Pr. CIT v. Totagars

The Tata Employees Co-Operative Credit Society Limited, Mumbai vs. Principle Commissioner of Income Tax (PCIT)-17, Mumbai

Bench: Shri Kuldip Singh & Shri Gagan Goyalassessment Year: 2018-19

…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), 8 M/s. The Tata Employees Cooperative Credit Society Ltd. 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 I…

Thane Postal Employees Co- Operative Credit Society Limited, Mumbai vs. PCIT-Thane-1, Thane

Bench: Shri Kuldip Singh & Shri Gagan Goyalassessment Year: 2018-19

…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…

Mumbai Postal Employees Co-Operative Credit Society Ltd, Mumbai vs. Income Tax Officer, Ward 17(2)(1), Mumbai

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

Bench: Shri Amit Shukla & Shri Amarjit Singhita Nos.1050 & 1051/Mum/2023 (A.Ys. 2015-16 & 2016-17) Mumbai Postal Employees Vs. Income Tax Officer, Co-Operative Credit Ward 17(2)(1) Society Limited, Gpo Room No. 115, 1 St Floor, Building, Fort, Kautilya Bhavan, C-41 To Mumbai – 400001 C-43, G Block, Bandra Kurla Complex, Bandra (East), Mumbai – 400051 स्थायी लेखा सं./जीआइआर सं./Pan/Gir No: Aaajm0032G Appellant .. Respondent

…yog Bhavan Premises Co-op Socy. Ltd. vs. IT.O. 21(2)(1) ITA No. 6547/Mum/2017 dated 25.04.2018 Copy marked as Annexure-32 The last two decisions, after considering the decision of Karnataka High Court in Pr. CIT vs Totgars Co-operative Sale Society Ltd (2017) 395 ITR 611. have decided the issue in favour of the assessee after relying on decision of Jurisdictional High Court in K. Subramanian ITO vs Siemens India Ltd & Anr. (1985) 156 ITR 11 where it was held that where there is a conflict between the decisions of non-jurisdictional High Court's, then a view which is in favour of the assessee is to be preferred as…

Mumbai Postal Employees Co-Operative Credit Society Ltd, Mumbai vs. Income Tax Officer, Ward 17(2)(1), Mumbai

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

Bench: Shri Amit Shukla & Shri Amarjit Singhita Nos.1050 & 1051/Mum/2023 (A.Ys. 2015-16 & 2016-17) Mumbai Postal Employees Vs. Income Tax Officer, Co-Operative Credit Ward 17(2)(1) Society Limited, Gpo Room No. 115, 1 St Floor, Building, Fort, Kautilya Bhavan, C-41 To Mumbai – 400001 C-43, G Block, Bandra Kurla Complex, Bandra (East), Mumbai – 400051 स्थायी लेखा सं./जीआइआर सं./Pan/Gir No: Aaajm0032G Appellant .. Respondent

…yog Bhavan Premises Co-op Socy. Ltd. vs. IT.O. 21(2)(1) ITA No. 6547/Mum/2017 dated 25.04.2018 Copy marked as Annexure-32 The last two decisions, after considering the decision of Karnataka High Court in Pr. CIT vs Totgars Co-operative Sale Society Ltd (2017) 395 ITR 611. have decided the issue in favour of the assessee after relying on decision of Jurisdictional High Court in K. Subramanian ITO vs Siemens India Ltd & Anr. (1985) 156 ITR 11 where it was held that where there is a conflict between the decisions of non-jurisdictional High Court's, then a view which is in favour of the assessee is to be preferred as…

Vasant Nagari Sector V Chs Ltd (AOP), Thane vs. ITO Ward-4(4), Thane

…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…

Navrang Basant Co-Operative Housing Society Ltd, Mumbai vs. ITO Ward-17(2)(4), Mumbai

…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…

Raheja Eternity Chs Limited, Mumbai vs. ITO Ward 32(2)(4), Mumbai

Bench: The Due 2 M/S. Raheja Eternity Chs Ltd.

…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 ITO-22(1)(6), Mumbai vs. Casa Grande Co-Op Housing Society Ltd, Mumbai

The appeal of the revenue is dismissed

Bench: Shri Kuldip Singh & Shri Gagan Goyalassessment Year: 2014-15

…milar view has been taken by the Hon'ble Gujarat High court in the case of Surat Vankar Sahakari Sangh Ltd. vs. ACIT [2020] 421 ITR 134 (Gujarat). 4.1 On the same issue the Hon'ble Karnataka High court in the case of PCIT vs Totgars Co-operative Sale Society 395 ITR 611 (Karnataka) has taken contrary view holding that interest income earned from deposit with the cooperative bank does not qualify for deduction under section 80P(2)(d) of the Act. It would be relevant to mention here that Hon'ble High Court while rendering later judgement has not considered the earlier decision rendered in the case of Totgars Co- o…

Punjab National Bank Employees Co-Op Credit Soc. Ltd, Mumbai vs. Commissioner of Income Tax (Appeals) National Faceless Appeal Centre, Mumbai

Bench: Shri Kuldip Singhassessment Year: 2014-15

…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…

Pathare Prabhu Co Op Hstg Soc. Ltd, Mumbai vs. Income Tax Officer 22(2)(1), Mumbai

In the result, appeals filed by the assessee for the assessment years

Bench: Shri G.S. Pannu & Shri Sandeep Singh Karhail

…-operative bank, 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/s Totagars Co-operative Sales Society, [2017] 395 ITR 611 (Karn.), 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/s Totagars Co-operative Sales Society, [2017] 392 ITR 7…

Pathare Prabhu Co Op Hstg Soc. Ltd, Mumbai vs. Income Tax Officer 22(2)(1), Mumbai

In the result, appeals filed by the assessee for the assessment years

Bench: Shri G.S. Pannu & Shri Sandeep Singh Karhail

…-operative bank, 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/s Totagars Co-operative Sales Society, [2017] 395 ITR 611 (Karn.), 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/s Totagars Co-operative Sales Society, [2017] 392 ITR 7…

Silver Sand Coop Housing Soc Ltd., Mumbai vs. ACIT, CPC, Bangalore

Bench: Shri Kuldip Singhassessment Year: 2018-19 M/S. Silver Sand Co-Op. Acit (Cpc), Bangalore, Housing Society Ltd., Post Bag No.2, Building No.12, Electronic City, Silver Sands Chs Ltd., Post Office, Vs. S.V. Road, Bangalore-560100 Piramal Nagar, Goregaon (West), Mumbai – 400 062 Pan: Aadas5600G (Appellant) (Respondent) Present For: Assessee By : Shri Ravindra Poojary, A.R. Revenue By : Shri B. Laxmi Kanth, D.R.

…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…

Sindhudurg Nagri Sahakari Pathpedhi Ltd, Mumbai vs. PCIT, Thane 1, Thane

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

Bench: Shri Pavan Kumar Gadale () & Ms. Padmavathy S. ()

…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…

Sahyadri Nagari Sahakari Patpedhi Limited, Mumbai vs. Principle Commissioner of Income Tax, Thane -1, Thane

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

Bench: Shri Pavan Kumar Gadale () & Ms. Padmavathy S. ()

…co- operative banks and not from any other co-operative society are not eligible for deduction under section 80P(2)(d). The PCIT, in this regard relied on the decision of the Hon’ble Karnataka High Court in the case of Totgar Co-operative Sales Society vs ITO 395 ITR 611 (Karn). Accordingly, the PCIT held the assessment passed under section 143(3) by the Assessing Officer to be erroneous and prejudicial to the interest of the revenue and set aside the said order with a direction to examine the applicability of provisions of section 80P(2)(d) and redo the assessment. Aggrieved, the assessee is in appeal before the…