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

Nikhara Souharda Credit Co-Operative Limited, Bengaluru vs. The Income Tax Officer, Ward- 5(2)(5), Bengaluru

In the result, the appeals filed by the assessee are allowed for statistical purposes

ITA 629/BANG/2020[2013-14]Status: DisposedITAT Bangalore22 Sept 2021AY 2013-14

Bench: Shri George George K

For Appellant: Sri.Nitish Ranjan, CAFor Respondent: Sri.Ganesh R.Ghale, Standing Counsel
Section 143(2)Section 2(19)Section 57Section 80PSection 80P(2)(a)Section 80P(2)(d)

…IN THE INCOME TAX APPELLATE TRIBUNAL BANGALORE “SMC-B” BENCH, BANGALORE Before Shri George George K, Judicial Member ITA No.629/Bang/2020 : Asst.Year 2013-2014 ITA No.630/Bang/2020 : Asst.Year 2014-2015 M/s.Nikhara Souharda Credit Co- The Income Tax Officer operative Limited Ward 5(2)(5) v. Bengaluru. No.148/1-1, 10th Main BKS 1st Stage, Srinagar Bengaluru – 560 050. PAN : AAATN9165H. (Appellant) (Respondent) Appellant by : Sri.Nitish Ranjan, CA Respondent by : Sri.Ganesh R.Ghale, Standing Counsel Date of Pronouncement : 22.09.2021 Date of Hearing : 21.09.2021 O R D E R These appeals at the instance of the ass…

Shree Madhi Surali Vibhag Nagrik Sahakari Dhiran Mandali Ltd, Surat vs. Pr.CIT-2, Surat

In the result, appeal of the assessee is allowed

ITA 305/SRT/2019[2014-15]Status: DisposedITAT Surat15 Sept 2021AY 2014-15

Bench: Shri Pawan Singh & Dr. Arjun Lal Saini(Hearing In Virtual Court) Shree Madhi Surali Vibhag The Principal Nagriksahakari Dhiran Mandali Commissioner Of Income- Vs. Ltd., Tax-2, Surat. At & Po Madhi, Tal. Bardoli, Surat – 394340. Pan: Aadas 5644 L Applicant Respondent

Section 142(1)Section 143(3)Section 254(1)Section 263Section 80Section 80P

…Co-op Credit Society Ltd in ITA No. 1491/Ahd/2012 dated 31/10/2012,  CIT v. Sabarkantha District Co-operative Milk Producers Union Ltd. [Tax Appeal No. 473 of 2014 dated 16-6-2014]  Pr. CIT v. Totgars Co-oprative Sales Society Ltd. [2017] 78 taxmann.com 169/392 ITR 74 (Ker.), 6 Shree Madhi Surali Vibhag nagrikSahakari Dhiran Mandali Ltd., (AY 2014-15)  Totgars Cooprative Sales Society Ltd. v. ITO [2010] 188 Taxman 282/322 ITR 283 (SC),  Solitaire CGHS v. Pr. CIT [IT Appeal No. 3155 (Mum.) of 2019, dated 29-11-2017], 8. The ld.AR of the assessee finally submits that the Hon'ble Karnataka High Court in PCTI v…

Petit Towers Co-Op Housing Soc. Ltd., Mumbai vs. ITO - 19(2)(5), Mumbai

ITA 549/MUM/2021[2015-16]Status: DisposedITAT Mumbai01 Sept 2021AY 2015-16

Bench: Shri S.Rifaur Rahman () & Shri Ravish Sood () M/S Petit Towers Co-Op. Income Tax Officer, 19(2)(5) Housing Society Ltd. Vs. Matru Mandir, Cs 597 & 598, Petit Towers, Mumbai - 400 007 August Kranti Marg, Bomani Petit Road, Cumballa Hill, Kemps Corner, Mumbai – 400 036 Pan No. Aaaap5446J (Assessee) (Revenue) Assessee By : Shri Vijay Mehta, A.R Revenue By : Shri R. K. Sahu, D.R Date Of Hearing : 26/08/2021 Date Of Pronouncement : 01/09/2021 Order Per Ravish Sood, J.M: The Present Appeal Filed By The Assessee Is Directed Against The Order Passed By The Pr. Commissioner Of Income Tax, Mumbai-19 (For Short “Pr. Cit”), U/S 263 Of The Income Tax Act, 1961 (For Short „Act‟), Dated 17.02.2021, Which In Turn Arises From The Order Passed By The A.O U/S 143(3) Of The Act, Dated 31.08.2017. The Assessee Has Assailed The Impugned Order On The Following Grounds Of Appeal:

For Appellant: Shri Vijay Mehta, A.RFor Respondent: Shri R. K. Sahu, D.R
Section 143(1)Section 143(2)Section 143(3)Section 263Section 40Section 80PSection 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. Ravindra Multipurpose Co-Operative Society Limited, Udupi vs. Income Tax Officer, Ward - 3, Udupi

In the result, the appeal of the assessee is allowed for statistical purposes

ITA 1262/BANG/2019[2016-17]Status: DisposedITAT Bangalore31 Aug 2021AY 2016-17

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

For Appellant: Shri Ramasubramaniyan, C.AFor Respondent: Smt. H Kabila, Addl.CIT
Section 143(2)Section 80PSection 80P(2)(a)Section 80P(2)(d)

…of that case. Similar view taken in case of Guttigedarara Credit Co-operative Society Ltd. vs. ITO reported in [2015] 377 ITR 464 by Hon’ble Karnataka High Court. In a subsequent decision of Pr.CIT And Anrs vs. Totagars Co- Operative Sale Society reported in 392 ITR 74 in the context of deduction u/s.80P(2)(d) of the Act, it was held by Hon’ble Karnataka high Court that deduction in respect of any income by way of interest or dividends derived by the co-operative society from its investments with any other co-operative society, the whole of such income is available under sec.80P(2)(d) of the Act. Hon’ble Karnata…

M/S. Potters Cottage Industrial Co-Operative Society Limited, Puttur vs. Income Tax Officer, Ward- 1, Puttur

In the result, the appeal of the assessee is allowed for statistical purposes

ITA 1257/BANG/2019[2015-16]Status: DisposedITAT Bangalore30 Aug 2021AY 2015-16

Bench: Shri Chandra Poojari & Smt. Beena Pillai

For Respondent: Shri V Srinivasan, Advocate
Section 234Section 57Section 80P

…IN THE INCOME TAX APPELLATE TRIBUNAL ‘C’ BENCH : BANGALORE BEFORE SHRI CHANDRA POOJARI, ACCOUNTANT MEMBER AND SMT. BEENA PILLAI, JUDICIAL MEMBER ITA No.1257 & 1258/Bang/2019 Assessment Year : 2015-16 M/s Potters Cottage The Income-Tax Officer, Industiral Co-operative Ward-1, Society Ltd., Puttur. 02, Kulala Sahakara Vs. Bhavana, Puttur-574 201. PAN – AAAAP 1215 B APPELLANT RESPONDENT : Shri V Srinivasan, Advocate Assessee by Revenue by : Smt. H Kabila, Addl.CIT Date of Hearing : 26-08-2021 Date of Pronouncement : 30-08-2021 ORDER PER BEENA PILLAI, JUDICIAL MEMBER Present appeals are filed by the assessee agai…

M/S Doshi Palace Co - Operative Hsg. Soc. Ltd., Mumbai vs. ACIT - 19(1), Mumbai

In the result, appeal of the assessee is allowed

ITA 3510/MUM/2019[2015-16]Status: DisposedITAT Mumbai20 Aug 2021AY 2015-16

Bench: Shri Vikas Awasthyआअसं. 3510/मुं/2019 (िन.व.2015-16) M/S Doshi Palace Co-Operative Hsg Soc. Ltd. 24, Walkeshwar Road, Walkeshwar, Mumbai-400006. ...... अपीलाथ" /Appellant Pan: Aaaad3401H बनाम Vs. Acit-19(1), Matru Mandir, ..... "ितवाद"/Respondent Mumbai-400007 अपीलाथ" "ारा/ Appellant By : None "ितवाद" "ारा/Respondent By : Sh. Sanjay J. Sethi सुनवाई क" ितिथ/ Date Of Hearing : 23/06/2021 घोषणा क" ितिथ/ Date Of Pronouncement : 20/08/2021 आदेश/ Order Per Vikas Awasthy, J.M: This Appeal By The Assessee Is Against The Order Of Commissioner Of Income Tax (Appeals)-18, Mumbai [Hereinafter Referred To As ‘The Cit(A)’] Dated 14.03.2019 For The Assessment Year (Ay) 2015-16. The Solitary Ground Raised By The Assessee In Appeal Is Against Rejection Of Assessee’S Claim Of Deduction Under Section 80P(2)(D) Of The Income Tax Act, 1961 [Hereinafter Referred To As ‘The Act’].

For Appellant: NoneFor Respondent: Sh. Sanjay J. Sethi
Section 80PSection 80P(2)(d)Section 80P(4)

…the ld. CIT(A) in granting deduction u/s.80P(2)(d) of the Act in respect of interest and dividend income earned by the assessee on such facts.” [Emphasised by us.] 7. The Hon'ble Karnataka High court in the case of PCIT vs. Totagars, Cooperative Sale Society 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. 8. However, on the same issue Hon'ble Karnataka High court in the case of PCIT vs. Totagar…

Hyde Park (A) Co Operative Housing Society Limited, Pune vs. Income Tax Officer, Ward 5 (4), Pune

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

ITA 262/PUN/2020[2016-2017`]Status: DisposedITAT Pune17 Aug 2021

Bench: Shri Inturi Rama Rao, Am & Shri Partha Sarathi Chaudhury, Jm आयकर अपील सं. / Ita No.262/Pun/2020 िनधा"रण वष" / Assessment Year : 2016-17 Hyde Park (A) Cooperative Housing Society Limited, Society Office Hyde Park (A) Cooperative Housing Society Ltd., Market Yard Road, Market Yard, Pune-411037. .......अपीलाथ" / Appellant Pan : Aaajh0371F बनाम / V/S. Ito, Ward-5(4), ……""यथ" / Respondent Pune. Assessee By : Shri Sanket M. Joshi Shri Sudeep Chhallani Revenue By : Shri S. P. Walimbe सुनवाई क" तारीख / Date Of Hearing : 16.08.2021 घोषणा क" तारीख / Date Of Pronouncement : 17.08.2021 आदेश / Order Per Inturi Rama Rao, Am: This Is An Appeal Filed By The Assessee Directed Against The Order Of The Learned Commissioner Of Income Tax (Appeals)- 4, Pune (‘Cit(A)’ For Short) Dated 24.09.2019 For The Assessment Year 2016-17. 2. Briefly, The Facts Of The Case Are As Under :- The Appellant Is A Cooperative Society Formed Under The Maharashtra Cooperative Societies Act, 1960. It Is Formed With The Object Of Maintaining The Housing Society. The Return Of Income For The Assessment Year 2016-17 Was Filed On 07.09.2016 Declaring Total Income Of Rs.Nil. Against The Said Return Of Income, The Assessment Was Completed By The Income Tax Officer, Ward- 5(4), Pune (‘The Assessing Officer’) Vide Order Dated 22.12.2018 Passed

For Appellant: Shri Sanket M. JoshiFor Respondent: Shri S. P. Walimbe
Section 143(3)Section 80P(2)(d)

…the same after due verification in the light of the following decisions :- (i) Land and Co-operative Housing Society Ltd. vs. ITO, 46 CCH 50 (Mum.); (ii) State Bank of India vs. CIT, 389 ITR 578 (Guj.) (iii) PCIT vs. Totagar’s Co-operative Sale Society Ltd., 392 ITR 74; and, (iv) Shree Mahadeshwar Sahakari vs. ITO, ITA No.374/Mum/2018. 4. Being aggrieved by the above order of the ld. CIT(A), the appellant is before us in the present appeal. 5. During the course of hearing before us, the grounds of appeal relating to the applicability of the principle of mutuality was given up. However, he 3 pressed the followin…

M/S. Jyothi Pattin Souhard Sahakari Niyamit, Gadag vs. Principal Commissioner of Income Tax, Hubballi

In the result, appeal of the Assessee is dismissed

ITA 650/BANG/2020[2015-16]Status: DisposedITAT Bangalore13 Aug 2021AY 2015-16
For Appellant: Shri. R. Chandrashekar, AdvocateFor Respondent: Ms. Neera Malhotra, CIT(DR)(ITAT), Bengaluru
Section 143(3)Section 263Section 28Section 80Section 80P(2)(a)Section 80P(2)(d)

…IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH : BANGALORE BEFORE SHRI N.V. VASUDEVAN, VICE PRESIDENT AND SHRI CHANDRA POOJARI, ACCOUNTANT MEMBER Assessment Year : 2015-16 M/s. Jyothi Pattin Souhard Sahakari Niyamit, Vs. The Principal Commissioner of Income Tax, APMC, Gadag. Hubbali. PAN : AAAAJ 2120 P APPELLANT RESPONDENT Appellant by : Shri. R. Chandrashekar, Advocate Respondent by : Ms. Neera Malhotra, CIT(DR)(ITAT), Bengaluru Date of hearing : 10.08.2021 Date of Pronouncement : 13.08.2021 O R D E R Per N.V. Vasudevan, Vice President This is an appeal by the assessee against the order dated 11.03.2020 of Pr.CI…

Sri Vasavamba Co-Operative Society Limited, Hunsur vs. The Principal Commissioner of Income Tax, Mysore

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

ITA 453/BANG/2020[2015-16]Status: DisposedITAT Bangalore13 Aug 2021AY 2015-16

Bench: Shri N.V. Vasudevan & Shri Chandra Poojariassessment Year : 2015-16 M/S. Vasavamba Co-Operative Society Ltd., Vs. The Principal Commissioner Of Income Tax, Ganesh Temple, Street Hunsur, Mysuru. Mysuru – 571 105, Karnataka. Pan : Aalas 6055 P Appellant Respondent Appellant By : Shri. V. Srinivasan, Advocate Respondent By : Ms. Neera Malhotra, Cit(Dr)(Itat), Bengaluru Date Of Hearing : 10.08.2021 Date Of Pronouncement : 13.08.2021 O R D E R Per N.V. Vasudevanthis Is An Appeal By The Assessee Against The Order Dated 28.04.2020 Of Pr.Cit, Mysuru, Passed Under Section 263 Of The Income Tax Act, 1961 (Hereinafter Called ‘The Act’), In Relation To Assessment Year 2015-16. 2. The Assessee Is A Co-Operative Society Registered Under The Karnataka State Co-Operative Societies Act, 1959. It Accepts Deposits From Its Members & Provides Credit Facilities To Its Members. The Assessee Also Derives Income By Distributing Food Grains On Behalf Of The Karnataka State Food & Civil Supplies Corporation Ltd. In The Return Of Income Filed For Assessment Year 2015-16, The Asssessee Claimed Deduction Under Section 80P(2)(A)(I) Of The Act, 1961 Of A Sum Of Rs.10,61,494/- As Income From The Business Of Providing Credit Facilities To Its Members. The Ao Page 2 Of 15 Passed An Order Of Assessment Under Section 143(3) Of The Act Dated 31.07.2017 Accepting The Claim Of The Assessee.

For Appellant: Shri. V. Srinivasan, AdvocateFor Respondent: Ms. Neera Malhotra, CIT(DR)(ITAT), Bengaluru
Section 143(3)Section 263Section 80Section 80P(2)(a)Section 80P(2)(d)

…IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH : BANGALORE BEFORE SHRI N.V. VASUDEVAN, VICE PRESIDENT AND SHRI CHANDRA POOJARI, ACCOUNTANT MEMBER Assessment Year : 2015-16 M/s. Vasavamba Co-operative Society Ltd., Vs. The Principal Commissioner of Income Tax, Ganesh Temple, Street Hunsur, Mysuru. Mysuru – 571 105, Karnataka. PAN : AALAS 6055 P APPELLANT RESPONDENT Appellant by : Shri. V. Srinivasan, Advocate Respondent by : Ms. Neera Malhotra, CIT(DR)(ITAT), Bengaluru Date of hearing : 10.08.2021 Date of Pronouncement : 13.08.2021 O R D E R Per N.V. Vasudevan, Vice President This is an appeal by the assessee agai…

Food Corporation of India Employees Co Op Credit Soc Ltd., Mumbai vs. ITO Ward 32 (1)(5), Mumbai

In the result, appeal of the assessee is partly allowed

ITA 4622/MUM/2019[2014-15]Status: DisposedITAT Mumbai09 Apr 2021AY 2014-15

Bench: Shri Vikas Awasthy & Shri S.Rifaur Rahmanआअसं. 4622/मुं/2019 ("न.व. 2014-15) आअसं. 4621/मुं/2019 ("न.व. 2015-16)

For Appellant: NoneFor Respondent: Shri Sanjay J Sethi
Section 56Section 80PSection 80P(2)(a)Section 80P(2)(d)

…P(2)(d) of the Act in respect of interest and dividend income earned by the assessee on such facts.” [Emphasised by us.] 7 ITA NO.4621/MUM/2019 (A.Y 2015-16) 10. The Hon'ble Karnataka High court in the case of PCIT vs. Totagars, Co- operative Sale Society 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. 11. However, on the same issue Hon'ble Karnataka High court in the case of PCIT vs. Totaga…

Food Corporation Employees Co Op Credit Soc Ltd., Mumbai vs. ITO 32 (1)(5), Mumbai

In the result, appeal of the assessee is partly allowed

ITA 4621/MUM/2019[2014-15]Status: DisposedITAT Mumbai09 Apr 2021AY 2014-15

Bench: Shri Vikas Awasthy & Shri S.Rifaur Rahmanआअसं. 4622/मुं/2019 ("न.व. 2014-15) आअसं. 4621/मुं/2019 ("न.व. 2015-16)

For Appellant: NoneFor Respondent: Shri Sanjay J Sethi
Section 56Section 80PSection 80P(2)(a)Section 80P(2)(d)

…P(2)(d) of the Act in respect of interest and dividend income earned by the assessee on such facts.” [Emphasised by us.] 7 ITA NO.4621/MUM/2019 (A.Y 2015-16) 10. The Hon'ble Karnataka High court in the case of PCIT vs. Totagars, Co- operative Sale Society 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. 11. However, on the same issue Hon'ble Karnataka High court in the case of PCIT vs. Totaga…

Siddhivinayak Co-Op. Ind. Premises Society Ltd., Mumbai vs. ITO 26(3)(2), Mumbai

In the result, appeal of the assessee is partly allowed

ITA 4575/MUM/2019[F.Y. 2013-14 (1 Q - 26Q)]Status: DisposedITAT Mumbai09 Apr 2021

Bench: Shri Vikas Awasthy & Shri S.Rifaur Rahmanआअसं. 4575/मुं/2019 ("न.व. 2013-14) Siddhivinayak Co-Operative Industrial Premises Society Limited, Bldg. No.8, Jogani Indstrial Complex, Plot No.1, Survey No.2, Chunabhatti, Mumbai 400 022 Pan: Aaajs 2579J ...... अपीलाथ" /Appellant बनाम Vs. The Income Tax Officer, Ward 26(3)(2), Aaykar Bhavan, M.K.Road, Churchgate, Mumbai 400 020 ..... ""तवाद"/Respondent

For Appellant: Shri Priyesh S. KhiradFor Respondent: Shri Sanjay J Sethi
Section 80PSection 80P(2)(d)

…ld. CIT(A) in granting deduction u/s.80P(2)(d) of the Act in respect of interest and dividend income earned by the assessee on such facts.” [Emphasised by us.] 8. The Hon'ble Karnataka High court in the case of PCIT vs. Totagars, Co- operative Sale Society 392 ITR 74 has held that for the purpose of section 7 आअसं. 4575/मुं/2019 ("न.व. 2013-14) 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. 9. However, on the same issue Hon'ble Karnataka Hi…

ITO-21(1)(4), Mumbai vs. M/S Horizon Co-Op Housing Soc. Ltd, Mumbai

In the result, the appeal filed by the revenue is hereby dismissed

ITA 2394/MUM/2019[2015-16]Status: DisposedITAT Mumbai08 Apr 2021AY 2015-16
For Appellant: Shri Niraj Sheth (AR)For Respondent: Shri Gurbinder Singh (DR)
Section 143(2)Section 80PSection 80P(2)Section 80P(2)(d)

…annot be said to be attributable to the activities of the society. Hence sum interest income will be taxable under section and would not qualify for deduction as business income under section 80P(2)(a)(i). b) PCIT vs. Totagars Co-operative Sale Society [2017] 392 ITR 74 (Karnataka) / J20171 78 taxmann.com 169 The assessee was a co-operative credit society and its business was to provide credit facilities to its members and to market their agricultural produce. Interest income was earned by the assessee from deposits in the Co-operative Banks. The issue before the Court was whether for the purpose of Section 80P(2…

ITO-21(1)(3), Mumbai vs. M/S. Casa Grande Co-Op Hsg. Soc. Ltd., Mumbai

In the result, the appeal of Revenue is dismissed

ITA 6009/MUM/2019[2016-17]Status: DisposedITAT Mumbai31 Mar 2021AY 2016-17
Section 143(3)Section 80P(2)(d)

…the Act. The issue gives rise to the question: Whether a Cooperative Bank should be considered as cooperative society for the purpose of section 80P(2)(d) of the Act? The Hon'ble Karnataka High court in the case of PCIT vs. Totagars Co- operative Sale Society 392 ITR 74 (Karnataka) has held that for the purpose of section 80P(2)(d) of the Act a cooperative 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 [2020] 421 ITR 134 (Gujarat). 4.1 On the same issue the Hon'ble Karnataka High court in the…

The Krishna District Milk Producers Mutually Aided Co-Operative Union Limited, Vijayawada vs. The Pr. Commissioner of Income Tax, Vijayawada

ITA 43/VIZ/2020[2013-14]Status: DisposedITAT Visakhapatnam22 Mar 2021AY 2013-14

Bench: Shri N.K. Choudhry, Hon’Ble & Shri D.S. Sunder Singh, Hon'Ble

For Appellant: Shri C.Subrahmanyam, FCAFor Respondent: Shri D.K. Sonawal, CIT DR
Section 263

…ety, which would be entitled to exemption or deduction under the special provisions of Chapter VIA in the form of Section 80P of the Act.” 13.6 The Hon'ble Karnataka High Court subsequently, in the case of Pr.CIT Vs. Totagars Co-operative Sale Society (2017) 392 ITR 74 while dealing with the purpose of section 80P(2)(d), has held as under:- “7. However, the contention being taken by the learned counsel is untenable. For the issue that was before the ITAT, was a limited one, namely whether for the purpose of Section 80P(2)(d) of the Act, a Co- operative Bank should be considered as a Co-operative Society or not?…

The Krishna District Milk Producers Mutually Aided Co-Operative Union Limited, Vijayawada vs. The Assistant Commissioner of Income Tax, Circle-1(1), Vijayawada

ITA 42/VIZ/2020[2013-14]Status: DisposedITAT Visakhapatnam22 Mar 2021AY 2013-14

Bench: Shri N.K. Choudhry, Hon’Ble & Shri D.S. Sunder Singh, Hon'Ble

For Appellant: Shri C.Subrahmanyam, FCAFor Respondent: Shri D.K. Sonawal, CIT DR
Section 263

…ety, which would be entitled to exemption or deduction under the special provisions of Chapter VIA in the form of Section 80P of the Act.” 13.6 The Hon'ble Karnataka High Court subsequently, in the case of Pr.CIT Vs. Totagars Co-operative Sale Society (2017) 392 ITR 74 while dealing with the purpose of section 80P(2)(d), has held as under:- “7. However, the contention being taken by the learned counsel is untenable. For the issue that was before the ITAT, was a limited one, namely whether for the purpose of Section 80P(2)(d) of the Act, a Co- operative Bank should be considered as a Co-operative Society or not?…

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)

…perative Housing Society Ltd. Vs. ITO-Range-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,…

M/S. Ajmer Zila Dugdh Utpadak Sahakari Sangh Ltd., Ajmer vs. Pr.CIT, Ajmer

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

ITA 285/JPR/2020[2012-13]Status: DisposedITAT Jaipur01 Mar 2021AY 2012-13
For Appellant: Sh. Sunil Porwal (CA)For Respondent: Smt. Manisha Chandra (CIT)
Section 139Section 143(3)Section 148Section 263Section 43BSection 80Section 80P(2)(d)

…आयकर अपीलीय अधिकरण] जयपुर न्यायपीठ] जयपुर IN THE INCOME TAX APPELLATE TRIBUNAL, JAIPUR BENCHES, JAIPUR Jh lanhi xkslkbZ] U;kf;d lnL; ,oa Jh foØe flag ;kno] ys[kk lnL; ds le{k BEFORE: SHRI SANDEEP GOSAIN, JM & SHRI VIKRAM SINGH YADAV, AM vk;dj vihy la-@ITA No. 285/JP/2020 fu/kZkj.k o"kZ@Assessment Year :2012-13 cuke Ajmer Zila Dugdh Utpadak Sahkari Pr. Commissioner of Vs. Sangh Ltd. Opp. HMT, Beawar Road, Income Tax, Ajmer Ajmer LFkk;h ys[kk la-@thvkbZvkj la-@PAN/GIR No. AABAA0141Q vihykFkhZ@Appellant izR;FkhZ@Respondent fu/kZkfjrh dh vksj ls@ Assessee by : Sh. Sunil Porwal (CA) jktLo dh vksj ls@ Revenue by : Sm…

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)

…pex Court in Totgars Co-operative Sale Society Ltd. V/s ITO (2010 322 ITR 283). Further, at the time of framing of assessment on 08/11/2017, the favorable decision of Hon’ble Karnataka High Court rendered in Pr. CIT V/s Totgars Co-operative Sale Society Ltd. (392 ITR 74 05/01/2017) holding the view that co-operative bank should be considered as co-operative societies, was also available. This decision has similarly distinguished the cited decision of Hon’ble Apex Court. However, there was subsequent decision of Hon’ble Karnataka High Court in Pr. CIT V/s Totgars Co-operative Sale Society Ltd. (395 ITR 611 16/06/2…

ITO 21(2)(2), Mumbai vs. Mtnl Mumbai Employees Cooperative Credit Society Ltd., Mumbai

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

ITA 3733/MUM/2019[2014-15]Status: DisposedITAT Mumbai27 Jan 2021AY 2014-15
For Appellant: Deepak Tikekar, ARFor Respondent: Shri Bharat Anahale (DR)
Section 143(2)Section 56Section 80P(2)(a)Section 80P(2)(d)Section 80P(4)

…ect of interest income received from co- operative banks. 4. The Ld CIT(A) allowed the claim of the assessee in both the years by following the decision rendered by Hon'ble Karnataka High Court in the case of PCJT vs. Totagars Co-operative sale society (2017)(392 ITR 74), wherein the Hon'ble Karnataka High Court had held that the co operative banks are cooperative societies. Aggrieved, the revenue has filed these appeals. 5. The Ld D.R submitted that the Hon'ble Karnataka High had delivered the decision reported in 392 ITR 74 on January 5, 2017. However, in its subsequent decision in the case of very same assesse…