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

State Bank of India Employees Devangini Cooperative Housing Society Ltd., Mumbai vs. ADIT, CPC, (Jao Ward Mum-W-212-4), Mumbai

In the result, the appeal of the assessee is allowed

ITA 3059/MUM/2022[2020-21]Status: DisposedITAT Mumbai31 Mar 2023AY 2020-21

Bench: Shri Aby T. Varkey, Jm आयकर अपील सं/ I.T.A. No.3059/Mum/2022 (निर्धारण वर्ा / Assessment Years: 2020-21) State Bank Of India बिधम/ Adit, Cpc (Jao Ward, Employees Devangini Co- Mum-W-212-4) Vs. Operative Housing Soc. Ltd. Mumbai-400020. Plot No. 4, Irani Wadi, Shahaji Raje Marg, Vile Parle (E), Mumbai-400057. स्थधयी लेखध सं./जीआइआर सं./Pan/Gir No. : Aaoas5438D (अपीलार्थी /Appellant) .. (प्रत्यर्थी / Respondent) Assessee By: Shri P. G. Deshprabhu (Secretary) Revenue By: Shri Anil Gupta सुनवाई की तारीख / Date Of Hearing: 02/03/2023 घोषणा की तारीख /Date Of Pronouncement: 31/03/2023 आदेश / O R D E R Per Aby T. Varkey, Jm: This Is An Appeal Preferred By The Appellant/Assessee State Bank Of India Employees Devangini Co-Operative Housing Society Ltd. Against The Order Of The Ld. Commissioner Of Income Tax (Appeals)/Nfac, Delhi Dated 04.10.2022 For The Assessment Year 2020-21. 2. Assessee Is A Co-Operative Housing Society, Registered Under The Maharashtra Co-Op Society Act 1960. The Grounds Of Appeal Of The Assessee Is Against The Action Of The Ld. Cit(A) Confirming The Action Of Ao/Cpc Not Allowing The Claim Of The Assessee On The Interest Income U/S 80P(2)(D) Of The Income Tax Act, 1961 (Hereinafter “The Act”) Which It Had Received From Maharashtra State Co-Operative Bank Ltd To The Tune Of Rs.1,89,143/-.

For Appellant: Shri P. G. Deshprabhu (Secretary)For Respondent: Shri Anil Gupta
Section 143(1)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 6 A.Y. 2020-21 SBI Employees Devangini Co-op Housing Society 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 (2…

Sagar Premises Co-Operative Socitey Limited, Mumbai vs. Deputy Commissioner of Income Tax, CPC Bengaluru Income Tax Officer -17(3)(1), Mumbai

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

ITA 2797/MUM/2022[2018-2019]Status: DisposedITAT Mumbai31 Mar 2023AY 2018-2019

Bench: Shir Kuldip Singh, Hon'Ble & Shri S. Rifaur Rahman, Hon'Blesagar Premises Co-Operative Society Ltd., V. Income Tax Officer – 17(3)(1) 327, Sagar Premises, Narshi Natha Street Kautilya Bhavan Kharek Bazar, Masjid (W), Mumbai - 400009 Bandra Kurla Complex Bandra(E), Mumbai - 400051 Pan: Aamas0482M (Appellant) (Respondent)

Section 139(1)Section 234FSection 5ASection 80P(2)(c)Section 80P(2)(d)

…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 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. Vs. Siemens India Ltd. and Anr (1985) 156 ITR 11 (Bom), where there is a conflict between the decisions of non-ju…

Shri Keshoraipatan Sahkari Sugar Mills Limited, Kota vs. PCIT, Udaipur

In the result, appeal of the assessee is allowed

ITA 208/JPR/2022[2017-18]Status: DisposedITAT Jaipur20 Mar 2023AY 2017-18

Bench: SHRI SANDEEP GOSAIN (Judicial Member), SHRI RATHOD KAMLESH JAYANTBHAI (Accountant Member)

For Appellant: Sh. Mahendra Gargieya (Adv.) &For Respondent: Sh. James Kurian (CIT)
Section 142(1)Section 143(2)Section 143(3)Section 263Section 80P(2)(d)

…05 taxmann.com 100 (Pune - Trib.). v. DCIT-tax, Circle-6, Jaipur Vs. Jaipur Zila Dugdh Utpadak Sahakari Sangh Ltd. ITA No. 633 & 634/JP/2019 for AY 2011-12 & 2012-13 4.5 Thereapart, the other facts which influenced the Hon’ble Karnataka High Court in Totagar 395 ITR 611 [in para 23], based on which decision against assessee was taken, were that the assessee in that case deposited its surplus funds in the cooperative banks, which is not a fact in this case nor it is so alleged by the ld. PCIT (and rightly so because the assesse acted as investor only for whom the entire fund was to be put in the investment leavin…

Ishwar Bhavan Co-Operative Housing Society Ltd, Mumbai vs. Commissioner of Income Tax, NFAC, Delhi, Mumbai

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

ITA 3285/MUM/2022[2020-2021]Status: DisposedITAT Mumbai24 Feb 2023AY 2020-2021
Section 143(1)Section 80PSection 80P(2)(d)

…IN THE INCOME TAX APPELLATE TRIBUNAL, ‘SMC‘ BENCH MUMBAI BEFORE: SHRI M.BALAGANESH, ACCOUNTANT MEMBER & SHRI SANDEEP SINGH KARHAIL, JUDICIAL MEMBER & M/s. Ishwar Bhavan Co- Vs. CIT(A), NFAC operative Housing Society Delhi Ltd Ishwar Bhavan A-Road, Churchgate Mumbai – 400 020 PAN/GIR No.AAAAI1470K (Appellant) .. (Respondent) Assessee by Shri Ashok Rao Revenue by Shri Rajeev Kumar Singh Date of Hearing 22/02/2023 Date of Pronouncement 24/02/2023 आदेश / O R D E R PER M. BALAGANESH (A.M): These appeals in ITA No.3285/Mum/2022 & 3269/Mum/2022 for A.Y.2020-21 & 2021-22 arises out of the order by the ld. Commis…

Ishwar Bhavan Co-Operative Housing Society Ltd, Mumbai vs. CIT(A)-NFAC, Delhi, Mumbai

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

ITA 3269/MUM/2022[2021-22]Status: DisposedITAT Mumbai24 Feb 2023AY 2021-22
Section 143(1)Section 80PSection 80P(2)(d)

…IN THE INCOME TAX APPELLATE TRIBUNAL, ‘SMC‘ BENCH MUMBAI BEFORE: SHRI M.BALAGANESH, ACCOUNTANT MEMBER & SHRI SANDEEP SINGH KARHAIL, JUDICIAL MEMBER & M/s. Ishwar Bhavan Co- Vs. CIT(A), NFAC operative Housing Society Delhi Ltd Ishwar Bhavan A-Road, Churchgate Mumbai – 400 020 PAN/GIR No.AAAAI1470K (Appellant) .. (Respondent) Assessee by Shri Ashok Rao Revenue by Shri Rajeev Kumar Singh Date of Hearing 22/02/2023 Date of Pronouncement 24/02/2023 आदेश / O R D E R PER M. BALAGANESH (A.M): These appeals in ITA No.3285/Mum/2022 & 3269/Mum/2022 for A.Y.2020-21 & 2021-22 arises out of the order by the ld. Commis…

Jansevak Co-Op Credit Society Ltd, Mumbai vs. Income Tax Officer, Ward 27(1)(5), Mumbai

ITA 3230/MUM/2022[2018-19]Status: DisposedITAT Mumbai23 Feb 2023AY 2018-19

Bench: Shri Prashant Maharishi () & Shri Kuldip Singh ()

Section 143(1)Section 250Section 80PSection 80P(2)(a)Section 80P(2)(d)

…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…

Jansevak Co-Op Credit Society Ltd, Mumbai vs. Income Tax Officer, Ward 27(1)(5), Navi Mumbai

ITA 3229/MUM/2022[2013-14]Status: DisposedITAT Mumbai23 Feb 2023AY 2013-14

Bench: Shri Prashant Maharishi () & Shri Kuldip Singh ()

Section 143(1)Section 250Section 80PSection 80P(2)(a)Section 80P(2)(d)

…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…

Golden Gulshan Co-Operative Housing Society Limited, Mumbai vs. Assistant Director of Income Tax, CPC, Mumbai

ITA 3116/MUM/2022[2020-2021]Status: DisposedITAT Mumbai23 Feb 2023AY 2020-2021

Bench: Shri Baskaran Br & Shri Kuldip Singhassessment Year: 2020-21 M/S. Golden Gulshan Co- Assistant Director Of Operative Housing Society Income Tax, Cpc Ltd., Mumbai Plot No.419, Gulshan, Vs. Junction Of Cd Marg & Anisha Marg, Khar (West), Mumbai – 400 052 Pan: Aaaag0989P (Appellant) (Respondent)

For Appellant: Shri Rajesh Shah, A.RFor Respondent: Shri A.N. Bhalekar, D.R
Section 143(1)Section 234BSection 234CSection 80PSection 80P(2)(a)Section 80P(2)(d)

…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…

Ganga Heritage Co Op Hsg Society Limited, Mumbai vs. CIT(A), NFAC, Delhi

ITA 3057/MUM/2022[2014-15]Status: DisposedITAT Mumbai23 Feb 2023AY 2014-15

Bench: Shri Baskaran Br & Shri Kuldip Singh

For Appellant: Shri Rahul Parekh, on behalf of Shri M. Subramaniam, A.RFor Respondent: Shri A.N. Bhalekar, D.R
Section 143(1)Section 154Section 80PSection 80P(2)(d)

…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…

Danda Co-Op Credit Society Ltd, Mumbai vs. Income Tax Officer Ward 22(1)(2), Mumbai

ITA 2980/MUM/2022[2017-18]Status: DisposedITAT Mumbai21 Feb 2023AY 2017-18

Bench: Shri Kuldip Singh, Hon'Ble & Shri S. Rifaur Rahman, Hon'Ble

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

…ber, 2020 has allowed the deduction u/s 80P(2)(a)(d) of the income tax act in respect of interest earned from co-operative banks by stating: "6. However, on the same issue Hon'ble Karnataka High court in the case of PCIT vs. Totagars Co-operative Sale Society 395 ITR 611 (Karnataka) has taken a contrary view holding that interest income earned from deposit with the cooperative bank does not qualify for deduction 4 ITA.NO.2980/MUM/2022 (A.Y: 2017-18) Danda Co-Op Credit Society Ltd. under section 80P(2)(d) of the Act. It would be relevant to mention here that the Hon'ble High Court while rendering the later judgem…

M/S. Prathamika Krushi Pattina Sahakara Niyamita, Hosapete vs. Income Tax Officer, Ward-2, Ballari

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

ITA 23/BANG/2023[2017-18]Status: DisposedITAT Bangalore14 Feb 2023AY 2017-18

Bench: Shri Laxmi Prasad Sahuprathamika Krishi Pattina Vs The Income Tax Officer Sahakara Sangha Niymit Ward - 2 No. 350, Ward No. 15, Hospet 583201 Amaravathi Village, Hospet Tq. Ballari - 583201 Pan – Aaajp0326N (Appellant) (Respondent) Assessee By: Shri Siva Prasad Reddy, Irs (Retd) Revenue By: Shri Ganesh R. Ghale, Standing Counsel Date Of Hearing: 13.02.2023 Date Of Pronouncement: 14.02.2023 O R D E R Per: Laxmi Prasad Sahu, A.M. This Is An Appeal Filed By The Assessee Against The Order Passed By The Learned Cit(A)/Nfac, Delhi In Appeal Din & Order No. Itba/Nfac/S/ 250//2022-23/1047496227(1) Dated 18.11.2022 For Ay 2017-18. 2. The Assessee Has Raised The Following Grounds Of Appeal: - “1. The Impugned Assessment Order Made U/S 143(3) Of The Act Dated, 25-11-2019, Is Arbitrary & Opposed To The Facts Of The Case & The Principles Of Natural Justice & Therefore, The Same Is Liable To Be Vacated As Void. 2. The Learned Cit(A) Failed To Appreciate: (I) That The Interest Income Accruing From The Investments Made In Statutory Compliance Of The Provisions Of The State Co-Operative Societies Act, 1959 Is Eligible For The Deduction As Business Income U/S 80P(2)(A)(I) Of The Act.

For Appellant: Shri Siva Prasad Reddy, IRS (Retd)For Respondent: Shri Ganesh R. Ghale, Standing Counsel
Section 143(3)Section 234ASection 56Section 57Section 80Section 80PSection 80P(2)Section 80P(2)(a)Section 80P(2)(d)

…e AO also discussed the provisions of Section 80P(2) of the Act as well as the distinction between cooperative bank and cooperative society. He also relied on the judgement of the Hon'ble Supreme Court in the case of Totagars Co- operative Sale Society (2017) 395 ITR 611 (Kar). The AO also upheld that the income by way of interest earned on deposit or investment on ideal surplus funds does not change its characteristics irrespective of the fact that whether such interest income earned from scheduled bank or a cooperative bank, thus clause (d) of Section 80P(2) of the Act would not apply in the case of the assesse…

The Bbr & Rdcc Employess Co-Operative Society Limited, Banghalore vs. Income Tax Officer, Ward-5(2)(4), Bangalore

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

ITA 17/BANG/2023[2017-18]Status: DisposedITAT Bangalore06 Feb 2023AY 2017-18

Bench: Shri N. V. Vasudevanassessment Year : 2017-18 M/S. The Bbr & Rdcc Bank Vs. Ito, Employees Co-Operative Society Ltd., Ward – 5(2)(4), No.6, 5Th Main Road, Chamarajpet, Bengaluru. Bengaluru. Pan : Aaaab 1346 D Appellant Respondent Assessee By : Shri. Girish, Ca Revenue By : Shri. Ganesh R. Ghale, Standing Counsel Date Of Hearing : 02.02.2023 Date Of Pronouncement : 06.02.2023 O R D E R This Is An Appeal By The Assessee Against The Order Dated 19.07.2022 Of Nfac, Delhi, Relating To Assessment Year 2017-18. 2. The Assessee Is A Co-Operative Society Registered Under The Karnataka Co-Operative Societies Act, 1959 & Is Engaged In Providing Small Credit Facilities To The Members Of The Society. The Assessee Received Interest On Investments Made In Financial Institutions Other Than Co- Operative Societies Of A Sum Of Rs.18,07,490/-. The Assessee Claimed That The Aforesaid Interest Income Is Originally For A Deduction Under Section 80P(2)(A)(I) Of The Income Tax Act, 1961 (Hereinafter Called ‘The Act’). The Claim Of The Assessee Was Rejected By The Ao Based On The Decision Of The Hon’Ble Karnataka High Court In The Case Of Pcit, Hubli Vs. Totgars Co-Operative Sale Society Ltd., (2017) 83 Taxmann 140 (Karnataka). The Page 2 Of 6

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

…the appeal on merits. Page 3 of 6 7. The Tribunal in the case of M/s. Krishnarajapet Taluk Agri Pro Co- op Marketing Society Ltd., (supra) held that the ratio laid down by the Hon’ble Karnataka High Court in the case of Totalgars Cooperative Sales Society in 395 ITR 611 (Karn) is that in the light of the principles enunciated by the Supreme Court in Totgars 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 80P(2)(a) of the Act. However, section 80P(2)(…

Sahyadri Nagri Sahakari Patpedhi Limited, Mumbai vs. Pr CIT-1, Thane, Mumbai

In the result, appeal filed by the assessee is allowed

ITA 726/MUM/2022[2017-18]Status: DisposedITAT Mumbai31 Jan 2023AY 2017-18

Bench: Shri S. Rifaur Rahman, Hon'Ble & Shri Sandeep Singh Karhail, Hon'Blesahyadri Nagari Sahakari V. Pr.Cit -1, Thane Patpedhi Limited Ashar I.T. Park, A-Wing Haridhara Shopping Complex 6Th Floor, Ambika Nagar, Thane (W) Maharashtra - 400604 Off No-131, Railway Station Road Anjurphata, Bhiwandi Thane-421302 Pan: Aaets9151J (Appellant) (Respondent) Assessee Represented By : Shri Rajendra V. Kadrekar Department Represented By : Shri Salil Mishra

Section 143(3)Section 263Section 80PSection 80P(2)(a)Section 80P(2)(d)Section 80P(4)

…of the assessing 9 Sahyadri Nagari Patpedhi Limited 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 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. Vs. Siemens India Ltd. and Anr (1985) 156 ITR 11 (Bom), where there is a conflict between the decisions of non-ju…

M/S.Abhinav Co-Operative Housing Society, Mumbai vs. Assessing Officer, CPC, Mumbai

ITA 2564/MUM/2022[2016-17]Status: DisposedITAT Mumbai23 Jan 2023AY 2016-17
For Appellant: Shri Hiten DedhiaFor Respondent: Shri Manoj Kumar Sinha
Section 143(1)Section 80PSection 80P(2)(c)Section 80P(2)(d)

…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…

Vaibhavnagar Co-Op Credit Soc Limited, Mumbai vs. Income Tax Officer, 27(3)(5), Mumbai

ITA 2695/MUM/2022[2015-16]Status: DisposedITAT Mumbai20 Jan 2023AY 2015-16

Bench: Shri Kuldip Singh & Shri Gagan Goyalassessment Year: 2015-16

For Appellant: Shri Ramesh Iyer, A.RFor Respondent: Mrs. Vranda U Matkari, D.R
Section 143(1)Section 80PSection 80P(2)(a)Section 80P(2)(c)Section 80P(2)(d)

…e 9 M/s. Vaibhavnagar Co-op. Credit Soc. Ltd. 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…

Court Chambers Premises Co-Op Society Limited, Mumbai vs. Dy.Commissioner of Income Tax, CPC, Mumbai

ITA 2940/MUM/2022[2020-2021]Status: DisposedITAT Mumbai19 Jan 2023AY 2020-2021

Bench: Shri Kuldip Singh & Shri S. Rifaur Rahmanassessment Year: 2020-21

For Appellant: Shri Jitendra Singh, A.RFor Respondent: Shri Saurabh Kumar Rai, D.R
Section 143(1)Section 80PSection 80P(2)(a)Section 80P(2)(d)

…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…

Sree Renukamba Credit Co-Op. Society Ltd., Davanagere vs. ITO, Ward-1, Davanagere

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

ITA 1122/BANG/2022[2020-21]Status: DisposedITAT Bangalore17 Jan 2023AY 2020-21

Bench: Shri Chandra Poojarisree Renukamba Credit Co- Vs The Income Tax Officer Operative Society Ltd. Ward - 1 Vinobanagara, Pb Road Davanagere Davanagere 577006 Pan – Abias7107E (Appellant) (Respondent) Assessee By: Shri Sandeep C, Ca Revenue By: Shri Ganesh R. Ghale, Standing Counsel Date Of Hearing: 17.01.2023 Date Of Pronouncement: 17.01.2023 O R D E R Per: Chandra Poojari, A.M. This Appeal By The Assessee Is Directed Against The Order Of The Cit(A), Nfac, Delhi Dated 23.11.2022 For Ay 2020-21. 2. The Assessee Has Raised The Following Grounds Of Appeal: - “1. That The Order Of The Learned Commissioner Of Income-Tax (Appeals) In So Far It Is Prejudicial To The Interests Of The Appellant Is Bad & Erroneous In Law & Against The Facts & Circumstances Of The Case. 2. That The Learned Commissioner Of Income-Tax (Appeals) Erred In Law & On Facts In Deciding The Appeal Ex-Parte On The Ground That The Appellant Did Not Respond To The Hearing Notices & Such Finding Is Perverse As The Appellant Has Sought Adjournment. 3. That The Learned Commissioner Of Income-Tax (Appeals) Erred In Law & On Facts In Not Considering The Fact That The Appellant Responded To The Intimation U/S 143(1) Of The Act

For Appellant: Shri Sandeep C, CAFor Respondent: Shri Ganesh R. Ghale, Standing Counsel
Section 143(1)Section 143(1)(a)Section 80P(2)(a)Section 80P(2)(d)

…upra), was not on the deduction claimed u/s.80P(2)(d) of the Act, but was rendered in respect of deduction claimed under Section 80P(2)(a)(i) of the Act. Hon’ble Karnataka High Court in the case of Pr.CIT Anr. vs. Totgars Co-Operative Sale Society reported in 395 ITR 611 took a different view and held that interest income earned on deposits whether with any other bank will be in the nature of income from other sources and not income from business and therefore the deduction u/s.80P(2)(d) of the Act cannot be allowed to the Assessee. The Hon’ble Court followed decision of Hon’ble Gujarat High Court in the case of…

Haffkine Co-Op Credit Soc Ltd, Mumbai vs. ITO-20(1)(5), Mumbai

ITA 2879/MUM/2022[2014-2015]Status: DisposedITAT Mumbai17 Jan 2023AY 2014-2015

Bench: Shri Kuldip Singh & S Rifaur Rahmanassessment Year: 2010-11 & Assessment Year: 2014-15

For Appellant: Shri. Mandar VaidyaFor Respondent: Shri. Ashish Kumar Dehria
Section 40Section 80PSection 80P(2)(a)Section 80P(2)(d)Section 80P(4)

…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 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…

Haffkine Co-Op Credit Soc Ltd, Mumbai vs. ITO-20(1)(5), Mumbai

ITA 2878/MUM/2022[2010-2011]Status: DisposedITAT Mumbai17 Jan 2023AY 2010-2011

Bench: Shri Kuldip Singh & S Rifaur Rahmanassessment Year: 2010-11 & Assessment Year: 2014-15

For Appellant: Shri. Mandar VaidyaFor Respondent: Shri. Ashish Kumar Dehria
Section 40Section 80PSection 80P(2)(a)Section 80P(2)(d)Section 80P(4)

…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 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…

Amore Commercial Premises Co-Op Soc. Ltd, Mumbai vs. Central Processing Centre, Mumbai

ITA 2874/MUM/2022[2020-21]Status: DisposedITAT Mumbai17 Jan 2023AY 2020-21

Bench: Shri Kuldip Singh & S Rifaur Rahmanassessment Year: 2020-21 & Assessment Year: 2020-21 Amore Commercial Central Processing Centre, Premises Co-Op Society Bangalore, Karnataka- Ltd. 560500 701, 7Th Floor, Junction Of Vs. 2Nd & 4Th Road, Khar West Mumbai Maharashtra-400052 Pan- Aabaa0724F (Appellant) (Respondent) Present For: Assessee By : Shri. Sashi Bekal Revenue By : Shri. Ashish Kumar Deharia Date Of Hearing : 03 . 01 . 2023 Date Of Pronouncement :17 . 01 . 2023 O R D E R Per : Kuldip Singh:

For Appellant: Shri. Sashi BekalFor Respondent: Shri. Ashish Kumar Deharia
Section 143(1)Section 80PSection 80P(2)(d)Section 8O

…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 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…