Totgars Co-operative Sale Society Ltd. v. ITO

322 ITR 283Supreme Court of India2010#33 most cited

What is Totgars Co-operative Sale Society Ltd. v. ITO authority for?

The interest income earned by a cooperative society from investing its surplus funds in fixed deposits with banks is not "derived from" its eligible business activities and is taxable as "income from other sources" under Section 56, thus not qualifying for deduction under Section 80P.

1,283

judgments rely on this decision, according to BharatTax’s citation analysis of 383,853 Indian tax judgments — from 2014 to 2026.

Also referred to as

Totgars Co-operative Sale Society · 322 ITR 283 · Section 80P · Section 80P(2)(d) · Section 80P(2)(a)(i) · interest income cooperative society · fixed deposit interest deduction · income from other sources Section 56 · derived from business · surplus funds investment

Also reported as

188 Taxmann.com 282

Sections most often in play

Section 80P(2)(d)Section 80P(2)(a)(i)Section 143(3)Section 80PSection 80P(4)Section 250Section 56Section 263

Issues it is cited on

section 80(2)(d)section 80p(2)(a)(iii)section 80p(4)section 2(19)section 80p(1)section 80p(2)(c)section 80(p)(2)(d)section 5(b)section 80p(2)(d)section 80p(2)(a)section 194a(3)(v)section 80p(2)(a)(i)

Judgments citing Totgars Co-operative Sale Society Ltd. v. ITO

Grant Road (W) Omkar Co-Operative Housing Soc Limited, Mumbai vs. ITO 19(1)(1), Mumbai

In the result, this appeal of the assessee is allowed

ITA 259/MUM/2026[2020-21]Status: DisposedITAT Mumbai05 Mar 2026AY 2020-21

Bench: Shri Vikram Singh Yadav & Shri Sandeep Singh Karhail

For Appellant: Shri Ashok MehtaFor Respondent: Shri Pravin Salunkhe, Sr.DR
Section 143(1)Section 80Section 80PSection 80P(1)Section 80P(2)(d)Section 80P(4)

…at par with other banks would no more be entitled for claim of deduction under Sec. 80P(4) of the Act. Insofar the reliance placed by the Pr. CIT on the judgment of the Hon'ble Supreme Court in the case of Totgars Co-operative Sale Society Ltd. vs. ITO (2010) 322 ITR 283 (SC) is concerned, we are of the considered view that the being distinguishable on facts had wrongly been relied upon by him. The adjudication by the Hon"ble Apex Court in the aforesaid case was in context of Sec. 80P(2)(a)(i), and not on the entitlement of a cooperative society towards deduction under Sec. 80P(2) (d) on the interest income on th…

Marigold Meridian Co-Operative Housing Society Ltd, Mumbai vs. ITO Ward, Mumbai

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

ITA 9072/MUM/2025[2018-19]Status: DisposedITAT Mumbai05 Mar 2026AY 2018-19

Bench: Shri Rahul Chaudhary & Shri Bijayananda Pruseth

Section 143(1)Section 143(1)(a)Section 2(19)Section 250Section 80P(2)(a)Section 80P(2)(d)Section 80P(4)

…IN THE INCOME-TAX APPELLATE TRIBUNAL, MUMBAI “SMC” BENCH, MUMBAI BEFORE SHRI RAHUL CHAUDHARY, JUDICIAL MEMBER AND SHRI BIJAYANANDA PRUSETH, ACCOUNTANT MEMBER ITA Nos. 9070, 9071 & 9072/MUM/2025 (AY:2020-21, 2021-22 & 2018-19, ) Marigold Meridian Co- vs. ITO Ward 41(2)(3) operative Housing Society Kautilya Bhavan, Limited Mumbai Society Office, Gr Floor, Marigold Meridian CHS, Lake Road, Bhandup West, Maharashtra-400078. PAN/GIR No: AAFAM6325G (Appellant) (Respondent) Appellant by Shri Rahul Parekh Respondent by Ms. Deepika Arora (SR DR) Date of Hearing 04.03.2026 Date of Pronouncement 05.03.2026 O R D E R PER…

Marigold Meridian Co-Operative Housing Society Ltd, Mumbai vs. ITO Ward-41(2)(3), Mumbai

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

ITA 9071/MUM/2025[2021-22]Status: DisposedITAT Mumbai05 Mar 2026AY 2021-22

Bench: Shri Rahul Chaudhary & Shri Bijayananda Pruseth

Section 143(1)Section 143(1)(a)Section 2(19)Section 250Section 80P(2)(a)Section 80P(2)(d)Section 80P(4)

…IN THE INCOME-TAX APPELLATE TRIBUNAL, MUMBAI “SMC” BENCH, MUMBAI BEFORE SHRI RAHUL CHAUDHARY, JUDICIAL MEMBER AND SHRI BIJAYANANDA PRUSETH, ACCOUNTANT MEMBER ITA Nos. 9070, 9071 & 9072/MUM/2025 (AY:2020-21, 2021-22 & 2018-19, ) Marigold Meridian Co- vs. ITO Ward 41(2)(3) operative Housing Society Kautilya Bhavan, Limited Mumbai Society Office, Gr Floor, Marigold Meridian CHS, Lake Road, Bhandup West, Maharashtra-400078. PAN/GIR No: AAFAM6325G (Appellant) (Respondent) Appellant by Shri Rahul Parekh Respondent by Ms. Deepika Arora (SR DR) Date of Hearing 04.03.2026 Date of Pronouncement 05.03.2026 O R D E R PER…

Marigold Meridian Co-Operative Housing Society Ltd, Mumbai vs. ITO Ward-41(2)(3), Mumbai

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

ITA 9070/MUM/2025[2020-21]Status: DisposedITAT Mumbai05 Mar 2026AY 2020-21

Bench: Shri Rahul Chaudhary & Shri Bijayananda Pruseth

Section 143(1)Section 143(1)(a)Section 2(19)Section 250Section 80P(2)(a)Section 80P(2)(d)Section 80P(4)

…IN THE INCOME-TAX APPELLATE TRIBUNAL, MUMBAI “SMC” BENCH, MUMBAI BEFORE SHRI RAHUL CHAUDHARY, JUDICIAL MEMBER AND SHRI BIJAYANANDA PRUSETH, ACCOUNTANT MEMBER ITA Nos. 9070, 9071 & 9072/MUM/2025 (AY:2020-21, 2021-22 & 2018-19, ) Marigold Meridian Co- vs. ITO Ward 41(2)(3) operative Housing Society Kautilya Bhavan, Limited Mumbai Society Office, Gr Floor, Marigold Meridian CHS, Lake Road, Bhandup West, Maharashtra-400078. PAN/GIR No: AAFAM6325G (Appellant) (Respondent) Appellant by Shri Rahul Parekh Respondent by Ms. Deepika Arora (SR DR) Date of Hearing 04.03.2026 Date of Pronouncement 05.03.2026 O R D E R PER…

Income Tax Officer-26(1)(1), Mumbai vs. Reserve Bank Officers Co-Operative Credit Society Ltd., Mumbai

In the result, all the three appeals filed by the Revenue are dismissed

ITA 8190/MUM/2025[2023-24]Status: DisposedITAT Mumbai04 Mar 2026AY 2023-24

Bench: Shri Narender Kumar Choudhry & Shri Jagadishassessment Year: 2020-21 & Assessment Year: 2022-23 & Assessment Year: 2023-24 Income Tax Officer- Vs. Reserve Bank Officers Co- 26(1)(1), Mumbai Operative Credit Society Ltd. 3Rd Floor Amar Building, Sir P M Room No.254, 2Nd Floor Kautilya Road Fort, Mumbai-400001 Bhavan, Bkc, Mumbai-400051 Pan: Aaaar2789N (Appellant) (Respondent) Assessee By Shri Mandar Vaidya Department By Shri Annavaram Kosuri, Sr. Dr Date Of Hearing 02.03.2026 Date Of Pronouncement 04.03.2026

Section 143(3)Section 2(19)Section 80PSection 80P(2)(d)Section 80P(4)

…m the ambit of section 80P and, therefore, interest received from such co- operative banks cannot qualify for deduction. The Assessing Officer also placed reliance on the decision of the Hon’ble Supreme Court in Totagars Co-operative Sale Society Ltd. v. ITO (322 ITR 283) and the judgment of the Hon’ble Karnataka High Court in PCIT v. Totagars Co- operative Sale Society (392 ITR 74). Accordingly, the deduction claimed under section 80P(2)(d) was disallowed and the total income was assessed by bringing the said interest income to tax. 4. Aggrieved, the assessee preferred appeals before the Ld. CIT(A). The Ld. CIT(…

Income Tax Officer-26(1)(1), Mumbai vs. Reserve Bank Officers Co-Operative Credit Society Ltd., Mumbai

In the result, all the three appeals filed by the Revenue are dismissed

ITA 8189/MUM/2025[2022-23]Status: DisposedITAT Mumbai04 Mar 2026AY 2022-23

Bench: Shri Narender Kumar Choudhry & Shri Jagadishassessment Year: 2020-21 & Assessment Year: 2022-23 & Assessment Year: 2023-24 Income Tax Officer- Vs. Reserve Bank Officers Co- 26(1)(1), Mumbai Operative Credit Society Ltd. 3Rd Floor Amar Building, Sir P M Room No.254, 2Nd Floor Kautilya Road Fort, Mumbai-400001 Bhavan, Bkc, Mumbai-400051 Pan: Aaaar2789N (Appellant) (Respondent) Assessee By Shri Mandar Vaidya Department By Shri Annavaram Kosuri, Sr. Dr Date Of Hearing 02.03.2026 Date Of Pronouncement 04.03.2026

Section 143(3)Section 2(19)Section 80PSection 80P(2)(d)Section 80P(4)

…m the ambit of section 80P and, therefore, interest received from such co- operative banks cannot qualify for deduction. The Assessing Officer also placed reliance on the decision of the Hon’ble Supreme Court in Totagars Co-operative Sale Society Ltd. v. ITO (322 ITR 283) and the judgment of the Hon’ble Karnataka High Court in PCIT v. Totagars Co- operative Sale Society (392 ITR 74). Accordingly, the deduction claimed under section 80P(2)(d) was disallowed and the total income was assessed by bringing the said interest income to tax. 4. Aggrieved, the assessee preferred appeals before the Ld. CIT(A). The Ld. CIT(…

Income Tax Officer-26(1)(1), Mumbai vs. Reserve Bank Officers Co-Operative Credit Society Ltd., Mumbai

In the result, all the three appeals filed by the Revenue are dismissed

ITA 8188/MUM/2025[2020-21]Status: DisposedITAT Mumbai04 Mar 2026AY 2020-21

Bench: Shri Narender Kumar Choudhry & Shri Jagadishassessment Year: 2020-21 & Assessment Year: 2022-23 & Assessment Year: 2023-24 Income Tax Officer- Vs. Reserve Bank Officers Co- 26(1)(1), Mumbai Operative Credit Society Ltd. 3Rd Floor Amar Building, Sir P M Room No.254, 2Nd Floor Kautilya Road Fort, Mumbai-400001 Bhavan, Bkc, Mumbai-400051 Pan: Aaaar2789N (Appellant) (Respondent) Assessee By Shri Mandar Vaidya Department By Shri Annavaram Kosuri, Sr. Dr Date Of Hearing 02.03.2026 Date Of Pronouncement 04.03.2026

Section 143(3)Section 2(19)Section 80PSection 80P(2)(d)Section 80P(4)

…m the ambit of section 80P and, therefore, interest received from such co- operative banks cannot qualify for deduction. The Assessing Officer also placed reliance on the decision of the Hon’ble Supreme Court in Totagars Co-operative Sale Society Ltd. v. ITO (322 ITR 283) and the judgment of the Hon’ble Karnataka High Court in PCIT v. Totagars Co- operative Sale Society (392 ITR 74). Accordingly, the deduction claimed under section 80P(2)(d) was disallowed and the total income was assessed by bringing the said interest income to tax. 4. Aggrieved, the assessee preferred appeals before the Ld. CIT(A). The Ld. CIT(…

Hotel Maleekara Pattina Souharda Sahakaari Sangha Niyamitha, Tumkur vs. Income Tax Officer, Ward-1 & Tps, Tumkur

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

ITA 1110/BANG/2025[2017-18]Status: DisposedITAT Bangalore03 Mar 2026AY 2017-18

Bench: Shri Prashant Maharishi, Vice – & Shri Soundararajan K.Assessment Year : 2017-18

For Appellant: Shri A. Shivaram, CA
Section 142(1)Section 143(2)Section 234ASection 80PSection 80P(2)Section 80P(2)(a)Section 80P(2)(d)

…ety” and therefore deduction would be allowed u/s. 80P(2)(d) of the Act on the interest amount earned from the co-operative societies / bank. In the said judgment, the Hon’ble High Court also distinguished the judgment of the Hon’ble Supreme Court reported in 322 ITR 283 in the case of Totgars Co-operative Sale Society Ltd. Vs. ITO Page 5 of 6 since the Hon’ble Supreme Court had considered the deduction claimed u/s. 80P(2)(a)(i) of the Act and not 80P(2)(d) of the Act. 10. We have also considered the another order of this Tribunal in ITA Nos. 827 to 829/Bang/2023 dated 28/02/2024 in the case of NTI Housing Co-…

Shri K.P. Magennavar Laxmi Credit Souharda Sahakari Sangh Ltd.Manjari., Chikodi vs. Income Tax Officer, Ward-1, Nippani

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

ITA 33/PAN/2026[2015-2016]Status: DisposedITAT Panaji27 Feb 2026AY 2015-2016

Bench: Shri Pavan Kumar Gadalei T A. No.33/Pan/2026 (A.Y. 2015-16 ) Shri K.P.Magennavar Laxmi Vs I.T.O-Ward-1, Credit Souharda Sahakari Nemchand Building, . Sangh Limited, 747,Ashoknagar, 521,Laxmibuilding,Mainroad, Nipani-591237, Manjari, Chikodi, Karnataka. Belagavi-591213, Karnataka. Pan .No. Aabas3175N (अपीलार्थी/Appellant) (प्रत्यर्थी/Respondent) Assessee By Shri.Jaykumar Patil.Ar Revenue By Smt.Thamba Mahendra.Sr.Dr सुनवाई की तारीख/Date Of Hearing 25.02.2026 घोषणा की तारीख/Date Of Pronouncement 27.02.2026 Order Per Pavan Kumar Gadale, Jm: The Assessee Has Filed The Appeal Against The Order Of Addl/Jcit(A)-7 Mumbai Passed U/Se 143(3) & U/Sec250 Of The Act. The Assessee Has Raised The Grounds Of Appeal Challenging The Order Of The Cit(A) Sustaining The Denial Of Claim Of Deduction U/Sec80P(2)(A)(I) Of The Ac & Without Prejudice Alternate Relief U/Sec80P(2)(D) Of The Act On Interest Income From Cooperative Banks & Scheduled Banks. 2. The Brief Facts Of The Case Are That, The Assessee Souhard Credit Cooperative Society Is Engaged In Providing

Section 80P(2)(a)Section 80P(2)(d)

…at par with other banks would no more be entitled for claim of deduction under Sec. 80P(4) of the Act. Insofar the reliance placed by the Pr. CIT on the judgment of the Hon'ble Supreme Court in the case of Totgars Co-operative Sale Society Ltd. vs. ITO (2010) 322 ITR 283 (SC) is concerned, we are of the considered view that the being distinguishable on facts had wrongly been relied upon by him. The adjudication by the Hon"ble Apex Court in the aforesaid case was in context of Sec. 80P(2)(a)(i), and not on the entitlement of a cooperative society towards deduction under Sec. 80P(2) (d) on the interest income on th…

Dy. Commissioner of Income Tax, Cir - 2(1)(1), Surat vs. Shree Sayan Vibhag Sahakari Khand Udyog Mandli Ltd, Surat

In the result, both the appeals filed by the Revenue are dismissed

ITA 908/SRT/2025[2011-12]Status: DisposedITAT Surat27 Feb 2026AY 2011-12

Bench: Dr. B.R.R. Kumar, Vice-Ms Suchitra Kamble

For Appellant: Shri Mukesh Jain, CIT(DR)For Respondent: Shri Akshay M Modi, AR
Section 143(3)Section 145ASection 155Section 37(1)Section 80P(2)(d)Section 80P(4)

…ned CIT(A) has erred in deleting the addition of Rs. 4,02,60,235/- made on account of disallowance of deduction claimed u/s 80P(2)(d) of the Act by ignoring the decision of Hon'ble Supreme Court in the case of Totgars Cooperative Sale Society Ltd. reported in 322 ITR 283, wherein it was held that Interest earned from investments made in any bank not being Co-operative society, is not deductible under section 80P(2)(d) of the Act. 4. On the facts and circumstance of the case and in law, the Ld. CIT(A) has erred in deleting the addition of Rs.4,02,60,235/made on account of disallowance of deduction claimed u/s.80P(…

Deputy Commissioner of Income Tax, Surat vs. Shree Sayan Vibhag Sahakari Khand Udyog Mandli Ltd, Surat

In the result, both the appeals filed by the Revenue are dismissed

ITA 901/SRT/2025[2014-15]Status: DisposedITAT Surat27 Feb 2026AY 2014-15

Bench: Dr. B.R.R. Kumar, Vice-Ms Suchitra Kamble

For Appellant: Shri Mukesh Jain, CIT(DR)For Respondent: Shri Akshay M Modi, AR
Section 143(3)Section 145ASection 155Section 37(1)Section 80P(2)(d)Section 80P(4)

…ned CIT(A) has erred in deleting the addition of Rs. 4,02,60,235/- made on account of disallowance of deduction claimed u/s 80P(2)(d) of the Act by ignoring the decision of Hon'ble Supreme Court in the case of Totgars Cooperative Sale Society Ltd. reported in 322 ITR 283, wherein it was held that Interest earned from investments made in any bank not being Co-operative society, is not deductible under section 80P(2)(d) of the Act. 4. On the facts and circumstance of the case and in law, the Ld. CIT(A) has erred in deleting the addition of Rs.4,02,60,235/made on account of disallowance of deduction claimed u/s.80P(…

Valencia Co Operative Housing Society Limited, Mumbai vs. Deputy Commissioner of Income Tax 41(1)(1), Mumbai

Accordingly, Ground No. 1 & 2 raised by the Assessee are allowed

ITA 8366/MUM/2025[2020-21]Status: DisposedITAT Mumbai26 Feb 2026AY 2020-21

Bench: IN THE INCOME TAX APPELLATE TRIBUNAL “F” BENCH, MUMBAI SHRI RAHUL CHAUDHARY, JUDICIAL MEMBER SHRI BIJAYANANDA PRUSETH, ACCOUNTANT MEMBER ITA No.8366/MUM/2025 (Assessment Year:2020-2021) Valencia Co. Operative Housing Society Limited Ground Floor, Hiranandani Gardens, Powai, Mumbai - 400076. Maharashtra [PAN: AAAAV0809P] Deputy Commissioner of Income-tax, Circle, 41(1)(1), Mumbai Kautilya Bhavan, Bandra Kurla Complex, Bandra (East), Mumbai - 400051. Maharashtra. Appearance For the Appellant/

For Appellant: Shri Rajeev KhandelwalFor Respondent: Shri Nakul Agrawal
Section 143(1)Section 154Section 80PSection 80P(2)(d)

…IN THE INCOME TAX APPELLATE TRIBUNAL “F” BENCH, MUMBAI SHRI RAHUL CHAUDHARY, JUDICIAL MEMBER SHRI BIJAYANANDA PRUSETH, ACCOUNTANT MEMBER Valencia Co. Operative Housing Society Limited Ground Floor, Hiranandani Gardens, Powai, Mumbai – 400076. Maharashtra [PAN: AAAAV0809P] …………. Appellant Vs Deputy Commissioner of Income-tax, Circle, 41(1)(1), Mumbai Kautilya Bhavan, Bandra Kurla Complex, Bandra (East), Mumbai - 400051. Maharashtra. …………. Respondent Appearance For the Appellant/Assessee : Shri Rajeev Khandelwal For the Respondent/Department : Shri Nakul Agrawal Date Conclusion of hearing : 17.02.2026 Pronouncement…

ITO, Mumbai vs. The Jackson Co-Op. Credit Society of the Employee of Western Railway Ltd., Mumbai

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

ITA 5441/MUM/2025[2020-21]Status: DisposedITAT Mumbai26 Feb 2026AY 2020-21

Bench: Hon’Ble Shri Sandeep Gosain& Hon’Ble Shri Bijayananda Prusethito, Mumbai Vs. The Jackson Co-Op. Society Of The Employee Of Western Railway Ltd. 1, Noushir Bharucha Maro Orant Road, Mumbai – 400007. Pan/Gir No. Aaatt2985P (Applicant) (Respondent)

Section 250Section 801(2)(a)Section 80PSection 80P(2)Section 80P(2)(a)Section 80P(2)(ai)

…ts and circumstances of the case and in the law the Ld.CITA) has erred in allowing the deduction u/s 80P(2)(a)(i) of Rs. 19,77,87,377/-even if Hon'ble Supreme Court as well as Hon'ble Karnataka High Court in the case of Totagar Cooperative sale society (2010) 322 ITR 283(SC) and (2017)392 ITR 74(Kar) held that the income by way of interest earned by deposit or investment of idle or surplus funds does not change its character irrespective of the fact whether such income of interest is earned from a schedule bank or a co-operative bank and thus, clause (d) of section 80P(2) of the Act would not apply in case of co-…

Nagpur District Shala Karmachari Credit Co-Operative Society Ltd, Nagpur vs. Income Tax Officer Ward 4 (4), Nagpur

In the result, assessee's appeal is allowed

ITA 775/NAG/2025[2020-21]Status: DisposedITAT Nagpur19 Feb 2026AY 2020-21
For Appellant: Shri K P Dewani (through virtual)For Respondent: Shri Surjit Kumar Saha Sr.DR (through virtual)
Section 56Section 80PSection 80P(2)(a)Section 80P(2)(d)

…this case, Interest income is received from Bank and Co-operative Bank, therefore, the appellant is not eligible to claim deduction u/s 80P(2)(d). Further, the judgement of Hon'ble Supreme Court in the case of Totgar's Co-operative Sale Society Ltd. V/s ITO [322 ITR 283 (SC)] is clearly applicable in the appellant's case. In view of the above, I am not inclined to interfere with the decision made by the AO on this issue. Hence all the ground(s) of appeal pertaining to this issue are dismissed. 10. In the result, the appeal is dismissed. 5. Aggrieved with such order of Ld. CIT(A) / NFAC, the assessee is in appeal…

Nagpur District Shala Karmachari Credit Co-Operative Society Ltd, Nagpur vs. Income Tax Officer Ward 4 (4), Nagpur

In the result, assessee’s appeal is allowed

ITA 774/NAG/2025[2018-19]Status: DisposedITAT Nagpur19 Feb 2026AY 2018-19

Bench: Shri R. K. Panda

For Appellant: Shri K P Dewani (through virtual)For Respondent: Shri Surjit Kumar Saha Sr.DR
Section 234ASection 80PSection 80P(2)(a)Section 80P(2)(d)

…IT (2014) 110 DTR 89 (Delhi) not allowing deduction u/s.80P on interest income, earned from banks under similar circumstances. Both the Hon’ble High Courts have taken into consideration the ratio laid down in the case of Totgar’s Cooperative Sale Society Ltd. 322 ITR 283 (SC). There being no direct judgment from the Hon’ble jurisdictional High Court on the point, the Tribunal in Shri Laxmi Narayan Nagari Sahakari Pat Sanstha Maryadit (supra) preferred to go with the view taken in favour of the assessee by the Hon’ble Karnataka High Court in the case of Tumkur Merchants Souharda Credit Cooperative Ltd. (supra). In…

Gujarat State Cooperative Cotton Federation Limited, Ahmedabad vs. The Pr. CIT, Ahmedabad -1, Ahmedabad

In the result, the appeal of the assessee is dismissed

ITA 538/AHD/2024[2018-19]Status: DisposedITAT Ahmedabad19 Feb 2026AY 2018-19

Bench: Dr. Brr Kumar & Ms. Suchitra Kambleassessment Year 2018-19

For Appellant: Shri Manish J. Shah &For Respondent: Shri Sher Singh, CIT-D.R
Section 139(1)Section 143Section 143(3)Section 263Section 56Section 80PSection 80P(2)Section 80P(2)(a)Section 80P(2)(d)

…e contribution of the farmers/members of society. Beside this, interest earned from the commercial banks are directly not allowable u/s. 80P(2)(a)(iii) and (iv) as per decision of Hon’ble Supreme Court in case of Totgar Co-operative Sales Society Ltd. Vs. ITO 322 ITR 283 (SC). Thus, ld. D.R. submitted that merely in the earlier assessment year, the same has been allowed does not state that mistake should be repeated in all the assessment years subsequently. There is a loss of revenue and thus, the Pr. CIT has rightly invoked section 261 of the Act. 7. We have heard both the parties and perused all the relevant m…

Bardc Bank, Bhatkal vs. National E-Assessment Centre, Delhi

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

ITA 297/PAN/2024[2018-19]Status: DisposedITAT Panaji17 Feb 2026AY 2018-19

Bench: Shri Pavan Kumar Gadale & Shri G D Padmahshalii T A. Nos.296 & 297/Pan/2024 (A.Y. 2017-18 & 2018-19) Bardc Bank Bhatkal, Ito-Ward-1, Vs Pld Bank, Main Road, Santerikrupa, . Uttara Kannada, Kaigaroad, Bhatkal S.O. Habbuwada, Karnataka-581320. Karwar-581306, Karnataka. Pan .No. Aaaap1731G (अपीलार्थी/Appellant) (प्रत्यर्थी/Respondent)

Section 80P(2)(a)

…at par with other banks would no more be entitled for claim of deduction under Sec. 80P(4) of the Act. Insofar the reliance placed by the Pr. CIT on the judgment of the Hon'ble Supreme Court in the case of Totgars Co-operative Sale Society Ltd. vs. ITO (2010) 322 ITR 283 (SC) is concerned, we are of the considered view that the being distinguishable on facts had wrongly been relied upon by him. The adjudication by the Hon"ble Apex Court in the aforesaid case was in context of Sec. 80P(2)(a)(i), and not on the entitlement of a cooperative society towards deduction under Sec. 80P(2) (d) on the interest income on th…

Bardc Bank, Bhatkal vs. Income Tax Officer, Ward - 1, Karwar

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

ITA 296/PAN/2024[2017-18]Status: DisposedITAT Panaji17 Feb 2026AY 2017-18

Bench: Shri Pavan Kumar Gadale & Shri G D Padmahshalii T A. Nos.296 & 297/Pan/2024 (A.Y. 2017-18 & 2018-19) Bardc Bank Bhatkal, Ito-Ward-1, Vs Pld Bank, Main Road, Santerikrupa, . Uttara Kannada, Kaigaroad, Bhatkal S.O. Habbuwada, Karnataka-581320. Karwar-581306, Karnataka. Pan .No. Aaaap1731G (अपीलार्थी/Appellant) (प्रत्यर्थी/Respondent)

Section 80P(2)(a)

…at par with other banks would no more be entitled for claim of deduction under Sec. 80P(4) of the Act. Insofar the reliance placed by the Pr. CIT on the judgment of the Hon'ble Supreme Court in the case of Totgars Co-operative Sale Society Ltd. vs. ITO (2010) 322 ITR 283 (SC) is concerned, we are of the considered view that the being distinguishable on facts had wrongly been relied upon by him. The adjudication by the Hon"ble Apex Court in the aforesaid case was in context of Sec. 80P(2)(a)(i), and not on the entitlement of a cooperative society towards deduction under Sec. 80P(2) (d) on the interest income on th…

Shri Hanuman Credit Souharda Sahakari Sangh Ltd, Belagavi vs. Income Tax Officer, Ward - 1, Nippani

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

ITA 235/PAN/2025[2017-18]Status: DisposedITAT Panaji16 Feb 2026AY 2017-18

Bench: SHRI PAVAN KUMAR GADALE (Judicial Member)

Section 80P(2)(a)

…Souhard Sahakari Sangh Limited. more be entitled for claim of deduction under Sec. 80P(4) of the Act. Insofar the reliance placed by the Pr. CIT on the judgment of the Hon'ble Supreme Court in the case of Totgars Co-operative Sale Society Ltd. vs. ITO (2010) 322 ITR 283 (SC) is concerned, we are of the considered view that the being distinguishable on facts had wrongly been relied upon by him. The adjudication by the Hon"ble Apex Court in the aforesaid case was in context of Sec. 80P(2)(a)(i), and not on the entitlement of a cooperative society towards deduction under Sec. 80P(2) (d) on the interest income on th…

Veeracharya Babasaheb Kuchnure Zilla Nagari Sahakari Pat Sanstha Limited, Sangli vs. Income Tax Officer 1(1), Sangli

In the result, the appeal of the assessee is allowed

ITA 3243/PUN/2025[2020-21]Status: DisposedITAT Pune16 Feb 2026AY 2020-21

Bench: Shri Manish Borad & Ms. Astha Chandra

For Appellant: Shri Kishor B PhadkeFor Respondent: Shri Amit Bobde
Section 143(2)Section 143(3)Section 80PSection 80P(2)(a)Section 80P(2)(d)Section 80P(4)

…0P(2)(d). There is no material on record to suggest that the appellant is itself a co-operative bank, and therefore section 80P(4) does not apply to the appellant on that footing. 5.4 The Hon'ble Supreme Court in Totgars Co-operative Sale Society Ltd. v. ITO (322 ITR 283) has categorically held that interest earned on surplus funds invested in deposits, which are not required for the day-to-day AYs 2018-19 & 2020-21 business of providing credit facilities to members, is taxable under the head "Income from Other Sources and does not qualify for deduction under section 80P(2)(a)(i). In the present case, the appell…