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

The ITO, WD-2(3), Trivandrum vs. Anad Farmers Service Co-Op Bank Ltd, Trivandrum

ITA 142/COCH/2019[2011-12]Status: DisposedITAT Cochin17 May 2019AY 2011-12

Bench: Shri Chandra Poojari, Am & Shri George George K, Jm

For Appellant: Sri. AmaljithFor Respondent: Smt.A.S.Bindhu, Sr.DR

…: (a) 203 ITR 1027 (SC) in the case of Sabargantha Zilla Kharid Vechar Sangh Ltd. (b) 363 ITR 68(Kerala) in the case of Perunthalmanna Service Corporative Bank. (c) 234 ITR 201 (Kerala) in the case of CIT V s Kerala State Co-operative Marketing Federation (d) 322 ITR 283 in the case of M/s Totgars Co- For these and other grounds that may be advanced at the time of hearing the order of the learned Commissioner of Income-tax (Appeals), Trivandrum on the above points may be set aside and that of the Assessing Officer restored.” 6. The learned Departmental Representative relied on the grounds raised in these appeal…

The ITO, WD-2(3), Trivandrum vs. Anad Farmers Service Co-Op Bank Ltd, Trivandrum

ITA 135/COCH/2019[2014-15]Status: DisposedITAT Cochin17 May 2019AY 2014-15

Bench: Shri Chandra Poojari, Am & Shri George George K, Jm

For Appellant: Sri. AmaljithFor Respondent: Smt.A.S.Bindhu, Sr.DR

…: (a) 203 ITR 1027 (SC) in the case of Sabargantha Zilla Kharid Vechar Sangh Ltd. (b) 363 ITR 68(Kerala) in the case of Perunthalmanna Service Corporative Bank. (c) 234 ITR 201 (Kerala) in the case of CIT V s Kerala State Co-operative Marketing Federation (d) 322 ITR 283 in the case of M/s Totgars Co- For these and other grounds that may be advanced at the time of hearing the order of the learned Commissioner of Income-tax (Appeals), Trivandrum on the above points may be set aside and that of the Assessing Officer restored.” 6. The learned Departmental Representative relied on the grounds raised in these appeal…

The ITO, Kollam vs. M/S.the Uliyacoil Service Co-Op Bank Ltd, Kollam

ITA 133/COCH/2019[2013-14]Status: DisposedITAT Cochin17 May 2019AY 2013-14

Bench: Shri Chandra Poojari, Am & Shri George George K, Jm

For Appellant: Sri. AmaljithFor Respondent: Smt.A.S.Bindhu, Sr.DR

…: (a) 203 ITR 1027 (SC) in the case of Sabargantha Zilla Kharid Vechar Sangh Ltd. (b) 363 ITR 68(Kerala) in the case of Perunthalmanna Service Corporative Bank. (c) 234 ITR 201 (Kerala) in the case of CIT V s Kerala State Co-operative Marketing Federation (d) 322 ITR 283 in the case of M/s Totgars Co- For these and other grounds that may be advanced at the time of hearing the order of the learned Commissioner of Income-tax (Appeals), Trivandrum on the above points may be set aside and that of the Assessing Officer restored.” 6. The learned Departmental Representative relied on the grounds raised in these appeal…

The ITO, WD-4, Kollam vs. The Nadakkal Service Co-Op Bank Ltd, Kollam

ITA 132/COCH/2019[2014-15]Status: DisposedITAT Cochin17 May 2019AY 2014-15

Bench: Shri Chandra Poojari, Am & Shri George George K, Jm

For Appellant: Sri. AmaljithFor Respondent: Smt.A.S.Bindhu, Sr.DR

…: (a) 203 ITR 1027 (SC) in the case of Sabargantha Zilla Kharid Vechar Sangh Ltd. (b) 363 ITR 68(Kerala) in the case of Perunthalmanna Service Corporative Bank. (c) 234 ITR 201 (Kerala) in the case of CIT V s Kerala State Co-operative Marketing Federation (d) 322 ITR 283 in the case of M/s Totgars Co- For these and other grounds that may be advanced at the time of hearing the order of the learned Commissioner of Income-tax (Appeals), Trivandrum on the above points may be set aside and that of the Assessing Officer restored.” 6. The learned Departmental Representative relied on the grounds raised in these appeal…

The ITO, WD-4, Kollam vs. The Nadakkal Service Co-Op Bank Ltd, Kollam

ITA 131/COCH/2019[2013-14]Status: DisposedITAT Cochin17 May 2019AY 2013-14

Bench: Shri Chandra Poojari, Am & Shri George George K, Jm

For Appellant: Sri. AmaljithFor Respondent: Smt.A.S.Bindhu, Sr.DR

…: (a) 203 ITR 1027 (SC) in the case of Sabargantha Zilla Kharid Vechar Sangh Ltd. (b) 363 ITR 68(Kerala) in the case of Perunthalmanna Service Corporative Bank. (c) 234 ITR 201 (Kerala) in the case of CIT V s Kerala State Co-operative Marketing Federation (d) 322 ITR 283 in the case of M/s Totgars Co- For these and other grounds that may be advanced at the time of hearing the order of the learned Commissioner of Income-tax (Appeals), Trivandrum on the above points may be set aside and that of the Assessing Officer restored.” 6. The learned Departmental Representative relied on the grounds raised in these appeal…

The ITO, WD-4, Kollam vs. The Nadakkal Service Co-Op Bank Ltd, Kollam

ITA 130/COCH/2019[2012-13]Status: DisposedITAT Cochin17 May 2019AY 2012-13

Bench: Shri Chandra Poojari, Am & Shri George George K, Jm

For Appellant: Sri. AmaljithFor Respondent: Smt.A.S.Bindhu, Sr.DR

…: (a) 203 ITR 1027 (SC) in the case of Sabargantha Zilla Kharid Vechar Sangh Ltd. (b) 363 ITR 68(Kerala) in the case of Perunthalmanna Service Corporative Bank. (c) 234 ITR 201 (Kerala) in the case of CIT V s Kerala State Co-operative Marketing Federation (d) 322 ITR 283 in the case of M/s Totgars Co- For these and other grounds that may be advanced at the time of hearing the order of the learned Commissioner of Income-tax (Appeals), Trivandrum on the above points may be set aside and that of the Assessing Officer restored.” 6. The learned Departmental Representative relied on the grounds raised in these appeal…

The ITO, WD-4, Kollam vs. The Nadakkal Service Co-Op Bank Ltd, Kollam

ITA 129/COCH/2019[2011-12]Status: DisposedITAT Cochin17 May 2019AY 2011-12

Bench: Shri Chandra Poojari, Am & Shri George George K, Jm

For Appellant: Sri. AmaljithFor Respondent: Smt.A.S.Bindhu, Sr.DR

…: (a) 203 ITR 1027 (SC) in the case of Sabargantha Zilla Kharid Vechar Sangh Ltd. (b) 363 ITR 68(Kerala) in the case of Perunthalmanna Service Corporative Bank. (c) 234 ITR 201 (Kerala) in the case of CIT V s Kerala State Co-operative Marketing Federation (d) 322 ITR 283 in the case of M/s Totgars Co- For these and other grounds that may be advanced at the time of hearing the order of the learned Commissioner of Income-tax (Appeals), Trivandrum on the above points may be set aside and that of the Assessing Officer restored.” 6. The learned Departmental Representative relied on the grounds raised in these appeal…

The ITO, WD-2(3), Trivandrum vs. M/S.Vithura Service Co-Op Bank Ltd, Trivandrum

ITA 127/COCH/2019[2015-16]Status: DisposedITAT Cochin17 May 2019AY 2015-16

Bench: Shri Chandra Poojari, Am & Shri George George K, Jm

For Appellant: Sri. AmaljithFor Respondent: Smt.A.S.Bindhu, Sr.DR

…: (a) 203 ITR 1027 (SC) in the case of Sabargantha Zilla Kharid Vechar Sangh Ltd. (b) 363 ITR 68(Kerala) in the case of Perunthalmanna Service Corporative Bank. (c) 234 ITR 201 (Kerala) in the case of CIT V s Kerala State Co-operative Marketing Federation (d) 322 ITR 283 in the case of M/s Totgars Co- For these and other grounds that may be advanced at the time of hearing the order of the learned Commissioner of Income-tax (Appeals), Trivandrum on the above points may be set aside and that of the Assessing Officer restored.” 6. The learned Departmental Representative relied on the grounds raised in these appeal…

The ITO, Ward-2(3), Trivandrum vs. M/S.Vithura Service Co-Op Bank Ltd, Trivandrum

ITA 126/COCH/2019[2011-12]Status: DisposedITAT Cochin17 May 2019AY 2011-12

Bench: Shri Chandra Poojari, Am & Shri George George K, Jm

For Appellant: Sri. AmaljithFor Respondent: Smt.A.S.Bindhu, Sr.DR

…: (a) 203 ITR 1027 (SC) in the case of Sabargantha Zilla Kharid Vechar Sangh Ltd. (b) 363 ITR 68(Kerala) in the case of Perunthalmanna Service Corporative Bank. (c) 234 ITR 201 (Kerala) in the case of CIT V s Kerala State Co-operative Marketing Federation (d) 322 ITR 283 in the case of M/s Totgars Co- For these and other grounds that may be advanced at the time of hearing the order of the learned Commissioner of Income-tax (Appeals), Trivandrum on the above points may be set aside and that of the Assessing Officer restored.” 6. The learned Departmental Representative relied on the grounds raised in these appeal…

The ITO, WD-2(3), Trivandrum vs. M/S.Vembayam Service Co-Op Bank Ltd, Trivandrum

ITA 125/COCH/2019[2014-15]Status: DisposedITAT Cochin17 May 2019AY 2014-15

Bench: Shri Chandra Poojari, Am & Shri George George K, Jm

For Appellant: Sri. AmaljithFor Respondent: Smt.A.S.Bindhu, Sr.DR

…: (a) 203 ITR 1027 (SC) in the case of Sabargantha Zilla Kharid Vechar Sangh Ltd. (b) 363 ITR 68(Kerala) in the case of Perunthalmanna Service Corporative Bank. (c) 234 ITR 201 (Kerala) in the case of CIT V s Kerala State Co-operative Marketing Federation (d) 322 ITR 283 in the case of M/s Totgars Co- For these and other grounds that may be advanced at the time of hearing the order of the learned Commissioner of Income-tax (Appeals), Trivandrum on the above points may be set aside and that of the Assessing Officer restored.” 6. The learned Departmental Representative relied on the grounds raised in these appeal…

The ITO, WD-2(5), Trivandrum vs. M/S.Edava Service Co-Op Bank Ltd, Trivandrum

ITA 124/COCH/2019[2015-16]Status: DisposedITAT Cochin17 May 2019AY 2015-16

Bench: Shri Chandra Poojari, Am & Shri George George K, Jm

For Appellant: Sri. AmaljithFor Respondent: Smt.A.S.Bindhu, Sr.DR

…: (a) 203 ITR 1027 (SC) in the case of Sabargantha Zilla Kharid Vechar Sangh Ltd. (b) 363 ITR 68(Kerala) in the case of Perunthalmanna Service Corporative Bank. (c) 234 ITR 201 (Kerala) in the case of CIT V s Kerala State Co-operative Marketing Federation (d) 322 ITR 283 in the case of M/s Totgars Co- For these and other grounds that may be advanced at the time of hearing the order of the learned Commissioner of Income-tax (Appeals), Trivandrum on the above points may be set aside and that of the Assessing Officer restored.” 6. The learned Departmental Representative relied on the grounds raised in these appeal…

The ITO, WD-2(5), Trivandrum vs. M/S.Pallickal Farmers Service Co-Op Bank Ltd, Trivandrum

ITA 120/COCH/2019[2015-16]Status: DisposedITAT Cochin17 May 2019AY 2015-16

Bench: Shri Chandra Poojari, Am & Shri George George K, Jm

For Appellant: Sri. AmaljithFor Respondent: Smt.A.S.Bindhu, Sr.DR

…: (a) 203 ITR 1027 (SC) in the case of Sabargantha Zilla Kharid Vechar Sangh Ltd. (b) 363 ITR 68(Kerala) in the case of Perunthalmanna Service Corporative Bank. (c) 234 ITR 201 (Kerala) in the case of CIT V s Kerala State Co-operative Marketing Federation (d) 322 ITR 283 in the case of M/s Totgars Co- For these and other grounds that may be advanced at the time of hearing the order of the learned Commissioner of Income-tax (Appeals), Trivandrum on the above points may be set aside and that of the Assessing Officer restored.” 6. The learned Departmental Representative relied on the grounds raised in these appeal…

The ITO< WD-4, Kollam vs. M/Skadakkal Service Co-Op Bank Ltd, Kollam

ITA 114/COCH/2019[2015-16]Status: DisposedITAT Cochin17 May 2019AY 2015-16

Bench: Shri Chandra Poojari, Am & Shri George George K, Jm

For Appellant: Sri. AmaljithFor Respondent: Smt.A.S.Bindhu, Sr.DR

…: (a) 203 ITR 1027 (SC) in the case of Sabargantha Zilla Kharid Vechar Sangh Ltd. (b) 363 ITR 68(Kerala) in the case of Perunthalmanna Service Corporative Bank. (c) 234 ITR 201 (Kerala) in the case of CIT V s Kerala State Co-operative Marketing Federation (d) 322 ITR 283 in the case of M/s Totgars Co- For these and other grounds that may be advanced at the time of hearing the order of the learned Commissioner of Income-tax (Appeals), Trivandrum on the above points may be set aside and that of the Assessing Officer restored.” 6. The learned Departmental Representative relied on the grounds raised in these appeal…

The ITO, WD-2(5), Trivandrum vs. Attingal Muncipal Town Service Co- Op Society /Bank Ltd, Trivandrum

ITA 113/COCH/2019[2015-16]Status: DisposedITAT Cochin17 May 2019AY 2015-16

Bench: Shri Chandra Poojari, Am & Shri George George K, Jm

For Appellant: Sri. AmaljithFor Respondent: Smt.A.S.Bindhu, Sr.DR

…: (a) 203 ITR 1027 (SC) in the case of Sabargantha Zilla Kharid Vechar Sangh Ltd. (b) 363 ITR 68(Kerala) in the case of Perunthalmanna Service Corporative Bank. (c) 234 ITR 201 (Kerala) in the case of CIT V s Kerala State Co-operative Marketing Federation (d) 322 ITR 283 in the case of M/s Totgars Co- For these and other grounds that may be advanced at the time of hearing the order of the learned Commissioner of Income-tax (Appeals), Trivandrum on the above points may be set aside and that of the Assessing Officer restored.” 6. The learned Departmental Representative relied on the grounds raised in these appeal…

The ITO, Trivandrum vs. Mithirmala Service Co-Op Bank Ltd, Trivandrum

ITA 110/COCH/2019[2011-12]Status: DisposedITAT Cochin17 May 2019AY 2011-12

Bench: Shri Chandra Poojari, Am & Shri George George K, Jm

For Appellant: Sri. AmaljithFor Respondent: Smt.A.S.Bindhu, Sr.DR

…: (a) 203 ITR 1027 (SC) in the case of Sabargantha Zilla Kharid Vechar Sangh Ltd. (b) 363 ITR 68(Kerala) in the case of Perunthalmanna Service Corporative Bank. (c) 234 ITR 201 (Kerala) in the case of CIT V s Kerala State Co-operative Marketing Federation (d) 322 ITR 283 in the case of M/s Totgars Co- For these and other grounds that may be advanced at the time of hearing the order of the learned Commissioner of Income-tax (Appeals), Trivandrum on the above points may be set aside and that of the Assessing Officer restored.” 6. The learned Departmental Representative relied on the grounds raised in these appeal…

The ITO, Ward-2(1), Trivandrum vs. M/S.Kerala Gazetted Officers O-Op Society Ltd, Trivandrum

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

ITA 117/COCH/2019[2014-15]Status: DisposedITAT Cochin16 May 2019AY 2014-15

Bench: Shri Chandra Poojari, Am & Shri George George K, Jm

For Appellant: Smt.A.S.Bindhu, Sr.DRFor Respondent: Sri. Anil D.Nair
Section 143(3)Section 80PSection 80P(2)Section 80P(2)(a)

…IN THE INCOME TAX APPELLATE TRIBUNAL COCHIN BENCH, COCHIN Before Shri Chandra Poojari, AM &amp; Shri George George K, JM ITA No.117/Coch/2019 : Asst.Year 2014-2015 The Income Tax Officer M/s.Kerala Gazetted Ward – 2(1) Vs. Officers Co-operative Trivandrum. Society Limited Vazhuthacaud, Thycaud Trivandrum – 695 014. PAN : AACAK6865C. (Appellant) (Respondent) Appellant by : Smt.A.S.Bindhu, Sr.DR Respondent by : Sri. Anil D.Nair Date of Pronouncement : 16.05.2019 Date of Hearing : 09.05.2019 O R D E R Per George George K, JM This appeal at the instance of the Revenue is directed against the CIT(A)’s order dated…

ACIT, Circle - 40, Kolkata vs. M/S. Sbi Staff Association Co-Op Bank Ltd., Kolkata

In the result, the appeal of the Revenue is allowed for statistical purposes

ITA 424/KOL/2018[2014-15]Status: DisposedITAT Kolkata10 May 2019AY 2014-15

Bench: Sh. P.M.Jagtap & Sh.S.S.Viswanethra Ravivs Acit, M/S. Sbi Staff Association Co- Cirle-40, 2Nd Floor, 3, Op. Bank Ltd., Govt. Place (W), 11, Abdul Hamid Street, Kolkata-700001. Kolkata-700069. Pan-Aadts2489J (Appellant) (Respondent) Appellant By Sh. C.J.Singh, Jcit, Sr.Dr Respondent By Sh. Piyush Dey, Fca Date Of Hearing 25.03.2019 Date Of Pronouncement 10.05.2019 Order Per S.S. Viswanethra Ravithis Appeal Filed By The Revenue Against The Order Dated 08.12.2016 Passed By Cit(A)-12, Kolkata For Ay 2014-15. 2. The Only Issue Is To Be Decided As To Whether The Cit(A) Is Justified In Deleting The Addition Made U/S 80P(2)(A)(I) Of The Income Tax Act, 1961 (In Short “Act”) In The Facts & Circumstances Of The Case.

Section 63Section 64Section 80PSection 80P(2)(a)

…capital &quot;if not immediately required to be lent to the members&quot; was not contemplated. The assessee cannot claim any deduction which is not provided for by the section. Moreover the judgment in the case of Totgars Co- operative Sale Society Ltd. v. ITO [2010] 322 ITR 283/188 Taxman 282 (SC) is a binding authority for the preposition that &quot;interest income arising on the surplus invested in short-term deposits and securities would come in the category of income from other sources. &quot; 10. Realising his difficulty, Mr. Khaitan submitted that the assessee was under the impression that the income arising out of investme…

M/S Ksfc Employees Housing Co-Operative Society Limited, Bangalore vs. Income Tax Officer Ward-1(2)(5), Bangalore

In the result, the assessee’s appeal for Assessment Year 2012-13 is dismissed

ITA 214/BANG/2019[2013-14]Status: DisposedITAT Bangalore08 May 2019AY 2013-14

Bench: Shri Jason P. Boazassessment Year : 2013-14 M/S. Ksfc Employees Housing Co- Vs. Income-Tax Officer, Operative Society Ltd., Ward - 1(2)(5), No.1/1, Thimmaiah Road, Bangalore. Bangalore – 560 052. Pan : Aabak 6180 F Appellant Respondent Assessee By : Shri. Sandeep C, C.A. Revenue By : Shri. Sumer Singh Meena, Addl. Cit Date Of Hearing : 23.04.2019 Date Of Pronouncement : 08.05.2019 O R D E R

For Appellant: Shri. Sandeep C, C.AFor Respondent: Shri. Sumer Singh Meena, Addl. CIT
Section 143(32)Section 80P(2)(c)Section 80P(2)(d)Section 90P(2)(d)

…nst the assessee by the categorical pronouncement in the matter of Pr. CIT versus Totgars Co-op Sale Society [395 ITR 611] , wherein after taking into account the judgment of the Hon&#x27;ble Supreme Court in the matter of Totgar&#x27;s Cooperative Sale Society v. ITO [322 ITR 283] the issue was decided against the assessee. We do not find any reason to take a contrary view and accordingly the ground raised by the assessee is dismissed.” Page 6 of 6 6.2.2 Respectfully following the decision of the Hon’ble Karnataka High Court in the case of Pr. CIT Vs. Totagars Co-operative Sale Society in 395 ITR 611 (Kar) which was foll…

Ekta Milan Co-Op Housing Society Limited, Mumbai vs. Income Tax Officer-32(1)(5), Mumbai

The appeal of the assessee is allowed in terms of our aforesaid observations

ITA 3867/MUM/2018[2014-15]Status: DisposedITAT Mumbai30 Apr 2019AY 2014-15

Bench: Shri Shamim Yahya & Shri Ravish Soodekta Milan Co-Op. Housing Commissioner Of Income Tax Society Limited, (Appeals)-46 New Link Road, Mittal Court, 3Rd Floor, B-Wing, Vs. Opp. Eskay Club, Borivali (W), Nariman Point, Mumbai 400 103 Mumbai 400021 Pan – Aaaae2679L (Appellant) (Respondent)

For Appellant: Shri Ashok H. Sagar, A.RFor Respondent: Shri Chaitnya Anjaria, D.R
Section 143(1)Section 143(2)Section 143(3)Section 80PSection 80P(2)(d)

…the same was liable to be brought to tax under the head “Income from other sources”. On the basis of his aforesaid deliberations the A.O relying 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 (S.C) concluded that the aforesaid interest income accruing the assessee society did not qualify for deduction under Sec.80P. As a result, the A.O declined the assesses claim of deduction under Sec.80P on the interest on FDRs and brought the same to tax under the head “Income from other sources”. 4. Aggrieved, the assessee carried the matter in a…

Kshatriy Gadkari Maratha Co.Op.Credit Society Ltd., Mumbai vs. ITO 21(2)(1), Mumbai

In the result, appeals of the assessee are allowed

ITA 3647/MUM/2018[2014-15]Status: DisposedITAT Mumbai26 Apr 2019AY 2014-15

Bench: Shri C.N. Prasad, Hon'Ble

For Appellant: Shri Rajendra KadrekarFor Respondent: Shri Kailash C. Kanojiya
Section 143(3)Section 80PSection 80P(2)(a)Section 80P(2)(d)Section 80P(4)

…e earned by the assessee from cooperative banks and in coming to such conclusion the Ld.CIT(A) referred to the decision of the Coordinate Bench and also the decision of the Hon&#x27;ble Apex court in the case of The Totgar Cooperative Sales Society Limited v. ITO [322 ITR 283]. He also relied on the Coordinate Bench decision in the case of Vaibhav Cooperative Credit Society v. ITO in ITA.No. 5819/Mum/2014 dated 17.03.2017. 4. Ld. DR vehemently supported the orders of the authorities below. 5. Heard rival submissions, perused the orders of the authorities below. The issue in the case of The Totgar Cooperative Sales So…