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

Kayamkulam Co-Op Bank Ltd, Alappuzha vs. The ITO Ward 2, 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…

The Ezhumattoor Service Co-Operative Bank Limited No 1546, Pathanamthitta vs. ITO, Ward-2, Thiruvalla

Appeal of the assessee is allowed

Bench: Shri Waseem Ahmed & Shri Soundararajan K

…IN THE INCOME TAX APPELLATE TRIBUNAL COCHIN BENCH, COCHIN Before Shri Waseem Ahmed, Accountant Member & Shri Soundararajan K, Judicial Member ITA No.495/Coch/2024 : Asst.Year 2018-2019 The Ezhumattoor Service Co- The Income Tax Officer operative Bank Limited No.1546 Ward 2 v. Ezumattoor,Mallappally Thiruvalla. Pathanamthitta – 689 586. PAN : AAFAT6575K. (Appellant) (Respondent) Appellant by :Ms.Anoopa M.J., Advocate Respondent by :Smt.Girly Albert, Sr.DR Date of Date of Hearing : 01.10.2024 Pronouncement : 21.10.2024 O R D E R Per Bench : This is an appeal filed by the assessee against the order of the CIT(A)/NF…

The Balussery Regional Co-Operative Bank Limited, Balussery vs. ITO, Ward-2(2), Calicut

In the result, the assessee’s appeals are allowed in above terms

Bench: Shri Waseem Ahmed & Shri Soundararajan K.Balussery Regional Co-Op. Income Tax Officer Bank Ltd. Ward - 2(2), Kozhikode Balussery P.O. Vs. Kozhikode 673612 [Pan: Aacab2821R] (Appellant) (Respondent)

…order dated 25.09.2024 by obsrving as under: - “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 income o…

Aryand Service Co-Oprerative Bank Ltd, Aryand vs. I.T.O, Ward-2(3), Kawdiar

In the result, the appeal is dismissed and decided as above

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singh

…IN THE INCOME TAX APPELLATE TRIBUNAL COCHIN BENCH : COCHIN BEFORE SHRI SATBEER SINGH GODARA, JUDICIAL MEMBER AND SHRI AMARJIT SINGH, ACCOUNTANT MEMBER I.T.A.No.597/COCH./2024 ALONG WITH S.A.No.124/COCH./2024 - Assessment Year 2011-2012 Aryanad Service The Income Tax Officer, Co-operative Bank Ltd., Ward – 2 (3), No.593, Bank Bldg., Aayakar Bhawan, First Floor, Aryanad, TRIVANDRUM vs. Kawdiar P.O. KERALA. PIN – 695 542. THIRUVANTHAPURAM PAN AAAAA9521F KERALA. PIN – 695 003. (Appellant) (Respondent) For Assessee : Shri Arun Raj S, Advocate For Revenue : Smt. V. Swarnalatha, Sr. DR Date of Hearing : 20.08.2024 Date…

Kerala Gazetted Officers Co-Operative Society Limited No. T-424, Trivandrum vs. The Income Tax Officer, Trivandrum

Appeal is partly allowed in above terms

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singhkerala Gazetted Officers The Income Tax Officer Co-Op. Society Ltd. Ward - 2(1), Trivandrum Vazhuthakkdu, Thycaud Post Vs. Trivandrum 695014 [Pan: Aacak6865C] (Appellant) (Respondent)

…Kerala Gazetted Officers Co-op. Society Ltd. 5. 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 income o…

Ramanthali Service Co-Operative Bank Ltd, Payyanur vs. ITO, Ward-3, Kannur

In the result, the assessee’s appeal is allowed in above terms

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singhramanthali Service Co-Op. The Income Tax Officer - 3 Bank Ltd. Aayakar Bhavan Vs. Ramanthali, Payanur, Kannur 670307 Kannothumchal [Pan: Aaajr0310C] Kannur 670307 (Appellant) (Respondent)

…e has been rightly made in assessee’s hand. 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 income o…

Nedumon Service Coop Bank, Nedumon vs. Income Tax Officer, Kollam

In the result, the assessee’s appeal is allowed in above terms

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singhnedumon Service Co-Op. Bank Ltd. The Income Tax Officer Vi/312 Nedumon P.O. Ward -5, Kollam Vs. Pathanamthitta 691556 [Pan: Aaaan2996H] (Appellant) (Respondent)

…e has been rightly made in assessee’s hand. 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 income o…

The Ernakulam Urban Co-Operative Society Ltd, Ernakulam vs. ACIT, Ernakulam

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singh

…e has been rightly made in assessee’s hand. 3. 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 income o…

M/S Chirayinkeezhu Service Co-Operative Bank, Chirayinkeezhu vs. ITO, Ward-2(5), Trivandrum

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singh

…, 1949. 6. So 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 hon'ble jurisdictional high court’s detailed judgement 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 consequential computation as per law. Ordered accordingly. 7. Delay of 238 days in filing the instant appeal…

The Trivandrum Employees Co-Operative Society Limited No. 43, Thiruvananthapuram vs. The Income Tax Officer, Thiruvananthapuram

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singh

…duction u/s 80P(2)(d) of the Income Tax Act in respect of interest received from Co- operative banks, overlooking the The Trivandrum Employees Co-operative Society Ltd. decision of the Kerala High Court in the case of Peroorkada Service Co-Operative Bank Ltd. 442 ITR 141. 4) The learned officers below erred in denying deduction u/s 80 (P)(2) in respect of business income of the appellant. Having regard to the ratio of the decision. of the apex court in Mavilayil in all fairness, the Commissioner of Income Tax (Appeals) ought to have directed the Assessing Officer to verify the claim of the appellant rather than s…

Panniyankara Service Co Operative Bank Limited Nod 2694, Kozhikode, Kerala vs. Income Tax Officer, Ward-1 (3), Kozhikode

Appeal is allowed

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singhpanniyankara Service Co-Op. The Income Tax Officer - 1(3) Bank Ltd. Aayakar Bhavan, North Block 20/1145, H2, Haseena Building Vs. New Anned Building Kallai, Kozhikode 673003 Mananchira, Kozhikode 673001 [Pan: Aadap2833J] (Appellant) (Respondent)

…e has been rightly made in assessee’s hand. 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 income o…

The Trivandrum Employees Co-Operative Society Limited No. 43, Trivandrum vs. The Additional Joint Deputy Assistant Commissioner of Income Tax, Kochi

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singh

…duction u/s 80P(2)(d) of the Income Tax Act in respect of interest received from Co- operative banks, overlooking the The Trivandrum Employees Co-operative Society Ltd. decision of the Kerala High Court in the case of Peroorkada Service Co-Operative Bank Ltd. 442 ITR 141. 4) The learned officers below erred in denying deduction u/s 80 (P)(2) in respect of business income of the appellant. Having regard to the ratio of the decision. of the apex court in Mavilayil in all fairness, the Commissioner of Income Tax (Appeals) ought to have directed the Assessing Officer to verify the claim of the appellant rather than s…

Clappana Service Co-Operative Bank Altd., Karunagappally vs. ITO, Ward 1&Tps, Alappuzha

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: 2017-2018 M/S. Clappana Service Co-Operative The Income Tax Officer Bank Limited No.867 V. Ward 1, Alappuzha. Cp/Viii/410 & 411, Clappana Po Karunagappally, Kollam – 690 525 Pan : Aabac2747A. (Appellant) (Respondent) Appellant By : Shri Rajakannan, Advocate Respondent By : Smt. V. Swarnalatha, Sr. D.R. Date Of Pronouncement : 25.09.2024 Date Of Hearing : 12.08.2024 O R D E R Per Bench : This Assessee’S Appeal For A.Y. 2017-18 Arises Against The National Faceless Appeal Centre, Delhi [Cit(A)]’S Din & Order No. Itba/ Nfac/S/250/2023-24/1055921666(1) Dated 11.09.2023, Passed U/S. 250 Of The Income Tax Act, 1961 (The Act).

…, 1949. 6. So 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 hon'ble jurisdictional high court’s detailed judgement 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 consequential computation as per law. Ordered accordingly. 7. This appeal of the assessee is allowed for sta…

The Thachinganadam Service Co-Operative Bank Limited, Thachinganadam vs. Income Tax Officer Ward 4 Tirur, Tirur

Appeal is allowed for statistical purposes in above terms

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singh

…nvolving different categories, in above terms. 8. Smt. Swarnalatha lastly argues that the assessee had further made deposits in a cooperative bank which are not eligible for the impugned deduction. Pr. CIT vs. Peroorkada Service Cooperative Bank Ltd., [2022] 442 ITR 141 (Kerala) has already settled the issue in assessee’s favour and against the department regarding eligibility of such an interest income derived from deposits made in cooperative bank(s). Ordered accordingly. 26 ITA.No.664/COCH./2023 9. This assessee’s appeal is allowed for statistical purposes in above terms. Order pronounced in the open Court…

Narath Service Co-Op Bank Limited No F 1436, Narath, Kannur vs. Income Tax Officer, Kannur

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singh

…IN THE INCOME TAX APPELLATE TRIBUNAL COCHIN BENCH, COCHIN Before Shri Satbeer Singh Godara, Judicial Member & Shri Amarjit Singh, Accountant Member ITA No.585/Coch/2023 : Asst.Year 2016-2017 Narath Service Co-operative Bank The Income Tax Officer Limited No.F-1436, Narath Post Ward v. Kannur. Kannur – 670 601. PAN : AAAAN5299B. (Appellant) (Respondent) Appellant by : Sri.George Thomas, CA Respondent by : Smt.V.Swarnalatha, Sr.DR Date of Pronouncement : 25.09.2024 Date of Hearing : 13.08.2024 O R D E R Per Bench : This assessee’s appeal in ITA No.585/Coch/2023 for assessment year 2016-2017 arises out of the orde…

M/S Kottayam Service Co-Op Bank Ltd, Kannur vs. The ITO Ward 2, Kannur

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singh

…IN THE INCOME TAX APPELLATE TRIBUNAL COCHIN BENCH, COCHIN Before Shri Satbeer Singh Godara, Judicial Member & Shri Amarjit Singh, Accountant Member ITA No.548/Coch/2023 : Asst.Year 2014-2015 ITA No.549/Coch/2023 : Asst.Year 2015-2016 ITA No.550/Coch/2023 : Asst.Year 2016-2017 Kottayam Service Co-operative The Income Tax Officer Bank Limited, Kottayampoil Ward - 2 v. Kannur. Kannur – 670 691. PAN : AACAK4280D. (Appellant) (Respondent) Appellant by : Sri.Arun Raj S, Advocate Respondent by : Smt.V.Swarnalatha, Sr.DR Date of Pronouncement : 25.09.2024 Date of Hearing : 13.08.2024 O R D E R Per Bench : These assessee…

M/S Kottayam Service Co-Op Bank Ltd, Kannur vs. The ITO Ward 2, Kannur

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singh

…IN THE INCOME TAX APPELLATE TRIBUNAL COCHIN BENCH, COCHIN Before Shri Satbeer Singh Godara, Judicial Member & Shri Amarjit Singh, Accountant Member ITA No.548/Coch/2023 : Asst.Year 2014-2015 ITA No.549/Coch/2023 : Asst.Year 2015-2016 ITA No.550/Coch/2023 : Asst.Year 2016-2017 Kottayam Service Co-operative The Income Tax Officer Bank Limited, Kottayampoil Ward - 2 v. Kannur. Kannur – 670 691. PAN : AACAK4280D. (Appellant) (Respondent) Appellant by : Sri.Arun Raj S, Advocate Respondent by : Smt.V.Swarnalatha, Sr.DR Date of Pronouncement : 25.09.2024 Date of Hearing : 13.08.2024 O R D E R Per Bench : These assessee…

M/S.Kottayam Service Co-Op Bank Ltd, Kannur vs. The ITO, Kannur

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singh

…IN THE INCOME TAX APPELLATE TRIBUNAL COCHIN BENCH, COCHIN Before Shri Satbeer Singh Godara, Judicial Member & Shri Amarjit Singh, Accountant Member ITA No.548/Coch/2023 : Asst.Year 2014-2015 ITA No.549/Coch/2023 : Asst.Year 2015-2016 ITA No.550/Coch/2023 : Asst.Year 2016-2017 Kottayam Service Co-operative The Income Tax Officer Bank Limited, Kottayampoil Ward - 2 v. Kannur. Kannur – 670 691. PAN : AACAK4280D. (Appellant) (Respondent) Appellant by : Sri.Arun Raj S, Advocate Respondent by : Smt.V.Swarnalatha, Sr.DR Date of Pronouncement : 25.09.2024 Date of Hearing : 13.08.2024 O R D E R Per Bench : These assessee…

Vadakkevila Service Co-Operative Bank Ltd, Kollam vs. The ITO, Kollam

Appeal is allowed in above terms

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singh

…IN THE INCOME TAX APPELLATE TRIBUNAL COCHIN BENCH, COCHIN Before Shri Satbeer Singh Godara, Judicial Member & Shri Amarjit Singh, Accountant Member ITA No.478/Coch/2023 : Asst.Year 2017-2018 Vadakkevila Service Co-operative The Income Tax Officer Bank Limited, Bhodhinagar Ward v. Kollam. Thattamala, Kollam – 691 020. PAN : AABAV5781B. (Appellant) (Respondent) Appellant by : Ms.Anoopa, Advocate Respondent by : Sri.Sanjit Kumar Das, CIT-DR Date of Pronouncement : 25.09.2024 Date of Hearing : 13.08.2024 O R D E R Per Bench : This assessee’s appeal ITA No.478/Coch/2023 for assessment year 2017-2018 arises against t…

M/S.Umayanalloor Service Co-Op Bank Ltd, Kollam vs. The ITO Ward 4, Kollam

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singh

…Kar.) and submits that the impugned disallowance has been rightly made herein. 4. We notice in this background that the very issue stands adjudicated in hon'ble jurisdictional high court’s recent decision in 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…