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 367,194 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 Hariom Nagari Sahakari Patsanstha Maryadit, Nashik vs. Income Tax Officer Ward-1(1), Nashik

In the result, both the appeals filed by the assessee are allowed

ITA 680/PUN/2024[2020-21]Status: DisposedITAT Pune03 Jun 2024AY 2020-21

Bench: Shri Inturi Rama Rao & Ms. Astha Chandraआयकर अपील सं. / Ita Nos.679 & 680/Pun/2024 "नधा"रण वष" Assessment Years : 2018-19 & 2020-21

For Respondent: Shri Shanshank Deogadkar
Section 143(3)Section 80PSection 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 co-operative 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 m…

Shri Hariom Nagari Sahakari Patsanstha Maryadit, Nashik vs. Income Tax Officer Ward-1(1), Nashik

In the result, both the appeals filed by the assessee are allowed

ITA 679/PUN/2024[2018-19]Status: DisposedITAT Pune03 Jun 2024AY 2018-19

Bench: Shri Inturi Rama Rao & Ms. Astha Chandraआयकर अपील सं. / Ita Nos.679 & 680/Pun/2024 "नधा"रण वष" Assessment Years : 2018-19 & 2020-21

For Respondent: Shri Shanshank Deogadkar
Section 143(3)Section 80PSection 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 co-operative 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 m…

Shree Gudaleshwar Gramin Bigar Sheti Sah Pat Sanshta Maryadit, Gudal, Radhanagari, Kolhapur vs. The Income Tax Officer, Ward 1 (1), Kolhapur

Appeal is allowed in above terms

ITA 406/PUN/2024[A.Y. 2020-21]Status: DisposedITAT Pune03 Jun 2024

Bench: Shri Rama Kanta Panda & Shri Satbeer Singh Godara

For Appellant: Shri A.S. NaikFor Respondent: Shri Ramnath P. Murkunde
Section 143(3)Section 56Section 80P(2)(a)Section 80P(2)(d)

…IN THE INCOME TAX APPELLATE TRIBUNAL PUNE “A” BENCH : PUNE [THROUGH VIRTUAL HEARING] BEFORE SHRI RAMA KANTA PANDA, VICE PRESIDENT AND SHRI SATBEER SINGH GODARA, JUDICIAL MEMBER I.T.A.No.406/PUN./2024 [E-APPEAL] Assessment Year 2020-2021 Shree Gudaleshwar Gramin Bigar Sheti Sah The Income Tax Officer, Pat Sanstha Maryadit, Ward-1(1), Income Tax Office, At Gudal, Tal- vs. Tarabai Park, KOLHAPUR. Radhanagari, Dist- PIN – 416 003. Kolhapur. Maharashtra. Maharashtra. PIN – 416 211 PAN AAALS0544D (Appellant) (Respondent) For Assessee : Shri A.S. Naik For Revenue : Shri Ramnath P. Murkunde Date of Hearing : 03.06.202…

Paisafund Gramin Bigar Steti Sahakari Pat Sanstha Maryadit Surli, Satara vs. ITO Ward 1, Satara

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

ITA 749/PUN/2024[2018-19]Status: DisposedITAT Pune31 May 2024AY 2018-19

Bench: Shri Inturi Rama Rao & Ms. Astha Chandraआयकर अपील सं. / Ita No.749/Pun/2024 "नधा"रण वष" Assessment Year : 2018-19 Paisafund Gramin Bigar Sheti Vs. Ito, Ward-1, Sahakari Pat Sanstha Maryadit Satara Surli, At Post Surli, Karad, Satara – 415 110 Maharashtra Pan : Aagap3077R Appellant Respondent

For Appellant: Shri Kishor PhadkeFor Respondent: Shri R.Y. Balawade
Section 143(3)Section 80P(2)(a)Section 80P(2)(d)

…IN THE INCOME TAX APPELLATE TRIBUNAL PUNE BENCH “SMC”, PUNE BEFORE SHRI INTURI RAMA RAO, ACCOUNTANT MEMBER AND Ms. ASTHA CHANDRA, JUDICIAL MEMBER आयकर अपील सं. / ITA No.749/PUN/2024 "नधा"रण वष" Assessment Year : 2018-19 Paisafund Gramin Bigar Sheti Vs. ITO, Ward-1, Sahakari Pat Sanstha Maryadit Satara Surli, At Post Surli, Karad, Satara – 415 110 Maharashtra PAN : AAGAP3077R Appellant Respondent Assessee by : Shri Kishor Phadke Revenue by : Shri R.Y. Balawade Date of hearing : 31.05.2024 Date of pronouncement 31.05.2024 : आदेश / ORDER PER INTURI RAMA RAO, AM: This is an appeal filed by the assessee directed a…

M/S. Shimoga Davangere Chitradurga Dist. Co-Op Milk Producers Soc Union Limited, Shivamogga vs. Income Tax Office, Ward-1 & Tps, Shimoga

In the result, the appeal of the assessee is partly allowed for statistical purposes

ITA 713/BANG/2024[2018-19]Status: DisposedITAT Bangalore31 May 2024AY 2018-19

Bench: Smt. Beena Pillai & Shri Laxmi Prasad Sahuassessment Year : 2018-19

For Appellant: Shri Siddesh Nagaraj Gaddi, C.AFor Respondent: Ms. Shamala D.D, Addl. CIT(DR)
Section 156Section 234ASection 250Section 271(1)Section 80Section 80PSection 80P(2)(c)Section 80P(2)(d)Section 8P

…that interest received from scheduled bank or government bank is assessable under the head ‘income from other sources’ and he also relied on the judgment of Hon’ble jurisdictional High Court in the case of CIT Vs. Totgars Co-operative Sale Society reported in 395 ITR 611 (Kar) and the entire amount of Rs.49,49,178/- was disallowed. The AO also disallowed u/s 30 of the Act towards service tax refund expenses of Rs.19,47,919/-. Accordingly, the income was assessed at Rs.3,50,59,877/-. 4. Aggrieved from the above order, the assessee filed appeal before the CIT(A). 5. From the details submitted by the assessee duri…

Assistant Commissioner of Income Tax, Mangalore vs. Dakshin Kannada District Co-Operative Milk Producers Union Limited, Mangalore

In the result, appeal filed by the Revenue is allowed for statistical purposes

ITA 377/BANG/2024[2018-19]Status: DisposedITAT Bangalore31 May 2024AY 2018-19

Bench: Shri George George K & Shri Waseem Ahmedr Assessment Year : 2018-19 Acit, Vs. M/S. Dakshina Kannada Co-Operative Milk Mangaluru. Producers Union Ltd., Nandini, Kulashekar Kulshekar Mangaluru – 575 005, Karnataka. Pan : Aaaad 0202 C Appellant Respondent Assessee By : Shri. Shiva Rao, Ca Revenue By : Shri. Subramanian S, Jcit(Dr)(Itat), Bengaluru. Date Of Hearing : 30.05.2024 Date Of Pronouncement : 31.05.2024

For Appellant: Shri. Shiva Rao, CAFor Respondent: Shri. Subramanian S, JCIT(DR)(ITAT), Bengaluru
Section 143(2)Section 143(3)Section 250Section 36Section 80Section 80P(2)(d)

…considered as a Co-operative Society, hence, would not be entitled to deduction under section 80P(2)(d) of the Act in view of dictum laid down by the Hon’ble jurisdictional High Court in the case of PCIT Vs. Totgars Co-operative Sale Society Ltd., reported in 395 ITR 611. 6. The learned AR, on the other hand, submitted that in view of the latest judgment of the Hon’ble Apex Court in the case of Kerala State Co-operative Agricultural Rural Development Vs. AO reported in 458 ITR 384 (SC) and the decision in assessee’s own case for Assessment Year 2020-21 in ITA No.49/Bang/2024 (order dated 23.04.2024) the issues ne…

Yersova Primerose Co-Op Housing Society Limited, Mumbai vs. Income Tax Officer-25(1)(4), Mumbai

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

ITA 363/MUM/2024[2018-19]Status: DisposedITAT Mumbai31 May 2024AY 2018-19

Bench: Shri Narender Kumar Choudhry & Smt. Renu Jauhariassessment Year: 2018-19

For Appellant: Shri Anil Tiwari, A.RFor Respondent: Shri Nagnath Pasale, D.R
Section 143(1)Section 154Section 234ASection 250Section 80PSection 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 Cooperative Sales Society [2017] 83 taxmann.com 140/395 ITR 611, wherein it was held that interest earned by the assessee, a Cooperative 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…

Ramling Gramin Bigarsheti Sahakari Patsanstha Limited, Ahmednagar vs. The Income Tax Officer Ward 2, Ahmednagar, Ahemdnagar

In the result, all the three appeals filed by the assessee are allowed

ITA 728/PUN/2024[2020-21]Status: DisposedITAT Pune30 May 2024AY 2020-21

Bench: Shri Inturi Rama Rao & Ms. Astha Chandraआयकर अपील सं. / Ita Nos.726 To 728/Pun/2024 "नधा"रण वष" Assessment Years : 2017-18, 2018-19 & 2020-21

For Respondent: Shri RY. Balawade
Section 144Section 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 co-operative 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 m…

Ramling Gramin Bigarsheti Sahakari Patsanstha Limited, Ahmednagara vs. The Income Tax Officer Ward 2, Ahmednagar

In the result, all the three appeals filed by the assessee are allowed

ITA 727/PUN/2024[2018-19]Status: DisposedITAT Pune30 May 2024AY 2018-19

Bench: Shri Inturi Rama Rao & Ms. Astha Chandraआयकर अपील सं. / Ita Nos.726 To 728/Pun/2024 "नधा"रण वष" Assessment Years : 2017-18, 2018-19 & 2020-21

For Respondent: Shri RY. Balawade
Section 144Section 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 co-operative 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 m…

Ramling Gramin Bigarsheti Sahakari Patsanstha Limited, Ahmednagar vs. The Income Tax Officer Ward 2, Ahmednagar, Ahemdnagar

In the result, all the three appeals filed by the assessee are allowed

ITA 726/PUN/2024[2017-18]Status: DisposedITAT Pune30 May 2024AY 2017-18

Bench: Shri Inturi Rama Rao & Ms. Astha Chandraआयकर अपील सं. / Ita Nos.726 To 728/Pun/2024 "नधा"रण वष" Assessment Years : 2017-18, 2018-19 & 2020-21

For Respondent: Shri RY. Balawade
Section 144Section 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 co-operative 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 m…

Mudur Vyavasaya Seva Sahakari Sangha Ltd., Udupi vs. Income Tax Officer, Ward-2, Udupi

ITA 78/BANG/2024[2017-18]Status: DisposedITAT Bangalore29 May 2024AY 2017-18

Bench: Smt. Beena Pillai & Shri Laxmi Prasad Sahuassessment Year : 2017-18

For Appellant: Shri Mahesh R. Uppin, AdvocateFor Respondent: Shri V. Parithivel, Jt.CIT(DR)(ITAT), Bengaluru
Section 143(1)Section 18Section 40A(7)Section 43(2)Section 56Section 80P

…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. 13.1 The ld. DR also submitted that the assessee has violated the principle of mutuality and relied on the judgment of Hon’ble Apex Court in the case of Citizen Co-operative Society Ltd. reported in (0217) 397 ITR 1 (SC) & Bangalore Club as relied by the ld. CIT (A). Accordingly the assessee is not eligible for deduc…

Kumbra Vyavasaya Seva Sahakary Bank Limited, Puttur vs. Income Tax Office, Ward-1, Puttur

ITA 513/BANG/2024[2017-18]Status: DisposedITAT Bangalore29 May 2024AY 2017-18

Bench: Smt Beena Pillai & Shri Laxmi Prasad Sahu

For Appellant: Smt. Sheetal Borkar, AdvocateFor Respondent: Shri Srinath S, JCIT –DR
Section 143(2)Section 57Section 80PSection 80P(2)(a)Section 80P(2)(d)

…he society, the principle of mutuality did not exist. 2.5 In respect of the disallowance u/s. 80P(2)(d) of the act, the Ld.CIT(A) relied on the decision of Hon'ble Karnataka High Court in case of Totagars Co-operative Sales Society vs. ACIT reported in (2017) 395 ITR 611 and upheld the disallowance by the Ld.AO. 2.6 Aggrieved by the orders of the Ld.CIT(A), assessee is in appeal before this Tribunal. 3. The Ld.AR submitted that, the assessee being a primary agricultural credit co-operative society is engaged in the business of providing credit facilities to its members. It is submitted that, the assessee claims 8…

Income Tax Officer, Ward 10(1), Pune, Akurdi vs. Shri Bhairavnat Gramin Bigarsheti Patsanstha Maryadig, Landewadi

Appeal is dismissed in above

ITA 252/PUN/2024[2017]Status: DisposedITAT Pune28 May 2024

Bench: Shri Satbeer Singh Godara & Shri Gd Padmahshali

For Appellant: -None-For Respondent: Shri Ramnath P. Murkunde
Section 143(3)Section 80P(2)(a)Section 80P(2)(d)

…IN THE INCOME TAX APPELLATE TRIBUNAL PUNE “A” BENCH : PUNE : [HYBRID HEARING] BEFORE SHRI SATBEER SINGH GODARA, JUDICIAL MEMBER AND SHRI GD PADMAHSHALI, , ACCOUNTANT MEMBER I.T.A.No.252/PUN./2024 [E-APPEAL] Assessment Year 2017-2018 M/s. Shri Bhairavnath The Income Tax Officer, Gramin Bigarsheti Sahakari Ward-10(1), Patsanstha Maryadit, Pratyakshakar Bhavan, vs. At Post Landewadi, Near Akurdi Railway Chinchwadi, Tal-Ambegaon, Station, Pune – 411 044. Pune – 410 503. Maharashtra. Maharashtra. (Appellant) (Respondent) For Revenue : Shri Ramnath P. Murkunde For Assessee : -None- Date of Hearing : 27.05.2024 Date…

Rajat Apartments Co-Op. Housing Society Ltd., Mumbai vs. ACIT Circle 19(3), Mumbai

In the result, both the appeals of the assessee are allowed

ITA 4329/MUM/2023[2021-22]Status: HeardITAT Mumbai27 May 2024AY 2021-22

Bench: Shri Girish Agrawal & Shri Sunil Kumar Singh

For Appellant: Shri Jayesh Dadia, C.A RevenueFor Respondent: Smt. Mahita Nair, Sr. DR
Section 143(1)Section 154Section 56Section 80P(2)(d)

…e file of the assessing officer for fresh examination. That as regards the reliance placed by the ld. D.R on the judgment of the Hon'ble High Court of Karnataka in the case of Pr. CIT v. Totagars co-operative Sale Society [2017] 83 taxmann.com 140/297 CTR 158/395 ITR 611 (Karnataka), the High Court had concluded that a co- operative society would not be entitled to claim of deduction under Sec. 80P(2)(d). We however find that as held by the Hon'ble High Court of Bombay in the case of K. Subramanian and Anr. v. Siemens India Ltd. and Anr [1983] 36 CTR 197/[1985] 156 ITR 11/[1983] 15 Taxman 594 (Bombay), where ther…

Rajat Apartments Co.Op. Housing Society, Mumbai vs. ACIT Circle 19(3), Mumbai

In the result, both the appeals of the assessee are allowed

ITA 4328/MUM/2023[2020-21]Status: HeardITAT Mumbai27 May 2024AY 2020-21

Bench: Shri Girish Agrawal & Shri Sunil Kumar Singh

For Appellant: Shri Jayesh Dadia, C.A RevenueFor Respondent: Smt. Mahita Nair, Sr. DR
Section 143(1)Section 154Section 56Section 80P(2)(d)

…e file of the assessing officer for fresh examination. That as regards the reliance placed by the ld. D.R on the judgment of the Hon'ble High Court of Karnataka in the case of Pr. CIT v. Totagars co-operative Sale Society [2017] 83 taxmann.com 140/297 CTR 158/395 ITR 611 (Karnataka), the High Court had concluded that a co- operative society would not be entitled to claim of deduction under Sec. 80P(2)(d). We however find that as held by the Hon'ble High Court of Bombay in the case of K. Subramanian and Anr. v. Siemens India Ltd. and Anr [1983] 36 CTR 197/[1985] 156 ITR 11/[1983] 15 Taxman 594 (Bombay), where ther…

Saptagiri Pattina Souharda Sahakari Sangha Niyamitha Sindhanur, Sindhanur vs. Income Tax Officer, Ward-1, Raichur

In the result, both the appeals of the assessee are partly allowed for statistical purposes

ITA 593/BANG/2024[2018-19]Status: DisposedITAT Bangalore22 May 2024AY 2018-19

Bench: Smt. Beena Pillai & Shri Laxmi Prasad Sahu

For Appellant: Shri Prasanna N Urala, AdvocateFor Respondent: Shri Srinath S., Jt.CIT(DR)(ITAT), Bengaluru
Section 57Section 80PSection 80P(2)Section 80P(2)(a)

…re the CIT(Appeals). The CIT(Appeals) after considering the detailed submissions made by the assessee and relying on jurisdictional High Court judgment in the case of Pr.CIT Hubballi vs. Totagars Co-operative Sale Society [2017] 83 taxmann.com 140 (Karnataka) 395 ITR 611 and coordinate Bench of Tribunal decision in the case of M/s.Vasavamba Co-operative Society Ltd. (ITA No.453/Bang/2020, order dated 13.08.2021), held ITA Nos. 592 & 593/Bang/2024 Page 3 of 11 that interest income received on investments with co-operative banks is not eligible for deduction u/s. 80P(2)(a)(i) as well as 80P(2)(d) of the Act to th…

Saptagiri Pattina Souharda Sahakari Sangha Niyamitha Sindhanur, Sindhanur vs. Income Tax Officer, Ward-1, Raichur

In the result, both the appeals of the assessee are partly allowed for statistical purposes

ITA 592/BANG/2024[2017-18]Status: DisposedITAT Bangalore22 May 2024AY 2017-18

Bench: Smt. Beena Pillai & Shri Laxmi Prasad Sahu

For Appellant: Shri Prasanna N Urala, AdvocateFor Respondent: Shri Srinath S., Jt.CIT(DR)(ITAT), Bengaluru
Section 57Section 80PSection 80P(2)Section 80P(2)(a)

…re the CIT(Appeals). The CIT(Appeals) after considering the detailed submissions made by the assessee and relying on jurisdictional High Court judgment in the case of Pr.CIT Hubballi vs. Totagars Co-operative Sale Society [2017] 83 taxmann.com 140 (Karnataka) 395 ITR 611 and coordinate Bench of Tribunal decision in the case of M/s.Vasavamba Co-operative Society Ltd. (ITA No.453/Bang/2020, order dated 13.08.2021), held ITA Nos. 592 & 593/Bang/2024 Page 3 of 11 that interest income received on investments with co-operative banks is not eligible for deduction u/s. 80P(2)(a)(i) as well as 80P(2)(d) of the Act to th…

Sadhana Sahakari Patpedhi Limited, Vasai, Palghar vs. CIT(A), NFAC, Delhi

ITA 57/MUM/2024[2020-21]Status: DisposedITAT Mumbai22 May 2024AY 2020-21
For Appellant: Shri Unmesh NarvekarFor Respondent: Dr. Kishor Dhule
Section 143Section 143(1)Section 143(3)Section 80PSection 80P(2)(a)Section 80P(2)(c)Section 80P(2)(d)Section 80P(4)

…had set aside the issue to the file of the assessing officer for fresh examination, That as regards the reliance placed by the ld. D.R on the judgment of the Hon'ble High Court of Karnataka in the case of Pr. CIT Vs. Totagars co-operative Sale Society (2017) 395 ITR 611 (Karn), the High Court had concluded that a co-operative society would not be entitled to claim of deduction under Section 80P(2)(d). We however find that as held by the Hon'ble High Court of Bombay in the case of K. Subramanian and Anr. Vs. Siemens India Ltd. and Anr (1985) 156 ITR 11 (Bom), where there is a conflict between the decisions of non…

Sadhana Sahakari Patpedhi Limited, Palghar vs. CIT(A), NFAC, Delhi

ITA 56/MUM/2024[2018-19]Status: DisposedITAT Mumbai22 May 2024AY 2018-19
For Appellant: Shri Unmesh NarvekarFor Respondent: Dr. Kishor Dhule
Section 143Section 143(1)Section 143(3)Section 80PSection 80P(2)(a)Section 80P(2)(c)Section 80P(2)(d)Section 80P(4)

…had set aside the issue to the file of the assessing officer for fresh examination, That as regards the reliance placed by the ld. D.R on the judgment of the Hon'ble High Court of Karnataka in the case of Pr. CIT Vs. Totagars co-operative Sale Society (2017) 395 ITR 611 (Karn), the High Court had concluded that a co-operative society would not be entitled to claim of deduction under Section 80P(2)(d). We however find that as held by the Hon'ble High Court of Bombay in the case of K. Subramanian and Anr. Vs. Siemens India Ltd. and Anr (1985) 156 ITR 11 (Bom), where there is a conflict between the decisions of non…

ITO-26(2)(1), Mumbai vs. Sangli Vaibhav Co Operative Credit Society Limited, Mumbai

ITA 3770/MUM/2023[2018-19]Status: DisposedITAT Mumbai22 May 2024AY 2018-19

Bench: SHRI NARENDRA KUMAR BILLAIYA, ACCOUNTANT MEMBER SHRI RAHUL CHAUDHARY (Judicial Member)

For Appellant: Shri Ketan L. VajaniFor Respondent: Dr. Kishor Dhule
Section 143Section 143(1)Section 143(3)Section 80P(2)(d)

…wing deduction u/s.80P(2)(d) of the Income Tax Act in respect of interest earned from deposits, though Hon'ble Karnataka High Court in a detailed judgment discussing the law and various related issues in the case of PCIT Vs Totagar's Cooperative Sales Society(395 ITR 611) has specifically decided the Question of Law about the allowability of interest earned from deposits with Cooperative Bank u/s. 80P(2)(d) of the Income Tax Act in favour of the Revenue. 3. Whether on the facts and circumstances of the case and in law, the Ld.CIT(A) was correct in dismissed the disallowance of a sum of Rs. 2,04,65,049 /- and inte…