Pr. CIT v. Totagars

Jila Sahkari Kendriya Bank Karamchari Sakh Sahkari Samiti, Satna vs. Assistant Commissioner of Incometax, Katni

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

Bench: Shri Om Prakash Kantshri Pavan Kumar Gadalejila Sahkari Kendriya Bank Vs National E Karamchari Sakh Sahkari Assessment Samiti Maryadit Satna, Center, Income Tax Sahkar Bhawan, Behind Department, New Green Talkies, Pushpraj Delhi Colony, Satna (M.P)-485001. Acit, Katni (Appellant) (Respondent) Pan No. Aabaj4497Q Assessee By None Revenue By Shri Shiv Kumar, Sr.Dr Date Of Hearing 12/09/2023 Date Of Pronouncement 20/09/2023

…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 cooperative 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…

The City Co -Op. Credit Society Limited, Belagavi vs. Income Tax Officer, National E-Assessment Centre, Delhi

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

Bench: SHRI INTURI RAMA RAO (Accountant Member), SHRI PARTHA SARATHI CHAUDHURY (Judicial Member)

…IN THE INCOME TAX APPELLATE TRIBUNAL PANAJI BENCH, PANAJI – VIRTUAL COURT BEFORE SHRI INTURI RAMA RAO, ACCOUNTANT MEMBER AND SHRI PARTHA SARATHI CHAUDHURY, JUDICIAL MEMBER आयकर अपील सं. / ITA No.95/PAN/2023 िनधा"रण वष" / Assessment Year : 2018-19 The City Co-op. Credit Vs. ITO, National e- Society Limited, Assessment Centre, 1st Floor, Dimple Arcade, Delhi. Kelkar Bag, Belagavi- 590001. PAN : AAAAT6159N Appellant Respondent Assessee by : Shri Pramod Vaidhya Revenue by : Shri Ashwini D. Hosmani Date of hearing : 04.09.2023 Date of pronouncement : 08.09.2023 आदेश / ORDER PER INTURI RAMA RAO, AM: This is an appeal…

M/S Ravikiran Co-Operative Credit Society Limited, Belagavi vs. Principal Commissioner of Income Tax, Hubli

In the result, the appeal filed by the assessee in ITA

Bench: Shri Inturi Rama Rao & Shri Partha Sarathi Chaudhurysl.

…d) in respect of interest income earned out of the surplus money invested with the bank i.e. The Cosmos Bank of Rs.11,50,472/- by placing reliance on the decision of the Hon’ble Karnataka High Court in the case of PCIT vs. Totagars Co- operative Sale Society, 395 ITR 611 (Kar.), the decision of the Hon’ble Gujarat High Court in the case of State Bank of India vs. CIT, 389 ITR 578 (Guj.) and the decision of the Hon’ble Punjab & Haryana High Court in the case of CIT vs. Punjab State Co-op. Agricultural Development Bank Ltd., 389 ITR 607 (P&H). 5. Being aggrieved by the above order of assessment, an appeal was filed…

M/S Ravikiran Co-Operative Credit Society Limited, Belagavi vs. National E - Assessment Centre, Delhi

In the result, the appeal filed by the assessee in ITA

Bench: Shri Inturi Rama Rao & Shri Partha Sarathi Chaudhurysl.

…d) in respect of interest income earned out of the surplus money invested with the bank i.e. The Cosmos Bank of Rs.11,50,472/- by placing reliance on the decision of the Hon’ble Karnataka High Court in the case of PCIT vs. Totagars Co- operative Sale Society, 395 ITR 611 (Kar.), the decision of the Hon’ble Gujarat High Court in the case of State Bank of India vs. CIT, 389 ITR 578 (Guj.) and the decision of the Hon’ble Punjab & Haryana High Court in the case of CIT vs. Punjab State Co-op. Agricultural Development Bank Ltd., 389 ITR 607 (P&H). 5. Being aggrieved by the above order of assessment, an appeal was filed…

M/S Ravikiran Co-Operative Credit Society Limited, Belagavi vs. The Income Tax Officer, Ward - 3, Belagavi

In the result, the appeal filed by the assessee in ITA

Bench: Shri Inturi Rama Rao & Shri Partha Sarathi Chaudhurysl.

…d) in respect of interest income earned out of the surplus money invested with the bank i.e. The Cosmos Bank of Rs.11,50,472/- by placing reliance on the decision of the Hon’ble Karnataka High Court in the case of PCIT vs. Totagars Co- operative Sale Society, 395 ITR 611 (Kar.), the decision of the Hon’ble Gujarat High Court in the case of State Bank of India vs. CIT, 389 ITR 578 (Guj.) and the decision of the Hon’ble Punjab & Haryana High Court in the case of CIT vs. Punjab State Co-op. Agricultural Development Bank Ltd., 389 ITR 607 (P&H). 5. Being aggrieved by the above order of assessment, an appeal was filed…

Gramin Sewa Sahakari Samiti Maryadit, Lawan, Baloda Bazar vs. Income Tax Officer, Ward-Bhatapara, Baloda Bazar

Bench: Shri Ravish Sood

…r Sec. 80P(2)(d) on the interest income on the investments/deposits parked with a co-operative bank. 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), 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…

Gramin Sewa Sahakari Samiti Maryadit, Lawan, Baloda Bazar vs. Income Tax Officer, Ward-Bhatapara, Baloda Bazar

Bench: Shri Ravish Sood

…r Sec. 80P(2)(d) on the interest income on the investments/deposits parked with a co-operative bank. 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), 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…

Gramin Sewa Sahakari Samiti Maryadit, Lawan, Baloda Bazar vs. Income Tax Officer, Ward-Bhatapara, Baloda Bazar

Bench: Shri Ravish Sood

…r Sec. 80P(2)(d) on the interest income on the investments/deposits parked with a co-operative bank. 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), 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…

Gramin Sewa Sahakari Samiti Maryadit, Lawan, Baloda Bazar vs. Income Tax Officer, Ward-Bhatapara, Baloda Bazar

Bench: Shri Ravish Sood

…r Sec. 80P(2)(d) on the interest income on the investments/deposits parked with a co-operative bank. 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), 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…

Gramin Sewa Sahakari Samiti Maryadit, Khauna, Raipur vs. Income Tax Officer-1(2), Raipur

Bench: Shri Ravish Sood

…r Sec. 80P(2)(d) on the interest income on the investments/deposits parked with a co-operative bank. 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), 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…

Gramin Sewa Sahakari Samiti Maryadit, Khauna, Raipur vs. Income Tax Officer-1(2), Raipur

Bench: Shri Ravish Sood

…r Sec. 80P(2)(d) on the interest income on the investments/deposits parked with a co-operative bank. 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), 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…

Gramin Sewa Sahakri Samiti Maryadit, Dharsiwa, Raipur vs. Income Tax Officer 1(2), Raipur

Bench: Shri Ravish Sood

…r Sec. 80P(2)(d) on the interest income on the investments/deposits parked with a co-operative bank. 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), 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…

The Hind Co-Operative Housing Society Limited, Belgavi vs. Income Tax Officer, Ward - 1(2), Belagavi

The appeal of the assessee is ALLOWED

Bench: Shri Satbeer Singh Godara & Shri G. D. Padmahshali(Through Virtual Hearing From Pune) आयकर अपऩल सं. / Ita No. 038/Pan/2023 निर्धारण वषा / Assessment Year : 2017-18 Hind Co-Operative Housing Society Ltd., 131, Hindwadi, Belgaum, Karnataka-590011 Pan: Aacat4514B . . . . . . . अपीलार्थी / Appellant बिधम / V/S Income Tax Officer, Ward-1(2), Belgaum . . . . . . . प्रत्यर्थी / Respondent द्वधरध / Appearances Assessee By : Mr Pramod Vaidya [‘Ld. Ar’] Revenue By : Mr N. Shrikanth [‘Ld. Dr’] सुनवाई की तारीख / Date Of Conclusive Hearing : 07/08/2023 घोषणा की तारीख / Date Of Pronouncement : 01/09/2023 आदेश / Order Per G. D. Padmahshali, Am; Against The Impugned Din & Order No. Itba/Nfac/S/250/2022- 23/1048023500(1) Dt. 15/12/2022 Passed U/S 250 Of Income-Tax Act, 1961 [‘The Act’ Hereafter] By National Faceless Appeal Centre, Delhi [‘Nfac’ Hereafter] The Present Appeal Is Instituted U/S 253(1) Of The Act For Assessment Year 2017-18 [‘Ay’ Hereinafter].

…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…