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

Abrama Seva Sahakari Mandli Limited, Na

In the result, appeal of the assessee is allowed in above terms

ITA 178/SRT/2021[2015-16]Status: DisposedITAT Surat27 Jun 2022AY 2015-16

Bench: Shripawan Singh, Jm &Dr. A.L.Saini, Am आयकर अपील सं./Ita No.178/Srt/2021 (िनधा"रणवष" / Assessment Year: (2015-16) (Virtual Court Hearing) Abrama Seva Sahakari Mandli Ltd., At V Income Tax Department, Navsari & Po. Abrama, Tal. Jalalpore, Dist. Circle, Navsari S. Navsari-396 445 "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aaaaa 1075 G (Appellant ) (Respondent)

For Appellant: Shri Sujesh Suratwala, CAFor Respondent: Shri J.K.Chandnani, Sr.DR
Section 143(3)Section 263Section 80P(2)(d)Section 80P(4)

…e Society Ltd. v. ITO [2018] 94 taxmann.com 15 (Mum. - Trib), ITA No.178/SRT/2021 A.Y. 2015-16 Veer Co-oprative Group Housing Society Ltd. v. ITO [2018] 67 ITR (Trib.) 268 (Delhi), Pr. CIT v. Totgars Co-oprative Sales Society Ltd. [2017] 78 taxmann.com 169/392 ITR 74 (Ker.), Totgars Cooprative Sales Society Ltd. v. ITO [2010] 188 Taxman 282/322 ITR 283 (SC), Uttar Gujarat Uma Co-operative Society Ltd. v. ITO [IT Appeal No. 1670 & 1671 (Ahd.) of 2018, dated 28-2-2019 Menasi Seemeya group Gramagala Seva Sahakari Sangh Niyamitha Venalli v. CIT [IT Appeal No. 609 & 610 (Bang.) of 2014, dated 06-2-2015], Solita…

Vikas Co. Op Credit Soc. Ltd, Mehsana vs. ITO, Ward-3, Mehsana

In the result, the appeal of the assessee is allowed

ITA 537/AHD/2019[2015-16]Status: DisposedITAT Ahmedabad24 Jun 2022AY 2015-16
For Appellant: Shri Samir Vora, A.RFor Respondent: Shri Purshottam Kumar, Sr. D.R
Section 250Section 263Section 80PSection 80P(2)(d)

…deposits made with nationalised/private banks, however, said benefit was available in respect of interest earned on deposits made with co-operative bank. 5.5 In the case of Pr. Commissioner of Income Tax and Anr. Vs. Totagars Cooperative Sale Society (2017) 392 ITR 74 (Karn), the Karnataka High Court has held that the interest income earned by a co- I.T.A No. 537/Ahd/2019 A.Y. 2015-16 Page No. 8 Vikas Co.op Credit Soc. Ltd. vs. ITO operative society on its investments held with a co-operative bank would be eligible for claim of deduction under Sec.80P(2)(d) of the Act. 5.6 Respectfully, following the decisio…

Shri Shridharswamy Credit Souharda Sahakari Niyamit, Belagavi vs. ITO, Ward - 2(1), Belgavi

In the result, all the three appeals of the assessee are partly allowed for statistical purposes

ITA 136/PAN/2018[2012-13]Status: DisposedITAT Panaji15 Jun 2022AY 2012-13

Bench: Shri C.M. Garg & Shri Girish Agrawal

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

…IN THE INCOME TAX APPELLATE TRIBUNAL, PANAJI BENCH, PANAJI BEFORE SHRI C.M. GARG, JUDICIAL MEMBER AND SHRI GIRISH AGRAWAL, ACCOUNTANT MEMBER I.T.A. Nos. 136 to 138/PAN/2018 Assessment Years: 2012-13 to 2014-15 Shri Shridharswamy Credit Vs. ITO, Souharda Sahakari Niyamit Ward 2(1), 1338, Gururaj Anugrah, Ground Belagavi. Floor, Ramalingkhind Galli, Belagavi – 590001. (PAN: AAABS1646E) Appellant Respondent Date of Hearing 13.06.2022 Date of Pronouncement 15.06.2022 Assessee by Shri U.G. Ammangi, CA Department by Shri Mayur Kamble, Sr. DR ORDER Per C.M. Garg, JM: The above appeals filed by the Assessee are directe…

El Cid Co .Op.Hsg. Soc. Ltd., Mumbai vs. ITO, WD 19(1)(3), Mumbai

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

ITA 2266/MUM/2021[2016-17]Status: DisposedITAT Mumbai14 Jun 2022AY 2016-17

Bench: Shri M. Balaganesh () & Shri Pavan Kumar Gadale () Assessment Year: 2016-17

For Appellant: Mr. Pravin Chedda, ARFor Respondent: Ms. Samruddhi Hande, DR
Section 143(2)Section 143(3)Section 234BSection 234CSection 5(1)Section 80P(2)(d)

…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.…

M/S.Nlc Indcoserve, Cuddalore vs. Income Tax Officer, Ward-2, Cuddalore

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

ITA 900/CHNY/2020[2016-17]Status: DisposedITAT Chennai08 Jun 2022AY 2016-17

Bench: Shri Mahavir Singhand Shri Girish Agrawal

For Appellant: NoneFor Respondent: Shri. AR V Sreenivasan, Addl. CIT
Section 143(3)Section 72Section 80PSection 80P(2)Section 80P(2)(a)Section 80P(2)(d)Section 80P(2)(vi)

…operative Housing Society Ltd. Vs. ITORange-20(2)(2), Mumbai (ITA No. 6139/Mum/2014, dated 27.09.2017. 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 also held that the interest income earned by the assessee on its investments held 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,…

The Villupuram District Consumer Cooperative Wholesale Stores Ltd., Villupuram vs. ACIT, Villupuram

In the result, the appeals filed by the Revenue & Assessee in ITA Nos

ITA 667/CHNY/2020[2016-17]Status: DisposedITAT Chennai08 Jun 2022AY 2016-17

Bench: Shri Mahavir Singhand Shri Manoj Kumar Aggarwalआयकर अपील सं./Ita Nos.: 01 & 02/Chny/2021 िनधा"रण वष" /Assessment Years: 2011-12 & 2012–13 The Acit, The Villupuram District Circle-1, V. Consumer Co-Operative Cuddalore Wholesale Stores Ltd., No.20, Poonthamalli Street, Villupuram – 605 602. Pan: Aabat 1251G (अपीलाथ"/Appellant) (""यथ"/Respondent) & C.O. Nos.: 04 & 05/Chny/2022 (In I.T.A. Nos. 01 & 02/Chny/2021) िनधा"रण वष" /Assessment Years: 2011-12 & 2012 – 13 The Villupuram District The Acit, Consumer Co-Operative V. Circle-1, Wholesale Stores Ltd., Cuddalore No.20, Poonthamalli Street, Villupuram – 605 602. Pan: Aabat 1251G (अपीलाथ"/Appellant) (""यथ"/Respondent) & आयकर अपील सं./Ita No.: 667/Chny/2020 िनधा"रण वष" /Assessment Year: 2016-17 The Villupuram District The Acit, Consumer Co-Operative V. Villupuram Circle, Wholesale Stores Ltd., Villupuram No.20, Poonthamalli Street, Villupuram – 605 602. Pan: Aabat 1251G (अपीलाथ"/Appellant) (""यथ"/Respondent)

For Appellant: Shri J. Prabhakar, CAFor Respondent: Shri AR.V. Sreenivasan, Addl.CIT
Section 143(3)

…tive societies need to be treated as Co- operative Societies per-se in accordance with purposive construction of section 80 P read with section 2(19) of the Act. 5. The learned CIT (Appeals) is ought to have relied upon the judicial aictum rendered in [2017] 392 ITR 74 (Kar) as well as [2020] 421 ITR 670 (Kar). 6. The learned CIT (Appeals) failed to notice that the restrictions imposed under section 80(P)(4) affects only the receipts or income of the Co- operative Bank per se and not the interest expended by such bank in favour of the appellant herein as a Co- operative Society. 7. The learned CIT (Appeals) is…

Sahyadri Sahakari Sakhar Karkhana Ltd, Kolhapur vs. Assistant Commissioner of Income-Tax, Circle -1., Kolhapur

Appeal is allowed

ITA 676/PUN/2021[2016-17]Status: DisposedITAT Pune30 May 2022AY 2016-17

Bench: Shri S.S.Godara

Section 143(3)Section 80PSection 80P(4)

…ugned deduction itself rather than a cooperative society deriving interest income from its deposits made in such an institution. Coupled with this, case law in State Bank of India Vs.CIT (2016) 389 ITR 578 (Guj.) and CIT Vs. Totagar Cooperative Society (2017) 392 ITR 74 (Kar.) already decides the instant issue in assessee’s favour and against the department thereby holding that interest income derived from a cooperative bank is indeed allowable as Sec.80P deduction. I accordingly delete the impugned disallowance in very terms. 4. This assessee’s appeal is allowed. Order pronounced in the Open Court on 30th May,…

Sea Flama(Dosti Flamingos) Chs Ltd, Mumbai vs. DCIT (E) -1 (1), Mumbai

In the result, all the appeals are allowed

ITA 2317/MUM/2021[2015-16]Status: DisposedITAT Mumbai27 May 2022AY 2015-16
For Appellant: Shri Kishor P. ChoudhariFor Respondent: Shri Avinash Tiwari
Section 80PSection 80P(2)(a)Section 80P(2)(d)

…operative Housing Society Ltd. Vs. ITORange-20(2)(2), Mumbai (ITA No. 6139/Mum/2014, dated 27.09.2017. 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 also held that the interest income earned by the assessee on its investments held 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,…

The ACIT, Patan Circle, Patan vs. The Sardar Patel Co Opertaive Credit Society Limited, Mehsana

In the result, the appeal of the revenue is dismissed

ITA 1404/AHD/2019[2016-17]Status: DisposedITAT Ahmedabad20 May 2022AY 2016-17
For Appellant: NoneFor Respondent: Shri Sudhendu Das, Sr. D.R
Section 271(1)(c)Section 56Section 56oSection 57Section 80PSection 80P(2)(d)

…rest earned on deposits made with co-operative bank. I.T.A No. 1404/Ahd/2019 A.Y. 2016-17 Page No. 6 ACIT vs. The Sardar Patel Co-Op. Credit Society Ltd. 5.4 In the case of Pr. Commissioner of Income Tax and Anr. Vs. Totagars Cooperative Sale Society (2017) 392 ITR 74 (Karn), the Karnataka High Court has held that the interest income earned by a co- operative society on its investments held with a co-operative bank would be eligible for claim of deduction under Sec.80P(2)(d) of the Act. 5.5 Respectfully, following the decision of Honourable High Court of Gujarat and other cases cited above, in our view, intere…

The Dhanera Nagarik Sahakari Mandali Ltd., Banaskantha vs. The Asstt. Commissioner of Income Tax, Circle, Palanpur

In the result, the appeal of the assessee is allowed

ITA 125/AHD/2021[2017-18]Status: DisposedITAT Ahmedabad19 May 2022AY 2017-18

Bench: The Final Hearing.”

For Appellant: Shri Manthan Khokhani, A.RFor Respondent: Shri V.K. Singh, Sr. D.R
Section 80PSection 80P(2)(a)Section 80P(2)(d)

…deposits made with nationalised/private banks, however, said benefit was available in respect of interest earned on deposits made with co-operative bank. 6.3 In the case of Pr. Commissioner of Income Tax and Anr. Vs. Totagars Cooperative Sale Society (2017) 392 ITR 74 (Karn), the Karnataka High Court has held that the interest income earned by a co- operative society on its investments held with a co-operative bank would be eligible for claim of deduction under Sec.80P(2)(d) of the Act. 6.4 Respectfully, following the decision of Honourable High Court of Gujarat and other cases cited above, in our view, intere…

M/S Nagashettikoppa Chibbalageri Vyavasaya Seva Sahakari Sangha Niyamit, Uttara Kannada vs. Income Tax Officer, Ward-2(3), Hubballi

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

ITA 53/BANG/2022[2017-18]Status: DisposedITAT Bangalore12 May 2022AY 2017-18

Bench: Shri Chandra Poojariassessment Year : 2017-18

For Appellant: Sri Vishal S Rao, A.RFor Respondent: Shri Ganesh R. Ghale, Standing counsel for dept
Section 143(2)Section 234BSection 80P(2)(a)

…ITA No.53/Bang/2022 M/s. Nagashettikoppa Chibbalageri Vyavasaya Seva Sahakari Sangha Niyamit, Dist. Uttara Kannada IN THE INCOME TAX APPELLATE TRIBUNAL “SMC” “C’’BENCH: BANGALORE BEFORE SHRI CHANDRA POOJARI, ACCOUNTANT MEMBER Assessment Year : 2017-18 M/s. Nagashettikoppa Chibbalageri Vyavasaya Seva Sahakari Sangha Niyamit Taluk Haliyal Nagashetty Koppa 581329 Vs. ITO Ward-2(3) District Uttara Kannada Hubballi PAN NO : AAAAN6723E APPELLANT RESPONDENT Appellant by : Sri Vishal S Rao, A.R. Respondent by : Shri Ganesh R. Ghale, Standing counsel for dept. Date of Hearing : 12.05.2022 Date of Pronouncement : 12.…

Shri Mahila Co. Op. Credit Society Ltd., Botad vs. The ACIT, Circle-1, Bhavnagar

In the result, the appeal of the assessee is allowed

ITA 57/AHD/2022[2017-18]Status: DisposedITAT Ahmedabad06 May 2022AY 2017-18
For Appellant: NoneFor Respondent: Shri Umesh Agarwal, Sr. D.R
Section 56Section 80Section 80PSection 80P(2)Section 80P(2)(d)

…deposits made with nationalised/private banks, however, said benefit was available in respect of interest earned on deposits made with co-operative bank. 6.3 In the case of Pr. Commissioner of Income Tax and Anr. Vs. Totagars Cooperative Sale Society (2017) 392 ITR 74 (Karn), the Karnataka High Court has held that the interest income earned by a co- operative society on its investments held with a co-operative bank would be eligible for claim of deduction under Sec.80P(2)(d) of the Act. 6.4 Respectfully, following the decision of Honourable High Court of Gujarat and other cases cited above, in our view, intere…

The Brahmarshi Co Opp Credit Society Limited, Arvalli vs. Assessing Officer, Circle, Himatnagar, Arvalli

In the result, the appeal of the assessee is partly allowed

ITA 243/AHD/2021[2017-18]Status: DisposedITAT Ahmedabad06 May 2022AY 2017-18
For Appellant: NoneFor Respondent: Shri V.K. Singh, Sr. D.R
Section 56Section 80PSection 80P(2)(a)Section 80P(2)(d)

…the hands of the assessee. 6.1 Now, so far as the interest earned by the assessee on deposits kept with Co-Operative bank is concerned, 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 the case of State Bank Of India Vs. CIT (2016) 389 ITR 578 (Guj), have held that the interest income earned by a co-operative society on its investments held with a co-operative bank would be eligible for claim of deduction under Sec.80P(2)(d) of the Act. Respectfully, following the decision of Honourabl…

Tulsiani Chambers Premises Cooperative Society Ltd, Nariman Point vs. WD 17(3) (4), Mumbai

In the result, the four appeals filed by the assessee are allowed

ITA 2459/MUM/2021[2017-18]Status: DisposedITAT Mumbai28 Apr 2022AY 2017-18

Bench: Shri Pavan Kumar Gadale & Shri Amarjit Singh

For Appellant: Shri Ashok Rao &For Respondent: Shri B.K. Bagchi.DR
Section 143(1)Section 143(2)Section 143(3)Section 2(19)Section 234ASection 234BSection 80Section 80PSection 80P(2)(c)Section 80P(2)(d)

…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.…

M/S. Kallakurichi Co-Operative Sugar Mills Ltd., Kallakurichi vs. ACIT, Villupuram

In the result, the appeals filed by the assessee in ITA

ITA 410/CHNY/2020[2012-13]Status: DisposedITAT Chennai25 Apr 2022AY 2012-13

Bench: Shri Mahavir Singh, Hon’Ble & Shri G. Manjunatha, Hon’Bleआयकर अपील सं./Ita No.369/Chny/2019 & Ita Nos.409 & 410/Chny/2020 िनधा"रण वष" /Assessment Year: 2015-16 & Assessment Years: 2011-12 & 2012-13 V. M/S.Kallakurichi Co-Operative- The Asst. Commissioner- Sugar Mills Unit-Ii, Of Income Tax, Cs11, Kachirapalayam, Villupuram Circle, Kallakurichi, Villupuram. Villupuram. [Pan: Aaaak 0655 Q] (अपीलाथ"/Appellant) (""यथ"/Respondent)

For Respondent: Mr.Sanat Kumar Raha
Section 143Section 143(3)Section 147Section 2(19)Section 56Section 80PSection 80P(2)(d)

…80P(2)(d) of the Act. 5. The Ld.CIT(A) after considering the relevant submissions of the assessee and also by following the decision of the Hon’ble Karnataka High Court in the case of Pr.CIT and Anr. V. Totgars Co-operative Sale Society, reported in [2017] 392 ITR 74 (Karnataka), held that a Co-operative Society is not entitled for deduction u/s.80P(2)(d) of the Act, in respect of interest income earned from any other bank, including Co-operative Bank. The relevant findings of the Ld.CIT(A) are as under: 3.3.1 The Hon'ble Karnataka High Court, as seen from the above order had extensively discussed the matte…

M/S. Kallakurichi Co-Operative Sugar Mills Ltd., Kallakurichi vs. ACIT, Villupuram

In the result, the appeals filed by the assessee in ITA

ITA 409/CHNY/2020[2011-12]Status: DisposedITAT Chennai25 Apr 2022AY 2011-12

Bench: Shri Mahavir Singh, Hon’Ble & Shri G. Manjunatha, Hon’Bleआयकर अपील सं./Ita No.369/Chny/2019 & Ita Nos.409 & 410/Chny/2020 िनधा"रण वष" /Assessment Year: 2015-16 & Assessment Years: 2011-12 & 2012-13 V. M/S.Kallakurichi Co-Operative- The Asst. Commissioner- Sugar Mills Unit-Ii, Of Income Tax, Cs11, Kachirapalayam, Villupuram Circle, Kallakurichi, Villupuram. Villupuram. [Pan: Aaaak 0655 Q] (अपीलाथ"/Appellant) (""यथ"/Respondent)

For Respondent: Mr.Sanat Kumar Raha
Section 143Section 143(3)Section 147Section 2(19)Section 56Section 80PSection 80P(2)(d)

…80P(2)(d) of the Act. 5. The Ld.CIT(A) after considering the relevant submissions of the assessee and also by following the decision of the Hon’ble Karnataka High Court in the case of Pr.CIT and Anr. V. Totgars Co-operative Sale Society, reported in [2017] 392 ITR 74 (Karnataka), held that a Co-operative Society is not entitled for deduction u/s.80P(2)(d) of the Act, in respect of interest income earned from any other bank, including Co-operative Bank. The relevant findings of the Ld.CIT(A) are as under: 3.3.1 The Hon'ble Karnataka High Court, as seen from the above order had extensively discussed the matte…

M/S. Kallakurichi Co-Operative Sugar Mills Ltd., Kallakurichi vs. ACIT, Villupuram

In the result, the appeals filed by the assessee in ITA

ITA 369/CHNY/2019[2015-16]Status: DisposedITAT Chennai25 Apr 2022AY 2015-16

Bench: Shri Mahavir Singh, Hon’Ble & Shri G. Manjunatha, Hon’Bleआयकर अपील सं./Ita No.369/Chny/2019 & Ita Nos.409 & 410/Chny/2020 िनधा"रण वष" /Assessment Year: 2015-16 & Assessment Years: 2011-12 & 2012-13 V. M/S.Kallakurichi Co-Operative- The Asst. Commissioner- Sugar Mills Unit-Ii, Of Income Tax, Cs11, Kachirapalayam, Villupuram Circle, Kallakurichi, Villupuram. Villupuram. [Pan: Aaaak 0655 Q] (अपीलाथ"/Appellant) (""यथ"/Respondent)

For Respondent: Mr.Sanat Kumar Raha
Section 143Section 143(3)Section 147Section 2(19)Section 56Section 80PSection 80P(2)(d)

…80P(2)(d) of the Act. 5. The Ld.CIT(A) after considering the relevant submissions of the assessee and also by following the decision of the Hon’ble Karnataka High Court in the case of Pr.CIT and Anr. V. Totgars Co-operative Sale Society, reported in [2017] 392 ITR 74 (Karnataka), held that a Co-operative Society is not entitled for deduction u/s.80P(2)(d) of the Act, in respect of interest income earned from any other bank, including Co-operative Bank. The relevant findings of the Ld.CIT(A) are as under: 3.3.1 The Hon'ble Karnataka High Court, as seen from the above order had extensively discussed the matte…

Prathamik Krishi Pattin Sahakari Sangh Niyamit Sankeshwar, Belgaum vs. ITO, Ward - 1(3), Belgaum

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

ITA 64/PAN/2018[2012-13]Status: DisposedITAT Panaji06 Apr 2022AY 2012-13

Bench: Shri Inturi Rama Rao, Am & Shri S. S. Viswanethra Ravi, Jm आयकर अपील सं. / Ita No.64/Pan/2018 िनधा"रण वष" / Assessment Year : 2012-13 Prathamik Krishi Pattin Sahakhari Sangh Niyamit Sankeshwar, Azad Road, Sankeshwar, Tq: Hukkeri, Dist. Belgaum- 591313. .......अपीलाथ" / Appellant Pan : Aaaat4153E बनाम / V/S. Ito, Ward- 1(3), ……""यथ" / Respondent Belgaum. Assessee By : Shri M. S. Tigadi Revenue By : Shri Rijula Uniyal सुनवाई क" तारीख / Date Of Hearing : 04.04.2021 घोषणा क" तारीख / Date Of Pronouncement : 06.04.2022 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), Belagavi [‘Cit(A)’ For Short] Dated 29.11.2017 For The Assessment Year 2012-13. 2. Briefly, The Facts Of The Case Are That The Appellant Is A Cooperative Society Engaged In The Business Of Providing Credit Facilities To Its Members. The Return Of Income For The Assessment Year 2012-13 Was Filed On 15.09.2013 Declaring Rs.Nil Income. Against The Said Return Of Income, The Assessment Was Completed By The Income Tax Officer, Ward- 1(3), Belgaum (‘The Assessing

For Appellant: Shri M. S. TigadiFor Respondent: Shri Rijula Uniyal
Section 143(3)Section 80P(2)(a)Section 80P(2)(d)Section 80P(4)

…d) of the Act is that interest was received from cooperative bank has no legs to stand as a cooperative bank is also a cooperative society. This issue was considered by the Hon’ble Karnataka High Court in the case of CIT vs. Totagars Cooperative Sale Society, 392 ITR 74 (Karn) wherein the Hon’ble High Court referring to the Hon’ble Supreme Court in the case of Totgars Co-operative Sales Society Ltd. (supra) held that the ratio of decision of the Hon’ble Supreme Court in the aforesaid case (supra) 4 not to be applicable in respect of interest income on investment as same falls under the provisions of section 80P(…

Belgaum Coal & Coke Consumer Co-Op Association Ltd, Belgaum vs. ITO, Ward - 1(1), Belgavi

The appeal of the assessee is partly allowed for statistical purposes in terms of our aforesaid observations

ITA 102/PAN/2018[2010-11]Status: DisposedITAT Panaji06 Apr 2022AY 2010-11

Bench: Shri Ravish Sood & Shri Jamlappa D Battullआयकर अपील सं. / Ita No. 102/Pan/2018 "नधा"रण वष" / Assessment Year : 2010-11 Belgaum Coal & Coke Consumer Co-Operative Association Ltd. Khanapur Road, Udyambag, Belgaum-590 008. Pan : Aaaat4615M .......अपीलाथ" / Appellant बनाम / V/S. The Income Tax Officer, Ward-1(1), Belagavi. ……""यथ" / Respondent

For Appellant: Shri Shivanand Halbhavi, CAFor Respondent: Shri Sourabh Nayak, Sr. DR
Section 143(3)Section 2(19)Section 263Section 80P(2)(d)Section 80P(2)(e)

…4, dated 27.09.2017. (iv). KaliandasUdyog 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 Markandey Mahila Multipurpose Co-Op. Society Ltd, Belgaum vs. ITO, Ward - 1(2), Belgaum

In the result, appeal of the assessee is allowed in terms of our aforesaid observations

ITA 372/PAN/2017[2012-13]Status: DisposedITAT Panaji31 Mar 2022AY 2012-13

Bench: Shri Ravish Sood & Shri Jamlappa D Battullआयकर अपील सं. / Ita No. 372/Pan/2017 "नधा"रण वष" / Assessment Year : 2012-13 The Markendey Mahila Multipurpose Co-Op Society Ltd.,12, At Post-Kangrail-Khurd, Taluka & Dist. Belgaum. Pan : Aabam5563C .......अपीलाथ" / Appellant बनाम / V/S. The Income Tax Officer, Ward -1(2), Belgaum ……""यथ" / Respondent Assessee By : Shri Pramod Vaidhya, Ar Revenue By : Shri Sourabh Nayak, Sr. Dr

For Appellant: Shri Pramod Vaidhya, ARFor Respondent: Shri Sourabh Nayak, Sr. DR
Section 143(1)Section 143(2)Section 143(3)Section 56Section 80PSection 80P(2)(a)Section 80P(2)(d)Section 80P(4)

…4, dated 27.09.2017. (iv). KaliandasUdyog 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.…