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

Su Prabhat Co Operative Housing Society Ltd, Mumbai vs. Income Tax Officer, Mumbai

The appeal of the Assessee stands allowed

ITA 1930/MUM/2025[2020-2021]Status: DisposedITAT Mumbai26 May 2025AY 2020-2021

Bench: Shri Narender Kumar Choudhryassessment Year: 2020-21 Suprabhat Co-Operative Income Tax Officer, Ward Housing Society 19(3)(1), Mumbai 76, Suprabhat Co-Operative Pratishtha Bhavan, 3Rd & 4Th Vs. Housing Society Ltd, Bhulabhai Floor, 101, M.K. Road, Desai Road, Walkeshwar 400026 Mumbai 400020 Pan: Aaaas5937P (Appellant) (Respondent) Present For: Assessee By : Shri. Rajendra Bhende, Ca Revenue By : Smt. Smitha V. Nair (Cit Dr) Date Of Hearing : 15.05.2025 Date Of Pronouncement : 26.05.2025 O R D E R Per: Narender Kumar Choudhry: This Appeal Has Been Preferred By The Assessee Against The Order Dated 26.12.2024, Impugned Herein, Passed By The Commissioner Of Income Tax, Appeal Addl./Jcit (A)-1 Bengaluru/ U/S 250 Of The Income Tax Act, 1961 (In Short ‘The Act’) For The A.Y. 2020-21. 2. Considering The Reason For Delay Of 21 Days In Filing Of The Instant Appeal As Stated By The Assessee Which Is Duly Supported By Duly Sworn Affidavit, Prima Facie Appears To Be Bonafide, Genuine & Un-Intentional, Thus, The Delay Of 21 Days Is Condoned.

For Appellant: Shri. Rajendra Bhende, CAFor Respondent: Smt. Smitha V. Nair (CIT DR)
Section 10B(8)Section 139(1)Section 139(5)Section 143(1)Section 250Section 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…

Saidas Co-Op Housing Society Limited, Mumbai vs. Income Tax Officer, Kautilya Bhavan

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

ITA 1824/MUM/2025[2021-22]Status: DisposedITAT Mumbai26 May 2025AY 2021-22

Bench: Shri Narender Kumar Choudhry & Shri Prabhash Shankarassessment Year: 2021-22

For Appellant: Shri Vishal Gala, Ld. A.RFor Respondent: Shri Kiran Unaverkar, Ld. Sr.D.R
Section 144Section 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…

Shree Jamnagar Jilla Sahakari Kharid Vechan Sangh Limited, Jamnagar vs. DCIT-Cir-2(1), Jamnagar

In the result, appeal filed by the assessee is allowed

ITA 223/RJT/2025[2018-2019]Status: DisposedITAT Rajkot16 May 2025AY 2018-2019

Bench: Dr. Arjun Lal Sainiआयकर अपील सं./ Ita No.223/Rjt/2025 "नधा"रण वष"/Assessment Year : 2018-19

For Appellant: Ms. Janvi Shah, ARFor Respondent: Shri Dheeraj Kumr Gupta, Sr-DR
Section 142(1)Section 144Section 250Section 80P(2)(d)

…80P(2)(a)(i) of the Act and is distinguishable and has been distinguished by lower courts in many judgements which are reproduced below: (a) Peroorkada Service Co-operative Bank Ltd. (2022) 442 ITR 141 (Kerala HC) (b) Totagars Co-operative Sale Society (2017) 392 ITR 74 (Karnataka HC) (c) Vavveru Co-operative Rural Bank Ltd. (2017) 88 taxmann.com 728 (Andhra Pradesh and Telangana HC) (d) State Bank of India vs Commissioner of Income-tax (2016) 389 ITR 578 (Guj. HC); (e) The Uttar Gujarat Uma Co-op. Credit Society Ltd. in ITA Nos. 1670, 1671/A/2018 dated 28-02-2019 (Ahmedabad Trib.) (v) The fifth argument advanced…

Stella Maris Co Operative Housing Society, Mumbai vs. Income Tax Officer Ward 22 3 6, Piramal Chamders Mumbai

In the result, ITA No.1962/MUM/2025 stands allowed, whereas

ITA 1963/MUM/2025[2016-17]Status: DisposedITAT Mumbai15 May 2025AY 2016-17

Bench: Shri Narender Kumar Choudhryassessment Year: 2012-13 & Assessment Year: 2016-17

For Appellant: Shri. Ajay Wadke, CAFor Respondent: Smt. Smitha V. Nair (CIT DR)
Section 143(1)Section 154Section 250Section 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…

Stella Maris Co Operative Housing Society Ltd, Mumbai vs. Income Tax Officer 22 3 6, Piramal Chambers

In the result, ITA No.1962/MUM/2025 stands allowed, whereas

ITA 1962/MUM/2025[2012-13]Status: DisposedITAT Mumbai15 May 2025AY 2012-13

Bench: Shri Narender Kumar Choudhryassessment Year: 2012-13 & Assessment Year: 2016-17

For Appellant: Shri. Ajay Wadke, CAFor Respondent: Smt. Smitha V. Nair (CIT DR)
Section 143(1)Section 154Section 250Section 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…

Mulund Samata Co-Op Hsg Soc Ltd., Mumbai vs. ITO, Ward-41(2)(3), Mumbai

In the result, appeal of the assessee is allowed

ITA 6432/MUM/2024[2021-22]Status: DisposedITAT Mumbai15 May 2025AY 2021-22

Bench: Shri Pawan Singh & Shri Girish Agrawalassessment Year: 2021-22

For Appellant: Shri Ashutosh Patare, AdvocateFor Respondent: Shri Nihar Ranjan Samal, Sr. DR
Section 143(1)Section 154Section 249Section 3Section 5Section 80P(2)(d)

…take up the matter for its meritorious adjudication since in the given set of facts, the issue before us is no longer res integra as extensively dealt by Hon'ble High Court of Karnataka in case of the PCIT vs. Totagar Cooperative Sales Society Limited [2017] 392 ITR 74 / 78 taxmann.com 169 (SC). Relevant findings given in para 7 to 12 are as under: "7. However, the contention being taken by the learned counsel is untenable. For the issue that was before 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…

Samarth Surksha Rakshak Co-Op Credit Society Ltd, Sanpada vs. Income Tax Officer, Navi Mumbai

In the result, both the appeals of the assessee are allowed

ITA 5497/MUM/2024[2020-2021]Status: DisposedITAT Mumbai14 May 2025AY 2020-2021

Bench: Shri Pawan Singh & Shri Girish Agrawal

For Appellant: Shri Prashant Ghumare, AdvocateFor Respondent: Shri Nihar Ranjan Samal, Sr. DR
Section 143(3)Section 80PSection 80P(2)(a)Section 80P(2)(d)Section 80P(2)(i)

…. 7. On the above stated facts, both the issues before us are no longer res integra. Issue in respect of deduction u/s. 80P(2)(d) is extensively dealt by Hon'ble High Court of Karnataka in case of the PCIT vs. Totagar Cooperative Sales Society Limited [2017] 392 ITR 74 / 78 taxmann.com 169 (SC). Relevant findings given in para 7 to 12 are as under: "7. However, the contention being taken by the learned counsel is untenable. For the issue that was before 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…

Samarth Surksha Rakshak Co-Op Credit Society Ltd, Sanpada vs. Income Tax Officer, Navi Mumbai

In the result, both the appeals of the assessee are allowed

ITA 5496/MUM/2024[2018-19]Status: DisposedITAT Mumbai14 May 2025AY 2018-19

Bench: Shri Pawan Singh & Shri Girish Agrawal

For Appellant: Shri Prashant Ghumare, AdvocateFor Respondent: Shri Nihar Ranjan Samal, Sr. DR
Section 143(3)Section 80PSection 80P(2)(a)Section 80P(2)(d)Section 80P(2)(i)

…. 7. On the above stated facts, both the issues before us are no longer res integra. Issue in respect of deduction u/s. 80P(2)(d) is extensively dealt by Hon'ble High Court of Karnataka in case of the PCIT vs. Totagar Cooperative Sales Society Limited [2017] 392 ITR 74 / 78 taxmann.com 169 (SC). Relevant findings given in para 7 to 12 are as under: "7. However, the contention being taken by the learned counsel is untenable. For the issue that was before 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…

Chitrakoot Co-Op Hsg. Society Limited, Mumbai vs. Income Tax Officer Ward 19(1)(1), Mumbai

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

ITA 1818/MUM/2025[2020-2021]Status: DisposedITAT Mumbai01 May 2025AY 2020-2021

Bench: Shri Narender Kumar Choudhry & Shri Prabhash Shankarassessment Year: 2020-21

For Appellant: Shri Meet S. Dangarwala, Ld. A.RFor Respondent: Shri Kiran Unavekar, Ld. Sr. D.R
Section 143(1)Section 2(19)Section 250Section 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…

Shri Nidhi Credit Co-Oprative Society Limited, Rajkot vs. ITO 3(1)(1), Rajkot

In the result, appeal filed by the assessee is allowed

ITA 936/RJT/2024[2014-2015]Status: DisposedITAT Rajkot30 Apr 2025AY 2014-2015

Bench: Dr. Arjun Lal Saini, Am. & Shr Dinesh Mohan Sinha, Jm आयकर अपील सं./Ita No.936/Rjt/2024 "नधा"रण वष" / Assessment Year: (2014-15)

For Appellant: Shri J.R. Mankodi, Ld. ARFor Respondent: Shri Abhimanyu Singh Yadav, Ld. Sr. (DR)
Section 142(1)Section 143(3)Section 80PSection 80P(2)(a)Section 80P(2)(d)

…80P(2)(a)(i) of the Act and is distinguishable and has been distinguished by lower courts in many judgements which are reproduced below: (a) Peroorkada Service Co-operative Bank Ltd. (2022) 442 ITR 141 (Kerala HC) (b) Totagars Co-operative Sale Society (2017) 392 ITR 74 (Karnataka HC) (c) Vavveru Co-operative Rural Bank Ltd. (2017) 88 taxmann.com 728 (Andhra Pradesh and Telangana HC) (d) State Bank of India vs Commissioner of Income-tax (2016) 389 ITR 578 (Guj. HC); (e) The Uttar Gujarat Uma Co-op. Credit Society Ltd. in ITA Nos. 1670, 1671/A/2018 dated 28-02-2019 (Ahmedabad Trib.) (v) The fifth argument advanced…

ACIT., Circle-9(1), Hyderabad vs. Rangareddy Dist Judl Employee Mutually Aided Co Operative Society, Hyderabad

ITA 1269/HYD/2024[2018-19]Status: DisposedITAT Hyderabad30 Apr 2025AY 2018-19
Section 143(2)Section 143(3)Section 80PSection 80P(2)(a)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 Co-operative 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.…

Pathare Prabhu Cooperative Housing Society Ltd, Mumbai vs. Income Tax Officer, Mumbai

In the result, appeal of the assessee is allowed

ITA 591/MUM/2025[2012-2013]Status: DisposedITAT Mumbai30 Apr 2025AY 2012-2013

Bench: Shri Pawan Singh & Shri Girish Agrawalassessment Year: 2012-13

For Appellant: Shri Prashant Chapekar, CAFor Respondent: Shri Nihar Ranjan Samal, Sr. DR
Section 143(1)Section 80PSection 80P(2)(a)Section 80P(2)(d)Section 80P(4)

…earned by it from banks other than cooperative banks. 8. On the above stated facts, the issue before us is no longer res integra as extensively dealt by Hon'ble High Court of Karnataka in case of the PCIT vs. Totagar Cooperative Sales Society Limited [2017] 392 ITR 74 / 78 taxmann.com 169 (SC). Relevant findings given in para 7 to 12 are as under: "7. However, the contention being taken by the learned counsel is untenable. For the issue that was before 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…

Yudhishtir Cooperative Housing Society Ltd, Mumbai vs. ITO Ward 42(1)(4), Mumbai

In the result, the appeal of the assessee bearing ITA No

ITA 1784/MUM/2025[2017-18]Status: DisposedITAT Mumbai25 Apr 2025AY 2017-18

Bench: Shri Vikram Singh Yadav & Shri Anikesh Banerjeeyudhishtir Co-Operative Vs Jao, Ward Mum-W-42(1)(4), Housing Society Ltd, Kautilya Bhavan, Bandra East, Anand Nagar, N.L. Complex, Mumbai-400 051 Dahisar (East), Mumbai-400 068 Pan: Aaaay4170G Appellant Respondent

For Appellant: ShriVidyadhar KhandekarFor Respondent: Shri Asif Kamali (SR. DR.)
Section 139(1)Section 143Section 143(3)Section 250Section 80PSection 80P(2)(d)Section 80P(4)

…rvice Co. Bank Ltd (2022) 442 ITR 141 (Kerala) dated 01.11.2021 and also relying on the judgement of Hon'ble 5 ITA 1784/Mum/2025 Yudhishtir co-operative Housing Society Ltd Karnataka High Court in the case of PCIT vs Totagars Co-operative sale Society (2017) 392 ITR 74 (Kar.) dated 05th Jan 2017 have held that if co-operative society or a credit co-operative society has interest on investments or deposits with co-operative banks, the same is allowable as a deduction u/s 80P(2)(d). Placing reliance on the above judgements accordingly the order of the Ld. First Appellate Authority allowing deduction u/s 80P(2)(d)…

Shri Basaveshwar Prathamik Krishi Pattin Sahakari Sangh Examba, Examba vs. Income Tax Officer Ward -1 Nipani, Nipani

The appeal of the assessee is ALLOWED

ITA 19/PAN/2025[2017-18]Status: DisposedITAT Panaji02 Apr 2025AY 2017-18

Bench: Hon’Ble Shri Pavan Kumar Gadale & Shri G. D. Padmahshaliassessment Year : 2017-18 Shri Basaveshwar Prathamik Krishi Pattin Sahakari Sangh Niyamit Examba, Dist.: Belgaum Pan: Aacas1122N . . . . . . . Appellant

For Appellant: None for AssesseeFor Respondent: Mr Ravindra Hattalli [‘Ld. DR’]
Section 143(1)Section 2(19)Section 250Section 80P(2)Section 80P(2)(a)Section 80P(2)(d)

…ve bank is principally a cooperative society and holds a banking license to operate on a larger scale under the guidelines of RBI. This issue was came to consider by Hon’ble Karnataka High Court in ‘CIT Vs Totagars Cooperative Sale Society’, finds reported in 392 ITR 74 wherein their lordships referring to the decision of Hon’ble Apex 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) not to be applied in respect of interest income on investment as same falls u/s 80P(2)(d) and not u/s 80P(2)(a)(i) of the A…

Dreams Chs Association Ltd, Mumbai vs. Income Tax Officer-Ward 29(1)(3), Mumbai

In the result appeal filed by the Assessee stands allowed

ITA 6662/MUM/2024[2015-16]Status: DisposedITAT Mumbai02 Apr 2025AY 2015-16

Bench: Shri Narender Kumar Choudhryassessment Year: 2015-16

For Appellant: Ms. Payal DedhiaFor Respondent: Shri Srinivas P., Ld. Sr. D.R
Section 2(19)Section 250Section 70Section 80CSection 80PSection 80P(1)Section 80P(2)(a)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…

The Morbi Citizens Credit Co-Oprative Society Limited, Morvi vs. Assessment Unit, Income Tax Department

In the result, appeal filed by the assessee is allowed

ITA 285/RJT/2024[2020-2021]Status: DisposedITAT Rajkot27 Mar 2025AY 2020-2021

Bench: Dr. Arjun Lal Saini & Shri Dinesh Mohan Sinhaआयकरअपीलसं./Ita No.285/Rjt/2024 Assessment Year: (2020-21) (Hybrid Hearing) The Morbi Citizens Credit Co- Vs. The Assessment Unit, Operative Society Ltd., Income Tax Department Above Murlidhar Sales National Faceless Agency, Savsar Plot, Ram Assessment Center Chowk, Morbid - 363641 (Nfac), Gujarat "थायीलेखासं./जीआइआरसं./Pan/Gir No.: Aabat2850K (Appellant) (Respondent)

For Appellant: Shri J.R. Mankodi, Ld. A.RFor Respondent: Shri Sanjay Pungalia, Ld.CIT.DR
Section 142(1)Section 80PSection 80P(2)Section 80P(2)(a)Section 80P(2)(d)

…80P(2)(a)(i) of the Act and is distinguishable and has been distinguished by lower courts in many judgements which are reproduced below: (a) Peroorkada Service Co-operative Bank Ltd. (2022) 442 ITR 141 (Kerala HC) (b) Totagars Co-operative Sale Society (2017) 392 ITR 74 (Karnataka HC) (c) Vavveru Co-operative Rural Bank Ltd. (2017) 88 taxmann.com 728 (Andhra Pradesh and Telangana HC) (d) State Bank of India vs Commissioner of Income-tax (2016) 389 ITR 578 (Guj. HC); AY 2020-21. Morbi Citizen Credit Co-op Soc. Ltd (e) The Uttar Gujarat Uma Co-op. Credit Society Ltd. in ITA Nos. 1670, 1671/A/2018 dated 28-02-2019 (…

Pratap Heritage Co Operative Housing Society Ltd, Mumbai vs. ITO 42(1)(4), Mumbai

In the result, the grounds of appeal raised by the assessee are allowed

ITA 676/MUM/2025[2020-21]Status: HeardITAT Mumbai25 Mar 2025AY 2020-21

Bench: Shri Pawan Singhshri Girish Agrawalassessment Year : 2020-21

For Appellant: Shri Sharad Seth-CA/ ARFor Respondent: Shri Rajesh Meshram, Sr. DR
Section 250Section 254(1)Section 80P(2)(d)Section 8O

…s. In fact, the grounds of appeal raised by assessee is covered in favour of the assessee. To support his contentions, the learned AR of the assessee also relied upon the decision of Karnataka High Court in PCIT vs. Totagars Co- operative Sale Society, (2017) 392 ITR 74 (Karnataka), decision of Mumbai Tribunal in the case of Pathare Prabhu Co-operative Housing Society Ltd. vs. ITO, in ITA No.1346/Mum./2023 dated 27.07.2023. 3. On the other hand, learned senior departmental representative (Sr.DR) for the Revenue supported the order of lower authorities. 4. We have considered the submissions of both the parties and…

Income Tax Officer - 20(2)(1), Mumbai, Piramal Chamber vs. Mazagon Dock Ship Builders Employees Co Operative Credit Society Ltd, Ground Floor, Mazagon Dock Limited

In the result, the appeal filed by the Revenue Department

ITA 611/MUM/2025[2018-19]Status: DisposedITAT Mumbai25 Mar 2025AY 2018-19

Bench: Shri Br Baskaran & Shri Narender Kumar Choudhryassessment Year: 2018-19

For Appellant: Shri Sachin Lopes, Ld. A.RFor Respondent: Shri R. R. Makwana, Ld. Sr. D.R
Section 143(3)Section 2(19)Section 250Section 70Section 80PSection 80P(1)Section 80P(2)(d)

…k Ship Builders Employees Co operative Credit Society Ltd. 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…

Ekta Sahakari Patpedhi Maryadit, Virar vs. Income Tax Officer, Assessment Unit, New Delhi

In the result, both the above appeals are allowed

ITA 106/MUM/2025[2020-21]Status: DisposedITAT Mumbai10 Mar 2025AY 2020-21

Bench: Shri Narender Kumar Choudhry & Shri Prabhash Shankar

For Appellant: Shri Bhupendra Shah, ARFor Respondent: Shri Manish Ajudiya (Sr. DR)
Section 143Section 143(3)Section 80P(2)(a)Section 80P(2)(d)

…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) 78 taxmann.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)(d…

Ekta Sahakari Patpedhi Maryadit, Virar vs. Income Tax Officer, Assessment Unit, New Delhi

In the result, both the above appeals are allowed

ITA 105/MUM/2025[2018-19]Status: DisposedITAT Mumbai10 Mar 2025AY 2018-19

Bench: Shri Narender Kumar Choudhry & Shri Prabhash Shankar

For Appellant: Shri Bhupendra Shah, ARFor Respondent: Shri Manish Ajudiya (Sr. DR)
Section 143Section 143(3)Section 234ASection 270ASection 80P(2)(a)Section 80P(2)(d)

…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) 78 taxmann.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)(d…