Revenue, 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 ded…

Chentrappini Service Co-Operative Bank Ltd., Thrissur vs. ITO, Thrissur

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singh

…r.CIT & Anr. v. Totagars Co-operative Sale Society reported in (2017) 395 ITR 611 (Kar.), such an interest income has to be treated as income from “other” sources only. We note that the hon’ble jurisdictional high court in Pr.CIT v. Peroorkada SCB Ltd. [2022] 442 ITR 141 (Ker) has already decided the instant issue in assessee’s favour and against the Revenue, 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 ded…

Kayamkulam Co-Operative Bank Ltd, Alappuzha vs. The ITO, Alappuzha

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singh

…10] 322 ITR 283 (SC) and submitted that the impugned disallowance has been rightly made in assessee’s hand. 8. We note in this factual backdrop that hon'ble jurisdictional high court’s latest decision in PCIT v. Peroorkada Service Co-op. Bank Ltd. [2022] 442 ITR 141 (Ker) has already settled the issue in assessee’s favour and against the department 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 Kayamkulam Co-Op. Bank Ltd. Parliament has considered the various situations in which the…

Kayamkulam Co-Operative Bank Ltd, Alappuzha vs. The ITO, Alappuzha

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singh

…10] 322 ITR 283 (SC) and submitted that the impugned disallowance has been rightly made in assessee’s hand. 8. We note in this factual backdrop that hon'ble jurisdictional high court’s latest decision in PCIT v. Peroorkada Service Co-op. Bank Ltd. [2022] 442 ITR 141 (Ker) has already settled the issue in assessee’s favour and against the department 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 Kayamkulam Co-Op. Bank Ltd. Parliament has considered the various situations in which the…