Pr. CIT v. Totagars

395 ITR 611High Court2017#39 most cited

What is Pr. CIT v. Totagars authority for?

Interest income earned by a cooperative society from surplus deposits or investments held with a cooperative bank is not eligible for deduction under Section 80P(2)(d) of the Act.

1,074

judgments rely on this decision, according to BharatTax’s citation analysis of 367,181 Indian tax judgments — from 2017 to 2026.

Also referred to as

Pr. CIT v. Totagars · 395 ITR 611 · Section 80P(2)(d) · cooperative society · interest income · cooperative bank · deduction · deposits · investments · eligibility 80P

Also reported as

297 CTR 158

Sections most often in play

Section 80P(2)(d)Section 80P(2)(a)(i)Section 80P(4)Section 143(3)Section 80PSection 250Section 2(19)Section 56

Issues it is cited on

section 80(2)(d)section 2(19)section 80p(4)section 80p(1)section 80p(2)(a)(iii)section 80p(2)(c)section 80(p)(2)(d)section 80p(2)(d)section 194a(3)(v)section 80p(2)section 80p(2)(a)section 80p(2)(a)(i)

Judgments citing Pr. CIT v. Totagars

Nagini Cooperative Credit Society Limited, Bangalore vs. Income Tax Officer, Ward-6(2)(1), Bangalore

In the result, the appeals filed by the assessee are allowed for statistical purposes

ITA 26/BANG/2025[2018-19 ]Status: DisposedITAT Bangalore08 Apr 2025

Bench: Shri Waseem Ahmed & Shri Soundararajan K.

For Appellant: Shri Gireesha T L, CAFor Respondent: Shri Subramanian .S, JCIT-DR
Section 20Section 57Section 58Section 80P(2)(a)

…Supreme Court in the case of Totagars Co-operative Sales Society vs. ITO reported in (2010) 188 taxmann 282(SC) and the subsequent judgment of the Hon’ble Karnataka High Court in case of PCIT, Hubballi vs. The Totagars Co-operative Society reported in (2017) 395 ITR 611 and denied the deduction claimed by the assessee u/s. 80P(2)(a)(i) of the Act. Even before the Ld.CIT(A), the assessee in the statement of facts had submitted that they have to mandatorily deposit the surplus funds in the co-operative banks and therefore the interest income received from the said deposits are nothing but out of compulsion and the…

Nagini Co-Operative Credit Society Limited, Bangalore vs. Income Tax Officer, Ward-6(2)(1), Bangalore

In the result, the appeals filed by the assessee are allowed for statistical purposes

ITA 25/BANG/2025[2016-17]Status: DisposedITAT Bangalore08 Apr 2025AY 2016-17

Bench: Shri Waseem Ahmed & Shri Soundararajan K.

For Appellant: Shri Gireesha T L, CAFor Respondent: Shri Subramanian .S, JCIT-DR
Section 20Section 57Section 58Section 80P(2)(a)

…Supreme Court in the case of Totagars Co-operative Sales Society vs. ITO reported in (2010) 188 taxmann 282(SC) and the subsequent judgment of the Hon’ble Karnataka High Court in case of PCIT, Hubballi vs. The Totagars Co-operative Society reported in (2017) 395 ITR 611 and denied the deduction claimed by the assessee u/s. 80P(2)(a)(i) of the Act. Even before the Ld.CIT(A), the assessee in the statement of facts had submitted that they have to mandatorily deposit the surplus funds in the co-operative banks and therefore the interest income received from the said deposits are nothing but out of compulsion and the…

Shri Basaveshwar Prathamik Krishi Pattin Sahakari Sangh Examba, Examba vs. Income Tax Officer Ward -1 Nipani, Nipani

The appeal of the assessee is ALLOWED

ITA 19/PAN/2025[2017-18]Status: DisposedITAT Panaji02 Apr 2025AY 2017-18

Bench: Hon’Ble Shri Pavan Kumar Gadale & Shri G. D. Padmahshaliassessment Year : 2017-18 Shri Basaveshwar Prathamik Krishi Pattin Sahakari Sangh Niyamit Examba, Dist.: Belgaum Pan: Aacas1122N . . . . . . . Appellant

For Appellant: None for AssesseeFor Respondent: Mr Ravindra Hattalli [‘Ld. DR’]
Section 143(1)Section 2(19)Section 250Section 80P(2)Section 80P(2)(a)Section 80P(2)(d)

…in favour of the assessee by the Hon'ble Karnataka High Court in the case of Tumkur Merchants Souharda Credit Cooperative Ltd. (supra). 10. Insofar as the reliance of the ld. DR on the case of Pr. CIT and Another Vs. Totagars Cooperative Sales Society (2017) 395 ITR 611 (Kar.) is concerned, we find that the issue in that case was the eligibility of deduction u/s.80P(2)(d) of the Act on interest earned by the assessee cooperative society on investments made in co-operative banks. In that case, the assessee was engaged in the activity of marketing agricultural produce by its members; accepting deposits from its me…

Navjivan (Kalyan) Co.Op. Hos. Sco. Ltd., Ahmedabad vs. The ITO, Ward-1(1)(3), Ahmedabad

In the result, the appeal of the assessee is allowed

ITA 70/AHD/2025[2018-19]Status: DisposedITAT Ahmedabad02 Apr 2025AY 2018-19

Bench: Dr.B.R.R. Kumarms. Suchitra Kamble

For Appellant: Shri B T Thakkar, ARFor Respondent: Adjournment Application filed
Section 143(1)Section 250Section 263Section 80PSection 80P(2)Section 80P(2)(d)Section 80P(2)(f)Section 80P(4)

…on the income earned as interest on the investment made with the cooperative bank which in turn, is a cooperative society itself. [Para 28] • Reliance placed by the revenue on decisions of the Karnataka High Court in Totgars’ Cooperative Sale Society (2017) 395 ITR 611 and Supreme Court in case of Totgars Cooperative Sale Society Ltd v. Income Tax Officer 322 ITR Asst.Year –2018-19 - 4– 283 (S.C), the Karnataka High Court appears to have taken into consideration the amendment in section 194A(3)(v) wherein the cooperative bank is excluded from the applicability of tax to be deducted at source. However, it appea…

Dreams Chs Association Ltd, Mumbai vs. Income Tax Officer-Ward 29(1)(3), Mumbai

In the result appeal filed by the Assessee stands allowed

ITA 6662/MUM/2024[2015-16]Status: DisposedITAT Mumbai02 Apr 2025AY 2015-16

Bench: Shri Narender Kumar Choudhryassessment Year: 2015-16

For Appellant: Ms. Payal DedhiaFor Respondent: Shri Srinivas P., Ld. Sr. D.R
Section 2(19)Section 250Section 70Section 80CSection 80PSection 80P(1)Section 80P(2)(a)Section 80P(2)(d)

…-operative bank, would be entitled for claim of deduction under Sec.80P(2)(d) of the Act.” 13. We find that the learned CIT(A) has placed reliance upon the decision of the Hon‟ble Karnataka High Court in Pr.CIT v/s Totagars Co-operative Sales Society, [2017] 395 ITR 611 (Karn.), wherein it was held that interest earned by the Assessee, a Co- operative Society, from surplus deposits kept with a Cooperative Bank, was not eligible for deduction under section 80P(2)(d) of the Act. We find that in an earlier decision the Hon’ble Karnataka High Court in Pr.CIT v/s Totagars Co-operative Sales Society, [2017] 392 ITR 74…

Kulasekharapuram Service Cooperative Bank Ltd, Karunagappally vs. ITO, Ward 2, Alappuazha

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

ITA 914/COCH/2024[2022-23]Status: DisposedITAT Cochin27 Mar 2025AY 2022-23

Bench: Shri Inturi Rama Rao, Am & Shri Sandeep Singh Karhail, Jm Assessment Year: 2022-23 Kulasekharapuram Service Co-Op. Bank Ltd. .......... Appellant Kattikadavu, Karunagappally, Kollam 690542 [Pan: Aabak9297M] Vs. The Income Tax Officer, Ward 2, Alappuzha .......... Respondent

For Appellant: Ms. Varsha Nambiar, AdvocateFor Respondent: Smt. Leena Lal, Sr. D.R
Section 143(3)Section 63Section 64Section 80PSection 80P(2)(a)

…IN THE INCOME TAX APPELLATE TRIBUNAL COCHIN BENCH BEFORE SHRI INTURI RAMA RAO, AM AND SHRI SANDEEP SINGH KARHAIL, JM Assessment Year: 2022-23 Kulasekharapuram Service Co-op. Bank Ltd. .......... Appellant Kattikadavu, Karunagappally, Kollam 690542 [PAN: AABAK9297M] vs. The Income Tax Officer, Ward 2, Alappuzha .......... Respondent Appellant by: Ms. Varsha Nambiar, Advocate Respondent by: Smt. Leena Lal, Sr. D.R. Date of Hearing: 25.03.2025 Date of Pronouncement: 27.03.2025 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 Cen…

Income Tax Officer - 20(2)(1), Mumbai, Piramal Chamber vs. Mazagon Dock Ship Builders Employees Co Operative Credit Society Ltd, Ground Floor, Mazagon Dock Limited

In the result, the appeal filed by the Revenue Department

ITA 611/MUM/2025[2018-19]Status: DisposedITAT Mumbai25 Mar 2025AY 2018-19

Bench: Shri Br Baskaran & Shri Narender Kumar Choudhryassessment Year: 2018-19

For Appellant: Shri Sachin Lopes, Ld. A.RFor Respondent: Shri R. R. Makwana, Ld. Sr. D.R
Section 143(3)Section 2(19)Section 250Section 70Section 80PSection 80P(1)Section 80P(2)(d)

…-operative bank, would be entitled for claim of deduction under Sec.80P(2)(d) of the Act.” 13. We find that the learned CIT(A) has placed reliance upon the decision of the Hon‟ble Karnataka High Court in Pr.CIT v/s Totagars Co-operative Sales Society, [2017] 395 ITR 611 (Karn.), wherein it was held that interest earned by the Assessee, a Co- operative Society, from surplus deposits kept with a Cooperative 6 M/s. Mazagon Dock Ship Builders Employees Co operative Credit Society Ltd. Bank, was not eligible for deduction under section 80P(2)(d) of the Act. We find that in an earlier decision the Hon’ble Karnataka…

Kuthuparamba Service Co-Operative Bank Ltd, Kuthuparamba vs. ITO, Kannur

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

ITA 758/COCH/2024[2018-19]Status: DisposedITAT Cochin11 Mar 2025AY 2018-19

Bench: Shri Inturi Rama Rao, Am & Shri Soundararajan K., Jm Assessment Year: 2018-19 Kuthuparamba Service Co-Op. Bank Ltd. .......... Appellant Main Road, Kuthuparamba P.O., Kannur 670643 [Pan: Aabak3157C] Vs. The Income Tax Officer .......... Respondent Kannur

For Appellant: Shri Arun Raj S., AdvocateFor Respondent: Shri Sanjit Kumar Das, CIT-DR
Section 144Section 63Section 64Section 80PSection 80P(2)(a)

…- DR vehemently argued that such interest income could have hardly be held even derived from assessee’s regular credit facilities made available to the members concerned. He further quotes PCIT & Anr. v. Totagars Co- operative Sales Society reported in (2017) 395 ITR 611 (Kar.) and submitted that the impugned disallowance has been rightly made in assessee’s hand. 7. Regarding the interest income received from Treasury, Scheduled Banks, etc., this issue is no longer res integra, as it is covered by the judgement of the Hon'ble Jurisdictional High court in the case of CIT vs. Sahyadri Co-operative Credit Society L…

Ekta Sahakari Patpedhi Maryadit, Virar vs. Income Tax Officer, Assessment Unit, New Delhi

In the result, both the above appeals are allowed

ITA 106/MUM/2025[2020-21]Status: DisposedITAT Mumbai10 Mar 2025AY 2020-21

Bench: Shri Narender Kumar Choudhry & Shri Prabhash Shankar

For Appellant: Shri Bhupendra Shah, ARFor Respondent: Shri Manish Ajudiya (Sr. DR)
Section 143Section 143(3)Section 80P(2)(a)Section 80P(2)(d)

…would be entitled for claim of deduction under sec.80P(2)(d) of the Act. 13. We find that the learned CIT(A) has placed reliance upon the decision of the Hon'ble Karnataka High Court in Pr. CIT v. Totagars Co-operative Sales Society (2017) 83 taxmann.com 140/395 ITR 611, wherein it was held that interest earned by the assessee, a Co-operative Society, from surplus deposits kept with a Co-operative Bank, was not eligible for deduction under section 80P(2)(d) of the Act. We find that in an earlier decision the Hon'ble Karnataka High Court in Pr. CIT v. Totagars Co-operative Sale Society (2017) 78 taxmann.com 169/3…

Ekta Sahakari Patpedhi Maryadit, Virar vs. Income Tax Officer, Assessment Unit, New Delhi

In the result, both the above appeals are allowed

ITA 105/MUM/2025[2018-19]Status: DisposedITAT Mumbai10 Mar 2025AY 2018-19

Bench: Shri Narender Kumar Choudhry & Shri Prabhash Shankar

For Appellant: Shri Bhupendra Shah, ARFor Respondent: Shri Manish Ajudiya (Sr. DR)
Section 143Section 143(3)Section 234ASection 270ASection 80P(2)(a)Section 80P(2)(d)

…would be entitled for claim of deduction under sec.80P(2)(d) of the Act. 13. We find that the learned CIT(A) has placed reliance upon the decision of the Hon'ble Karnataka High Court in Pr. CIT v. Totagars Co-operative Sales Society (2017) 83 taxmann.com 140/395 ITR 611, wherein it was held that interest earned by the assessee, a Co-operative Society, from surplus deposits kept with a Co-operative Bank, was not eligible for deduction under section 80P(2)(d) of the Act. We find that in an earlier decision the Hon'ble Karnataka High Court in Pr. CIT v. Totagars Co-operative Sale Society (2017) 78 taxmann.com 169/3…

Shree Siddheshwar Co-Op Credit Society Limited, Belagavi vs. Assessing Officer, National E-Assessment Centre, Delhi

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

ITA 302/PAN/2024[2017-18]Status: DisposedITAT Panaji07 Mar 2025AY 2017-18

Bench: Shri Pavan Kumar Gadale & Shri G D Padmahshalii T A. Nos. 302/Pan/2024 (A.Y. 2017-18 ) Shree Siddheshwar Co-Op Vs Ito-Ward-6, Civil Hospital Road, Credit Society Limited, . Belagavi-590001. P B Road, Kakati, Karnataka. Belgaum-591113, Karnataka. . Pan .No. Aaifs6553Q (अपीलाथ"/Appellant) (""यथ"/Respondent) Assessee By Shri.Santosh Kumar Dlatthe.Ar Revenue By Shri.Manikandan.S.Sr.Dr सुनवाई क" तार"ख/Date Of Hearing 06.03.2025 घोषणा क" तार"ख/Date Of Pronouncement 07.03.2025 Order Per Pavan Kumar Gadale, Jm: The Appeal Is Filed By The Assesse Against The Order Of Nfac/Cit(A) Passed U/Sec 143(3) & U/Sec 250 Of The Act. 2. At The Time Of Hearing, The Ld.Ar Of The Assessee Submitted That There Is A Delay In Filing The Appeal Before The Hon’Ble Tribunal & The Assesse Has Filed The Affidavit For Condonation Of Delay. Whereas, The Facts Mentioned In The Affidavit Are Reasonable & The Ld. Dr Has No Specific Objections. Accordingly, We Condone The Delay & 2 Ita. No..302/Pan/2024 Shri Siddeswar Co-Op Society Limited.. Admit The Appeal. The Assessee Has Raised The Grounds Of Appeal Challenging The Order Of The Cit(A) Sustaining The Denial Of Claim Of Deduction Under Section 80P(2)(D) Of The Act.

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

…/deposits parked with a co-operative bank. Although, in all fairness, we may observe that the Hon'ble High 9 ITA. No..302/PAN/2024 Shri Siddeswar Co-Op Society Limited.. Court of Karnataka in the case of Pr. CIT Vs. Totagars cooperative Sale Society (2017) 395 ITR 611 (Karn), had concluded that a co-operative society would not be entitled to claim of deduction under Sec. 80P(2) (d). At the same time, we find, that the Hon'ble High Court of Karnataka in the case of Pr. Commissioner of Income Tax and Anr. Vs. Totagars Cooperative Sale Society (2017) 392 ITR 74 (Karn) and Hon'ble High Court of Gujarat in the case…

Income Tax Officer, Ward-2, Ahmednagar vs. Babasaheb Kawad Nighoj Nagari Sahakari Patsanstha Maryadit, Ahmednagar

In the result, appeal of the Revenue is dismissed

ITA 2242/PUN/2024[2020-21]Status: DisposedITAT Pune06 Mar 2025AY 2020-21

Bench: Dr.Manish Borad & Shri Vinay Bhamoreआयकर अपील सं. / Ita No.2242/Pun/2024 िनधा"रण वष" / Assessment Year: 2020-21 The Income Tax Officer, V Babasaheb Kawad Nighoj Ward-2, Ahmednagar. S Nagari Sahakari Patsanstha Maryadit, A/P-Nighoj, Tal-Parner, Dist. Ahmednagar – 414306. Pan: Aaaan1638E Appellant / Revenue Respondent / Assessee Assessee By Shri Suhas P Bora – Ar Revenue By Shri Ramnath P. Murkunde – Dr Date Of Hearing 30/01/2025 Date Of Pronouncement 06/03/2025 आदेश/ Order Per Dr. Manish Borad, Am: This Is An Appeal Filed By The Revenue Against The Order Of Ld.Commissioner Of Income Tax(Appeals)[Nfac] For A.Y.2020-21 Dated 11.09.2024 Passed U/Sec.250 Of The Income Tax Act, 1961. The Revenue Has Raised The Following Grounds Of Appeal : "1) Whether On The Facts & Circumstances Of The Case & In Law, The Cit(A) Is Justified In Allowing The Deduction U/S 80P(2)(D) Of The Income Tax Act, 1961, In Respect Of The Interest Income From Investment Kept With Co-Operative Banks?

Section 250Section 80PSection 80P(2)(d)Section 80P(4)Section 82P(2)(d)

…k governed by Banking Regulation Act of 1949? 3) Whether on the facts and circumstances of the case and in law, the CIT(A) is justified in not appreciating the decision of the Hon'ble High Court of Karnataka in PCIT Vs. Totgar Co-op. Sales Society Ltd. (2017) 395 ITR 611 (Kar) dated 16th January, 2017 wherein it was decided by the Hon'ble High court of Karnataka that interest earned from investment made with financial institutions other than co-op society is ineligible for deduction u/s 80P(2)(d) and that a co-op. bank is not a co-op. society and as such interest on deposits was made with co-op. banks is not elig…

The New India Multi Purpose Co-Op Society Limited, Mapusa vs. Income Tax Officer, Ward - 1(4), Panaji

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

ITA 244/PAN/2024[2017-18]Status: DisposedITAT Panaji04 Mar 2025AY 2017-18

Bench: Shri Pavan Kumar Gadale & Shri G D Padmahshalii T A. Nos. 244/Pan/2024 (A.Y. 2016-17 ) The New India Multi Vs Ito-Ward-1(4), Aayakar Bhavan, Purpose Co-Op Society Ltd, . Plot.No 5, Edc C/2,Ug Floor, Saidanha Complex,Patto Plaza, Business Towers,Near Panaji.-403001, Court Circle, Bardez Goa. Mapusa-403607 . Goa. Pan .No. Aadat8151H (अपीलाथ"/Appellant) (""यथ"/Respondent) Assessee By Shri. Amogh Arlekar.Ar Revenue By Shri.Manikandan.S.Sr.Dr सुनवाई क" तार"ख/Date Of Hearing 03.03.2025 घोषणा क" तार"ख/Date Of Pronouncement 04.03.2025 Order Per Pavan Kumar Gadale, Jm: The Appeal Is Filed By The Assesse Against The Order Of Addl/ Jcit(A) Kolkata Passed U/Sec 143(3) & U/Sec 250 Of The Act. The Assessee Has Raised The Grounds Of Appeal Challenging The Order Of The Cit(A) Sustaining The Denial Of Claim Of Deduction Under Section 80P(2)(D) Of The Act. 2. The Brief Facts Of The Case Are That, The Assessee Is A Cooperative Society Registered Under The Maharashtra Co-

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

…on under Sec. 80P(2) (d) on the interest income on the investments/deposits parked with a co-operative bank. Although, in all fairness, we may observe that the Hon'ble High Court of Karnataka in the case of Pr. CIT Vs. Totagars cooperative Sale Society (2017) 395 ITR 611 (Karn), had concluded that a co-operative society would not be entitled to claim of deduction under Sec. 80P(2) (d). At the same time, we find, that the Hon'ble High Court of Karnataka in the case of Pr. Commissioner of Income Tax and Anr. Vs. Totagars Cooperative Sale Society (2017) 392 ITR 74 (Karn) and Hon'ble High Court of Gujarat in the case…

Basavan Bagewadi Taluka Primary Teachers Co-Operative Society Limited, Bijapur vs. Income Tax Officer, Ward-1, & Tps, Bijapur

ITA 869/BANG/2024[2020-21]Status: DisposedITAT Bangalore04 Mar 2025AY 2020-21

Bench: Shri Waseem Ahmed & Shri Keshav Dubey

For Appellant: Sri G.S. Budyal, A.RFor Respondent: Sri Venkatesh V., D.R
Section 143(2)Section 143(3)Section 250Section 80P(2)(a)Section 80P(2)(d)

…s. The Ld. CIT(A)/NFAC following the judgement of the Hon’ble Apex court in the case Mavilayi Service Co-operative Bank Ltd. (431 ITR 1) (SC) as well as Hon’ble High Court of Karnataka in the case of Principal CIT Vs. Totgars Co-operative Sale Society (2017) (395 ITR 611) held that the assessee is not entitled to deduction either u/s 80P(2)(a)(i) of the Act or u/s 80P(2)(d) of the Act in respect of interest income from Co-operative Banks/scheduled banks and directed the AO to consider the interest earned as “income from other sources” and not to allow the deduction u/s 80P(2)(d) as well as u/s 80P(2)(a)(i) of the…

Basavan Bagewadi Taluka Primary Teachers Co-Operative Society Limited, Bijapur vs. Income Tax Officer, Ward-1 & Tps, Bijapur

ITA 868/BANG/2024[2018-19]Status: DisposedITAT Bangalore04 Mar 2025AY 2018-19

Bench: Shri Waseem Ahmed & Shri Keshav Dubey

For Appellant: Sri G.S. Budyal, A.RFor Respondent: Sri Venkatesh V., D.R
Section 143(2)Section 143(3)Section 250Section 80P(2)(a)Section 80P(2)(d)

…s. The Ld. CIT(A)/NFAC following the judgement of the Hon’ble Apex court in the case Mavilayi Service Co-operative Bank Ltd. (431 ITR 1) (SC) as well as Hon’ble High Court of Karnataka in the case of Principal CIT Vs. Totgars Co-operative Sale Society (2017) (395 ITR 611) held that the assessee is not entitled to deduction either u/s 80P(2)(a)(i) of the Act or u/s 80P(2)(d) of the Act in respect of interest income from Co-operative Banks/scheduled banks and directed the AO to consider the interest earned as “income from other sources” and not to allow the deduction u/s 80P(2)(d) as well as u/s 80P(2)(a)(i) of the…

Armed Forces Ex Officers Multi Services Co Operative Soc., Pune, Maharashtra vs. Income Tax Offcier, NFAC, Pune

In the result, the appeal of the assessee is allowed

ITA 2343/PUN/2024[2012-13]Status: DisposedITAT Pune28 Feb 2025AY 2012-13
For Appellant: Department byFor Respondent: Date of hearing
Section 143(3)Section 263Section 80PSection 80P(2)(d)Section 80P(4)

…book. We find that the ld. CIT(A)/NFAC has confirmed the disallowance made by the Assessing Officer u/s 80P(2)(d) of the IT Act on the basis of judgement of Hon'ble High Court of Karnataka in the case of PCIT, Hubballi vs. Totagars Co- operative Sale Society, 395 ITR 611 order dated 16.06.2017, not being business income of the assessee cooperative society. We find that this issue is squarely covered by various decisions of the Jurisdictional Co-ordinate Benches of this Tribunal, wherein, it has been held that the interest income earned by a co- operative society from any other co-operative society on its investme…

Nashik District Primary Teachers Co-Op Credit Society Ltd, Nashik vs. ITO Ward 1(1), Nashik

In the result, the appeal of the assessee in ITA No

ITA 2071/PUN/2024[2021-22]Status: DisposedITAT Pune28 Feb 2025AY 2021-22

Bench: Shri R.K. Panda & Ms. Astha Chandraआयकर अपील सं. / Ita Nos.2070 & 2071/Pun/2024 निर्धारण वर्ष / Assessment Years : 2018-19 & 2021-22 Nashik District Primary Teachers Co-Op Credit Society Ltd., Saraswati Complex, Malviya Chowk, Panchavatikaranja, Nashik-422002 Vs. Ito, Ward – 1(1), Nashik Pan: Aaaan2859D अपीलार्थी /Appellant प्रत्यर्थी / Respondent Assessee By : Shrisanket Joshi Department By : Shriramnath P. Murkunde Date Of Hearing : 31-12-2024 Date Of Pronouncement : 28-02-2025 आदेश / Order Per Astha Chandra, Jm : These Two Appeals Filed By The Assessee Is Directed Against The Two Separate Orders Both Dated 22.08.2024 Of The Ld. Commissioner Of Income Tax (Appeals)/Nfac, Delhi [“Cit(A)”] Pertaining To Assessment Year (“Ays”) 2018- 19 & 2021-22. Since The Issues Involved Are Identical The Same Were Heard Together & Are Disposed Of By This Common Order.

For Appellant: ShriSanket JoshiFor Respondent: ShriRamnath P. Murkunde
Section 143(1)Section 144Section 80PSection 80P(2)(a)

…par with other banks would no more be entitled for claim of deduction under Sec. 80P(4) of the Act. Although, in all fairness, we may herein observe that the Hon'ble High Court of Karnataka in the case of Pr. CIT Vs. Totagars co-operative Sale Society (2017) 395 ITR 611 (Karn), as had been relied upon by the ld. D.R before us, had held, thataco-operative society would not be entitled to claim deduction under Sec. 80P(2)(d); but then, the Hon'ble High Court in the case of Pr. Commissioner of Income Tax and Anr. Vs. Totagars Cooperative Sale Society (2017) 392 ITR 74 (Karn) and Hon'ble High Court of Gujarat in the…

Nashik District Primary Teachers Co-Op Credit Society Ltd, Nashik vs. ITO Ward 1(1), Nashik

In the result, the appeal of the assessee in ITA No

ITA 2070/PUN/2024[2018-19]Status: DisposedITAT Pune28 Feb 2025AY 2018-19

Bench: Shri R.K. Panda & Ms. Astha Chandra

For Appellant: ShriSanket JoshiFor Respondent: ShriRamnath P. Murkunde
Section 143(1)Section 144Section 80PSection 80P(2)(a)

…par with other banks would no more be entitled for claim of deduction under Sec. 80P(4) of the Act. Although, in all fairness, we may herein observe that the Hon'ble High Court of Karnataka in the case of Pr. CIT Vs. Totagars co-operative Sale Society (2017) 395 ITR 611 (Karn), as had been relied upon by the ld. D.R before us, had held, thataco-operative society would not be entitled to claim deduction under Sec. 80P(2)(d); but then, the Hon'ble High Court in the case of Pr. Commissioner of Income Tax and Anr. Vs. Totagars Cooperative Sale Society (2017) 392 ITR 74 (Karn) and Hon’ble High Court of Gujarat in the…

Armed Forces Ex Officers Multi Services Co Operative Society, Pune, Maharashtra vs. Income Tax Officer, NFAC, Pune

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

ITA 2408/PUN/2024[2017-2018]Status: DisposedITAT Pune25 Feb 2025AY 2017-2018

Bench: Shri R. K. Panda & Shri Vinay Bhamoreआयकर अपील सं. / Ita No.2344 To 2348/Pun/2024 & "नधा"रण वष" / Assessment Years : 2014-15 To 2016-17, 2018-19, 2020-21 & 2017-18 Armed Forces Ex Officers Vs. The Income Tax Officer, Multi Services Co-Operative Nfac. Soc, 364, Likmanya Tilak Sabha Griha, Pune – 411016. Pan: Aaaaa1185H Appellant Respondent Assessee By : Shri Shweta Joshi - Ca Revenue By : Shri Ramnath P Murkunde - Dr

For Appellant: Shri Shweta Joshi - CAFor Respondent: Shri Ramnath P Murkunde - DR
Section 142(1)Section 143(2)Section 143(3)Section 148Section 250Section 80PSection 80P(2)(d)Section 80P(4)

…s.1,88,32,471/- on account of interest income earned on its investments with other Co-operative Banks which is not allowable in the light of judgement of the Hon’ble High Court of Karnataka in the case of PCIT, Hubballi vs. Totagars Co-operative Sale Society, 395 ITR 611 order dated 16.06.2017, wherein, it was held that the interest earned by a cooperative society from surplus, deposits, cash with a cooperative bank was not eligible for deduction u/s 80P(2)(d) of the IT Act. The notice u/s.142(1) was issued along with questionnaire. The Assessing Officer was of the view that the assessee society has to invest fun…

Armed Forces Ex Officers Multi Services Co Operative Society Ltd, Pune, Maharashtra vs. Income Tax Offcier, Assessment Unit Income Tax Dep, Pune

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

ITA 2348/PUN/2024[2020-2021]Status: DisposedITAT Pune25 Feb 2025AY 2020-2021

Bench: Shri R. K. Panda & Shri Vinay Bhamoreआयकर अपील सं. / Ita No.2344 To 2348/Pun/2024 & "नधा"रण वष" / Assessment Years : 2014-15 To 2016-17, 2018-19, 2020-21 & 2017-18 Armed Forces Ex Officers Vs. The Income Tax Officer, Multi Services Co-Operative Nfac. Soc, 364, Likmanya Tilak Sabha Griha, Pune – 411016. Pan: Aaaaa1185H Appellant Respondent Assessee By : Shri Shweta Joshi - Ca Revenue By : Shri Ramnath P Murkunde - Dr

For Appellant: Shri Shweta Joshi - CAFor Respondent: Shri Ramnath P Murkunde - DR
Section 142(1)Section 143(2)Section 143(3)Section 148Section 250Section 80PSection 80P(2)(d)Section 80P(4)

…s.1,88,32,471/- on account of interest income earned on its investments with other Co-operative Banks which is not allowable in the light of judgement of the Hon’ble High Court of Karnataka in the case of PCIT, Hubballi vs. Totagars Co-operative Sale Society, 395 ITR 611 order dated 16.06.2017, wherein, it was held that the interest earned by a cooperative society from surplus, deposits, cash with a cooperative bank was not eligible for deduction u/s 80P(2)(d) of the IT Act. The notice u/s.142(1) was issued along with questionnaire. The Assessing Officer was of the view that the assessee society has to invest fun…