Pr. CIT v. Totagars

Deputy Commissioner of Income-Tax, Central Circla -2 (3), Pune vs. Shree Parshwanath Nagari Sah. Pat Sanstha Ltd, Satara

In the result, the appeal is dismissed

Bench: Shri R.S. Syal & Shri Partha Sarathi Chaudhury"नधा"रण वष" / Assessment Year : 2011-12

…h the view in favour of the assessee by the Hon’ble Karnataka High Court in (supra). The position continues to remain the same before this Bench also. 4. Reliance of the ld. DR in the case of Pr. CIT and Another Vs. Totagars Cooperative Sales Society (2017) 395 ITR 611 (Kar.) is not relevant. 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 members…

Gurumauli Nagari Sahkari Pat Sanstha Marya Sangola, Pune, Sangola vs. Pr Commissioner of Income-Tax -4, Pune

In the result, the appeal is allowed

Bench: Shri R.S. Syal & Shri S.S. Viswanethra Ravi"नधा"रण वष" / Assessment Year : 2015-16

…n favour of the assessee by the Hon’ble Karnataka High Court in the (supra). The position continues to remain the same before this Tribunal also. 6. Reliance of the ld. Pr. CIT on the case of Pr. CIT and Another Vs. Totagars Cooperative Sales Society (2017) 395 ITR 611 (Kar.) is not relevant. 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 members…

Rena Sahakari Sakhar Karkhana Ltd, Latur vs. Pr. Commissioner of Income-Tax -2, Aurangabad

Bench: Shri Inturi Rama Rao, Am & Shri Ravish Sood, Jm Assessment Year :2013-14 Rena Sahakari Sakhar Karkhana Ltd., A/P Niwada, Tq. Renapur, Dist. Latur. ……….Appellant Pan No. Aaaar1864N V/S. Pr. Commissioner Of Income-Tax 2, Aurangabad ……… Respondent Assessee By : Shri Girish Ladda, A.R Department By : Shri Kalika Singh, D.R Date Of Hearing : 06-01-2022 Date Of Pronouncement : 07-01-2022 Order Per Ravish Sood, Jm The Present Appeal Filed By The Assessee Is Directed Against The Order Passed By The Pr. Commissioner Of Income Tax-2, Aurangabad, Dated 27.03.2018 Under Sec.263 Of The Income Tax Act, 1961 (For Short „Act‟), Which In Turn Arises From The Order Passed By The A.O U/S 143(3) Of The Act, Dated 07/03/2016. The Assessee Has Assailed The Impugned Order On The Following Grounds Of Appeal Before Us: “1. The Notice Issued U/S 263 By The Principal Commissioner Of Income-Tax-2, Aurangabad & The Order Passed U/S 263 Are Illegal, Bad In Law & Without Jurisdiction. 2. That Having Regard To The Facts & Circumstances Of The Case, Pr. Cit Has Erred In Law & On Facts In Assuming Jurisdiction In Passing The Order U/S 263, More So When The Assessment Order Passed U/S 143(3) Is Neither Erroneous Nor Prejudicial To The Interest Of Revenue. 3. The Pr. Cit-2 Erred In Holding That Assessee Not Eligible For Deduction Of Rs. 75,38,534 U/S 80P(2)(D) Of The Income-Tax Act & Further Erred In Setting Aside The Issue To The A.O.

…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…