Pr. Commissioner of Income Tax and Anr. v. Totagars Cooperative Sale Society

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

In the result, appeal by the assessee is allowed

Bench: Shri Sandeep Singh Karhail & Shri Girish Agrawalassessment Year: 2020-21

…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…

Mhada Karmachari Sahakari Patpedhi Maryadit, Mumbai vs. Assessment Unit, Income Tax Department, Mumbai

In the result, impugned order is set-aside and appeal by assessee is allowed

Bench: Hon’Ble Shri Sandeep Gosainmhada Karmachari Vs. Assessment Unit Sahakari Patpedhi Maryadit Ito Ward 23(2)(1) Room No. 47, Ground Floor, Piramal Chambers, Gruhanirman Bhavan, Lalbaugh, Parel, Bandra (E), Mumbai – Mumbai – 400012. 400051. Pan/Gir No. Aaiam3078P (Applicant) (Respondent)

…isallowed the assessee's claim of deduction under section 80P(2)(d) of the Act in respect of said income of Rs.10,74,752/-. 6. The Hon'ble Karnataka High court in the subsequent judgment in the case of PCIT vs. Totagars, Co-operative Sale Society reported as 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. 7. However, on the same issue Hon'ble Karnataka High court in the subsequent judgment in t…

Ekta Sahakari Patpedhi Maryadit, Virar vs. Income Tax Officer, Ward 4(5)/Thane, Thane

In the result, appeal by the assessee is allowed

Bench: Shri Sandeep Singh Karhail & Shri Girish Agrawalassessment Year: 2017-18

…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…

Shri Shi vs. Ai Sahakari Patsanstha Limited, Mumbaivs.Income Tax Officer Ward 31(3)(4), Mumbai

Appeal of the assessee is partly allowed

Bench: Shri Amit Shukla, Jm & Ms Padmavathy S, Am

…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)(…

Premium Tower Coop Housing Society Ltd, Mumbai vs. ITO, Ward 24(3(3), Mumbai

In the result, appeal of the assessee is allowed

Bench: SHRI AMIT SHUKLA (Judicial Member), MS. PADMAVATHY S (Accountant Member)

…. However, as noted above in one of the judgment, the Hon’ble Karnataka High Court has held the same issue in favour of the assessee. 11. Therefore, following the judgment of Hon’ble Karnataka High Court in the case of Totagars Cooperative Sale Society (2017) 392 ITR 74 (Kar.) dated 5th Jan. 2017 and judgment of Hon’ble Kerala High Court in the case of PCIT vs. Percoorkada Service Co. Bank Ltd. (supra), we hold that assessee is eligible for deduction of interest income earned from cooperative bank. 12. Thus, claim of deduction u/s.80P(2)(d) is allowed to the assessee. 5. Accordingly, following the aforesaid judg…

Mhatre Palace Chsl, Borivali West vs. National E-Assessment Centre, Delhi, Mumbai

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

Bench: Hon’Ble Shri Sandeep Gosainvs. Ito – 42(1)(3) Mhatre Palace Chsl Kautilya Bhavan, Bkc 106 Mhatre Palace Chs Ltd Bandra E – 400 051. Ic Colony, Link Road, Borivali (W), Mumbai 400 013 Pan/Gir No. Aaaam9414D (Applicant) (Respondent)

…e Society, from 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/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 Suvarna Nagar Co Operative Housing Society Ltd, Mumbai vs. ITO, Ward, 34(3), Mumbai

In the result, the appeal by the assessee is allowed

Bench: Shri Sandeep Singh Karhailshri Girish Agrawalassessment Year : 2019-20

…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)(…

Datta Sadan Co Operative Housing Society Limited, Mumbai vs. Income Tax Officer 22 1 6, Mumbai

In the result, the appeal by the assessee is allowed

Bench: SHRI SANDEEP SINGH KARHAIL (Judicial Member), SHRI GIRISH AGRAWAL (Accountant Member)

…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)(…

Guru Anand Co-Operative Housing Society Ltd., Mumbai vs. Income Tax Officer WD 42 1 2, Mumbai

In the result, appeal filed by the assessee is allowed

Bench: BEFORESHRI ANIKESH BANERJEE (Judicial Member), SHRI PRABHASH SHANKAR (Accountant Member)

…dated 27.09.2017. (iv). Kaliandas Udyog Bhavan Premises 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.…

Guru Anand Co-Operative Housing Society Ltd, Mumbai vs. Income Tax Officer WD 42 1 2, Mumbai

In the result, appeal filed by the assessee is allowed

Bench: SHRI ANIKESH BANERJEE (Judicial Member), SHRI PRABHASH SHANKAR (Accountant Member)

…dated 27.09.2017. (iv). Kaliandas Udyog Bhavan Premises 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.…

Bimbisar Nagar Nisarg Co Op Housing Society Ltd, Mumbai vs. Income Tax Officer Ward, 41(4)(1), Mumbai

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

…IN THE INCOME TAX APPELLATE TRIBUNAL “H (SMC)” BENCH, MUMBAI SHRI OM PRAKASH KANT, ACCOUNTANT MEMBER SHRI RAHUL CHAUDHARY, JUDICIAL MEMBER ITA No.5558/MUM/2024 (Assessment Year: 2020-2021) (Assessment Year: 2021-2022) Bimbisar Nagar Nisarg Co Op Housing Society Ltd. Bimbisar Nagar, Western Express Highway, Goregaon East, Mumbai – 400065. Maharashtra. [PAN:AABAB8677Q] …………. Appellant Vs Income Tax Officer 41(4)(1), Mumbai Kautilya Bhavan, Mumbai. …………. Respondent Appearance For the Appellant/ Assessee : Shri Tanmay Phadke For the Respondent/Department : Shri Pravin Salunkhe Date Conclusion of hearing : 29.01.2025…