Pr. CIT v. Totagars

Income Tax Officer, Mumbai vs. Mumbai Postal Employees Co-Operative Credit Society Ltd, Mumbai

In the result, the appeal of the Revenue is treated as allowed for statistical purposes

Bench: Shri Om Prakash Kant & Ms. Kavitha Rajagopalassessment Year 2020-21 Ito-25(2)(1), Mumbai Postal Employees Room No. 246, 2Nd Floor, Co-Operative Credit Society Ltd., G-Block, Kautilya Bhavan, Vs. Ground Floor, Gpo Building, Bandra Kurla Complex, Fort, Mumbai Mumbai Pan : Aaajm0032G (Appellant) (Respondent)

…ction us 80P(2)(d) of Income Tax Act, 1961 in respect of interest earned from deposits, though the Hon'ble Karnataka High Court in a detailed judgment discussing the law and various related issues in the case of PCTT vs. Totagar's Co- operative Sales Society (395 ITR 611) has specifically decided the Question of Law about the allowability of interest earned from deposits with co-operative banks u/s 80P(2)(d) of the Income tax Act in favour of Revenue". 5. The appellant craves leave to amend or alter or add a new ground which may be necessary.” 2. Briefly stated facts of the case are that the assessee-society was…

Laburnum Mahindra Gardens Co Op Hsg Limited, Mumbai vs. Income Tax Officer - Ward 41(4)(2), Mumbai

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

Bench: Shri. Prashant Maharshi & Shri. Sandeep Singh Karhail

…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…

ITO-41(2)(2) Mumbai, Mumbai vs. Jai Bholenath Co Op Credit Society Ltd, Mumbai

In the result, the appeal of the assessee is allowed

Bench: Ms Kavitha Rajagopal, Jm & Ms Padmavathy S, Am

…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/…

Jeevan Vikas Nagri Sahakari Patpedhi Maryadit, Palghar vs. ITO, Cir-4, Thane

In the result, the appeal of the assessee for AY 2017-18 and AY 2018-19 are allowed

Bench: Ms Kavitha Rajagopal, Jm & Shri Ms Padmavathy S, Am

…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/…

Income Tax Officer, Ward 4.1, Thane vs. Jeevan Vikas Nagri Sahakari Patpedhi Maryadit, Maryadt

In the result, the appeal of the assessee for AY 2017-18 and AY 2018-19 are allowed

Bench: Ms Kavitha Rajagopal, Jm & Shri Ms Padmavathy S, Am

…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/…

Income Tax Officer, Ward-4(1), Thane vs. Jeevan Vikas Nagri Sahakari Patpedi Maryadit, Vasai

Bench: Ms Kavitha Rajagopal, Jm & Shri Ms Padmavathy S, Am, Ι.Τ.Α. No.918/Mum/2024 (Assessment Year: 2017-18) Jeevan Vikas Nagri Sahakari Patpedhi Maryadit Jeevika, First Floor, Rev. Fr. Raskina Marg, Post-Nirmal, Tal-Vasai, District-Palghar, Maharashtra-401304. Pan : Aacaj1997J Vs. Ito, Circle-4 Ashar It Park, 6Th Floor, A Wing, Road No. 16Z, Thane (W), Maharashtra-400604. Appellant) : Respondent) Ι.Τ.Α. No.2441/Mum/2024 (Assessment Year: 2017-18) Ito, Circle-4 Ashar It Park, 6Th Floor, A Wing, Road No. 16Z, Thane (W), Maharashtra-400604. Vs. Jeevan Vikas Nagri Sahakari Patpedhi Maryadit Jeevika, First Floor, Rev. Fr. Raskina Marg, Post-Nirmal, Tal-Vasai, District-Palghar, Maharashtra-401304. Pan : Aacaj1997J Appellant) : Respondent) Ι.Τ.Α. No.917/Mum/2024 (Assessment Year: 2018-19) Jeevan Vikas Nagri Sahakari Patpedhi Maryadit Jeevika, First Floor, Rev. Fr. Raskina Marg, Post-Nirmal, Tal-Vasai, District-Palghar, Maharashtra-401304. Pan : Aacaj1997J Vs. Asst. Cit, Circle-4 Ashar It Park, 6Th Floor, A Wing, Road No. 16Z, Wagle Estate, Thane (W), Maharashtra- 400604. 2

…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/…

Mumbai Kamgar Madhyawarti Grahak Sahakari Sanstha Maryadit, Mumbai vs. Asst. Commissioner of Income Tax - Circle 20(2), Mumbai

In the result, all the appeals of the assessee are allowed for In the result, all the appeals of the assessee are allowed for In the result, all the appeals of the assessee are allowed for statisti...

Bench: Shri Om Prakash Kant () & Shri Sunil Kumar Singh ()

…lied on the decision of the Division Bench of the Principal Commissioner of Income pal Commissioner of Income-tax, Hubballi v. v. Totagars Co- operative operative Sale Sale Society Society [2017] [2017] 83 83 taxmann.com taxmann.com 140 140 (Karnataka)/[2017] 395 ITR 611 (Karnataka)/[2017] 395 ITR 611. The Ld. counsel also relied on the . The Ld. counsel also relied on the Mumbai Kamgar Madhyawarti Grahak Mumbai Kamgar Madhyawarti Grahak 8 Sahakari Sanstha Maryadit Sahakari Sanstha Maryadit ITA Nos. 2885, 2884, 2883 & ITA Nos. 2885, 2884, 2883 & 2882/MUM/2024 CIT v. Vegetable Products Ltd. [1973] 88 ITR 193 (SC)…

Mumbai Kamgar Madhyawarti Grahak Sahakari Sanstha Maryadit, Mumbai vs. Asst. Commissioner of Income Tax - Circle 20(2), Mumbai

In the result, all the appeals of the assessee are allowed for In the result, all the appeals of the assessee are allowed for In the result, all the appeals of the assessee are allowed for statisti...

Bench: Shri Om Prakash Kant () & Shri Sunil Kumar Singh ()

…lied on the decision of the Division Bench of the Principal Commissioner of Income pal Commissioner of Income-tax, Hubballi v. v. Totagars Co- operative operative Sale Sale Society Society [2017] [2017] 83 83 taxmann.com taxmann.com 140 140 (Karnataka)/[2017] 395 ITR 611 (Karnataka)/[2017] 395 ITR 611. The Ld. counsel also relied on the . The Ld. counsel also relied on the Mumbai Kamgar Madhyawarti Grahak Mumbai Kamgar Madhyawarti Grahak 8 Sahakari Sanstha Maryadit Sahakari Sanstha Maryadit ITA Nos. 2885, 2884, 2883 & ITA Nos. 2885, 2884, 2883 & 2882/MUM/2024 CIT v. Vegetable Products Ltd. [1973] 88 ITR 193 (SC)…

Mumbai Kamgar Madhyawarti Grahak Sahakari Sanstha Maryadit, Mumbai vs. Asst. Commissioner of Income Tax - Circle 20(2), Mumbai

In the result, all the appeals of the assessee are allowed for In the result, all the appeals of the assessee are allowed for In the result, all the appeals of the assessee are allowed for statisti...

Bench: Shri Om Prakash Kant () & Shri Sunil Kumar Singh ()

…lied on the decision of the Division Bench of the Principal Commissioner of Income pal Commissioner of Income-tax, Hubballi v. v. Totagars Co- operative operative Sale Sale Society Society [2017] [2017] 83 83 taxmann.com taxmann.com 140 140 (Karnataka)/[2017] 395 ITR 611 (Karnataka)/[2017] 395 ITR 611. The Ld. counsel also relied on the . The Ld. counsel also relied on the Mumbai Kamgar Madhyawarti Grahak Mumbai Kamgar Madhyawarti Grahak 8 Sahakari Sanstha Maryadit Sahakari Sanstha Maryadit ITA Nos. 2885, 2884, 2883 & ITA Nos. 2885, 2884, 2883 & 2882/MUM/2024 CIT v. Vegetable Products Ltd. [1973] 88 ITR 193 (SC)…

Mumbai Kamgar Madhyawarti Grahak Sahakari Sanstha Maryadit, Mumbai vs. Asst. Commissioner of Income Tax - Circle 20(2), Mumbai

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

Bench: Shri Om Prakash Kant () & Shri Sunil Kumar Singh ()

…[2024] 163taxmann.com 598 (Mumbai - Trib.). The Ld. counsel for the assessee relied on the decision of the Division Bench of the Principal Commissioner of Income-tax, Hubballi v. Totagars Co- operative Sale Society [2017] 83 taxmann.com 140 (Karnataka)/[2017] 395 ITR 611. The Ld. counsel also relied on the CIT v. Vegetable Products Ltd. [1973] 88 ITR 193 (SC), State Bank of India v. CIT, Katlari Karyana Merchant Sahkari Sarafi Mandali Ltd. v. ACIT, PCIT v. Peroorkada Service Co-operative Bank Ltd. [2022] 442 ITR 141 (Kerala). The Ld. Departmental Representative (DR) on the other hand relied on the decision of the…

Blue Rose Industrial Premises Co-Op Society Ltd, Mumbai vs. Income Tax Officer, Ward - 42(1)(1), Mumbai

In the result, the assessee’s appeal ITA NO

Bench: SHRI PRASHANT MAHARISHI (Accountant Member), SHRI SUNIL KUMAR SINGH (Judicial Member)

…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(210) of the Act. We find that in an earlier decision the Hon'ble Karnataka High Court in Pr. CT v. Totagars Co-operative Sale Society (2017) 78 taxmann.com 169/392…

Blue Rose Industrial Premises Co-Op Society Ltd, Mumbai vs. Income Tax Officer, Ward - 42(1)(1), Mumbai

In the result, the assessee’s appeal ITA NO

Bench: SHRI PRASHANT MAHARISHI (Accountant Member), SHRI SUNIL KUMAR SINGH (Judicial Member)

…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(210) of the Act. We find that in an earlier decision the Hon'ble Karnataka High Court in Pr. CT v. Totagars Co-operative Sale Society (2017) 78 taxmann.com 169/392…

Bharat Sanchar Nigam Employees Co-Operative Credit Society Limited, Kalyan vs. Income Tax Officer, National E Assessment Centre Delhi

In the result, appeal of the assessee is allowed

Bench: SHRI AMIT SHUKLA (Judicial Member)

…en for disallowance u/s.80P(2)(d) is relying upon the judgment of the Hon’ble Supreme Court in the case of Totagars Cooperative Societies Ltd. (supra) and decision of the Hon’ble Karanataka High Court in the case of PCIT vs. Totagars Cooperative Sale Society (395 ITR 611). Now this issue is covered by the decision of Tribunal in the case of Premium Tower Co- operative Housing Society Ltd., wherein all these judgments have 6 Bharat Sanchar Nigam Employee Co-operative Credit Society Ltd been discussed. For the sake of ready reference, the relevant portion of the order is reproduced hereunder:- “4. After hearing b…