Pr. Commissioner of Income Tax and Anr. v. Totagars Cooperative Sale Society

392 ITR 74High Court2017#67 most cited

What is Pr. Commissioner of Income Tax and Anr. v. Totagars Cooperative Sale Society authority for?

Interest income earned by a cooperative society from its investments or surplus deposits with a cooperative bank is eligible for deduction under Section 80P(2)(d) of the Income-tax Act, 1961.

762

judgments rely on this decision, according to BharatTax’s citation analysis of 383,853 Indian tax judgments — from 2017 to 2026.

Also referred to as

Pr. CIT v. Totagars Cooperative Sale Society · 392 ITR 74 · Section 80P(2)(d) · Section 80P · cooperative society deduction · interest income cooperative bank · eligibility deduction · income of co-operative societies · cooperative bank interest · investment income

Sections most often in play

Section 80P(2)(d)Section 80P(4)Section 80P(2)(a)(i)Section 143(3)Section 2(19)Section 250Section 80PSection 143(1)

Issues it is cited on

section 56(i)(ccv)section 80(2)(d)section 2(19)section 80(p)(2)(a)section 80p(4)section 80p(1)section 80p(2)(c)section 80(p)(2)(d)section 80p(2)(a)(iii)section 80p(2)(d)section 70section 80p(2)

Judgments citing Pr. Commissioner of Income Tax and Anr. v. Totagars Cooperative Sale Society

Gramin Seva Sahakari Samiti Maryadit, Dhamtari(C.G) vs. Income Tax Officer, Dhamtari, Dhamtari(C.G)

ITA 130/BIL/2017[2013-14]Status: DisposedITAT Raipur04 Aug 2022AY 2013-14

Bench: Shri Ravish Sood & Shri Arun Khodpia

Section 143(3)

…, dated 27.09.2017. (iv). Kaliandas Udyog Bhavan Pemises Co-op. Society Ltd. Vs. ITO, 21(2)(1), Mumbai We further 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 of State Bank Of India Vs. CIT (2016) 389 ITR 578 (Guj), had held, that the interest income earned by the assessee on its investments with a co- operative bank would be eligible for claim of deduction under Sec. 80P(2)(d) of the Act. Still further, we find that the CBDT Circular No. 14, dated 28…

Gramin Seva Sahakari Samiti Maryadit, Dhamtari(C.G) vs. Income Tax Officer, Dhamtari, Dhamtari(C.G)

ITA 129/BIL/2017[2014-15]Status: DisposedITAT Raipur04 Aug 2022AY 2014-15

Bench: Shri Ravish Sood & Shri Arun Khodpia

Section 143(3)

…, dated 27.09.2017. (iv). Kaliandas Udyog Bhavan Pemises Co-op. Society Ltd. Vs. ITO, 21(2)(1), Mumbai We further 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 of State Bank Of India Vs. CIT (2016) 389 ITR 578 (Guj), had held, that the interest income earned by the assessee on its investments with a co- operative bank would be eligible for claim of deduction under Sec. 80P(2)(d) of the Act. Still further, we find that the CBDT Circular No. 14, dated 28…

Gramin Seva Sahakari Samiti Maryadit, Dhamtari(C.G) vs. Income Tax Officer, Dhamtari, Dhamtari(C.G)

ITA 128/BIL/2017[2013-14]Status: DisposedITAT Raipur04 Aug 2022AY 2013-14

Bench: Shri Ravish Sood & Shri Arun Khodpia

Section 143(3)

…, dated 27.09.2017. (iv). Kaliandas Udyog Bhavan Pemises Co-op. Society Ltd. Vs. ITO, 21(2)(1), Mumbai We further 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 of State Bank Of India Vs. CIT (2016) 389 ITR 578 (Guj), had held, that the interest income earned by the assessee on its investments with a co- operative bank would be eligible for claim of deduction under Sec. 80P(2)(d) of the Act. Still further, we find that the CBDT Circular No. 14, dated 28…

Gramin Seva Sahakari Samiti Maryadit, Dhamtari(C.G) vs. Income Tax Officer, Dhamtari, Dhamtari(C.G)

ITA 126/BIL/2017[2014-15]Status: DisposedITAT Raipur04 Aug 2022AY 2014-15

Bench: Shri Ravish Sood & Shri Arun Khodpia

Section 143(3)

…, dated 27.09.2017. (iv). Kaliandas Udyog Bhavan Pemises Co-op. Society Ltd. Vs. ITO, 21(2)(1), Mumbai We further 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 of State Bank Of India Vs. CIT (2016) 389 ITR 578 (Guj), had held, that the interest income earned by the assessee on its investments with a co- operative bank would be eligible for claim of deduction under Sec. 80P(2)(d) of the Act. Still further, we find that the CBDT Circular No. 14, dated 28…

Gramin Seva Sahakari Samiti Maryadit, Dhamtari(C.G) vs. Income Tax Officer, Dhamtari, Dhamtari(C.G)

ITA 125/BIL/2017[2013-14]Status: DisposedITAT Raipur04 Aug 2022AY 2013-14

Bench: Shri Ravish Sood & Shri Arun Khodpia

Section 143(3)

…, dated 27.09.2017. (iv). Kaliandas Udyog Bhavan Pemises Co-op. Society Ltd. Vs. ITO, 21(2)(1), Mumbai We further 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 of State Bank Of India Vs. CIT (2016) 389 ITR 578 (Guj), had held, that the interest income earned by the assessee on its investments with a co- operative bank would be eligible for claim of deduction under Sec. 80P(2)(d) of the Act. Still further, we find that the CBDT Circular No. 14, dated 28…

Gramin Seva Sahakari Samiti Maryadit, Dhamtari(C.G) vs. Income Tax Officer, Dhamtari, Dhamtari(C.G)

ITA 124/BIL/2017[2013-14]Status: DisposedITAT Raipur04 Aug 2022AY 2013-14

Bench: Shri Ravish Sood & Shri Arun Khodpia

Section 143(3)

…, dated 27.09.2017. (iv). Kaliandas Udyog Bhavan Pemises Co-op. Society Ltd. Vs. ITO, 21(2)(1), Mumbai We further 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 of State Bank Of India Vs. CIT (2016) 389 ITR 578 (Guj), had held, that the interest income earned by the assessee on its investments with a co- operative bank would be eligible for claim of deduction under Sec. 80P(2)(d) of the Act. Still further, we find that the CBDT Circular No. 14, dated 28…

Gramin Seva Sahakari Samiti Maryadit, Dhamtari(C.G) vs. Income Tax Officer, Dhamtari, Dhamtari(C.G)

ITA 123/BIL/2017[2013-14]Status: DisposedITAT Raipur04 Aug 2022AY 2013-14

Bench: Shri Ravish Sood & Shri Arun Khodpia

Section 143(3)

…, dated 27.09.2017. (iv). Kaliandas Udyog Bhavan Pemises Co-op. Society Ltd. Vs. ITO, 21(2)(1), Mumbai We further 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 of State Bank Of India Vs. CIT (2016) 389 ITR 578 (Guj), had held, that the interest income earned by the assessee on its investments with a co- operative bank would be eligible for claim of deduction under Sec. 80P(2)(d) of the Act. Still further, we find that the CBDT Circular No. 14, dated 28…

Gramin Seva Sahakari Samiti Maryadit, Dhamtari(C.G) vs. Income Tax Officer, Dhamtari, Dhamtari(C.G)

ITA 122/BIL/2017[2013-14]Status: DisposedITAT Raipur04 Aug 2022AY 2013-14

Bench: Shri Ravish Sood & Shri Arun Khodpia

Section 143(3)

…, dated 27.09.2017. (iv). Kaliandas Udyog Bhavan Pemises Co-op. Society Ltd. Vs. ITO, 21(2)(1), Mumbai We further 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 of State Bank Of India Vs. CIT (2016) 389 ITR 578 (Guj), had held, that the interest income earned by the assessee on its investments with a co- operative bank would be eligible for claim of deduction under Sec. 80P(2)(d) of the Act. Still further, we find that the CBDT Circular No. 14, dated 28…

Gramin Seva Sahakari Samiti Maryadit, Dhamtari(C.G) vs. Income Tax Officer, Dhamtari, Dhamtari(C.G)

ITA 121/BIL/2017[2013-14]Status: DisposedITAT Raipur04 Aug 2022AY 2013-14

Bench: Shri Ravish Sood & Shri Arun Khodpia

Section 143(3)

…, dated 27.09.2017. (iv). Kaliandas Udyog Bhavan Pemises Co-op. Society Ltd. Vs. ITO, 21(2)(1), Mumbai We further 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 of State Bank Of India Vs. CIT (2016) 389 ITR 578 (Guj), had held, that the interest income earned by the assessee on its investments with a co- operative bank would be eligible for claim of deduction under Sec. 80P(2)(d) of the Act. Still further, we find that the CBDT Circular No. 14, dated 28…

Gramin Seva Sahakari Samiti Maryadit, Dhamtari(C.G) vs. Income Tax Officer, Dhamtari, Dhamtari(C.G)

ITA 120/BIL/2017[2013-14]Status: DisposedITAT Raipur04 Aug 2022AY 2013-14

Bench: Shri Ravish Sood & Shri Arun Khodpia

Section 143(3)

…, dated 27.09.2017. (iv). Kaliandas Udyog Bhavan Pemises Co-op. Society Ltd. Vs. ITO, 21(2)(1), Mumbai We further 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 of State Bank Of India Vs. CIT (2016) 389 ITR 578 (Guj), had held, that the interest income earned by the assessee on its investments with a co- operative bank would be eligible for claim of deduction under Sec. 80P(2)(d) of the Act. Still further, we find that the CBDT Circular No. 14, dated 28…

Gramin Seva Sahakari Samiti Maryadit, Dhamtari(C.G) vs. Income Tax Officer, Dhamtari, Dhamtari(C.G)

ITA 119/BIL/2017[2013-14]Status: DisposedITAT Raipur04 Aug 2022AY 2013-14

Bench: Shri Ravish Sood & Shri Arun Khodpia

Section 143(3)

…, dated 27.09.2017. (iv). Kaliandas Udyog Bhavan Pemises Co-op. Society Ltd. Vs. ITO, 21(2)(1), Mumbai We further 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 of State Bank Of India Vs. CIT (2016) 389 ITR 578 (Guj), had held, that the interest income earned by the assessee on its investments with a co- operative bank would be eligible for claim of deduction under Sec. 80P(2)(d) of the Act. Still further, we find that the CBDT Circular No. 14, dated 28…

The Gramin Sewa Sahakari Samiti Maryadit, Raipur (Cg) vs. The Income Tax Officer, Ward-1(3), Raipur, Raipur (Cg)

ITA 104/BIL/2017[2013-14]Status: DisposedITAT Raipur04 Aug 2022AY 2013-14

Bench: Shri Ravish Sood & Shri Arun Khodpia

Section 143(3)

…, dated 27.09.2017. (iv). Kaliandas Udyog Bhavan Pemises Co-op. Society Ltd. Vs. ITO, 21(2)(1), Mumbai We further 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 of State Bank Of India Vs. CIT (2016) 389 ITR 578 (Guj), had held, that the interest income earned by the assessee on its investments with a co- operative bank would be eligible for claim of deduction under Sec. 80P(2)(d) of the Act. Still further, we find that the CBDT Circular No. 14, dated 28…

C.G. Power and Industrial Solutions Ltd Employees Co Op. Credit Soc. Ltd, Mumbai vs. ITO 26 (1) (1), Mumbai

In the result, impugned order is set-aside and appeal by assessee is allowed

ITA 2044/MUM/2021[2015-16]Status: DisposedITAT Mumbai01 Aug 2022AY 2015-16

Bench: Shri Vikas Awasthyआअसं. 2044/मुं/2021 ("न.व 2015-16) Cg Power & Industrial Solutions Ltd.Employees Co Op Credit Society Ltd. C/O. Mrs. Sadhana Modak, 102, Kamal Villa Co-Op. Hsg. Society, Aaglave Lane, Gandhi Chowk, Kalyan West, Dist. Thane – 421 301. Pan: Aaaac-2551-P ...... अपीलाथ" /Appellant बनाम Vs. Income Tax Officer -26(1)(1), Kautilya Bhavan, Bandra(East) Mumbai 400 051. . ..... ""तवाद"/Respondent अपीलाथ" "वारा/ Appellant By : Shri Ritesh Gawande ""तवाद" "वारा/Respondent By : Ms. Beena Santosh सुनवाई क" "त"थ/ Date Of Hearing : 01/08/2022 घोषणा क" "त"थ/ Date Of Pronouncement : 01/08/2022

For Appellant: Shri Ritesh GawandeFor Respondent: Ms. Beena Santosh
Section 143(3)Section 80P(2)(a)Section 80P(2)(d)Section 80P(4)

…isallowed the assessee’s claim of deduction under section 80P(2)(d) of the Act in respect of said income of Rs.10,74,752/-. 6. The Hon'ble Karnataka High court in the subsequent judgment in the case of PCIT vs. Totagars, Co-operative Sale Society reported as 392 ITR 74 has held that for the purpose of section 80P(2)(d) of the Act, co-operative bank should be considered as cooperative 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. 7. However, on the same issue Hon'ble Karnataka High court in the subsequent judgment in t…

Saraswati Pagardar Sevakannchi Sahakari Pat. Maryadit, Pune vs. Pr. Commissioner of Income-Tax -5, Pune

Appeal is allowed in above terms

ITA 591/PUN/2019[2014-15]Status: DisposedITAT Pune29 Jul 2022AY 2014-15

Bench: Shri S.S. Godara & Dr. Dipak P. Ripoteनिर्धारण वषा / Assessment Year : 2014-15 Saraswati Pagardar Sevakannchi Vs. Pr.Cit-5, Pune Sahakari Patsanstha Maryadit Saraswati School, Shree Krushna Nagar, Akurdi, Pune-411035 Pan : Aaias8438H Appellant Respondent

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

…icer is set aside with a direction to complete the assessment afresh after verifying the details and allowing correct amount of deduction admissible to the assessee society.” 4. Mr. Meena further quoted PCIT vs. The Totagars Co- operative Sale Society (2017) 392 ITR 74 (Kar) that such an interest income deserves to be treated as „income from other sources‟ than under regular head of business u/s 80P of the Act. 5. We have given our thoughtful consideration to the Revenue‟s foregoing arguments supporting the learned PCIT‟s revision directions and find no merit therein as this tribunal‟s recent co- ordinate bench…

Umasa Chavan Nagari Sahakari Patsanstha, Solapur vs. Principal Commissioner of Income-Tax: 4, Pune

Appeal is allowed in above terms

ITA 232/PUN/2022[2017-18]Status: DisposedITAT Pune29 Jul 2022AY 2017-18

Bench: Shri S.S. Godara & Dr. Dipak P. Ripoteनिर्धारण वषा / Assessment Year : 2017-18 Umasa Chavan Nagari Sahakari Vs. Pr.Cit-4, Pune Patsanstha 267 46 Raviwar Peth, Solapur – 413005 Pan : Aaabu0049D Appellant Respondent

Section 263Section 80OSection 80PSection 80P(2)(a)

…the allowability of deduction u/s 80P. The Assessing Officer shall, accordingly, re-frame the assessment in the assessee's case in due compliance with the above directions.” 4. Mr. Meena further quoted PCIT vs. The Totagars Co- operative Sale Society (2017) 392 ITR 74 (Kar) that such an 6 Umasa Chavan Nagari Sah Patsanstha. interest income deserves to be treated as „income from other sources‟ than under regular head of business u/s 80P of the Act. 5. We have given our thoughtful consideration to the Revenue‟s foregoing arguments supporting the learned PCIT‟s revision directions and find no merit therein as th…

Swami Vivekanand State Co.Operative Credit Society Ltd., Solapur vs. Principal Commissioner of Income-Tax: 4, Pune

Appeal is allowed in above terms

ITA 230/PUN/2022[2017-18]Status: DisposedITAT Pune28 Jul 2022AY 2017-18

Bench: Shri S.S. Godara & Dr. Dipak P. Ripoteनिर्धारण वषा / Assessment Year : 2017-18 Swami Vivekanand Multi State Vs. Pr.Cit-4, Pune Co-Operative Credit Society Ltd. 658/659, Near Janta Bank, Main Road, Akkalkot, Dist. Solapur - 413216 Pan : Aaias3245A Appellant Respondent

Section 263Section 80PSection 80P(2)Section 80P(2)(a)Section 80P(2)(d)Section 8o

…ulti State Co-op. Credit Society Ltd. The Assessing Officer shall, accordingly, re-frame the assessment in the assessee’s case in due compliance with the above directions.” 4. Mr. Meena further quoted PCIT vs. The Totagars Co- operative Sale Society (2017) 392 ITR 74 (Kar) that such an interest income deserves to be treated as „income from other sources‟ than under regular head of business u/s 80P of the Act. 5. We have given our thoughtful consideration to the Revenue‟s foregoing arguments supporting the learned PCIT‟s revision directions and find no merit therein as this tribunal‟s recent co- ordinate bench…

M/S. Mumbai Kolsa Kamgar Sahakari Society, Mumbai vs. The ITO 17(2) (3), Mumbai

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

ITA 720/MUM/2022[2014-15]Status: DisposedITAT Mumbai28 Jul 2022AY 2014-15
Section 80PSection 80P(2)(d)

…n/2018 (ITAT Pune) (iii) Kaliandas Udyog Bhavan Pemises Co-op. Society Ltd. Vs. ITO, 21(2)(1), Mumbai We further 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 of State Bank Of India Vs. CIT (2016) 389 ITR 578 (Guj), had held, that the interest income earned by the assessee on its investments with a co- operative bank would be eligible for claim of deduction under Sec. 80P(2)(d) of the Act. Still further, we find that the CBDT Circular No. 14, dated 28…

Mahatma Phule Gramin Bigar Sheti Sahakari Pat Sanstha Maryadit, Solapur vs. Principal Commissioner of Income-Tax, Pune

Appeal is allowed in above terms

ITA 187/PUN/2021[2015-16]Status: DisposedITAT Pune19 Jul 2022AY 2015-16
For Appellant: NoneFor Respondent: Shri Rajeev Kumar
Section 143(3)Section 263Section 56Section 80PSection 80P(2)(a)Section 80p

…anks and statutory reserves “NRF”, respectively. 5. The learned C.I.T.D.R drew vehement support from the Pr. CIT’s revisional directions holding the assessee as not eligible for section 80P deduction in light of CIT Vs. Totgars Co-op. Sale Society Ltd. (2017) 392 ITR 74 (Karnataka) to buttress the point that on such interest income derived from surplus funds parked in a co-operative bank does not qualify for the instant deduction. 6. We have given thoughtful consideration to the foregoing rival submissions and find no substance in Revenue’s arguments. It emerges during the course of hearing that the very issue ha…

Karishma Co-Op Housing Society Ltd, Pune vs. Pr. Commissioner of Income Tax 2, Pune

Appeals are allowed in above terms

ITA 2/PUN/2021[2017-18]Status: DisposedITAT Pune07 Jul 2022AY 2017-18

Bench: Shri S.S.Godara & Dr. Dipak P. Ripoteआयकरअपीलसं. / Ita Nos.1 & 2/Pun/2021 िनधा"रणवष" / Assessment Years: 2016-17 & 2017-18 Karishma Co-Op Housing Pr.Commissioner Of Income Society Ltd., Vs Tax-2, Pune. Near Sangam Press, Karve . Road, Kothrud, Pune – 411038. Pan: Aaaak 9772 C Appellant/ Assessee Respondent /Revenue Assessee By Shri Pramod Shingte – Ar Revenue By Shri Sunil Kumar – Cit(Dr) Date Of Hearing 24/06/2022 Date Of Pronouncement 07/07/2022 आदेश/ Order Per S.S.Godara, Jm: These Assessee’S Twin Appeals For The A.Y.2016-17 & 2017- 18 Arise Against The Pr.Cit-2, Pune’S Separate Orders, Passed In Case No.Pn/Pcit-2/263/2020-21/1084, Pn/Pcit-2/263/2020-21/1085, Both Dated 10.12.2020, Respectively, Involving Proceedings Under Section 263 Of The Income Tax Act [In Short “The Act”].

Section 143(3)Section 263Section 80B(2)(ii)Section 80P(2)(d)

…/2018 (ITAT Pune) (iiii). Kaliandas Udyog Bhavan Pemises Co-op. Society Ltd. Vs. ITO, 21(2)(1), Mumbai We further 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 of State Bank Of India Vs. CIT (2016) 389 ITR 578 (Guj), had held, that the interest income earned by the assessee on its investments with a co-operative bank would be eligible for claim of deduction under Sec. 80P(2)(d) of the Act. Still further, we find that the CBDT Circular No. 14, dated 28.…

Karishma Co-Op Housing Society Ltd, Pune vs. Pr. Commissioner of Income Tax 2, Pune

Appeals are allowed in above terms

ITA 1/PUN/2021[2016-17]Status: DisposedITAT Pune07 Jul 2022AY 2016-17

Bench: Shri S.S.Godara & Dr. Dipak P. Ripoteआयकरअपीलसं. / Ita Nos.1 & 2/Pun/2021 िनधा"रणवष" / Assessment Years: 2016-17 & 2017-18 Karishma Co-Op Housing Pr.Commissioner Of Income Society Ltd., Vs Tax-2, Pune. Near Sangam Press, Karve . Road, Kothrud, Pune – 411038. Pan: Aaaak 9772 C Appellant/ Assessee Respondent /Revenue Assessee By Shri Pramod Shingte – Ar Revenue By Shri Sunil Kumar – Cit(Dr) Date Of Hearing 24/06/2022 Date Of Pronouncement 07/07/2022 आदेश/ Order Per S.S.Godara, Jm: These Assessee’S Twin Appeals For The A.Y.2016-17 & 2017- 18 Arise Against The Pr.Cit-2, Pune’S Separate Orders, Passed In Case No.Pn/Pcit-2/263/2020-21/1084, Pn/Pcit-2/263/2020-21/1085, Both Dated 10.12.2020, Respectively, Involving Proceedings Under Section 263 Of The Income Tax Act [In Short “The Act”].

Section 143(3)Section 263Section 80B(2)(ii)Section 80P(2)(d)

…/2018 (ITAT Pune) (iiii). Kaliandas Udyog Bhavan Pemises Co-op. Society Ltd. Vs. ITO, 21(2)(1), Mumbai We further 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 of State Bank Of India Vs. CIT (2016) 389 ITR 578 (Guj), had held, that the interest income earned by the assessee on its investments with a co-operative bank would be eligible for claim of deduction under Sec. 80P(2)(d) of the Act. Still further, we find that the CBDT Circular No. 14, dated 28.…