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

Shri Shivaji Maharaj Credit Co-Op Society, Bijapur vs. Income Tax Officer Ward-1 and Tps, Vijapur

ITA 940/BANG/2024[2018-19]Status: DisposedITAT Bangalore22 Aug 2024AY 2018-19
Section 80P(2)(a)Section 80P(2)(d)

…Page 2 of 17 ITA Nos. 939, 940 & 976/Bang/2024 PER BEENA PILLAI, JUDICIAL MEMBER Present appeals arises out of independent orders passed by the Ld.CIT(A)/NFAC for A.Ys. 2015-16 & 2017-18 vide order dated 29.04.2024 and for A.Y. 2018-19 vide order dated 20.04.2024. 2. The Ld.AR at the outset submitted that, all the three appeals are on common issue relating to denial of deduction u/s. 80P(2)(a)(i) of the act. He submitted that, the assessee filed application for admission of additional ground on 03.07.2024 for Α.Υ. 2015-16, wherein additional ground nos. 3 & 4 are raised on jurisdiction of the CIT(A)/NFAC to consi…

Shri Shivaji Maharaj Credit Co-Op Society, Bijapur vs. Income Tax Officer Ward-1 and Tps, Vijapur

ITA 939/BANG/2024[2017-18]Status: DisposedITAT Bangalore22 Aug 2024AY 2017-18
Section 80P(2)(a)Section 80P(2)(d)

…Page 2 of 17 ITA Nos. 939, 940 & 976/Bang/2024 PER BEENA PILLAI, JUDICIAL MEMBER Present appeals arises out of independent orders passed by the Ld.CIT(A)/NFAC for A.Ys. 2015-16 & 2017-18 vide order dated 29.04.2024 and for A.Y. 2018-19 vide order dated 20.04.2024. 2. The Ld.AR at the outset submitted that, all the three appeals are on common issue relating to denial of deduction u/s. 80P(2)(a)(i) of the act. He submitted that, the assessee filed application for admission of additional ground on 03.07.2024 for Α.Υ. 2015-16, wherein additional ground nos. 3 & 4 are raised on jurisdiction of the CIT(A)/NFAC to consi…

Vividhoddesha Prathamika Grameena Krashi Sahakara Sangha Niyamita Targod, Sirsi vs. Income Tax Officer, Ward-1, Sirsi

ITA 1106/BANG/2024[2018-19]Status: DisposedITAT Bangalore21 Aug 2024AY 2018-19

Bench: Shri Laxmi Prasad Sahu & Shri Keshav Dubeyassessment Year : 2018-19

For Appellant: Shri Prakash Hegde, CAFor Respondent: Shri Ganesh R. Ghale, Standing Counsel
Section 56Section 80PSection 80P(2)(a)Section 80P(2)(d)

…ubmitted that the interest income received by the assessee is not to be considered as a business income since the Hon’ble Jurisdictional High Court of Karnataka has settled this issue in the case of Totgars’ Co- operative Sales Society Ltd. reported in (2017) 395 ITR 611 (Karnataka) dated 16.06.2017. 6. The ld. DR also submitted that in the case of Kerala State Co- operative Agricultural and Rural Development Bank Ltd. KSCARDB vs. Assessing Officer, (2023) 154 taxmann.com 305 the Hon’ble Supreme Court has clearly held that if the payer bank holds licence from RBI for carrying out banking business, then the intere…

Mit Niketan A Chs Ltd, Mumbai vs. Assistant Director Income Tax, Mumbai

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

ITA 2937/MUM/2024[2021-22]Status: DisposedITAT Mumbai20 Aug 2024AY 2021-22

Bench: Ms Padmavathy S, Am & Shri Sandeep Singh Karhail, Jm

For Appellant: Shri Siddharth Parakh, ARFor Respondent: Shri Sridhar G. Menon, Sr. DR
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 cas…

Karakulam Service Co-Operative Bank Ld, Trivandrum vs. The Income Tax Officer, Trivandrum

ITA 840/COCH/2023[2017-2018]Status: DisposedITAT Cochin14 Aug 2024AY 2017-2018

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singh

For Appellant: Sri.Suresh Kumar, CAFor Respondent: Smt.V.Swarnalatha, Sr.DR
Section 143(3)Section 80PSection 80P(2)(a)Section 80P(2)(d)

…IN THE INCOME TAX APPELLATE TRIBUNAL COCHIN BENCH, COCHIN Before Shri Satbeer Singh Godara, Judicial Member & Shri Amarjit Singh, Accountant Member ITA No.837/Coch/2023 : Asst.Year 2011-2012 & SA No.188/Coch/2023 ITA No.838/Coch/2023 : Asst.Year 2012-2013 & SA No.189/Coch/2023 ITA No.839/Coch/2023 : Asst.Year 2016-2017 & SA No.190/Coch/2023 ITA No.840/Coch/2023 : Asst.Year 2017-2018 & SA No.191/Coch/2023 Karakulam Service Co-operative The Income Tax Officer Bank Limited, KP-1/382 Ward – 2(3) v. Trivandrum. Karakulam PO, Nedumangad Trivandrum – 695 564. PAN : AAAAT7698C. (Appellant/Applicant) (Respondent) Appellan…

Karakulam Service Co-Operative Bank Ltd, Trivandrum vs. Income Tax Officer, Trivandrum

ITA 839/COCH/2023[2016-17]Status: DisposedITAT Cochin14 Aug 2024AY 2016-17

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singh

For Appellant: Sri.Suresh Kumar, CAFor Respondent: Smt.V.Swarnalatha, Sr.DR
Section 143(3)Section 80PSection 80P(2)(a)Section 80P(2)(d)

…IN THE INCOME TAX APPELLATE TRIBUNAL COCHIN BENCH, COCHIN Before Shri Satbeer Singh Godara, Judicial Member & Shri Amarjit Singh, Accountant Member ITA No.837/Coch/2023 : Asst.Year 2011-2012 & SA No.188/Coch/2023 ITA No.838/Coch/2023 : Asst.Year 2012-2013 & SA No.189/Coch/2023 ITA No.839/Coch/2023 : Asst.Year 2016-2017 & SA No.190/Coch/2023 ITA No.840/Coch/2023 : Asst.Year 2017-2018 & SA No.191/Coch/2023 Karakulam Service Co-operative The Income Tax Officer Bank Limited, KP-1/382 Ward – 2(3) v. Trivandrum. Karakulam PO, Nedumangad Trivandrum – 695 564. PAN : AAAAT7698C. (Appellant/Applicant) (Respondent) Appellan…

Karakulam Service Co-Operative Bank Ltd, Trivandrum vs. Income Tax Officer, Trivandrum

ITA 838/COCH/2023[2012-13]Status: DisposedITAT Cochin14 Aug 2024AY 2012-13

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singh

For Appellant: Sri.Suresh Kumar, CAFor Respondent: Smt.V.Swarnalatha, Sr.DR
Section 143(3)Section 80PSection 80P(2)(a)Section 80P(2)(d)

…IN THE INCOME TAX APPELLATE TRIBUNAL COCHIN BENCH, COCHIN Before Shri Satbeer Singh Godara, Judicial Member & Shri Amarjit Singh, Accountant Member ITA No.837/Coch/2023 : Asst.Year 2011-2012 & SA No.188/Coch/2023 ITA No.838/Coch/2023 : Asst.Year 2012-2013 & SA No.189/Coch/2023 ITA No.839/Coch/2023 : Asst.Year 2016-2017 & SA No.190/Coch/2023 ITA No.840/Coch/2023 : Asst.Year 2017-2018 & SA No.191/Coch/2023 Karakulam Service Co-operative The Income Tax Officer Bank Limited, KP-1/382 Ward – 2(3) v. Trivandrum. Karakulam PO, Nedumangad Trivandrum – 695 564. PAN : AAAAT7698C. (Appellant/Applicant) (Respondent) Appellan…

Karakulam Service Co-Operative Bank Ltd, Trivandrum vs. Income Tax Officer, Trivandrum

ITA 837/COCH/2023[2011-12]Status: DisposedITAT Cochin14 Aug 2024AY 2011-12

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singh

For Appellant: Sri.Suresh Kumar, CAFor Respondent: Smt.V.Swarnalatha, Sr.DR
Section 143(3)Section 80PSection 80P(2)(a)Section 80P(2)(d)

…IN THE INCOME TAX APPELLATE TRIBUNAL COCHIN BENCH, COCHIN Before Shri Satbeer Singh Godara, Judicial Member & Shri Amarjit Singh, Accountant Member ITA No.837/Coch/2023 : Asst.Year 2011-2012 & SA No.188/Coch/2023 ITA No.838/Coch/2023 : Asst.Year 2012-2013 & SA No.189/Coch/2023 ITA No.839/Coch/2023 : Asst.Year 2016-2017 & SA No.190/Coch/2023 ITA No.840/Coch/2023 : Asst.Year 2017-2018 & SA No.191/Coch/2023 Karakulam Service Co-operative The Income Tax Officer Bank Limited, KP-1/382 Ward – 2(3) v. Trivandrum. Karakulam PO, Nedumangad Trivandrum – 695 564. PAN : AAAAT7698C. (Appellant/Applicant) (Respondent) Appellan…

Potheri Village Weaning Food Mfg. Womens Development Industrial Coop., Kanchipuram vs. ITO, Ncw-22(1), Tambaram

The appeal stand partly allowed

ITA 1165/CHNY/2024[2018-19]Status: DisposedITAT Chennai12 Aug 2024AY 2018-19

Bench: Hon’Ble Shri Aby T. Varkey, Jm & Hon’Ble Shri Manoj Kumar Aggarwal, Am आयकरअपील सं./ Ita No.1165/Chny/2024 (िनधा*रणवष* / Assessment Year: 2018-19) Potheri Village Weaning Food Ito Manufacturing Womens Development Non-Corporate Ward-22(1), बनाम Industrial Co-Op. Tambaram. / Vs. 12, Amman Koil Street, Potheri, Katankolathur Post, Kanchipuram-603 203. "थायीलेखासं./जीआइआरसं./Pan/Gir No. Aaaap-9745-Q (अपीलाथ"/Appellant) : (" थ" / Respondent) अपीलाथ"कीओरसे/ Appellant By : Shri I. Dinesh (Advocate) Ld.Ar " थ"कीओरसे/Respondent By : Ms. R. Anita (Addl.Cit)-Ld .Dr सुनवाईकीतारीख/Date Of Hearing : 01-08-2024 घोषणाकीतारीख /Date Of Pronouncement : 12-08-2024 आदेश / O R D E R

For Appellant: Shri I. Dinesh (Advocate) Ld.ARFor Respondent: Ms. R. Anita (Addl.CIT)-Ld .DR
Section 143(3)Section 263Section 80PSection 80P(2)(a)Section 80P(2)(d)

…and the interest income could not be said to be earned out of cottage industry. The deduction u/s 80P(2)(d) would also not be available considering the decision of Hon’ble Karnataka High Court in the case of PCIT vs. Totagars Co-operative Sale Society Ltd. (395 ITR 611). Aggrieved, the assessee is in further appeal before us. Our findings and Adjudication 5. It is the submission of Ld. AR that the assessee is claiming deduction u/s 80P(2)(a)(ii) on this income since its inception. The assessee uses Savings Bank Account held with SBI for day-to-day operations of the cottage industry. Further, TAICO bank is a coo…

Income Tax Officer, Pune vs. Vishwakarmasarkshankamgarsahakari Patsanstha Maryadit, Pune

In the result, appeal of the Revenue in ITA

ITA 451/PUN/2024[2018-19]Status: DisposedITAT Pune09 Aug 2024AY 2018-19

Bench: Shri Satbeer Singh Godara & Dr.Dipak P. Ripoteआयकर अपील सं. / Ita Nos.450 & 451/Pun/2024 िनधा"रण वष" / Assessment Years:2017-18 &2018-19 The Income Tax Officer, V Vishwakarma Sarkshan Pune. S Kamgar Sahakari Patsanstha Maryadit, 185, Vishwakarma Bhuwan, Shaniwar Peth, Pune – 411030 Pan: Aaajv0492M Appellant/ Revenue Respondent /Assessee Cross Objection Nos.23 & 24/Pun/2024 (Arising Out Of Ita Nos.450 & 451/Pun/2024) िनधा"रणवष" / Assessment Years: 2017-18 & 2018-19 Vishwakarma Sarkshan V The Income Tax Kamgar Sahakari Patsanstha S Officer, Maryadit, 185, Vishwakarma Pune. Bhuwan, Shaniwar Peth, Pune – 411030 Pan: Aaajv0492M Appellant/ Revenue Respondent / Assessee Assessee By Shri S.N.Puranikh – Ar Revenue By Shri Sourabh Nayak – Addl.Cit(Dr) Date Of Hearing 07/08/2024 Date Of Pronouncement 09/08/2024 आदेश/ Order Per Dr. Dipak P. Ripote, Am: The Revenue Has Filed Two Appeals For Two Separate Assessment Years I.E.2017-18 & 2018-19 Against Two Separate Orders Of

Section 250Section 80P(2)(a)Section 80P(2)(d)

…sessee Cooperative Society from fixed deposits kept with various cooperative banks was allowable as deduction u/s 80P(2)(d) of the IT Act, ignoring the decision of Honble High Court of Karnataka in case of PCIT Vs. The Totgars Co-operative Sale Society (2017) 395 ITR 611 dated 16.06.2017? D. On the facts and circumstances of the case and in law, Ld. CIT(A) erred in relying upon the decision of the. Co-ordinate Bench of the Tribunal in the case of Jankalyan Nagri Sahakari Pat Sanshta Ltd. and ignoring the decision of the Hon'ble Gujarat High Court in the case of State Bank of India Vs CIT 389 ITR 578 (GUJ), Wherei…

Income Tax Officer, Pune vs. Vishwakarma Sarkshan Kamgar Sahakari Patsanstha Maryadit, Pune

In the result, appeal of the Revenue in ITA

ITA 450/PUN/2024[2017-18]Status: DisposedITAT Pune09 Aug 2024AY 2017-18

Bench: Shri Satbeer Singh Godara & Dr.Dipak P. Ripoteआयकर अपील सं. / Ita Nos.450 & 451/Pun/2024 िनधा"रण वष" / Assessment Years:2017-18 &2018-19 The Income Tax Officer, V Vishwakarma Sarkshan Pune. S Kamgar Sahakari Patsanstha Maryadit, 185, Vishwakarma Bhuwan, Shaniwar Peth, Pune – 411030 Pan: Aaajv0492M Appellant/ Revenue Respondent /Assessee Cross Objection Nos.23 & 24/Pun/2024 (Arising Out Of Ita Nos.450 & 451/Pun/2024) िनधा"रणवष" / Assessment Years: 2017-18 & 2018-19 Vishwakarma Sarkshan V The Income Tax Kamgar Sahakari Patsanstha S Officer, Maryadit, 185, Vishwakarma Pune. Bhuwan, Shaniwar Peth, Pune – 411030 Pan: Aaajv0492M Appellant/ Revenue Respondent / Assessee Assessee By Shri S.N.Puranikh – Ar Revenue By Shri Sourabh Nayak – Addl.Cit(Dr) Date Of Hearing 07/08/2024 Date Of Pronouncement 09/08/2024 आदेश/ Order Per Dr. Dipak P. Ripote, Am: The Revenue Has Filed Two Appeals For Two Separate Assessment Years I.E.2017-18 & 2018-19 Against Two Separate Orders Of

Section 250Section 80P(2)(a)Section 80P(2)(d)

…sessee Cooperative Society from fixed deposits kept with various cooperative banks was allowable as deduction u/s 80P(2)(d) of the IT Act, ignoring the decision of Honble High Court of Karnataka in case of PCIT Vs. The Totgars Co-operative Sale Society (2017) 395 ITR 611 dated 16.06.2017? D. On the facts and circumstances of the case and in law, Ld. CIT(A) erred in relying upon the decision of the. Co-ordinate Bench of the Tribunal in the case of Jankalyan Nagri Sahakari Pat Sanshta Ltd. and ignoring the decision of the Hon'ble Gujarat High Court in the case of State Bank of India Vs CIT 389 ITR 578 (GUJ), Wherei…

Shri Vivekvardhini Nagari Sahakari Patsanstha Ltd, Jalgaon vs. ITO, Ward 1(4), Jalgaon

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

ITA 888/PUN/2024[2020-21]Status: DisposedITAT Pune05 Aug 2024AY 2020-21

Bench: Shri Inturi Rama Rao & Ms. Astha Chandraआयकर अपील सं. / Ita No.888/Pun/2024 "नधा"रण वष" / Assessment Year : 2020-21

For Respondent: Shri Naimish Dixik
Section 143(3)Section 80PSection 80P(2)(a)

…acing reliance on the decision of Hon’ble Supreme Court in the case of Totagar’s Cooperative Sale Society Ltd. Vs. ITO (2010) 322 ITR 283 (SC) and the decision of Hon’ble Karnataka High Court in the case of Pr.CIT Vs. Totagar’s Cooperative Sale Society (2017) 395 ITR 611 (Karnataka). Further, it was held that no expenditure is attributable in merely making a deposit in Cooperative Banks/Commercial Banks. 4. Being aggrieved, the appellant Society is in appeal before this Tribunal in the present appeal. 3 5. The ld. AR for the appellant society submits that the issue is decided in favour of the assessee by placin…

M/S. Torino Co-Operative Housing Society Limited, Mumbai vs. ITO, Ward, 41(1)(5), Mumbai

In the result, the appeal of the assessee is allowed

ITA 2470/MUM/2024[2020-21]Status: DisposedITAT Mumbai02 Aug 2024AY 2020-21

Bench: Ms Padmavathy S, Am & Shri Rahul Chaudhary, Jm

For Appellant: Shri Rajesh Shah, AR
Section 143(1)Section 2(19)Section 80PSection 80P(1)Section 80P(2)(d)

…he Act was disallowed. Aggrieved the assessee filed further appeal before the CIT(A). The CIT(A) confirmed the disallowance by placing reliance on the decision of the Hon'ble Karnataka High Court in the case of PCIT Vs. Totgars Cooperative Sale Society (2017) 395 ITR 611 (Kar). The assessee is in appeal before the Tribunal against the order of the CIT(A). 3. The ld. Authorized Representative (AR) of the assessee submitted that the CPC has denied the deduction under section 80P(2)(d) of the Act for the reason that the deduction is claimed towards interest received from deposits with Co- operative Bank. The ld. AR…

Parekh Market Co-Op. Society Limited, Mumbai vs. Income Tax Officer 27(2)(1), Mumbai

ITA 2409/MUM/2024[2021-22]Status: DisposedITAT Mumbai02 Aug 2024AY 2021-22
For Appellant: Shri. Mehul ShahFor Respondent: Shri. Kiran Unavekar
Section 139Section 143Section 143(1)Section 80PSection 80P(2)(d)Section 80P(4)Section 81

…ning the judgment of the Hon'ble Supreme Court in the case of Totgars Cooperative Sale Society Ltd. vs. ITO (2010) 322 ITR 283 (SC), which was followed by the Hon'ble Karnataka High Court in the case of Pr.CIT vs. Totgars Co- operative Sale Society Ltd.: 2017 395 ITR 611 (Kar), and after taking into account the insertion of Section 80P(4) of the Act vide the Finance Act, 2006, the Mumbai Bench of the Tribunal had held that co-operative bank continues to be a co-operative society and therefore, assessee receiving interest from a co-operative bank would be eligible to claim deduction under Section 80P(2)(d) of the…

Dheeraj Gaurav Heights-1 Co-Operative Housing Society Limited, Mumbai vs. Income Tax Officer - 24(1)(1), Mumbai

In the result, the appeal is allowed

ITA 1976/MUM/2024[2021-22]Status: DisposedITAT Mumbai01 Aug 2024AY 2021-22

Bench: Ms Kavitha Rajagopal & Shri Ratnesh Nandan Sahayassessment Year: 2021-22 Dheeraj Gaurav Heights- Income Tax Officer- 1 Co- Operative Housing 24(1)(1) Society Limited Piramal Chamber, Ground Floor, Mumbai- 400012. Dheeraj Gaurav Heights-1 Vs. Co- Operative Housing Society, Off. New Link Road, Lokhandwala, Andheri (East)- 400053. Pan: Aaaad3911A (Appellant) (Respondent) Present For : : Ms. Vinita Nara, A.R. Assessee By Revenue By : Shri R. R. Makwana- Sr. D.R.

For Appellant: 1. “The Intimation bearingFor Respondent: Shri R. R. Makwana- SR. D.R
Section 143(1)Section 143(1)(a)Section 250Section 80PSection 80P(2)(d)

…he favour of the assessee. The extract of the decision was given as under: “13. We find that the learned CIT(A) has placed reliance upon the decisions of the Hon’ble Karnataka High Court in Pr. CIT v. Totagars Co-operative Sales Society [2017] 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 169/39…

Income Tax Officer, Income Tax Office Pandharpur vs. Dhanshree Mahila Gramin Bigarsheti Sahakari Pat Sanstha Ltd, Mangalwedha

Appeal is dismissed in above terms

ITA 853/PUN/2024[2020-21]Status: DisposedITAT Pune31 Jul 2024AY 2020-21

Bench: Shri Satbeer Singh Godara & Shri Inturi Rama Rao

For Appellant: Shri Pramod S. ShingteFor Respondent: Shri Keyur Patel
Section 250Section 80P(2)(a)Section 80P(2)(d)

…the Ld. CIT(A) erred in ignoring the overwhelming majority of decisions of other High Courts, namely (i) Delhi High Court in Mantola Co-op Thrift & Credit Society Ltd (2015, 229 Taxman 68) (ii) Karnataka High Court in Totgars Co-operative Sale Society (2017, 395 ITR 611) (iii) Gujarat High Court in State Bank of India (2016, 389 ITR 578) (iv) Punjab & Haryana High Court in Punjab State Co-op Development Bank (2016, 389 ITR 607) all of which have held that Interest income from Fixed Deposits was to be assessed as "Income from Other Sources" and such Interest Income was not eligible for deduction u/s 80P(2)(a)(i)…

Sangram Nagari Sahakari Pathsanstha Maryadit, Ahmednagar vs. Income Tax Officer Ward 2, Ahmednagar

Appeal is allowed in above terms

ITA 261/PUN/2024[2020-21]Status: DisposedITAT Pune31 Jul 2024AY 2020-21

Bench: Shri Rama Kanta Panda & Shri Satbeer Singh Godara

For Appellant: Shri Pramod ShingteFor Respondent: Shri Sourabh Nayak
Section 143(3)Section 250Section 80PSection 80P(2)(a)Section 80P(2)(d)

…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, that a co-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 t…

Bellare C A Bank Ltd., Bellare vs. Income Tax Officer, Ward-1, Puttur

ITA 272/BANG/2024[2017-18]Status: DisposedITAT Bangalore30 Jul 2024AY 2017-18

Bench: Shri Laxmi Prasad Sahu & Shri Keshav Dubey

For Appellant: Smt. Sheetal Borkar, AdvocateFor Respondent: Shri Subramanian S., Jt.CIT(DR)(ITAT), Bengaluru
Section 57Section 80Section 80(2)(a)Section 80PSection 80P(2)(a)Section 80P(2)(c)Section 80P(2)(d)

…nk of Rs.65,97,441 (interest 57,18,316 + dividend 8,79,125). The assessee had included this income for the purpose of claiming deduction u/s. 80P. The AO relied on the judgment of jurisdictional High Court in the case of Totgars Cooperative Sale Society Ltd., 395 ITR 611 order dated 16.07.2017 and disallowed deduction u/s. 80P(2)(d) observing that interest and dividend income received by the assessee does not satisfy the condition laid down as per section 80P(2)(d). The income received on investments were treated as income from other sources. The AO also disallowed provision made for NPA of Rs.4,40,660 and accord…

Income Tax Officer, Ward-1, Ichalkaranji vs. Appasaheb Naik (Dada) Shri Paisa Fund Shetaki Sah. Bank Ltd., Hupari

Appeal is dismissed

ITA 586/PUN/2024[2020-21]Status: DisposedITAT Pune29 Jul 2024AY 2020-21

Bench: Shri Satbeer Singh Godara & Shri Inturi Rama Rao

For Appellant: Shri Pramod S ShingteFor Respondent: Shri Sandeep P. Sathe
Section 143(3)Section 56Section 80PSection 80P(2)Section 80P(2)(d)

…IN THE INCOME TAX APPELLATE TRIBUNAL PUNE “A” BENCH : PUNE BEFORE SHRI SATBEER SINGH GODARA, JUDICIAL MEMBER AND SHRI INTURI RAMA RAO, ACCOUNTANT MEMBER I.T.A.No.586/PUN./2024 [E-APPEAL] Assessment Year 2020-2021 The Income Tax Officer, Appasaheb Naik (Dada) Shri Income Tax Quarters, Paisa Fund Shetaki Sah. Block No.2, Flat No.1, Bank Ltd., Block No.15, Vrundavan Colony, Asara vs. Paisa Fund, A/P HUPARI. Nagar, ICHALKARANJI, PIN – 416 203. Ta.-Hatkanangale, Maharashtra. Kolhapur. PIN – 416 115 PAN AAAAS5306E Maharashtra. (Appellant) (Respondent) For Revenue : Shri Sandeep P. Sathe For Assessee : Shri Pramod S S…

Kavu Primary Agricultural Credit Co-Operative Society, Puttur vs. Income Tax Officer, Ward-1, Puttur

ITA 580/BANG/2024[2020-21]Status: DisposedITAT Bangalore29 Jul 2024AY 2020-21

Bench: Smt. Beena Pillai & Shri Laxmi Prasad Sahu

For Appellant: Ms. Lakshmi S., AdvocateFor Respondent: Shri Srinath S., Jt.CIT(DR)(ITAT), Bengaluru
Section 2(19)Section 80Section 80PSection 80P(2)Section 80P(2)(a)Section 80P(2)(d)

…ubmitted that the interest income received by the assessee is not to be considered as a business income since the Hon'ble Jurisdictional High Court of Karnataka has settled this issue in the case of Totgars' Co- operative Sales Society Ltd. reported in (2017) 395 ITR 611 (Karnataka) dated 16.06.2017. 9. The ld. DR also submitted that in the case of Kerala State Co- operative Agricultural and Rural Development Bank Ltd. KSCARDB vs. Assessing Officer, (2023) 154 taxmann.com 305 the Hon'ble Supreme Court has clearly held that if the payer bank holds licence from RBI for carrying out banking business, then the intere…