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

Shree Shubh Karma Co Operative Society Ltd, Mumbai vs. ITO Ward 26(3)(2) Mumbai, Mumbai

In the result, the appeal of the assessee is allowed

ITA 2054/MUM/2025[2017-18]Status: DisposedITAT Mumbai08 Jul 2025AY 2017-18

Bench: Shri Pawan Singh& Ms. Padmavathy S(Physical Hearing) Shree Shubh Karma Co Coperative Society Ito, Ward-26(3)(2), Room No 334, 3Rd Floor, Ltd. Ci Cii, Gr. Floor, Shree Shubh Karma, Vs Chs, Plot No. 368, Comrade Harbanslal Marg, Kautilyabhavan, Bkc Sion East, Mumbai – 400037. Complex, Bandra [Pan: Aaias4806P] Mumbai-400051. Appellant / Assessee Respondent / Revenue

Section 254(1)Section 80P(2)(d)

…Premises Co-operative Society Limited Vs. PCIT-30 (ITA No. 561/M/2021) (Mumbai – Trib)  Kaliandas Udyog Bhavan Premises Co-op Society Ltd. Vs. ITO (ITA No. 6547/M/2017) (Mum-Trib)  PCIT Vs. Totagars Co-operative Sale Society (78 taxmann.com 169 (Karnataka)/392 ITR 74 (Karnataka)  Totgars Co-operative Sale Society Ltd. Vs. ITO (188 Taxman 282 (SC)/ 322 ITR 283 (SC). 3. On the other hands, the ld SR DR for the revenue supported the orders of lower authorities. 4. We have considered the rival submissions of both the parties and gone through the orders of authorities below. We have also deliberated on various…

Income Tax Officer, Ward-7(2)(1), Bengaluru, Bangalore vs. M/S. Bangalore Credit Co-Operative Society Limited, Bangalore

ITA 2348/BANG/2024[2020-21]Status: DisposedITAT Bangalore30 Jun 2025AY 2020-21

Bench: Shri Waseem Ahmed & Shri Keshav Dubey

For Appellant: Sri Sandeep Chalapathy, A.RFor Respondent: Smt. Neha Sahay, D.R
Section 250

…sition. 13.8 The AO disallowed the deduction u/s 80P(2)(d) of the Act. It is submitted that the investments were made out of surplus funds and relied on the decision of Hon’ble Karnataka High Court in the decision of PCIT v. Totagars Co-operative Sale Society 392 ITR 74 wherein it was held that the interest earned on deposits in the co- operative banks by co-operative society is eligible for deduction u/s.80P(2)(d) of the Act. The relevant portion of the judgment is reproduced below; “10. Admittedly, the interest which the assessee respondent had earned was from a Co-operative Society Bank. Therefore, according t…

Income-Tax Officer, Ward-7(2)(1), Bengaluru vs. M/S. Bangalore Credit Co-Operative Society Limited, Bengaluru

ITA 2347/BANG/2024[2018-19]Status: DisposedITAT Bangalore30 Jun 2025AY 2018-19

Bench: Shri Waseem Ahmed & Shri Keshav Dubey

For Respondent: Sri Sandeep Chalapathy, A.R
Section 250Section 80PSection 80P(2)(a)Section 80P(2)(d)

…ition. 13.8 The AO disallowed the deduction u/s 80P(2)(d) of the Act. It is submitted that the investments were made out of surplus funds and relied on the decision of Hon'ble Karnataka High Court in the decision of PCIT v. Totagars Co-operative Sale Society 392 ITR 74 wherein it was held that the interest earned on deposits in the co- operative banks by co-operative society is eligible for deduction u/s.80P(2)(d) of the Act. The relevant portion of the judgment is reproduced below; “10. Admittedly, the interest which the assessee respondent had earned was from a Co-operative Society Bank. Therefore, according…

Jai Jalaram Co-Operative Credit Society Limited, Mumbai vs. The Income Tax Officer, Ward 29(1)(5), Mumbai

In the result appeal of the assessee is allowed partly for esult appeal of the assessee is allowed partly for esult appeal of the assessee is allowed partly for statistical purpose

ITA 2887/MUM/2025[2015-16]Status: DisposedITAT Mumbai30 Jun 2025AY 2015-16

Bench: Shri Sandeep Gosain () & Shri Om Prakash Kant () Assessment Year: 2015-16 Jai Jalaram Co-Operative Credit The Ito Ward 29(1)(5), Society Ltd., Kautilya Bhavan, Bandra Kurla Vs. Shop No. -2 Ground Floor, Shop Complex, No. -2 Ground Floor, Mulund Mumbai-400051. Siddhivinayak C.H.S. Near Punjab National Bank Zaver Road, Mulund West, Mumbai-400080. Pan No. Aaaaj 2603 B Appellant Respondent

For Appellant: Mr. Pravin Chavan, Sr. DRFor Respondent: None
Section 143(3)Section 56Section 80P(2)(a)Section 80P(2)(d)Section 80P(4)

…the view taken by the Hon'ble Court and respectfully following the view taken by the Hon'ble Karnataka High Court in the case of PCIT Karnataka High Court in the case of PCIT & Anr. Vs. Totagars & Anr. Vs. Totagars Cooperative Sale Society reported in (2017) 392 ITR 74 and Cooperative Sale Society reported in (2017) 392 ITR 74 and Cooperative Sale Society reported in (2017) 392 ITR 74 and Hon'ble Gujarat High Court in the case of State Bank Of India Vs. Hon'ble Gujarat High Court in the case of State Bank Of India Vs. Hon'ble Gujarat High Court in the case of State Bank Of India Vs. CIT reported in CIT reported…

Shri Saibaba Bahuuddeshiya Nagrik Credit Co-Operative Society, Nagpur vs. ITO Ward (3)(4), Nagpur

ITA 194/NAG/2025[2020-21]Status: DisposedITAT Nagpur26 Jun 2025AY 2020-21

Bench: Shri Narender Kumar Choudhry

Section 143(3)Section 250Section 80P(2)(a)Section 80P(2)(d)

…ive Society, from surplus deposits kept with a Cooperative Bank, was not eligible for deduction under section 80P(2)(d) of the Act. We find that in an earlier decision the Hon'ble Karnataka High Court in Pr.CIT v/s Totagars Co- operative Sales Society, [2017] 392 ITR 74 (Karn.) held that according to section 80P(2)(d) of the Act, the amount of interest earned from a Co-operative Society Bank would be deductable from the gross income of the Co-operative Society in order to assess its total income. Thus, there are divergent views of the same Hon'ble High Court on the issue of eligibility of deduction under section…

B.S.N.L Employees Junior Co Operative Creidt Society Limited, Mumbai vs. ITO Ward 17(1)(2), Mumbai

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

ITA 3264/MUM/2025[2018-19]Status: DisposedITAT Mumbai26 Jun 2025AY 2018-19

Bench: Shri Narendra Kumar Billaiyashri Sandeep Singh Karhailbsnl Employees Junior Co-Operative Credit Society Ltd., 1St Floor, Bsnl Office Of Cto, M.G. Road, Fort Mumbai, ............... Appellant Mumbai - 400001 Pan : Aaaat8885H V/S Ito – 17(1)(2), Room No.109, 1St Floor Kautilya Bhavan, ……………… Respondent C-41 To C-43, G Block, Bandra Kurla Complex, Bandra (East), Mumbai - 400051 Assessee By : Shri Shekhar Patwardhan Revenue By : Shri Bhagirath Ramawat, Sr. Dr

For Appellant: Shri Shekhar PatwardhanFor Respondent: Shri Bhagirath Ramawat, Sr. DR
Section 250Section 263Section 80PSection 80P(2)(a)Section 80P(2)(d)

…m surplus deposits kept with a Co- operative Bank, was not eligible for deduction under section 80P(2)(d) of the Act. We find that in an earlier decision the Hon'ble Karnataka High Court in Pr.CIT v. Totagars Co-operative Sale Society |2017) 78taxmann.com 169/392 ITR 74 held that according to section 80P(2)(d) of the Act, the amount of interest earned from a Co-operative Society Bank would be deductable from the gross income of the Co- operative Society in order to assess its total income. Thus, there are divergent views of the same Hon'ble High Court on the issue of eligibility of deduction under section 80P(2)(…

Gold Coin Apartments Co Operative Housing Society Ltd, Mumbai vs. ITO Ward 22(1)(1), Mumbai

In the result, the appeal of the assessee is allowed

ITA 3185/MUM/2025[2021-22]Status: DisposedITAT Mumbai25 Jun 2025AY 2021-22

Bench: SHRI RAHUL CHAUDHARY, JUDICIAL MEMBER SHRI OMKARESHWAR CHIDARA (Accountant Member)

For Appellant: Shri Vidyadhar KhandekarFor Respondent: Shri Asif Karmal
Section 143(1)Section 250Section 80PSection 80P(2)(d)Section 80P(4)

…021-2022 investments made in any bank, not being a co-operative society, is not deductible under section 80P(2)(d) of the Act.” 10. Similar view was taken by the Hon’ble Karnataka High Court in the case of Pr. CIT Vs. Totagars co-operative Sale Society [2017] 392 ITR 74 (Karnataka) wherein it was held as under: “10. Admittedly, the interest which the assessee respondent had earned was from a Co-operative Society Bank. Therefore, according to Sec. 80P(2)(d) of the I.T. Act, the said amount of interest earned from a Co-operative Society Bank would be deductible from the gross income of the Co-operative Society in o…

Jai Kondeshwar Nagari Sahakari Badnerapat Sanstha Maryadit, Amravati vs. Income Tax Officer, Ward 3, Amravati

In the result, appeal of the Assessee is allowed in the aforesaid terms

ITA 275/NAG/2025[2022-2023]Status: DisposedITAT Nagpur24 Jun 2025AY 2022-2023

Bench: Shri Narender Kumar Choudhry

For Appellant: NoneFor Respondent: Shri Pankaj Kumar, Ld. Sr.DR
Section 2(19)Section 250Section 70Section 80PSection 80P(1)Section 80P(2)(d)Section 80P(4)

…ive Society, from surplus deposits kept with a Cooperative Bank, was not eligible for deduction under section 80P(2)(d) of the Act. We find that in an earlier decision the Hon’ble Karnataka High Court in Pr.CIT v/s Totagars Co- operative Sales Society, [2017] 392 ITR 74 (Karn.) held that according to section 80P(2)(d) of the Act, the amount of interest earned from a Co- operative Society Bank would be deductable from the gross income of the Co-operative Society in order to assess its total income. Thus, there are divergent views of the same Hon’ble High Court on the issue of eligibility of deduction under section…

The DCIT, Cir-3(2) Gangtok, Gangtok Sikkim vs. Sikkim State Cooperative Supply and Marketing Federation Limited, Gangtok Sikkim

ITA 1583/KOL/2024[2020-21]Status: DisposedITAT Kolkata18 Jun 2025AY 2020-21

Bench: Shri Pradip Kumar Choubey & Shri Rakesh Mishra

Section 250Section 80P

…d as investment in another cooperative society, being eligible for deduction under section 80P(2)(d). 11.3 I find that this question came up for consideration before the Karnataka High Court in the case of Pr. CIT Vs Totagars Co-operative Sale Society (2017) (392 ITR 74) (Kar.), wherein the Hon'ble High Court, on identical facts, has held as under- “8. The issue whether a Co-operative Bank is considered to be a Cooperative Society is no longer res integra. For the said issue has been decided by the IT AT itself in different cases. Moreover the word "Co-operative Society" are the words of a large extent, and denot…

Deputy Commissioner of Income Tax, Cir-3(2), Gangtok, Gangtok Sikkim vs. Sikkim State Cooperative Supply and Marketing Federation Limited, Gangtok Sikkim

ITA 1582/KOL/2024[2018-19]Status: DisposedITAT Kolkata18 Jun 2025AY 2018-19

Bench: Shri Pradip Kumar Choubey & Shri Rakesh Mishra

Section 250Section 80P

…d as investment in another cooperative society, being eligible for deduction under section 80P(2)(d). 11.3 I find that this question came up for consideration before the Karnataka High Court in the case of Pr. CIT Vs Totagars Co-operative Sale Society (2017) (392 ITR 74) (Kar.), wherein the Hon'ble High Court, on identical facts, has held as under- “8. The issue whether a Co-operative Bank is considered to be a Cooperative Society is no longer res integra. For the said issue has been decided by the IT AT itself in different cases. Moreover the word "Co-operative Society" are the words of a large extent, and denot…

Bhatadi Opencast Karmachari Sahakari Patsanstha Maryadit, Bhatadi, Chandrapur vs. ITO Ward-1, Chandrapur

In the result, appeal of the assessee is allowed

ITA 89/NAG/2025[2018-19]Status: DisposedITAT Nagpur17 Jun 2025AY 2018-19

Bench: Shri Narender Kumar Choudhry

For Appellant: Ms. Veena Agrawal, CAFor Respondent: Shri Anand Nagrale, Sr.DR
Section 2(19)Section 250Section 70Section 80PSection 80P(1)Section 80P(2)(d)

…ive Society, from surplus deposits kept with a Cooperative Bank, was not eligible for deduction under section 80P(2)(d) of the Act. We find that in an earlier decision the Hon’ble Karnataka High Court in Pr.CIT v/s Totagars Co- operative Sales Society, [2017] 392 ITR 74 (Karn.) held that according to section 80P(2)(d) of the Act, the amount of interest earned from a Co- operative Society Bank would be deductable from the gross income of the Co-operative Society in order to assess its total income. Thus, there are divergent views of the same Hon’ble High Court on the issue of eligibility of deduction under section…

ACIT, Circle-4, Nagpur vs. The Vidarbha Co Operative Marketing Federation Ltd, Nagpur

In the result, appeal of the Revenue stands dismissed

ITA 196/NAG/2025[2020-21]Status: DisposedITAT Nagpur16 Jun 2025AY 2020-21

Bench: Shri Narender Kumar Choudhry& Shri K.M. Roy

For Appellant: Shri Manoj Moriyani, AdvocateFor Respondent: Shri Pankaj Kumar, CIT-DR
Section 2(19)Section 250Section 70Section 80PSection 80P(1)Section 80P(2)(d)Section 80P(4)

…ive Society, from surplus deposits kept with a Cooperative Bank, was not eligible for deduction under section 80P(2)(d) of the Act. We find that in an earlier decision the Hon’ble Karnataka High Court in Pr.CIT v/s Totagars Co- operative Sales Society, [2017] 392 ITR 74 (Karn.) held that according to section 80P(2)(d) of the Act, the amount of interest earned from a Co- operative Society Bank would be deductable from the gross income of the Co-operative Society in order to assess its total income. Thus, there are divergent views of the same Hon’ble High Court on the issue of eligibility of deduction under section…

Income Tax Officer, Ward-1, Udupi vs. Kambadakone Rytara Seva Sahakari Sangha Ltd, Uppunda

ITA 1929/BANG/2024[2017-18]Status: DisposedITAT Bangalore12 Jun 2025AY 2017-18

Bench: Shri Laxmi Prasad Sahu & Shri Keshav Dubey

For Appellant: Sri Mahesh R Uppin, A.RFor Respondent: Ms. Neha Sahay, D.R
Section 194A(3)(v)Section 250Section 28Section 56Section 80PSection 80P(2)(a)Section 80P(2)(d)

…atkal Urban Co-op. Bank and Bharath Co-op. Bank) is in order and does not call for any interference. 2. The case of the Respondent is fully covered by the judgement of Hon'ble High Court of Karnataka in PCIT vs. Totagar's Co-operative Sale Society Ltd. (2017) 392 ITR 74. It is a trite law that when two interpretations of a legal provision are plausible, the interpretation which favours the assessee shall be adopted as laid down by the Hon. Apex Court in CIT vs. Vegetable Products Ltd. [1973] 88 ITR 192. 3. The Respondent is entitled for the benefit of deduction u/s.80P(2)(a)(i) of the Act to such portion of the i…

Jagruti Co Op Hsg Soc Ltd, Mumbai vs. ITO Ward (197)(6), Mumbai

In the result, the appeal by the Assessee stands allowed

ITA 372/MUM/2025[2014-15]Status: DisposedITAT Mumbai12 Jun 2025AY 2014-15

Bench: Shri Narender Kumar Choudhryassessment Year: 2014-15 M/S. Jagruti Co Op Hsg Soc Ito Ward –(197)(6) Ltd. Cpc Bangaluru, L.J. Road Mahim, Vs. 560500. Mumbai-400016. Pan: Aaaat9842L (Appellant) (Respondent) Present For: Assessee By : Shri Pratik Jain, Ld. A.R. Revenue By : Shri Kavan Limbasiya, Ld. D.R. Date Of Hearing : 12.06.2025 Date Of Pronouncement : 12.06.2025 O R D E R Per : Narender Kumar Choudhry: This Appeal Has Been Preferred By The Assessee Against The Order Dated 19.11.2024, Impugned Herein, Passed By The Addl/Jcit (A) (In Short Ld. Addl/Joint Commissioner) U/S 250 Of The Income Tax Act, 1961 (In Short ‘The Act’) For The A.Y. 2014-15. 2. In This Case, The Intimation/Order U/S. 143(1) Of The Act Was Issued On Dated 20.05.2015 By The Ito Ward-(197) (6) Mumbai, Whereby The Deduction Claimed By The Assessee U/S. 80(2)(D) Of The Act Amounting To Rs. 7,36,459/- Earned On Its Investment & Saving Bank Account Maintained With Saraswat Co-Operative Bank & The Nkgsb Co-Operative Bank Was Disallowed. The Assessee Against The Said Intimation Dated 20.05.2015 Filed A Rectification Application U/S. 154 Of The Act, However, No Order For Rectification Has Ever Been Passed By The Cpc. The Assessee On Realizing Its 2 M/S. Jagruti Co Op Hsg Soc Ltd. Mistake Challenged The Said Intimation U/S. 143(1) Dated 25.05.2025 By Filing First Appeal On Dated 12.06.2024 But With The Delay Of More Than 9 Years. The Ld. Addl/Joint Commissioner By Considering The Peculiar Facts & Circumstances Of The Case, Ultimately Declined To Entertain The Request For Condonation Of Delay & Dismissed The Appeal Of The Assessee In Limine Without Making Any Discussion On Merit Or On Any Other Aspect.

For Appellant: Shri Pratik Jain, Ld. A.RFor Respondent: Shri Kavan Limbasiya, Ld. D.R
Section 14Section 143(1)Section 154Section 250Section 80(2)(d)Section 80P(2)(d)

…tive Society, from surplus deposits kept with a Cooperative Bank, was not eligible for deduction under section 80P(2)(d) of the Act. We find that in an earlier decision the Hon'ble Karnataka High Court in Pr CIT v/s Totagars Co-operative Sales Society, [2017) 392 ITR 74 (Karn.) held that according to section 80P(2)(d) of the Act, the amount of interest earned from a Co-operative Society Bank would be deductible from the gross income of the Co- operative Society in order to assess its total income. Thus, there are divergent views of the same Hon'ble High Court on the issue of eligibility of deduction under section…

Sagar Tech Plaza A Premises Co-Op Society Ltd, Mumbai vs. Income Tax Department, Bandra Mumbai

In the result, the Assessee’s appeals are allowed

ITA 2687/MUM/2025[2022-23]Status: DisposedITAT Mumbai11 Jun 2025AY 2022-23

Bench: Shri Narender Kumar Choudhryassessment Year: 2019-20 & Assessment Year: 2022-23

For Appellant: Shri Virat Doshi, Ld.ARFor Respondent: Shri Kavan Limbasiya, Ld. Sr.D.R
Section 2(19)Section 250Section 80(2)(d)Section 80PSection 80P(1)Section 80P(2)(a)Section 80P(2)(d)

…om surplus deposits kept with a Cooperative Bank, was not eligible for deduction under section 80P(2)(d) of the Act. We find that in an earlier decision the Hon'ble Karnataka High Court in Pr.CIT v. Totagars Co- operative Sale Society |2017) 78taxmann.com 169/392 ITR 74 held that according to section 80P(2)(d) of the Act, the amount of interest earned from a Co-operative Society Bank would be deductable from the gross income of the Cooperative Society in order to assess its total income. Thus, there are divergent views of the same Hon'ble High Court on the issue of eligibility of deduction under section 80P(2)(d)…

Sagar Tech Plaza A Premises Co Op Society Ltd, Mumbai vs. Income Tax Department, Bandra Mumbai

In the result, the Assessee’s appeals are allowed

ITA 2686/MUM/2025[2019-20]Status: DisposedITAT Mumbai11 Jun 2025AY 2019-20

Bench: Shri Narender Kumar Choudhryassessment Year: 2019-20 & Assessment Year: 2022-23

For Appellant: Shri Virat Doshi, Ld.ARFor Respondent: Shri Kavan Limbasiya, Ld. Sr.D.R
Section 2(19)Section 250Section 80(2)(d)Section 80PSection 80P(1)Section 80P(2)(a)Section 80P(2)(d)

…om surplus deposits kept with a Cooperative Bank, was not eligible for deduction under section 80P(2)(d) of the Act. We find that in an earlier decision the Hon'ble Karnataka High Court in Pr.CIT v. Totagars Co- operative Sale Society |2017) 78taxmann.com 169/392 ITR 74 held that according to section 80P(2)(d) of the Act, the amount of interest earned from a Co-operative Society Bank would be deductable from the gross income of the Cooperative Society in order to assess its total income. Thus, there are divergent views of the same Hon'ble High Court on the issue of eligibility of deduction under section 80P(2)(d)…

Rajmala Premises Co-Operative Society Ltd, Mumbai vs. ITO Ward 19(3)(1), Mumbai

In the result appeal filed by the assessee stands allowed

ITA 2706/MUM/2025[2018-19]Status: DisposedITAT Mumbai10 Jun 2025AY 2018-19

Bench: Shri Narender Kumar Choudhryassessment Year: 2018-19

For Appellant: Shri Aditya Ramchandran, Ld. ARFor Respondent: Shri Kavan Limbasiya,Ld. Sr.D.R
Section 154Section 234ASection 250Section 80PSection 80P(2)(d)

…ra). 7. We have heard rival submissions and carefully examined the facts of the case. It is seen that prior to the decision of the Hon'ble Karnataka High Court relied upon, the Hon'ble Karnataka High Court in PCIT v/s Totagars Co-operative Sale Society (2017) 392 ITR 74 have held that the amount of interest earned from co-operative society bank 4 Rajmala Premises Cooperative Society Ltd. would be deductable u/s 80P(2)(d). Thus, there are divergent views of the same Hon'ble High Court on this issue. 8. The Co-ordinate Benches of the Tribunal in various decisions have consistently taken the view that in the case o…

Laxmi Industrial Premises Co-Op Society Ltd, Mumbai vs. ITO Ward 22(2)(1), Mumbai

In the result, the appeal filed by the Assessee stands allowed

ITA 2692/MUM/2025[2020-21]Status: DisposedITAT Mumbai05 Jun 2025AY 2020-21

Bench: Shri Narender Kumar Choudhryassessment Year: 2020-21

For Appellant: Shri Ajay Wadake, Ld. A.RFor Respondent: Shri P D Chougule, Ld. Sr. D.R
Section 2(19)Section 250Section 70Section 80PSection 80P(1)Section 80P(2)(d)

…tive Society, from surplus deposits kept with a Cooperative Bank, was not eligible for deduction under section 80P(2)(d) of the Act. We find that in an earlier decision the Hon’ble Karnataka High Court in Pr.CIT v/s Totagars Co-operative Sales Society, [2017] 392 ITR 74 (Karn.) held that according to section 80P(2)(d) of the Act, the amount of interest earned from a Co-operative Society Bank would be deductible from the gross income of the Co-operative Society in order to assess its total income. Thus, there are divergent views of the same Hon’ble High Court on the issue of eligibility of deduction under section…

Mhatre Palace Chsl, Borivali West vs. Income Tax Officer 42 1 3 Mumbai, Mumbai

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

ITA 887/MUM/2025[2021-22]Status: DisposedITAT Mumbai03 Jun 2025AY 2021-22

Bench: SHRI. NARENDRA KUMAR BILLAIYA (Accountant Member), MS. KAVITHA RAJAGOPAL (Judicial Member)

For Appellant: Shri. Mandar Vaidya A/w. KalpeshFor Respondent: Shri. Asif Karmali, (SR. DR.)
Section 143(1)Section 22Section 250Section 5Section 57Section 80P(2)(d)

…te authority, who vide order dated 17.10.2024, upheld the addition/disallowance made u/s. 80P(2)(d) of the Act, by relying on the decision of the Hon'ble Karnataka High Court in the case of PCIT & Anr. Vs. Totagars Co-operative Sale Society reported in (2017) 392 ITR 74 and Hon’ble Gujarat High Court in the case of State Bank of India Vs. CIT reported in (2016) 389 ITR 578 and Hon’ble Apex Court in the case of Totgars Co-operative Sale Society Ltd. (322 ITR 283) (SC) and held that the assessee is only eligible to claim deduction on the same u/s. 57 of the Act to the extent applicable. 2 Mhatre Palace CHSL 6. The…

Parsi Salsette Bldg No. 1 Chs Limited, Mumbai vs. Income Tax Officer 24(3)(1), Mumbai

Accordingly, Ground No. II raised by the Assessee is allowed and as a result, Ground No

ITA 1734/MUM/2025[2021-22]Status: DisposedITAT Mumbai27 May 2025AY 2021-22

Bench: SHRI OM PRAKASH KANT, ACCOUNTANT MEMBER SHRI RAHUL CHAUDHARY (Judicial Member)

For Appellant: Shri Haridas BhatFor Respondent: Shri Akhtar Hussain Ansari
Section 143(1)Section 143(3)Section 80Section 80PSection 80P(2)(d)Section 80P(4)

…any bank, not being a co-operative society, is not deductible under section 80P(2)(d) of the Act.” 6 Assessment Year 2021-2022 10. Similar view was taken by the Hon’ble Karnataka High Court in the case of Pr. CIT Vs. Totagars co-operative Sale Society [2017] 392 ITR 74 (Karnataka) wherein it was held as under: “10. Admittedly, the interest which the assessee respondent had earned was from a Co-operative Society Bank. Therefore, according to Sec. 80P(2)(d) of the I.T. Act, the said amount of interest earned from a Co-operative Society Bank would be deductible from the gross income of the Co-operative Society in o…