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 367,154 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

M/S. Irde Bettampady Primary Agricultural Co-Operative Society Limited, Puttur vs. Income Tax Officer, Ward - 1, Puttur

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

ITA 208/BANG/2020[2016-17]Status: DisposedITAT Bangalore22 Mar 2021AY 2016-17

Bench: Shri George George K

For Appellant: Sri.Narendra Sharma, AdvocateFor Respondent: Sri.Ganesh B.Ghale, Standing Counsel
Section 143(3)Section 56Section 80PSection 80P(2)(a)

…ved from other Co-operative Banks as income from other sources assessable u/s 56 of the I.T.Act by placing reliance on the judgment of the Hon’ble jurisdictional High Court in the case of Pr.CIT & Anr. v. Totagars Co-operative Sale Society reported in [(2017) 395 ITR 611 (Kar.)] . As regards the interest income earned from providing credit facilities to assessee’s members, the Assessing Officer stated that the assessee is not only have regular members but also associate and nominal members who cannot be equated with regular members. The A.O. held that the principles of mutuality does not exists between regular me…

M/S. Sri Kanaka Pathina Sahakara Sangha Niyamitha, Tumkur vs. The Income Tax Officer, Ward- 3, Tumkur

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

ITA 2303/BANG/2019[2016-17]Status: DisposedITAT Bangalore19 Mar 2021AY 2016-17

Bench: Shri George George K

For Appellant: Sri.G.S.Prashanth, CAFor Respondent: Sri.Ganesh B.Ghale, Standing Counsel
Section 143(3)Section 56Section 80PSection 80P(2)(a)

…ved from other Co-operative Banks as income from other sources assessable u/s 56 of the I.T.Act by placing reliance on the judgment of the Hon’ble jurisdictional High Court in the case of Pr.CIT & Anr. v. Totagars Co-operative Sale Society reported in [(2017) 395 ITR 611 (Kar.)] . As regards the interest income earned from providing credit facilities to assessee’s members, the Assessing Officer stated that the assessee is not only have regular members but also associate and nominal members who cannot be equated with regular members. The A.O. held that the principles of mutuality does not exists between regular me…

Meherbad Co-Operative Housing Society Ltd., Mumbai vs. ACIT-19(2), Mumbai

The appeal of the assessee is allowed in terms of our aforesaid observations

ITA 2418/MUM/2019[2015-16]Status: DisposedITAT Mumbai05 Mar 2021AY 2015-16

Bench: Shri Rajesh Kumar () & Shri Ravish Sood () Meherbad Co-Operative Acit-19(2) Housing Society Ltd, Vs. Matru Mandir, Tardeo, 1/594, Meherabad, Bhulabai Mumbai - 400007 Desai Road, Warden Road, Mumbai – 400026

For Appellant: Shri Bhupendra Shah, A.RFor Respondent: Ms. Smita Verma, D.R
Section 143(1)Section 143(2)Section 143(3)Section 2(19)Section 234ASection 271(1)Section 80PSection 80P(2)(d)

…No.2418/Mum/2019 A.Y. 2015-16 6 Meherbad Co-operative Housing Society Ltd. Vs.ACIT-19(2) 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…

Jai Hind Co-Op Hsg. Soc Ltd., Mumbai vs. Pr. CIT-25, Mumbai

The appeal stands allowed in terms of our above order

ITA 1762/MUM/2020[2016-17]Status: DisposedITAT Mumbai12 Feb 2021AY 2016-17

Bench: Hon’Ble Shri Vikas Awasthy, Jm & Hon’Ble Shri Manoj Kumar Aggarwal, Am (Hearing Through Video Conferencing Mode) आयकरअपील सं./ I.T.A. No.1763/Mum/2020 (िनधा"रण वष" / Assessment Year: 2015-16) & आयकरअपील सं./ I.T.A. No.1762/Mum/2020 (िनधा"रण वष" / Assessment Year: 2016-17) Jai Hind Co-Operative Housing Society Ltd. Acit-25(2) 2Nd Floor, Room No.241 Plot No.51, N.S.Road No.11 बनाम Jvpd Scheme, Vile Parle(W) Kautilya Bhavan, G-Block / Vs. Mumbai-400 049 Bkc, Bandra(E) Mumbai-400 051 "थायीलेखासं./जीआइआरसं./Pan/Gir No. Aaaaj-2782-R (अपीलाथ"/Appellant) (""थ" / Respondent) : Assessee By : Shri Rajesh R. Shah-Ld. Ar Revenue By : Shri Pratap Singh-Ld.Cit Dr सुनवाई की तारीख/ : 10/02/2021 Date Of Hearing घोषणा की तारीख / : 12/02/2021 Date Of Pronouncement

For Appellant: Shri Rajesh R. Shah-Ld. ARFor Respondent: Shri Pratap Singh-Ld.CIT DR
Section 263Section 80(2)(d)Section 80P(2)(d)

…usible / possible view was taken in the matter, which could not be said to be contrary to law. The Ld. CIT- DR, on the other hand, relied upon the later decision of Hon’ble Karnataka High Court rendered in Pr. CIT V/s Totagars Co- operative Sale Society (2017 395 ITR 611) for the submissions that the interest earned by assessee cooperative society from cooperative banks was not eligible for deduction u/s 80P(2)(d) and since the deduction was erroneously granted to the assessee, the same made the assessment order erroneous and prejudicial to the interest of the revenue amenable to revisional jurisdiction u/s 263.…

M/S. Spandana Credit Souharda Sahakari Niyamita, Bangalore vs. Income Tax Officer, Ward- 3(2)(2), Bangalore

In the result, appeal by the assessee is partly allowed

ITA 225/BANG/2020[2016-17]Status: DisposedITAT Bangalore17 Dec 2020AY 2016-17

Bench: Shri N. V. Vasudevan & Shri Chandra Poojariassessment Year : 2016-17 M/S. Spandana Credit Souhardha Sahakari Niyamita, Vs. The Income Tax Officer, 1587, Punyakoti, 3Rd Main Road, Chandra Layout, Ward – 3(2)(2), Vijayanagar, Bangalore. Bangalore – 560 040. Pan : Aagas 7780 Q Assessee By : Shri. Sukesh S. Patil, Ca Revenue By : Shri. Priyadarshi Mishra, Jcit(Dr)(Itat), Bangalore Date Of Hearing : 15.12.2020 Date Of Pronouncement : 17.12.2020 O R D E R

For Appellant: Shri. Sukesh S. Patil, CAFor Respondent: Shri
Section 5Section 6(1)Section 80PSection 80P(2)Section 80P(2)(a)

…rary parking of own surplus funds not immediately required is eligible for deduction u/s.80P(2)(a)(i) of the Act. The learned DR relied on a subsequent decision of the Hon’ble Karnataka High Court in the case of PCIT Vs. Totgars Co-operative Sale Society Ltd. 395 ITR 611 (Karn.). 14. We have carefully gone through the judgment relied by the learned DR. The facts of the case before the Hon’ble Karnataka High Court in the decision cited by the learned DR was that the Hon’ble Court was considering a case Page 10 of 12 relating to Assessment Years 2007-2008 to 2011- 2012. In case decided by the Hon’ble Supreme Cour…

M/S Malnad Areca Marketing Co-Operative Society Limited, Shivamogga vs. Assistant Commissioner of Income Tax Circle-1, Shivamogga

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

ITA 256/BANG/2019[2013-14]Status: DisposedITAT Bangalore11 Dec 2020AY 2013-14

Bench: Shri Chandra Poojari & Smt. Beena Pillai

For Appellant: Shri S Krishnaswamy, C.AFor Respondent: Shri Kannan Narayan, JCIT (DR)
Section 57Section 80Section 80P(2)(a)Section 80P(2)(d)

…IN THE INCOME TAX APPELLATE TRIBUNAL ‘A’ BENCH : BANGALORE BEFORE SHRI CHANDRA POOJARI , ACCOUNTANT MEMBER AND SMT. BEENA PILLAI, JUDICIAL MEMBER ITA No.256 & 257/BANG/2019 Assessment Year : 2013 – 14 & 2014-15 The Asst. Commissioner M/s Malnad Areca Income Tax, Marketing Co-operative Circle-1, Society, (MAMCOS), Shivamogga. Vs. APMC Yard, Shivamogga. PAN – AAAJM 0788 P APPELLANT RESPONDENT Appellant by : Shri S Krishnaswamy, C.A Respondent by : Shri Kannan Narayan, JCIT (DR) Date of Hearing : 10-12-2020 Date of Pronouncement : 11-12-2020 ORDER PER BEENA PILLAI, JUDICIAL MEMBER Present appeals are filed by r…

The Income Tax Officer Ward-6(3)(2), Bangalore vs. M/S Ministry of Communication Employee Co-Operative Housing Society, Bangalore

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

ITA 2940/BANG/2018[2007-08]Status: DisposedITAT Bangalore11 Dec 2020AY 2007-08

Bench: Shri Chandra Poojari & Smt. Beena Pillaiassessment Year : 2007 – 08

For Appellant: Shri Balaram R Rao, AdvocateFor Respondent: Shri Elamurugu, JCIT (DR)
Section 80Section 80PSection 80P(2)(a)Section 80P(2)(d)Section 8O

…IN THE INCOME TAX APPELLATE TRIBUNAL ‘B’ BENCH : BANGALORE BEFORE SHRI CHANDRA POOJARI , ACCOUNTANT MEMBER AND SMT. BEENA PILLAI, JUDICIAL MEMBER Assessment Year : 2007 – 08 The Income Tax Officer, M/s Ministry of Ward-6(3)(2), Communication Employees Bengaluru. Co-operative Housing Vs. Society, No.419, 1st Floor, 12th Cross, Sadashivanagar, Bengaluru-560 080. PAN – AAAAM 0353 M APPELLANT RESPONDENT Appellant by : Shri Balaram R Rao, Advocate Respondent by : Shri Elamurugu, JCIT (DR) Date of Hearing : 02-12-2020 Date of Pronouncement : 11-12-2020 ORDER PER BEENA PILLAI, JUDICIAL MEMBER Present appeal has been…

M/S Palmera Co-Operative Housing Society Ltd., Mumbai vs. ACIT-19(2), Mumbai

In the result, appeal is allowed

ITA 1979/MUM/2019[2015-16]Status: DisposedITAT Mumbai25 Nov 2020AY 2015-16
Section 80Section 80PSection 80P(2)(d)

…reversed any of those decisions. 5. upon assessee's appeal learned CIT(A)’s also refused to follow the decisions from ITAT Mumbai . He chose to follow the decision of honourable Karnataka High Court in the case of PCIT Vs. Totagars Co-operative Sale Society (395 ITR 611). Placing reliance upon the said decision of Karnataka High Court the learned CIT(A) upheld the decision of the assessing officer. 6. Against the above order assessee is in appeal before us. 7. We have heard learned Departmental Representative and perused the written submission of the assessee. Learned counsel of the assessee in the written sub…

M/S Raheja Excelsior Co-Operative Housing Society Ltd., Mumbai vs. ITO 19(3)(1), Mumbai

In the result, appeal of the assessee is allowed

ITA 3337/MUM/2019[2015-16]Status: DisposedITAT Mumbai24 Nov 2020AY 2015-16

Bench: Shri Vikas Awasthyआअसं. 3337/मुं/2019 ("न.व.2015-16) M/S. Raheja Excelsior Co-Operative Housing Society Ltd., C.S. No.1/404, Raheja Raheja Excelsior, Tardeo Div., 63, Tardeo Road, Tardeo, Mumbai 400 034. : अपीलाथ"/ Appellant Pan: Aabar9580J बनाम/ Vs.

For Appellant: NoneFor Respondent: Ms Kavita P. Kaushik
Section 143(3)Section 80PSection 80P(2)(d)

…assessee filed appeal before the CIT(A). The CIT(A) dismissed the appeal of assessee and upheld the findings of Assessing Officer by placing reliance on the judgment of Hon’ble Karnataka High Court in the case of Totagars Co-Operative Sale Society reported as 395 ITR 611. Hence, the present appeal by the assessee. 3. Ms. Kavita P. Kaushik, representing the Department vehemently defended the impugned order. The ld. Departmental Representative submitted that after insertion of sub-section(4) to section 80P the co-operative banks have been taken outside the purview for the purpose of investments eligible for deduct…

Danda Co- Op Credit Society Limited, Mumbai vs. ITO, Ward - 22(1)(2), Mumbai

In the result, appeal by the assessee is allowed

ITA 3240/MUM/2019[2012-13]Status: DisposedITAT Mumbai23 Nov 2020AY 2012-13

Bench: Shri Vikas Awasthyआअसं. 3240/मुं/2019 ("न.व.2012-13) Danda Co-Op Credit Society Ltd. 239, Valmiki, Khar Danda, Khar(West), Mumbai 400 052 : अपीलाथ"/ Appellant Pan: Aaaad3039M बनाम/ Vs. The Income Tax Officer – 22(1)(2) Mumbai 400 007 : ""थ"/ Respondent Assessee By : None Revenue By : Ms Kavita P. Kaushik

For Appellant: NoneFor Respondent: Ms Kavita P. Kaushik
Section 143(3)Section 80PSection 80P(2)(a)Section 80P(2)(d)

…society. Similar view has been taken by the Hon'ble Gujarat High court in the case of Surat Vankar Sahakari Sangh Ltd. vs. ACIT 421 ITR 134. 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 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 judgement has not considered the earlier decision rendered in the case of Tot…

Vijaya Pathina Souhardha Sahakari Niyamitha, Bangalore vs. Income Tax Officer, Ward- 3(2)(2), Bangalore

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

ITA 286/BANG/2020[2016-17]Status: DisposedITAT Bangalore19 Nov 2020AY 2016-17

Bench: Shri Chandra Poojari & Smt. Beena Pillaiassessment Year : 2016 – 17

For Appellant: Shri Sandeep C, C.AFor Respondent: Smt. R Premi, JCIT (DR)
Section 142(1)Section 143(2)Section 6Section 80Section 80PSection 80P(2)(a)Section 80P(2)(d)

…Hon'ble Karnataka High Court in the case of Tumukur Merchants Souharda Credit Co-operative Ltd., 230 taxman 309 (Karn), the DR relied on a subsequent decision of the Hon'bie Karnataka High Court in the case of PCIT Vs. Totgars Co- operative Sale Society Ltd., 395 ITR 611 (Karn.). We have carefully gone Page 7 of 10 through the said judgment. The facts of the case before the Hon'ble Karnataka High Court was that the Hon'ble Court was considering a case relating to Assessment Years 2007-08 to 2011-12. In case decided by the Hon'ble Supreme Court in the case of the very same assessee, the Assessment Years involved…

ACIT, Ncc-22, Chennai vs. M/S. Daee Co-Op. T&C Society, Kalpakkam

In the result, the appeal of the Revenue is dismissed

ITA 3047/CHNY/2019[2013-14]Status: DisposedITAT Chennai10 Nov 2020AY 2013-14

Bench: Shri Mahavir Singhand Shri G. Manjunathaआयकर अपील सं./Ita No.: 3047/Chny/2019 िनधा"रण वष" / Assessment Year: 2013-14 The Asst. Cit, M/S. Daee Coop T&C Society, Ncc-22, No.7, Ramakrishna V. First Floor, Main Shopping Street, West Tambaram, Centre, Dae Township, Chennai – 45. Kalpakkam – 603 102. Pan : Aaaad4689H (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ" क" ओर से/Appellant By : Ms. R. Anitha,Jcit ""यथ" क" ओर से/Respondent By : Shri R. Kumar, Advocate सुनवाई क" तार"ख/Date Of Hearing : 10.11.2020 घोषणा क" तार"ख/Date Of Pronouncement : 10.11.2020

For Appellant: Ms. R. Anitha,JCITFor Respondent: Shri R. Kumar, Advocate
Section 139Section 139(1)Section 139(4)Section 147Section 148Section 80Section 80A(5)Section 80PSection 80P(2)(a)Section 80P(2)(d)

…ns of the assessee and also by taking note of provisions of Section 80P(2)(a)(i) of the Act and by relying upon certain judicial precedents including the decision of Hon’ble High Court of Karnataka in the case of Pr.CIT vs. Totagars Co-operative Sale Society, 395 ITR 611 allowed relief to the assessee and directed the AO to delete the additions made towards disallowance of deduction claimed u/s.80P(2)(a)(i) of the Act by holding that the assessee being a co-operative society promoted for the benefit of members and involved in providing credit facility to its members would be entitled to benefit of Section 80P on…

Om Sudarshan Chs Ltd., Mumbai vs. ITO 17(1)(5), Mumbai

In the result, appeal of the assessee is allowed

ITA 1950/MUM/2019[2014-15]Status: DisposedITAT Mumbai29 Oct 2020AY 2014-15

Bench: Shri Vikas Awasthy, Jm & Shri Rajesh Kumar, Am आयकर अपील सं./ Ita No. 1950/Mum/2019 (यिर्ाारण िर्ा / Assessment Year 2014-15) Om Sudarshan Co-Operative The Income Tax Officer Housing Society Ltd. Ward 17(2)(5), Ground Floor, Om Sudarshan Chs बिाम/ Mumbai Ltd, L.D. Ruparel Marg, Malabar Vs. Hill, Mumbai-400 006 (अपीलाथी / Appellant) (प्रत्यथी/ Respondent) स्थायी लेखा सं./Pan No. Aao0489L अपीलाथी की ओर से/ Appellant By : None प्रत्यथी की ओर से/ Respondent By : Shri Vodal Raj Singh, Dr सुििाई की तारीख / Date Of Hearing: 15.10.2020 घोर्णा की तारीख / Date Of Pronouncement: 29.10.2020

For Appellant: NoneFor Respondent: Shri Vodal Raj Singh, DR
Section 143(3)Section 80P(2)(d)

…society. Similar view has been taken by the Hon'ble Gujarat High court in the case of Surat Vankar Sahakari Sangh Ltd. vs. ACIT 421 ITR 134. 8. 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 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 judgement has not considered the earlier decision rendered in the case of Tot…

M/S. Tibetan Rabgayling Primary Agricultural Credit Co-Operative Society Limited, Gurupura vs. Principal Commissioner of Income Tax, Mysore

In the result, the assessee's appeal is partly allowed

ITA 392/BANG/2020[2015-16]Status: DisposedITAT Bangalore08 Oct 2020AY 2015-16

Bench: Shri George George K. & Shri B.R. Baskaranassessment Year: 2015-16

For Appellant: Shri V. Srinivasan, A.RFor Respondent: Shri S. Sundar Rao, D.R
Section 143(3)Section 263Section 44ASection 57Section 80PSection 80P(2)(a)Section 80P(2)(d)Section 80P(4)

…earned from bank, by placing reliance on judgement M/s. Tibetan Rabgayling Primary Agricultural Credit Co-Operative Society Ltd., Gurupura Page 2 of 7 of the Hon’ble Karnataka High Court in the case of PCIT Vs. Totagars Co-operative Sale Society reported in 395 ITR 611. 3. Brief facts of the case are as follows: Assessee is a primary Agricultural Credit Society. For the assessment year 2015-16, the return of income was filed on 18.9.2015 declaring total income of Rs.2,12,090/- after claiming deduction of Rs.29,88,544/- u/s 80P of the Act. The assessee’s case was selected for scrutiny and an order of assessment…

M/S. Padangady Sahakari Vyavasayika Sangha, Belthangadi vs. Income Tax Officer, Ward - 1, Puttur

ITA 209/BANG/2020[2016-17]Status: DisposedITAT Bangalore10 Sept 2020AY 2016-17

Bench: Shri Chandra Poojari, Am Assessment Year: 2016-17 M/S. Padangady Sahakari Vs. The Income Tax Officer, Ward-1, Vyavasayika Sangha, Puttur. Padangady Village & Post, Belthangady Taluk, Dk District-574 217. [Pan: Aacap O271B] (Assessee -Appellant) (Revenue-Respondent) Asessee By Shri V. Srinivasan, Advocate Revenue By Shri Ganesh Ghale, Advocate Sc To Department Date Of Hearing 08/09/2020 Date Of Pronouncement 10/09/2020

Section 234BSection 57Section 80PSection 80P(2)(a)

…Hon’ble Karnataka High Court in the case of Tumukur Merchants Souharda Credit Co-operative Ltd., 230 taxman 309 (Karn), the DR relied on a subsequent decision of the Hon’ble Karnataka High Court in the case of PCIT Vs. Totgars Co-operative Sale Society Ltd., 395 ITR 611 (Karn.). We have carefully gone through the said judgment. The facts of the case before the Hon’ble Karnataka High Court was that the Hon’ble Court was considering a case relating to Assessment Years 2007-08 to 2011-12. In case decided by the Hon’ble Supreme Court in the case of the very same assessee, the Assessment Years involved was Assessment…

M/S. Creative Credit Co-Operative Society Limited, Bangalore vs. Income Tax Officer, Ward- 3(2)(3), Bangalore

ITA 2609/BANG/2019[2015-16]Status: DisposedITAT Bangalore10 Sept 2020AY 2015-16

Bench: Shri Chandra Poojari, Am Ita No. 2609 & 2610/Bang/2019 Assessment Years: 2015-16 & 2016-17 M/S. Creative Credit Co-Operative Vs. The Income Tax Officer, Society Limited, Ward 3(2)(3), Bangalore. No.428/2, Nagendra Block, Srinagar, Bangalore-560 050 Pan Aabac0713G

Section 143(2)Section 80P(2)Section 80P(2)(a)Section 80P(2)(d)

…Hon’ble Karnataka High Court in the case of Tumukur Merchants Souharda Credit Co-operative Ltd., 230 taxman 309 (Karn), the DR relied on a subsequent decision of the Hon’ble Karnataka High Court in the case of PCIT Vs. Totgars Co-operative Sale Society Ltd., 395 ITR 611 (Karn.). We have carefully gone through the said judgment. The facts of the case before the Hon’ble Karnataka High Court was that the Hon’ble Court was considering a case relating to Assessment Years 2007-08 to 2011-12. In case decided by the Hon’ble Supreme Court in the case of the very same assessee, the Assessment Years involved was Assessment…

M/S. Nagapura Credit Co-Operative Society, Bangalore vs. Income Tax Officer, Ward- 6(2)(2), Bangalore

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

ITA 2405/BANG/2019[2016-17]Status: DisposedITAT Bangalore31 Aug 2020AY 2016-17

Bench: Shri N V Vasudevan & Shri G Manjunathaassessment Year: 2016-17

For Appellant: Shri C. Ramesh, CAFor Respondent: Shri Priyadarshi Mishra, Jt.CIT(DR)(ITAT), Bengaluru
Section 56Section 80PSection 80P(2)(a)Section 80P(2)(d)Section 80P(4)

…vided that provisions of section 80P shall not apply to co-operative banks governed by the Banking Regulation Act, 1949. 8. The AO also placed reliance on the decision of the Hon’ble High Court of Karnataka in the case of DCIT v. Totgars Co-operative Society, 395 ITR 611 (Karn) wherein it was held that interest on investments retain the character of income from ‘other sources’ and therefore deduction u/s. 80P(2)(a)(i) of the Act will not be available because the income was not attributable to business of providing credit facilities to members. For the aforesaid reasons, he denied the deduction u/s. 80P(2)(a)(i) o…

ITO 24 (3)(1), Mumbai vs. M/S Oberoi Spring Co-Operative Housing Society Limited, Mumbai

In the result, the appeal filed by the revenue is hereby ordered to be dismissed

ITA 786/MUM/2019[2015-16]Status: DisposedITAT Mumbai28 Aug 2020AY 2015-16
For Appellant: Shri Vijay Mehta/Anuj KisnadwalaFor Respondent: Shri Amit P. Singh (DR)
Section 143(2)Section 80Section 80P(2)(c)Section 80P(2)(d)

…3. On the facts and in circumstances of the case and in law. the Ld. CIT(A) erred allowing deduction u/s 80P(2)(d) of the I. T. Act, 1961, without considering the decision of the Karnataka High Court in the case of Pr. CIT vs. Totagars Co-operative & Society (395 ITR 611) that the interest income received from investment of idle funds with cooperative banks is not eligible for claiming deduction u/s 80(P)(2)(d) of the Act. 4 The appellant prays that the order of the CIT (Appeals) on the above grounds be aside and that of the AO be restored 5. The appellant craves leave to amend or alter any ground or submit addit…

Mahaveera Credit Co-Operative Society Limited, Mangaluru vs. Income Tax Officer, Ward -1(3), Mangaluru

Accordingly, appeals filed by assessee stands allowed for statistical purposes

ITA 282/BANG/2020[2015-16]Status: DisposedITAT Bangalore21 Aug 2020AY 2015-16
For Appellant: Shri Mahesh R Uppin, AdvocateFor Respondent: Smt. R Premi, JCIT
Section 80Section 80P(2)(a)

…me Court in case of Citizen Co-operative Society Ltd., (supra), therefore will not be applicable to the facts of the present case. Ld. AR submitted that decision of Hon’ble Karnataka High Court in case of PCIT Vs. Totgars Co-operative Sale Society reported in 395 ITR 611 relied by Ld.CIT(A) is also not applicable to present facts of the case. Ld.AR submitted that, assessee’s facts are more similar with facts in case of Tumkur Co- operative society Ltd., Merchants Souhards Co-operative Society Ltd., reported in 230 Taxman 309 he also submitted that there has been various decisions of this tribunal Page 4 of 6 IT…

M/S. Rythara Seva Sahakara Sangha Niyamitha, Bangalore vs. Income Tax Officer, Ward- 6(2)(5), Bangalore

ITA 226/BANG/2020[2016-17]Status: DisposedITAT Bangalore06 Jul 2020AY 2016-17

Bench: Shri A.K. Garodia & Shri Pavan Kumar Gadalem/S. Rythara Seva Sahakara Sangha Niyamitha, Hesaraghatta, Opp. Bmtc Bus Stop, Hesaraghatta Mainroad, Bangalore-560 088 ….Appellant Pan Aacar1587N Vs. Income Tax Officer, Ward 6(2)(5), Bangalore. ……Respondent.

For Appellant: Shri Nayaz Pasha, C.A.&For Respondent: Smt. R. Premi, JCIT (D.R)
Section 143(1)Section 143(2)Section 143(3)Section 250Section 80PSection 80P(2)(a)Section 80P(2)(d)

…Hon’ble Karnataka High Court in the case of Tumukur Merchants Souharda Credit Co- operative Ltd., 230 taxman 309 (Karn), the DR relied on a subsequent decision of the Hon’ble Karnataka High Court in the case of PCIT Vs. Totgars Co-operative Sale Society Ltd., 395 ITR 611 (Karn.). We have carefully gone through the said judgment. The facts of the case before the Hon’ble Karnataka High Court was that the Hon’ble Court was considering a case relating to Assessment Years 2007-08 to 2011- 12. In case decided by the Hon’ble Supreme Court in the case of the very same assessee, the Assessment Years involved was Assessmen…