Pr. CIT v. Totagars

M/S Primary Co-Operative Agriculture and Rural Development Bank, Bellary Dist vs. Income Tax Officer Ward-2, Bellary

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

Bench: Shri N.V. Vasudevan & Shri Jason P. Boazassessment Year : 2012-13

…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). 6. 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 relating to Assessment Years 2007-08 to 2011-12. In case decided by the Hon’ble Supreme Court in the case of the v…

Raithara Seva Sahakara Sangha Niyamitha, Bellari vs. Income Tax Officer Ward-2, Hospet

In the result, appeals by the assessee are treated as allowed for statistical purpose

Bench: Shri N.V. Vasudevan

…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.). 6. 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 relating to Assessment Years 2007-2008 to 2011- 2012. In case decided by the Hon’ble Supreme Court in the case of…

M/S Raithara Seva Sahakara Sangha Niyamitha, Bellari vs. Income Tax Officer Ward-2, Hospet

In the result, appeals by the assessee are treated as allowed for statistical purpose

Bench: Shri N.V. Vasudevan

…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.). 6. 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 relating to Assessment Years 2007-2008 to 2011- 2012. In case decided by the Hon’ble Supreme Court in the case of…

M/S Ing Vysya Officers Credit Co-Operative Society Ltd, Bangalore vs. Income Tax Officer Ward-5(2)(5), Bangalore

In the result, the assessee’s appeals for Assessment Years 2010-11 and 2013-14 are treated as allowed for statistical purposes

Bench: Shri. N. V. Vasudevan & Shri Jason P Boaz

…decision of the Hon'ble Karnataka High Court in the case of Tumukur Merchants Souharda Credit Co-operative Ltd. (supra). 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 (Kam.). 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 2007-2008 to 2011- 2012. In case decided by the Hon'ble Supreme Court in the case of the very same Assessee, the Assessment years involved was AY 199…

Ing Vysya Officers Credit Co-Operative Society Ltd, Bangalore vs. Commissioner of Income Tax, Bangalore

In the result, the assessee’s appeals for Assessment Years 2010-11 and 2013-14 are treated as allowed for statistical purposes

Bench: Shri. N. V. Vasudevan & Shri Jason P Boaz

…decision of the Hon'ble Karnataka High Court in the case of Tumukur Merchants Souharda Credit Co-operative Ltd. (supra). 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 (Kam.). 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 2007-2008 to 2011- 2012. In case decided by the Hon'ble Supreme Court in the case of the very same Assessee, the Assessment years involved was AY 199…

Bijapur Co-Op Credit Society Ltd, Vijayapur vs. Income-Tax Officer, Vijayapur

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

Bench: Shri Arun Kumar Garodia & Shri Laliet Kumar

…the same is eligible for deduction u/s. 80P of IT Act. As against this, the ld. DR of revenue placed reliance on the judgement of Hon'ble Karnataka High Court rendered in the case of PCIT and Another Vs. Totagars Co- operative Sale Society Ltd. as reported in 395 ITR 611 (Karn). At this juncture, the bench pointed out that in both these cases, althogh the ultimate decision of Hon'ble Karnataka High Court is different but there is no contradiction in these two judgements of Hon'ble Karnataka High Court. The bench pointed out that in the case of PCIT and Another Vs. Totagars Co-operative Sale Society Ltd. (supra),…

M/S Moodabidri Co-Operative Services Bank Ltd, Moodaidri vs. The Income Tax Officer Ward-2(2), Mangalore

In the result, appeal by the assessee are treated as allowed for statistical purpose

Bench: Shri N.V Vasudevan & Shri Jason P Boaz

…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.). ITA Nos.570 & 571/B/18 4 6. 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 relating to Assessment Years 2007-2008 to 2011- 2012. In case decided by the Hon’ble S…

M/S Prathamik Krishi Pattina Sahakari Sangha Niyamit, Bagalkot vs. Income Tax Officer Ward-2, Bagalkot

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

Bench: Shri N.V Vasudevanassessment Year : 2015-16

…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.). 6. I 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 relating to Assessment Years 2007-2008 to 2011- 2012. In case decided by the Hon’ble Supreme Court in the case of…

The Graduates Co-Operative Society Limited, Shivamogga vs. The Income Tax Officer Ward-1, Shivamogga

In the result, appeals by the assessee for AY 2009-10 to 2012-13 are treated as allowed for statistical purpose while appeal for AY 2013-14 & 2014-

Bench: Shri N.V. Vasudevan, Vice-

…ary 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.). 12. 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 relating to Assessment Years 2007-2008 to 2011- 2012. In case decided by the Hon’ble Supreme Court in the case o…

Income Tax Officer Ward-6(2)(4), Bangalore vs. M/S Bel Employees Co-Operative House Building Society Limited, Bangalore

In the result, appeal by the Revenue are treated as allowed for statistical purpose

Bench: Shri N.V Vasudevan & Shri Jason P Boaz

…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.). 8. 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 ITA Nos.2651, 2654 & 2655/B/18 4 decision cited by the learned DR was that the Hon’ble Court was considering a case relating to Assessment Years 2007-2008 to 2011- 2012. In case decided by the H…

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

In the result, appeal by the revenue is treated as allowed for statistical purpose

Bench: Shri N.V Vasudevan & Shri Jason P Boazassessment Year : 2012-13

…mbers is not business income but income from other sources and the society is not entitled to special deduction. The CIT(A) also 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.) in which the proposition laid down by Hon’ble Supreme Court in the case of The Togar’s Co- operative Sales Society Ltd. (supra) was reiterated. 5. Aggrieved by the order of the CIT(A), the Assessee is in appeal before the Tribunal. The sum and substance of the grounds of appeal and the revised grounds of appeal filed by the Assessee is t…

Chatrapati Shivaji Co-Operative Credit Society Limited, Bagalkot vs. Income Tax Officer Ward-2, Bagalkot

In the result, appeal by the Assessee is treated as allowed for statistical purpose

Bench: Shri N.V Vasudevan & Shri Jason P Boazassessment Year : 2015-16

…e 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 2007-2008 to 2011- 2012. In case decided by the Hon’ble Supreme Court in the case of the very same Assessee, the Assessment years involved was AY 19…

The Karnataka State Agarbathi Manufacturers Co-Operative Society, Bangalore vs. Income Tax Officer Ward-7(2)(2), Bangalore

In the result, appeals of the assessee are allowed for statistical purpose

Bench: Shri. A. K. Garodia & Shri. Laliet Kumari.T.A Nos.1233 & 1234/Bang/2018 (Assessment Years : 2013-14 & 2014-15) The Karnataka State Agarbathi Manufacturers Co-Op Society, No.18/3, 1St Main Road, Sampangiramnagar, Bengaluru 560 027 .. Appellant Pan : Aadat0022B V. Income-Tax Officer, Ward – 7(2)(2), Bengaluru .. Respondent Assessee By : Shri. K. S. Nagesh, Ca Revenue By : Shri. R. N. Siddappaji, Addl. Cit Heard On : 27.11.2018 Pronounced On : 07.12.2018

…85,695/- for AY 2014-15. For the purpose of arriving at this finding the AO relied upon the judgment of the Hon’ble Supreme Court in the matter of Totgar’s Co-operative Sales Society Ltd v ITO [322 ITR 283] and also of the Hon’ble jurisdictional High Court in 395 ITR 611. In both the judgments it was held by the Hon’ble Courts that the character / nature of income would not change irrespective of the fact that it is received or earned from the schedule bank or cooperative bank. The assessee filed appeals before the CIT (A). ITA.1233 & 1234/Bang/2018 Page - 5 03. The CIT (A) has recorded in para 6.1 that the Aga…

Income Tax Officer Ward-7(2)(4), Bangalore vs. M/S Kammavari Credit Co-Operative Society Ltd, Bangalore

In the result, appeal by the revenue is treated as allowed for statistical purpose

Bench: Shri N.V Vasudevan & Shri Jason P Boazassessment Year : 2013-14

…decision of the Hon’ble Karnataka High Court in the case of Tumukur Merchants Souharda Credit Co-operative Ltd. (supra), 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 2007-2008 to 2011- 2012. In case decided by the Hon’ble Supreme Court in the case of the very same Assessee, the Assessment years involved was AY 19…

Income Tax Officer Ward - 5 (2) (3), Bengaluru vs. M/S Bbr & Rd Kptcl Employees Credit Co-Operative Society Ltd., Bengaluru

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

Bench: Shri Arun Kumar Garodia & Shri Laliet Kumarassessment Year : 2014-15

…he case of Tumkur Merchants Souharda Credit Cooperative Ltd. vs. ITO (supra) is in favour of the assessee whereas the judgement of Hon'ble Karnataka High Court rendered in the case of PCIT and Another Vs. Totagars Co-operative Sale Society Ltd. as reported in 395 ITR 611 (Karn) and the judgment of Hon’ble Apex Court rendered in the case of The Totgars Cooperative Sale Society Limited Vs. ITO (supra) are against the assessee but we find that there is no contradiction in these two judgements which are in favour of the revenue and in the judgement of Hon'ble Karnataka High Court rendered in the case Page 3 of 4 of T…

Income Tax Officer Ward-3(4), Hubli vs. Bsnl Employees Co-Operative Credit Society Ltd, Hubli

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

…IN THE INCOME TAX APPELLATE TRIBUNAL “B” BENCH : BANGALORE BEFORESHRI ARUN KUMAR GARODIA, ACCOUNTANT MEMBER AND SHRI LALIET KUMAR, JUDICIAL MEMBER Assessment Year : 2012-13 M/s. BSNL Employees Co-operative Credit The Income Tax Officer, Society Ltd., Ward – 3 (4), Vs. Near Desai Cross, Pinto Hubli. Road, Hubli. PAN: AAAAT7546B APPELLANT RESPONDENT Assessee by : Shri Ravishankar, Advocate Revenue by : Smt. SriNandini Das, JCIT (DR) Date of hearing : 19.09.2018 Date of Pronouncement : 28.09.2018 O R D E R Per Shri A.K. Garodia, Accountant Member This appeal is filed by the revenue and the same is directed agai…

M/S. Mahaveera Minority Credit Co-Operative Society Ltd, Huvinahadagasalli vs. Income Tax Officer, Ward-1, Hosapete

In the result, appeal is allowed for statistical purposes

Bench: Shri. A. K. Garodia

…e assessee is covered by the judgment of the Hon’ble jurisdictional High Court in the matter of Tumkur Merchants Souharda Credit Co-operative Ltd [230 Taxman 309], or are the facts of the case similar to the matter in PCIT v. Totgars Cooperative Sale Society [395 ITR 611]. For ready reference he has drawn our attention to paras 3 and 4 of the SMC order (supra), which reads as under : 3. It was submitted by Id. AR of assessee that the assessee's claim for deduction u/s. 8OP (2) in respect of interest income should be decided in favour of the assessee because this issue is covered in favour of the assessee by the j…