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 367,302 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

M/S. Kajekar Seva Shakari Bank, Bantwal vs. Income Tax Officer, Ward-2(1), Mangalore

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

ITA 255/BANG/2024[2018-19]Status: DisposedITAT Bangalore10 May 2024AY 2018-19

Bench: Shri George George K & Shri Waseem Ahmedassessment Year : 2018-19 M/S. Kajekar Seva Sahakari Bank, Vs. Ito, Pandavarakallu, B Kajekar, Ward –2(1), Bantal – 574 233, Karnataka. Mangalore. Pan : Aaaak 2473 Q Appellant Respondent Assessee By : Shri. V. Srinivasan, Advocate Revenue By : Shri. Satish Meriga, Cit(Dr)(Itat), Bengaluru. Date Of Hearing : 09.05.2024 Date Of Pronouncement : 10.05.2024

For Appellant: Shri. V. Srinivasan, AdvocateFor Respondent: Shri. Satish Meriga, CIT(DR)(ITAT), Bengaluru
Section 143Section 143(2)Section 143(3)Section 263Section 80PSection 80P(2)(a)Section 80P(2)(d)

…ived was not operational income having regard to the decision of the Hon'ble Supreme Court in the case of Totagars Co-operative Sale Society [322 ITR 283] and the decision of the Hon'ble Karnataka High Court in the case of Totagars Co- operative Sale Society [395 ITR 611] under the facts and in the circumstances of the appellant's case. 5. The learned P.C.I.T is not justified in law in directing the learned A.O to deny the claim for deduction u/s 80P[2][d] of the Act to the extent of income earned from co-operative banks which are nothing but co-operative societies in possession of a license from the RBI under th…

The Navyug Co-Operative Housing Society Ltd., Mumbai vs. DCIT 32(1), Mumbai

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

ITA 14/MUM/2024[2015-16]Status: DisposedITAT Mumbai10 May 2024AY 2015-16

Bench: Shir Pavan Kumar Gadale & Ms Padmavathy Sthe Navyug Co-Operative Vs. Dcit-32(1), Housing Society Ltd., Room.No.702, 7Th Flr, Jaihind Club Bldg, Jvpd Kautilya Bhavan, Scheme, 2Nd Floor, Bandra Kurla N.S. Road,Vile Parle (W), Complex, Mumbai-400049. Bandra(E), Mumbai-400051. Pan/Gir No. : Aaaat0325L Appellant .. Respondent Appellant By : Shri Shalin.S. Divatia.Ar Respondent By : Shri Laxmi Kant.Sr. Dr Date Of Hearing 09.05.2024 Date Of Pronouncement 10.05.2024 आदेश / O R D E R Per Pavan Kumar Gadale Jm: The Appeal Is Filed By The Assessee Against The Order Of The National Faceless Appeal Centre (Nfac), Delhi/Cit (A) Passed U/Sec 154 & U/Sec 250 Of The Act. The Assessee Has Raised The Following Grounds Of Appeal: The Navyug Co-Op Housing Society Ltd., Mumbai. 1. The Learned Commissioner Of Income Tax (Appeals) Erred In Confirming The Order Of The Assessing Officer Rejecting The Application Of The Assessee U/S 154 Seeking Rectification Of The Disallowance The Deduction U/S 80P(2) & 80P(2)(D) Of The Act Of Rs.60,93,180/- U/S 143 (1) Of The Act.

For Appellant: Shri Shalin.S. Divatia.ARFor Respondent: Shri Laxmi Kant.Sr. DR
Section 143Section 143(1)Section 154Section 80Section 80PSection 80P(2)Section 80P(2)(d)

…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 The Navyug Co-op Housing Society Ltd., Mumbai. 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…

Lake Town Co-Operative Housing Society Limited, Pune vs. Income Tax Officer, Ward-5(2), Pune

Appeal is partly allowed for

ITA 88/PUN/2024[2020-21]Status: DisposedITAT Pune07 May 2024AY 2020-21

Bench: Shri Rama Kanta Panda & Shri Satbeer Singh Godara

For Appellant: Shri Hari KrishanFor Respondent: Shri Ramnath P Murkunde
Section 143(3)Section 56Section 80PSection 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.88/PUN./2024 Assessment Year 2020-2021 Lake Town Co-operative The Income Tax Officer, Housing Society Limited, vs. Ward-5(2), PMT Bldg., S.No.11, Katraj, PUNE. Swargate, Pune – 411 037. PIN – 411 046. PAN AAAAL3427D Maharashtra. (Appellant) (Respondent) For Assessee : Shri Hari Krishan For Revenue : Shri Ramnath P Murkunde Date of Hearing : 24.04.2024 Date of Pronouncement : 07.05.2024 ORDER PER SATBEER SINGH GODARA, J.M. :…

Income Tax Officer Ward-1, Satara vs. Shree Kalika Devi Nagari Sahakari Pat Sanstha Maryadit Karad, Karad Dist Satara

Appeal is dismissed in above terms

ITA 52/PUN/2024[2020-21]Status: DisposedITAT Pune07 May 2024AY 2020-21

Bench: Shri Rama Kanta Panda & Shri Satbeer Singh Godara

For Appellant: -None-For Respondent: Shri Ramnath P. Murkunde
Section 143(3)Section 263Section 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.52/PUN./2024 [E-APPEAL] Assessment Year 2020-2021 Shree Kalika Devi Nagari The Income Tax Officer, Sahakari Pat Sanstha Maryadit Ward-1, Manjunath Manor, Karad, 6/1, Kasar Galli, Opposite Y.C. Science vs. Guruwar Peth, KARAD. College, Sadar Bazar, Dist-Satara. PIN – 415 110. SATARA - 415 002. Maharashtra. Maharashtra. PAN AAZAS6081K (Appellant) (Respondent) For Assessee : -None- For Revenue : Shri Ramnath P. Murkunde Date of Heari…

Farmers Agriculture Credit Co Operative Society Ltd Koppa, Periapatna vs. Income Tax Officer, Mysuru

ITA 71/BANG/2024[2018-19]Status: DisposedITAT Bangalore07 May 2024AY 2018-19

Bench: Shri Narender Kumar Choudhry & Shri Laxmi Prasad Sahu

For Appellant: Shri Sriram V. Rao, CAFor Respondent: Shri Ganesh R. Ghale, Standing Counsel
Section 139(1)Section 147Section 148Section 56Section 57Section 80PSection 80P(2)(a)Section 80P(2)(d)

…Rs.51,66,055 and deduction of Rs.48,75,024 was claimed under Chapter VIA of the Act including deduction of interest income earned on deposits of Rs.23,14,626. The AO relying on judgment of Karnataka High Court in the case of Totgars Co-operative Sale Society, 395 ITR 611 held that interest received on deposits with banks is not eligible for deduction u/s. 80P of the Act and treated it as income from other sources and taxed Rs.23,14,626 u/s. 56 of the Act. 6. Aggrieved from the above order, the assessee filed appeal before the First Appellate Authority (FAA) and also relying on various judgments partly allowed th…

Farmers Agriculture Society Ltd Koppacredit Co Operative, Periapatna vs. Income Tax Officer, Ward 1(4), Mysuru

ITA 65/BANG/2024[2016-17]Status: DisposedITAT Bangalore07 May 2024AY 2016-17

Bench: Shri Narender Kumar Choudhry & Shri Laxmi Prasad Sahu

For Appellant: Shri Sriram V. Rao, CAFor Respondent: Shri Ganesh R. Ghale, Standing Counsel
Section 139(1)Section 147Section 148Section 56Section 57Section 80PSection 80P(2)(a)Section 80P(2)(d)

…Rs.51,66,055 and deduction of Rs.48,75,024 was claimed under Chapter VIA of the Act including deduction of interest income earned on deposits of Rs.23,14,626. The AO relying on judgment of Karnataka High Court in the case of Totgars Co-operative Sale Society, 395 ITR 611 held that interest received on deposits with banks is not eligible for deduction u/s. 80P of the Act and treated it as income from other sources and taxed Rs.23,14,626 u/s. 56 of the Act. 6. Aggrieved from the above order, the assessee filed appeal before the First Appellate Authority (FAA) and also relying on various judgments partly allowed th…

Puttur Mahila Vividoddesha Sahakari Sangha N, Puttur vs. Income-Tax Officer, Ward-1, Puttur

ITA 389/BANG/2024[2020-21]Status: DisposedITAT Bangalore07 May 2024AY 2020-21

Bench: Smt. Beena Pillai, Judciial Member & Shri Laxmi Prasad Sahu

For Appellant: Shri Srikrishna, CAFor Respondent: Shri Ganesh R. Ghale, Standing Counsel
Section 234ASection 234FSection 80PSection 80P(1)Section 80P(2)(a)

…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. 10. The ld. DR also submitted that the assessee has violated the principle of mutuality and relied on the judgment of Hon’ble Apex ITA Nos.388 & 389/Bang/2024 Page 7 of 12 Court in the case of Citizen Co-operative Society Ltd. reported in (0217) 397 ITR 1 (SC). Accordingly the assessee is not eligible for deduction…

Puttur Mahila Vivoddoddesha Sahakari Sangha Na, Puttur vs. Income-Tax Officer, Ward-1, Puttur

ITA 388/BANG/2024[2018-19]Status: DisposedITAT Bangalore07 May 2024AY 2018-19

Bench: Smt. Beena Pillai, Judciial Member & Shri Laxmi Prasad Sahu

For Appellant: Shri Srikrishna, CAFor Respondent: Shri Ganesh R. Ghale, Standing Counsel
Section 234ASection 234FSection 80PSection 80P(1)Section 80P(2)(a)

…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. 10. The ld. DR also submitted that the assessee has violated the principle of mutuality and relied on the judgment of Hon’ble Apex ITA Nos.388 & 389/Bang/2024 Page 7 of 12 Court in the case of Citizen Co-operative Society Ltd. reported in (0217) 397 ITR 1 (SC). Accordingly the assessee is not eligible for deduction…

Sri. Laxminarayana Suvarna Credit Co-Op. Society Ltd., Uttara Kannada vs. Income Tax Officer, Ward-1, Sirsi

ITA 123/BANG/2024[2020-21]Status: DisposedITAT Bangalore07 May 2024AY 2020-21

Bench: Shri Narender Kumar Choudhry & Shri Laxmi Prasad Sahu

For Appellant: Shri Mahesh R. Uppin, AdvocateFor Respondent: Shri Ganesh R. Ghale, Standing Counsel
Section 80PSection 80P(2)(a)Section 80P(2)(d)Section 80P(4)

…ve bank and noted that the assessee is not eligible for deduction. He relied on the Supreme Court judgment in the case of Totgars Co-operative Sale Society Ltd. (2010) 322 ITR 283 / 188 Taxman 282 (SC) and jurisdictional High Court judgment reported in [2017] 395 ITR 611 and observed that the Hon’ble jurisdictional High Court clearly held that interest earned from investments/bank deposits is outside the sphere of main business activity and to be categorised as “income from other sources”. Since the interest income earned by the assessee from ITA Nos.122 & 123/Bang/2024 Page 4 of 11 investment in KDCC Bank is no…

Sri. Laxminarayana Suvarna Credit Co-Op. Society Ltd., Uttara Kannada vs. Income Tax Officer, Ward-1, Sirsi

ITA 122/BANG/2024[201819]Status: DisposedITAT Bangalore07 May 2024

Bench: Shri Narender Kumar Choudhry & Shri Laxmi Prasad Sahu

For Appellant: Shri Mahesh R. Uppin, AdvocateFor Respondent: Shri Ganesh R. Ghale, Standing Counsel
Section 80PSection 80P(2)(a)Section 80P(2)(d)Section 80P(4)

…ve bank and noted that the assessee is not eligible for deduction. He relied on the Supreme Court judgment in the case of Totgars Co-operative Sale Society Ltd. (2010) 322 ITR 283 / 188 Taxman 282 (SC) and jurisdictional High Court judgment reported in [2017] 395 ITR 611 and observed that the Hon’ble jurisdictional High Court clearly held that interest earned from investments/bank deposits is outside the sphere of main business activity and to be categorised as “income from other sources”. Since the interest income earned by the assessee from ITA Nos.122 & 123/Bang/2024 Page 4 of 11 investment in KDCC Bank is no…

Bannanje Grahakara Vividhoddesha Sahakara Sangha Ltd., Udupi vs. Income Tax Officer, Ward-1, & Tps, Udupi

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

ITA 79/BANG/2024[2016-17]Status: DisposedITAT Bangalore06 May 2024AY 2016-17

Bench: Shri George George Kshri Laxmi Prasad Sahuassessment Year : 2016-17

For Appellant: Shri Mahesh R Uppin, AdvocateFor Respondent: Shri Ganesh R Ghale, Advocate – Standing
Section 5

…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. He also submitted that the Hon’ble Gujarat High Court in Katlary Kariyana Merchant Sahkari Sarafi Mandali Ltd. reported in (2022) 140 taxmann.com 602 (Gujarat) dated 04.01.2022 on similar facts had decided the issue in favour of the revenue and not allowed deduction u/s 80P(2)(d). The assessee has also violated the p…

Samarth Nagari Shakari Path Sanstha Maryadit, Parbhani vs. Income Tax Officer, Ward One, Jalna

Appeal is allowed in above terms

ITA 1414/PUN/2023[2020-21]Status: DisposedITAT Pune03 May 2024AY 2020-21

Bench: Shri Satbeer Singh Godara

For Appellant: -None-For Respondent: Shri Manish Mehta
Section 143(3)Section 270ASection 80PSection 80P(2)(a)Section 80P(2)(d)

…IN THE INCOME TAX APPELLATE TRIBUNAL PUNE “SMC” BENCH : PUNE BEFORE SHRI SATBEER SINGH GODARA, JUDICIAL MEMBER I.T.A.No.1414/PUN./2023 [E-APPEAL[ Assessment Year 2020-2021 Samarth Nagari Shakari The Income Tax Officer, Path Sanstha Maryadit, Ward – 1, Wardha Road, PA-1, Nanal Peth, vs. Jalna Industrial Area, MIDC, PARBHANI - 431 401. JALNA. PIN - 431 213. Maharashtra. Maharashtra. PAN AADAS4600A (Appellant) (Respondent) For Assessee : -None- For Revenue : Shri Manish Mehta Date of Hearing : 22.03.2024 Date of Pronouncement : 03.05.2024 ORDER This assessee’s appeal for assessment year 2020-21, arises against the…

Income Tax Officer, Mumbai vs. Nariman Bhavan Premises Co Op Society Ltd, Mumbai

In the result, the appeal filed by the revenue is dismissed

ITA 3658/MUM/2023[2020-21]Status: DisposedITAT Mumbai03 May 2024AY 2020-21

Bench: Shri Pavan Kumar Gadale & Ms Padmavathy S

Section 194ASection 194A(3)(v)Section 80Section 80PSection 80P(2)(d)Section 80P(4)

…pect 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 Co-operative Sales 3 Nariman Bhavan Premises Co-op Society Ltd, Mumbai Society (395 ITR 611) has specifically decided the Question of Law about the allowability of interest earned from deposits with co-operative bank u/s 80P(2)(d) of the Income tax Act in favrous of Revenue." 5. The appellant craves leave to amend or alter or add a new ground which may be necessary.” 2. The brief facts of the case are that, the assessee is a cooperative…

Income Tax Officer Ward 5 Sangli, Income Tax Department vs. Ashokrao Anna Yashwant Gram Bigar Sheti Sah Patsanstha Limited, Borgaon, Tal Walwa, Sangli, Taluka Walwa

Appeal is dismissed in above terms

ITA 1138/PUN/2023[2018-19]Status: DisposedITAT Pune01 May 2024AY 2018-19

Bench: Shri Satbeer Singh Godara & Dr. Dipak P. Ripote

For Appellant: -None-For Respondent: Shri Ramnath P Murkunde
Section 143(3)Section 263Section 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…

Sindhudurg Zilla Gramsevak Sahakari Pat Sanstha Maryadit Sindhudurg Oros, Oras Kudal vs. Income Tax Officer, Kudal

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

ITA 560/PUN/2024[2018-19]Status: DisposedITAT Pune30 Apr 2024AY 2018-19

Bench: Shri Inturi Rama Rao & Shri Vinay Bhamore

For Appellant: Shri NoneFor Respondent: Shri Manoj Tripathi
Section 80PSection 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 SHRI VINAY BHAMORE, JUDICIAL MEMBER आयकर अपील सं. / ITA No.560/PUN/2024 निर्धारण वर्ा / Assessment Year : 2018-19 Sindhudurg Zilla Gramsevak Vs. Income Tax Officer, Sahakari Pat Sanstha Kudal Maryadit, Sindhudurg Oros, Oras, Kudal PAN : AANAS4616E Appellant Respondent Assessee by : Shri None Revenue by : Shri Manoj Tripathi Date of hearing : 30.04.2024 Date of pronouncement : 30.04.2024 आदेश / ORDER PER INTURI RAMA RAO, AM: This is an appeal filed by the assessee directed against the order of the Nati…

Baner Nagari Sahakari Pat Sanstha Maryadit, Pune vs. Income Tax Officer, Ward 2(2), Pune

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

ITA 549/PUN/2024[2018-19]Status: DisposedITAT Pune30 Apr 2024AY 2018-19

Bench: Shri Inturi Rama Rao & Shri Vinay Bhamore

For Appellant: Shri Randeep SharmaFor Respondent: Shri Manoj Tripathi
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 SHRI VINAY BHAMORE, JUDICIAL MEMBER आयकर अपील सं. / ITA No.549/PUN/2024 निर्धारण वर्ा / Assessment Year : 2018-19 Baner Nagari Sahakari Pat Vs. Income Tax Officer, Sanstha Maryadit, Ward – 2(2), Pune Ground Floor, Survey No. 182, Baner Road, Aundh-411045 PAN : AAAJB0667Q Appellant Respondent Assessee by : Shri Randeep Sharma Revenue by : Shri Manoj Tripathi Date of hearing : 29.04.2024 Date of pronouncement : 30.04.2024 आदेश / ORDER PER INTURI RAMA RAO, AM: This is an appeal filed by the assessee dire…

The St. Sebastian Homes Co-Operative Society Ltd, Mumbai vs. Income Tax Office, Ward 23(3)(4), Mumbai

In the result, appeal filed by the assessee is allowed

ITA 4059/MUM/2023[2016-17]Status: DisposedITAT Mumbai30 Apr 2024AY 2016-17

Bench: Shri Narender Kumar Choudhry & Shri Ratnesh Nandan Sahaym/S. The St. Sebastian Ito. Ward 23(3)(4) Homes Cooperative Matrumandir, Income Tax Society Ltd. Office, 3, Sebastian House, Taddeo, 42 Rebello Road, Mumbai- 400007. Vs. Bandra West, Mumbai- 400050. Pan No. Aaaat3419K (Appellant) (Respondent)

For Appellant: Shri. Rajesh Sanghvi- C.AFor Respondent: Shri. Prashant Mahajan- Sr. A.R
Section 250Section 80P(2)(d)

…e 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 M/s. The St. Sebastian Homes…

Gohana Co-Op Marketing Processing Society Ltd, Gohana vs. Income Tax Officer, Sonipat

In the result, the appeal of the assessee is dismissed

ITA 2698/DEL/2023[2018-19]Status: DisposedITAT Delhi30 Apr 2024AY 2018-19

Bench: Shri Kul Bharat & Dr.B.R.R.Kumar[Assessment Year : 2018-19] Gohana Co-Op Marketing Vs Ito, Processing Society Ltd., Shop No.1, Sonipat. New Anaj Mandi, Gohana, Sonipat, Haryana-131301 Pan-Aaaag0108Q Appellant Respondent Appellant By None Respondent By Shri Om Parkash, Sr.Dr Date Of Hearing 24.04.2024 Date Of Pronouncement 30.04.2024 Order

Section 143(2)Section 56Section 80P(2)(a)

…rities as "investment" are ineligible for deduction under section 80P(2)(a)(i) of the Act. (Paragraph-13 of the Judgment) 14. It can thus be seen that the ratio laid down by the Hon'ble Karnataka High Court in the case of Totagars Cooperative Sales Society in 395 ITR 611 (Karn) is that in the light of the principles enunciated by the Supreme Court in Totagars Co- operative Sale Society (supra), in case of a society engaged in providing credit facilities to its members, income from investments made in banks does not fall within any of the categories mentioned in section 8OP(2)(a) of the Act. However, section 8OP(2…

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

ITA 405/PUN/2024[A.Y.2018-19]Status: DisposedITAT Pune29 Apr 2024

Bench: Shri Satbeer Singh Godara

For Appellant: Shri A.S. NaikFor Respondent: Shri Manish Mehta
Section 143(3)Section 56Section 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…

Siddhivinayak Nagrik Sahakari Pat Sanstha Maryadit, Nagpur vs. Income Tax Officer, Ward-5(3), Nagpur

ITA 149/NAG/2023[2017-18]Status: DisposedITAT Nagpur29 Apr 2024AY 2017-18

Bench: Shri Satbeer Singh Godara & Dr. Dipak P. Ripote

For Appellant: Shri Vishal Manakshe, C.AFor Respondent: Shri Abhay Y. Marathe
Section 143(3)Section 56Section 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 11 ITA.Nos.147…