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

Gavlinagar Nagari Path Sanstha, Pune vs. Income Tax Officer, Ward- 8(2), Pune

In the result, the appeal is allowed to that extent

ITA 781/PUN/2022[2017-18]Status: DisposedITAT Pune09 Dec 2022AY 2017-18

Bench: Shri R.S. Syalनिर्धारण वषा / Assessment Year : 2017-18 Gavalinagar Nagari Path Sanstha Vs. Ito, Ward 8(2), 1, Gavalinagar, Telco Road, Pune Bhosri, Pune – 411026 Pan: Aaaag3722A Appellant Respondent

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

…raj Sahakari Pat Sanstha Ltd. vs. ITO (2020) 120 taxmann.com 10 (Pune-Trib). Para 10 is relevant for the purpose, which reads as under: “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 3 Gavalinagar Naga…

Karamveer Bhaurao Patil Nagari Sahakari Patsanstha Maryadit, Pune vs. Pr. Commissioner of Income Tax, Pune

Appeal is allowed in above terms

ITA 404/PUN/2022[2017-18]Status: DisposedITAT Pune06 Dec 2022AY 2017-18

Bench: Shri S.S. Godara & G.D. Padmahshaliassessment Year : 2017-18

For Appellant: Shri Pramod S ShingteFor Respondent: Shri Pankaj Kumar
Section 143(3)Section 80PSection 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 6 Karamveer Bhaurao Patil Nagari Sahakari Patsanstha Maryadit 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…

Apd Jain Pathshala Sewakanchi Sah. Patsanstha Ltd, Solapur vs. Principal Commissioner of Income-Tax -4, Pune

Appeal is allowed in above terms

ITA 228/PUN/2022[2017-18]Status: DisposedITAT Pune06 Dec 2022AY 2017-18

Bench: Shri S.S. Godara & G.D. Padmahshaliassessment Year : 2017-18

For Appellant: Shri S.N. PuranikFor Respondent: Shri Pankaj Kumar
Section 143(3)Section 80PSection 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…

Basant Vihar Co-Operative Housing Society Limited, Mumbai vs. ITO 27(1)(2), Mumbai

In the result, the appeal of the assessee is allowed

ITA 2539/MUM/2022[2014-15]Status: DisposedITAT Mumbai05 Dec 2022AY 2014-15

Bench: Shri Aby T. Varkey, Jm आयकर अपील सं/ I.T.A. No.2539/Mum/2022 (निर्धारण वर्ा / Assessment Years: 2014-15) Basant Vihar Cooperative बिधम/ Ito-27(1)(2) 4Th Floor, Tower No. 6, Housing Society Ltd Vs. Vasant Vihar Complex A Vashi Railway Station Building, Ground Floor, Dr. Commercial Complex, C. G. Road Chembur, Vashi, Navi Mumbai- Mumbai-400074. 400703. स्थधयी लेखध सं./जीआइआर सं./Pan/Gir No. : Aaajb0835E (अपीलार्थी /Appellant) .. (प्रत्यर्थी / Respondent) Assessee By: Shri Venugopal C. Nair Revenue By: Smt. Nayana K. Kumar सुनवाई की तारीख / Date Of Hearing: 28/11/2022 घोषणा की तारीख /Date Of Pronouncement: 05/12/2022 आदेश / O R D E R Per Aby T. Varkey, Jm: This Is An Appeal Preferred By The Assessee Co-Operative Society Against The Order Of The Ld. Commissioner Of Income Tax (Appeals)/Nfac, Delhi Dated 29.07.2022 For The Assessment Year 2014-15. 2. The Grounds Of Appeal Of The Assessee Reads As Under: -

For Appellant: Shri Venugopal C. NairFor Respondent: Smt. Nayana K. Kumar
Section 143(3)Section 80P(2)(d)

…n claimed as exempt under provisions of Section 80P(2)(d) of the Act in the return filed by the assessee society. However, the Ld. CIT(A) relying on the decision of the Hon’ble Karnataka High Court in the case of Totagars Cooperative Sales Society reported in 395 ITR 611 dated 16.06.2017 affirmed the action of the AO. Aggrieved, the assessee is before this Tribunal. 4. Heard both the parties and perused the records. It is an undisputed fact that the assessee is a Cooperative Society and has received an amount of Rs. 12,64,452/- by way of interest on fixed deposits from a Cooperative bank namely viz, Saraswat Coo…

Don Bosco'S Madonna Co-Operative Housing Society Limited, Mumbai vs. Commissioner of Income Tax (Exemption), Mumbai

In the result, the appeal of the assessee is allowed

ITA 2516/MUM/2022[2020-2021]Status: DisposedITAT Mumbai05 Dec 2022AY 2020-2021

Bench: Shri Aby T. Varkey, Jm आयकर अपील सं/ I.T.A. No.2516/Mum/2022 (निर्धारण वर्ा / Assessment Years: 2020-21) Don Bosco’S Madonna Co- बिधम/ Cit(E), Mumbai Operative Housing Society Adit, Cpc, Bengaluru, Vs. Ltd Karnataka-560100. Plot No. 167, Flat No. 5, Nathalal Parekh Marg, Wadala, Mumbai-400031. स्थधयी लेखध सं./जीआइआर सं./Pan/Gir No. : Aaaad2496C (अपीलार्थी /Appellant) .. (प्रत्यर्थी / Respondent) Assessee By: Ms. Komal Bhoir Revenue By: Smt. Nayana K. Kumar सुनवाई की तारीख / Date Of Hearing: 28/11/2022 घोषणा की तारीख /Date Of Pronouncement: 05/12/2022 आदेश / O R D E R Per Aby T. Varkey, Jm: This Is An Appeal Preferred By The Assessee Co-Operative Society Against The Order Of The Ld. Commissioner Of Income Tax (Appeals)/Nfac, Delhi Dated 17.06.2022 For The Assessment Year 2020-21 Wherein The Assessee Has Raised The Grounds Of Appeal Against The Disallowance Of Deduction Claimed U/S 80P Of The Income Tax Act, 1961 (Hereafter “The Act”) On The Interest Income Derived By The Assessee To The Tune Of Rs.2,63,560/- From Saraswat Co-Operative Bank Ltd & Greater Bombay Co-Operative Bank Ltd.

For Appellant: Ms. Komal BhoirFor Respondent: Smt. Nayana K. Kumar
Section 2(19)Section 80PSection 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…

Uti Employees Sai Samrudhi Co-Op Housing Society Ltd, Mumbai vs. Centralized Processing Unit Income Tax Dept. Bangalore, Bangalore

In the result, the appeal of the assessee is allowed

ITA 2477/MUM/2022[2019-2020]Status: DisposedITAT Mumbai05 Dec 2022AY 2019-2020

Bench: Shri Aby T. Varkey, Jm आयकर अपील सं/ I.T.A. No.2477/Mum/2022 (निर्धारण वर्ा / Assessment Years: 2019-20) Uti Employees Sai बिधम/ Centralized Processing Samrudhi Co-Op Housing Unit Income Tax Vs. Society Ltd. Department Bangalore- C/O Uti Amc Ltd. 560500. Uti Tower, Gn Block, Bkc Bandra East, Mumbai- 400051. स्थधयी लेखध सं./जीआइआर सं./Pan/Gir No. : Aagts8239K (अपीलार्थी /Appellant) .. (प्रत्यर्थी / Respondent) Assessee By: Shri Sachin Lopis Revenue By: Smt. Nayana K. Kumar सुनवाई की तारीख / Date Of Hearing: 28/11/2022 घोषणा की तारीख /Date Of Pronouncement: 05/12/2022 आदेश / O R D E R Per Aby T. Varkey, Jm: This Is An Appeal Preferred By The Appellant/Assessee Uti Employees Sai Samrudhi Co-Operative Housing Society Ltd. Against The Order Of The Ld. Commissioner Of Income Tax (Appeals)/Nfac, Delhi Dated 25.07.2022 For The Assessment Year 2019-20. 2. Assessee Is A Co-Operative Housing Society, Registered Under The Maharashtra Co-Op Society Act 1960. The Society Was Formed By Employees & Nominees Of Unit Trust Of India (Government Entity). The Grounds Of Appeal Of The Assessee Is Against The Action Of The Ld. Cit(A) Confirming The Action Of Ao Not Allowing The Claim Of The Assessee On The Interest Income U/S 80P(2)(D) Of The Income Tax Act

For Appellant: Shri Sachin LopisFor Respondent: Smt. Nayana K. Kumar
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 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…

The Acropolis Co.Op.Hsg.Society Ltd, Mumbai vs. DCIT, CPC, Bengaluru

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

ITA 928/MUM/2022[2017-18]Status: DisposedITAT Mumbai01 Dec 2022AY 2017-18

Bench: Shri M. Balaganesh, Am & Ms. Kavitha Rajagopal, Jm The Acropolis Co-Op. Housing Society Ltd. Dy. Cit, Cpc B-31, Acropolis Little Gibs Road, Malbar Bengaluru, Karnataka Vs. Hill, Mumbai-400 006

For Appellant: Shri Vishal ShahFor Respondent: Shri Manoj Kumar Singh
Section 12(1)Section 143(1)Section 154Section 250Section 80PSection 80P(2)Section 80P(2)(a)Section 80P(2)(d)Section 9(1)

…ity to the assessee’s members which has direct nexus between the profit and the business of the assessee. The ld. CIT(A) has relied on the proposition laid down by the Hon’ble Karnataka High Court in CIT & Anr. vs. Totagars Co-operative Sales Society [2017] 395 ITR 611 (Kar.), which held that the character of income depends upon the nature of the activity for earning of that income. The relevant extract is cited as under: "23. Thus, the aforesaid judgments supports the view taken by this Court that character of income depends upon the nature of activity for earning that income and though on the face of it, th…

Pantnagar Ashtvinayak Chsl, Mumbai vs. The Income Tax Officer, Ward 27(2)(1), Mumbai

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

ITA 1848/MUM/2022[2020-2021]Status: DisposedITAT Mumbai01 Dec 2022AY 2020-2021

Bench: Shri M. Balaganesh, Am & Ms. Kavitha Rajagopal, Jm Pantnagar Ashtvinayak Chsl Income Tax Officer, Ward-27(2)(1) Building No. 244, Samata Colony, Mumbai Vs. Pantnagar, Ghatkopar (E), Mumbai-400 075 Pan/Gir No. Aaaap 8034 E (Appellant) : (Respondent)

For Appellant: Ms. Bhavya SundeshaFor Respondent: Shri Manoj Kumar Singh
Section 143(1)Section 143(1)(a)Section 154Section 250Section 80PSection 80P(2)Section 80P(2)(a)Section 80P(2)(d)Section 80P(4)

…IN THE INCOME TAX APPELLATE TRIBUNAL “SMC” BENCH, MUMBAI BEFORE SHRI M. BALAGANESH, AM AND MS. KAVITHA RAJAGOPAL, JM Pantnagar Ashtvinayak CHSL Income Tax Officer, Ward-27(2)(1) Building No. 244, Samata Colony, Mumbai Vs. Pantnagar, Ghatkopar (E), Mumbai-400 075 PAN/GIR No. AAAAP 8034 E (Appellant) : (Respondent) Appellant by : Ms. Bhavya Sundesha Respondent by : Shri Manoj Kumar Singh Date of Hearing : 05.09.2022 : 01.12 .2022 Date of Pronouncement O R D E R Per Kavitha Rajagopal, J. M.: This appeal has been filed by the assessee, challenging the order of the learned Commissioner of Income Tax (Appeals) (…

The Orgaon Urban Co-Operative Credit Society Limited, Marcela vs. Income Tax Officer, Ward - 2(3), Panaji

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

ITA 242/PAN/2019[2015-16]Status: DisposedITAT Panaji30 Nov 2022AY 2015-16

Bench: Shri Inturi Rama Raoआयकर अपील सं. / Ita No.242/Pan/2019 िनधा"रण वष" / Assessment Year : 2015-16 The Orgaon Urban Co- Vs. Ito, Ward-2(3), Panaji, Operative Credit Society Goa. Limited, Deulwada, Marcela, Goa- 403107. Pan : Aaaat6227D Appellant Respondent Assessee By : Shri Madhu Gawde Revenue By : Shri N. Shrikanth Date Of Hearing : 16.11.2022 Date Of Pronouncement : 30.11.2022 आदेश / Order Per Inturi Rama Rao, Am: This Is An Appeal Filed By The Assessee Directed Against The Order Of Ld. Commissioner Of Income Tax (Appeals)-1, Panaji [‘The Cit(A)’] Dated 29.05.2019 For The Assessment Year 2015-16. 2. The Appellant Raised The Following Grounds Of Appeal :- “1) The Learned Cit(A) Has Not Appreciated Appellants Submission That Though The Appellants Case Was Selected For Limited Scrutiny Under Cass Of Deduction Under Chapter Via & Low Income & High Loans / Advances / Investments The Learned Assessing Officer Erred In Examining Other Issues & Has Wrongly Travelled Beyond His Permitted Ambit In Making The Disallowances U/S. 40(A)(Ia) & Sec. 36(1)(V). 2) The Learned Cit(A) Ought To Have Considered That The Interest Earned On Statutory Investments Of Statutory Funds In The Apex Bank(Cooperative

For Appellant: Shri Madhu GawdeFor Respondent: Shri N. Shrikanth
Section 143(3)Section 194ASection 36Section 36(1)(iv)Section 36(1)(v)Section 36(1)(va)Section 40Section 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…

Aided Primary Teachers Co-Operative Society Ltd, Kottayam vs. The Itoward-1, Kottayam

The appeal stand allowed in terms of our above order

ITA 28/COCH/2022[2017-18]Status: DisposedITAT Cochin30 Nov 2022AY 2017-18

Bench: Hon’Ble Shri Satbeer Singh Godara, J.M & Hon’Ble Shri Manoj Kumar Aggarwal, A.M

For Appellant: NoneFor Respondent: Smt.J.M. Jamuna Devi (Addl.CIT) – Ld. DR
Section 143(3)Section 80PSection 80P(2)(a)Section 80P(2)(d)

…nks 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 v. Totagars Co-operative Sale Society [2017] 83 taxmann.com 140/395 ITR 611,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 Totagars Co- operative Sale Society (supra) (Karn) and Hon'ble High Court of Gujarat in the case of State Bank of India (supra) had observed, that th…

Nmg Bank Employees Co-Op Credit Society, Kannur vs. The ITO, Kannur

The appeals stand allowed in terms of our above order

ITA 120/COCH/2021[2017-18]Status: DisposedITAT Cochin30 Nov 2022AY 2017-18

Bench: Hon’Ble Shri Satbeer Singh Godara, J.M & Hon’Ble Shri Manoj Kumar Aggarwal, A.M

For Appellant: NoneFor Respondent: Smt.J.M. Jamuna Devi (Addl.CIT) – Ld. DR
Section 143(3)Section 80PSection 80P(2)(d)

…(2)(d) on the ground that deduction is allowed only if the interest was received from a co-operative society and not from a bank. The Ld. CIT(A), relying on the decision of Hon’ble Karnataka High Court in the case of Pr. CIT vs. Totagars Co-operative Society (395 ITR 611) held that cooperative societies are not at par with cooperative banks. Aggrieved, the assessee is in further appeal before us. 3. We find that this issue has been decided in assessee’s favor by Pune Tribunal in the case of Rena Sahakari Sakhar Karkhana Ltd. vs. Pr. CIT (138 Taxmann.com 532). The bench, after considering contrary decisions of var…

Nmg Bank Employees Co-Op Credit Society, Kannur vs. The ITO, Kannur

The appeals stand allowed in terms of our above order

ITA 119/COCH/2021[2016-17]Status: DisposedITAT Cochin30 Nov 2022AY 2016-17

Bench: Hon’Ble Shri Satbeer Singh Godara, J.M & Hon’Ble Shri Manoj Kumar Aggarwal, A.M

For Appellant: NoneFor Respondent: Smt.J.M. Jamuna Devi (Addl.CIT) – Ld. DR
Section 143(3)Section 80PSection 80P(2)(d)

…(2)(d) on the ground that deduction is allowed only if the interest was received from a co-operative society and not from a bank. The Ld. CIT(A), relying on the decision of Hon’ble Karnataka High Court in the case of Pr. CIT vs. Totagars Co-operative Society (395 ITR 611) held that cooperative societies are not at par with cooperative banks. Aggrieved, the assessee is in further appeal before us. 3. We find that this issue has been decided in assessee’s favor by Pune Tribunal in the case of Rena Sahakari Sakhar Karkhana Ltd. vs. Pr. CIT (138 Taxmann.com 532). The bench, after considering contrary decisions of var…

Mahim Vividh Karyakari Sahakari Society Ltd., Thane vs. Principal Commissioner of Income Tax-1, Thane

In the result we allow the ground no

ITA 1177/MUM/2022[2017-18]Status: DisposedITAT Mumbai30 Nov 2022AY 2017-18
For Appellant: Sh. Anil SatheFor Respondent: Sh. Prakash mane, CIT-DR
Section 143(3)Section 263Section 80P

…ing on the decision of Supreme Court in the case of Totgar’s Co-op. Sale Society Vs. ITO, Karnataka: 322 ITR 283 (SC) (2010) in C. A. No. 1622/2010 dated 08.02.2010 and Karnataka High Court decision in the case of PCIT, Hubli Vs. Totgar’s Co-op. Sale Society: 395 ITR 611 dated 16.06.2017 (ITA No. 10066/2016) The brief facts of the decision given by Supreme Court in the case of Totgar’s Co- op. Society is mentioned below: “Supreme Court decision in the case of Totgar’s Co-op. Sales Society Vs. ITO, Karnataka: 322 ITR 283 (SC) (2010) in C. A. No. 1622/2010 dated 08.02.2010 Facts: The assessee being a co-op. credit…

Maitri Heights Co-Op Hsg Society Limited, Mumbai vs. DCIT/ ACIT, CPC Bangalore, Bangalore

ITA 2369/MUM/2022[2020-21]Status: DisposedITAT Mumbai29 Nov 2022AY 2020-21

Bench: Shri Kuldip Singhassessment Year: 2020-21

For Appellant: NoneFor Respondent: Shri Krishna Kumar, D.R
Section 143(1)Section 154Section 234ASection 271Section 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…

M/S. Bharathi Co-Operative Credit Society Ltd, Bengaluru vs. Income Tax Officer, Ward-7(2)(3), Bengaluru

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

ITA 793/BANG/2022[2015-16]Status: HeardITAT Bangalore28 Nov 2022AY 2015-16

Bench: Shri George George K, Jm & Ms.Padmavathy S, Am

For Appellant: Sri.Narendra Sharma, AdvocateFor Respondent: Smt.Prayadarshini Baseganni, Addl.CIT-DR
Section 143(3)Section 80PSection 80P(2)(a)Section 80P(2)(d)Section 80P(4)

…ities as "investment" are ineligible for deduction under section 80P(2)(a)(i) of the Act. (Paragraph-13 of the Judgment) 13. It can thus be seen 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)(…

Gnana Shale Souhardha Co-Operative Limited, Bangalore vs. Principal Commissioner of Income Tax, Bengaluru-6, Bengaluru

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

ITA 887/BANG/2022[2015-16]Status: DisposedITAT Bangalore02 Nov 2022AY 2015-16

Bench: Shri George George K, Jm & Shri Laxmi Prasad Sahu, Am

For Appellant: Sri.S.V.Ravishankar, AdvocateFor Respondent: Ms.Susan D George, CIT –DR
Section 143(3)Section 263Section 63

…Apex Court in the case of Totagar’s Co-operative Sale Society Ltd. v. ITO reported in (2010) 322 ITR 283 (SC) and the judgment of the Hon’ble jurisdictional High Court in the case of Pr.CIT & Anr. v. Totagars Co-operative Sale Society Ltd. reported in (2017) 395 ITR 611 (Kar.), set aside the order of the A.O. dated 26.12.2017 as erroneous and prejudicial to the interest of the revenue. The PCIT directed the A.O. to bring to tax the aforesaid interest income by denying the claim u/s 80P of the I.T.Act, in view of the above judicial pronouncements, cited supra. 7. Aggrieved by the order of the PCIT, the assessee…

M/S Jal Ratan Deep Co-Operative Housing Society, Mumbai vs. ITO Ward 31(2)(1), Mumbai

ITA 2351/MUM/2022[2020-21]Status: DisposedITAT Mumbai01 Nov 2022AY 2020-21

Bench: Shri Kuldip Singh ()

Section 1Section 115JSection 143Section 250Section 80Section 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. \{s. Totagars Cooperative Sale Society (2017) 392 ITR 74 (Karn) and Honble High Court of Gujarat in the case…

M/S Jal Ratan Deep Co-Operative Housing Society, Mumbai vs. ITO Ward 31(2)(1), Mumbai

ITA 2350/MUM/2022[2017-18]Status: DisposedITAT Mumbai01 Nov 2022AY 2017-18

Bench: Shri Kuldip Singh ()

Section 1Section 115JSection 143Section 250Section 80Section 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. \{s. Totagars Cooperative Sale Society (2017) 392 ITR 74 (Karn) and Honble High Court of Gujarat in the case…

M/S Jal Ratan Deep Co-Operative Housing Society, Mumbai vs. ITO Ward 31(2)(1), Mumbai

ITA 2349/MUM/2022[2016-17]Status: DisposedITAT Mumbai01 Nov 2022AY 2016-17

Bench: Shri Kuldip Singh ()

Section 1Section 115JSection 143Section 250Section 80Section 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. \{s. Totagars Cooperative Sale Society (2017) 392 ITR 74 (Karn) and Honble High Court of Gujarat in the case…

M/S Jal Ratan Deep Co-Operative Housing Society, Mumbai vs. ITO Ward 31(2)(1), Mumbai

ITA 2348/MUM/2022[201-15]Status: DisposedITAT Mumbai01 Nov 2022

Bench: Shri Kuldip Singh ()

Section 1Section 115JSection 143Section 250Section 80Section 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. \{s. Totagars Cooperative Sale Society (2017) 392 ITR 74 (Karn) and Honble High Court of Gujarat in the case…