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

Vyavasaya Seva Sahakari Bank Limited, Halkusagal vs. Income Tax Officer, Ward-1, Gadag

In the result, appeal of the Assessee is allowed

ITA 1475/BANG/2024[2020-21]Status: DisposedITAT Bangalore08 Dec 2025AY 2020-21

Bench: Shri Prashant Maharishi, Vice – & Shri Soundararajan K.Assessment Year: 2020-21 M/S. Vyavasaya Seva Sahakari The Income Tax Officer, Bank Limited, Ward 1, Halkusagal. Vs. Gadag Pan: Aaaav1081D Appellant Respondent

For Appellant: Shri Anil Kumar, CA
Section 143Section 80Section 80PSection 80P(2)(a)Section 80P(2)(d)Section 80P(4)

…submits that the claim of the Assessee is covered by the decision of CIT v/s.Totgars Co-operative Sale Society dated 05.01.2017 in Principal Commissioner of Income-tax, Hubli vs. Totagars Co-operative Sale Society [2017] 78 taxmann.com 169 (Karnataka)/ [2017] 392 ITR 74 (Karnataka) [05-01-2017]. That decision is on the issue of deduction u/s. 80P(2)(a)(i) of the Act. It was further concluded that the CIT(A) has also not considered the various decisions relied upon by him. His argument was that Assessee is a cooperative society whichhas earned business income and claimed deduction on interest income also treating…

Income Tax Officer, Mumbai vs. Nariman Bhavan Premises Co Op Society Ltd, Mumbai

In the result, the appeal of the Revenue is dismissed

ITA 3659/MUM/2023[2015-16]Status: DisposedITAT Mumbai02 Dec 2025AY 2015-16

Bench: Hon‟Ble Justice (Retd.) C. V. Bhadang & Shri Vikram Singh Yadavassessment Year : 2015-16 Income Tax Officer, Mumbai Nariman Bhavan Premises Co Op Room No. 118, 1St Floor, Society Ltd. G Block, Kautilya Bhavan, Vs. 227 Backbay Reclamation, Bandra Kurla Complex (E), Nariman Point, Mumbai – 400021. Mumbai – 400051. [Pan: Aajn0320J] (Appellant) (Respondent) For Assessee : Shri K. Gopal / Om Kandalkar For Revenue : Ms. Nidhi Agarwal, Sr. Dr (Virtually Present) Date Of Hearing : 02-12-2025 Date Of Pronouncement : 02-12-2025 Order Per Vikram Singh Yadav, A.M : This Is An Appeal Filed By The Revenue Against The Order Of The Learned Commissioner Of Income Tax (Appeals) - National Faceless Appeal Centre (Nfac), Delhi [„Ld. Cit(A)‟], Dated 14-08-2023, Pertaining To Assessment Year (Ay) 2015-16. 2. At The Outset, It Is Noted That This Is A Recalled Matter Wherein Co-Ordinate Bench Vide Its Order Dated 22.09.2025 In Ma No. 244/M/2024 Has Recalled The Earlier Order Dated 08.05.2024 & The Matter Has Now Come Up For Adjudication Before Us.

For Appellant: Shri K. Gopal / Om KandalkarFor Respondent: Ms. Nidhi Agarwal, Sr. DR
Section 3Section 80Section 80PSection 80P(1)Section 80P(2)(d)

…14, dated 27.09.2017. (iv). KaliandasUdyogBhavanPemises 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.…

Kaiga Project Employees Thrift and Credit Society, Karwar vs. Income Tax Officer, Ward - 2, Karwar

In the result, the appeal filed by the revenue is dismissed and twenty eight appeals filed by the assessee are partly allowed for statistical purpose in aforestated terms

ITA 62/PAN/2025[2015-16]Status: DisposedITAT Panaji28 Nov 2025AY 2015-16

Bench: Shri Pavan Kumar Gadale & Shri G. D. Padmahshali

…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 Page 15 of 36 Akshaya Co-Op credit society Limited & others. assessee on its investments with a co-operative bank would be eligible for claim of deduction under Sec. 80P(2)(d) of the Act.…

Havyaka Credit Souharda Sahakari Niyamita, Kumta vs. Income Tax Officer Ward-2 Karwar, Karwar

In the result, the appeal filed by the revenue is dismissed and twenty eight appeals filed by the assessee are partly allowed for statistical purpose in aforestated terms

ITA 60/PAN/2025[2017-18]Status: DisposedITAT Panaji28 Nov 2025AY 2017-18

Bench: Shri Pavan Kumar Gadale & Shri G. D. Padmahshali

…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 Page 15 of 36 Akshaya Co-Op credit society Limited & others. assessee on its investments with a co-operative bank would be eligible for claim of deduction under Sec. 80P(2)(d) of the Act.…

Vardhaman Urban Co-Op Credit Society Ltd, Belgaum vs. Income Tax Officer Ward 4 Belgaum, Belgaum

In the result, the appeal filed by the revenue is dismissed and twenty eight appeals filed by the assessee are partly allowed for statistical purpose in aforestated terms

ITA 42/PAN/2025[2017-2018]Status: DisposedITAT Panaji28 Nov 2025AY 2017-2018

Bench: Shri Pavan Kumar Gadale & Shri G. D. Padmahshali

…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 Page 15 of 36 Akshaya Co-Op credit society Limited & others. assessee on its investments with a co-operative bank would be eligible for claim of deduction under Sec. 80P(2)(d) of the Act.…

Shri Jai Jinendra Souharda Sahakari Sangh Niyamit, Belagavi vs. National E Assessment Centre, Belagavi

In the result, the appeal filed by the revenue is dismissed and twenty eight appeals filed by the assessee are partly allowed for statistical purpose in aforestated terms

ITA 41/PAN/2025[2018-2019]Status: DisposedITAT Panaji28 Nov 2025AY 2018-2019

Bench: Shri Pavan Kumar Gadale & Shri G. D. Padmahshali

…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 Page 15 of 36 Akshaya Co-Op credit society Limited & others. assessee on its investments with a co-operative bank would be eligible for claim of deduction under Sec. 80P(2)(d) of the Act.…

Shri Jai Jinendra Credit Souharda Sahakari Limited, Belagavi vs. Income Tax Officer Ward 1 Nipani, Belagavi

In the result, the appeal filed by the revenue is dismissed and twenty eight appeals filed by the assessee are partly allowed for statistical purpose in aforestated terms

ITA 40/PAN/2025[2017-2018]Status: DisposedITAT Panaji28 Nov 2025AY 2017-2018

Bench: Shri Pavan Kumar Gadale & Shri G. D. Padmahshali

…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 Page 15 of 36 Akshaya Co-Op credit society Limited & others. assessee on its investments with a co-operative bank would be eligible for claim of deduction under Sec. 80P(2)(d) of the Act.…

Havyaka Credit Souharda Sahakari Niyamita, Kumta vs. Income Tax Officer, Karwar

In the result, the appeal filed by the revenue is dismissed and twenty eight appeals filed by the assessee are partly allowed for statistical purpose in aforestated terms

ITA 36/PAN/2025[2014-15]Status: DisposedITAT Panaji28 Nov 2025AY 2014-15

Bench: Shri Pavan Kumar Gadale & Shri G. D. Padmahshali

…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 Page 15 of 36 Akshaya Co-Op credit society Limited & others. assessee on its investments with a co-operative bank would be eligible for claim of deduction under Sec. 80P(2)(d) of the Act.…

Vividoddshesha Prathamik Grameen Krushi Sahakari Sangh Niyamit Soudatti, Soudatti vs. Income Tax Officer Ward-4, Belgaum

In the result, the appeal filed by the revenue is dismissed and twenty eight appeals filed by the assessee are partly allowed for statistical purpose in aforestated terms

ITA 27/PAN/2025[2017-18]Status: DisposedITAT Panaji28 Nov 2025AY 2017-18

Bench: Shri Pavan Kumar Gadale & Shri G. D. Padmahshali

…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 Page 15 of 36 Akshaya Co-Op credit society Limited & others. assessee on its investments with a co-operative bank would be eligible for claim of deduction under Sec. 80P(2)(d) of the Act.…

Shree Basvanna Mahadev Co-Operative Credit Society Limited, Belagavi vs. Income Tax Officer Ward 6, Belgaum

In the result, the appeal filed by the revenue is dismissed and twenty eight appeals filed by the assessee are partly allowed for statistical purpose in aforestated terms

ITA 25/PAN/2025[2017-2018]Status: DisposedITAT Panaji28 Nov 2025AY 2017-2018

Bench: Shri Pavan Kumar Gadale & Shri G. D. Padmahshali

…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 Page 15 of 36 Akshaya Co-Op credit society Limited & others. assessee on its investments with a co-operative bank would be eligible for claim of deduction under Sec. 80P(2)(d) of the Act.…

The Maratha Urban Co-Operative Credit Society Ltd, Belgaum vs. Income Tax Officer, Ward - 5, Belgaum

In the result, the appeal filed by the revenue is dismissed and twenty eight appeals filed by the assessee are partly allowed for statistical purpose in aforestated terms

ITA 301/PAN/2024[2017-18]Status: DisposedITAT Panaji28 Nov 2025AY 2017-18

Bench: Shri Pavan Kumar Gadale & Shri G. D. Padmahshali

…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 Page 15 of 36 Akshaya Co-Op credit society Limited & others. assessee on its investments with a co-operative bank would be eligible for claim of deduction under Sec. 80P(2)(d) of the Act.…

Vpk Urban Co-Operative Credit Society, Mardol, Ponda vs. DCIT/ACIT, Neac, Delhi

In the result, the appeal filed by the revenue is dismissed and twenty eight appeals filed by the assessee are partly allowed for statistical purpose in aforestated terms

ITA 287/PAN/2024[2018-19]Status: DisposedITAT Panaji28 Nov 2025AY 2018-19

Bench: Shri Pavan Kumar Gadale & Shri G. D. Padmahshali

…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 Page 15 of 36 Akshaya Co-Op credit society Limited & others. assessee on its investments with a co-operative bank would be eligible for claim of deduction under Sec. 80P(2)(d) of the Act.…

Vpk Urban Co-Operative Credit Society, Mardol, Ponda vs. Income Tax Officer, Panaji, Goa

In the result, the appeal filed by the revenue is dismissed and twenty eight appeals filed by the assessee are partly allowed for statistical purpose in aforestated terms

ITA 286/PAN/2024[2017-18]Status: DisposedITAT Panaji28 Nov 2025AY 2017-18

Bench: Shri Pavan Kumar Gadale & Shri G. D. Padmahshali

…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 Page 15 of 36 Akshaya Co-Op credit society Limited & others. assessee on its investments with a co-operative bank would be eligible for claim of deduction under Sec. 80P(2)(d) of the Act.…

Vpk Urban Co-Operative Credit Society, Mardol, Ponda vs. Income Tax Officer, Panaji

In the result, the appeal filed by the revenue is dismissed and twenty eight appeals filed by the assessee are partly allowed for statistical purpose in aforestated terms

ITA 285/PAN/2024[2016-17]Status: DisposedITAT Panaji28 Nov 2025AY 2016-17

Bench: Shri Pavan Kumar Gadale & Shri G. D. Padmahshali

…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 Page 15 of 36 Akshaya Co-Op credit society Limited & others. assessee on its investments with a co-operative bank would be eligible for claim of deduction under Sec. 80P(2)(d) of the Act.…

Prathamik Krishi Pattin Sahakari Sangh Niyamit Ltd Bhoj, Bhoj vs. Income Tax Officer, Ward-1, Nipani

In the result, the appeal filed by the revenue is dismissed and twenty eight appeals filed by the assessee are partly allowed for statistical purpose in aforestated terms

ITA 272/PAN/2024[2017-18]Status: DisposedITAT Panaji28 Nov 2025AY 2017-18

Bench: Shri Pavan Kumar Gadale & Shri G. D. Padmahshali

…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 Page 15 of 36 Akshaya Co-Op credit society Limited & others. assessee on its investments with a co-operative bank would be eligible for claim of deduction under Sec. 80P(2)(d) of the Act.…

Vpk Urban Co-Operative Credit Society, Mardol, Ponda vs. Income Tax Officer, Panaji

In the result, the appeal filed by the revenue is dismissed and twenty eight appeals filed by the assessee are partly allowed for statistical purpose in aforestated terms

ITA 255/PAN/2024[2015-16]Status: DisposedITAT Panaji28 Nov 2025AY 2015-16

Bench: Shri Pavan Kumar Gadale & Shri G. D. Padmahshali

…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 Page 15 of 36 Akshaya Co-Op credit society Limited & others. assessee on its investments with a co-operative bank would be eligible for claim of deduction under Sec. 80P(2)(d) of the Act.…

The Deputy Commissioner of Income Tax, Circle-1(1), Panaji, Ayakar Bhawan vs. Vpk Urban Cooperative Credit Society, Vpk Bhawan

In the result, the appeal filed by the revenue is dismissed and twenty eight appeals filed by the assessee are partly allowed for statistical purpose in aforestated terms

ITA 252/PAN/2024[2015-16]Status: DisposedITAT Panaji28 Nov 2025AY 2015-16

Bench: Shri Pavan Kumar Gadale & Shri G. D. Padmahshali

…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 Page 15 of 36 Akshaya Co-Op credit society Limited & others. assessee on its investments with a co-operative bank would be eligible for claim of deduction under Sec. 80P(2)(d) of the Act.…

The Adarsh Multipurpose Co-Operative Society, Belagavi vs. Income Tax Officer Ward 1-(2), Belagavi

In the result, the appeal filed by the revenue is dismissed and twenty eight appeals filed by the assessee are partly allowed for statistical purpose in aforestated terms

ITA 245/PAN/2024[2016-17]Status: DisposedITAT Panaji28 Nov 2025AY 2016-17

Bench: Shri Pavan Kumar Gadale & Shri G. D. Padmahshali

…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 Page 15 of 36 Akshaya Co-Op credit society Limited & others. assessee on its investments with a co-operative bank would be eligible for claim of deduction under Sec. 80P(2)(d) of the Act.…

Basav Souharda Credit Sahakari Niyamit Bailhongal, Bailhongala vs. Income Tax Officer National E Assessment Center, Belagavi

In the result, the appeal filed by the revenue is dismissed and twenty eight appeals filed by the assessee are partly allowed for statistical purpose in aforestated terms

ITA 190/PAN/2024[2020-2021]Status: DisposedITAT Panaji28 Nov 2025AY 2020-2021

Bench: Shri Pavan Kumar Gadale & Shri G. D. Padmahshali

…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 Page 15 of 36 Akshaya Co-Op credit society Limited & others. assessee on its investments with a co-operative bank would be eligible for claim of deduction under Sec. 80P(2)(d) of the Act.…

Shri Basaveshwar Urban Co Operative Credit Society Ltd, Belagavi vs. Income Tax Officer National E Assessment, Belagavi

In the result, the appeal filed by the revenue is dismissed and twenty eight appeals filed by the assessee are partly allowed for statistical purpose in aforestated terms

ITA 180/PAN/2024[2020-2021]Status: DisposedITAT Panaji28 Nov 2025AY 2020-2021

Bench: Shri Pavan Kumar Gadale & Shri G. D. Padmahshali

…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 Page 15 of 36 Akshaya Co-Op credit society Limited & others. assessee on its investments with a co-operative bank would be eligible for claim of deduction under Sec. 80P(2)(d) of the Act.…