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

DCIT, Circle-4(1), Bhubaneswar vs. M/S. the Orissa State Handloom Weavers Cooperative Society Limited, Bhubaneswar

In the result, appeal of the Revenue i

ITA 365/CTK/2017[2014-15]Status: DisposedITAT Cuttack09 Apr 2018AY 2014-15
For Appellant: Shri B.K.Mahapatra, ARFor Respondent: Shri D.K.Pradhan, DR
Section 143(2)Section 143(3)Section 56Section 80P(2)Section 80P(2)(ii)

…s on facts in relying on the decision of the Hon‟ble ITAT, Cuttack Bench in the assessee‟s case for the AY 2003-04, when the same has been overruled by the decision of the Hon‟ble Apex Court in the case of Totgars‟ Cooperative Sale Society Ltd. Vs. ITO (2010) 322 ITR 283. 3. On the facts and in the circumstances of the case, the Ld. CIT(A) is not justified in law as well as on facts in deleting the addition of Rs.2,32,47,636/- made by the AO treating it as „income from house property‟, when the assessee did not let out the property in question for godown purpose and is not an allowable deduction u/s.80P(2)(ii) of…

DCIT, Circle-4(1), Bhubaneswar vs. M/S. the Orissa State Handloom Weavers Cooperative Society Limited, Bhubaneswar

In the result, appeal of the Revenue i

ITA 364/CTK/2017[2013-14]Status: DisposedITAT Cuttack09 Apr 2018AY 2013-14
For Appellant: Shri B.K.Mahapatra, ARFor Respondent: Shri D.K.Pradhan, DR
Section 143(2)Section 143(3)Section 56Section 80P(2)Section 80P(2)(ii)

…s on facts in relying on the decision of the Hon‟ble ITAT, Cuttack Bench in the assessee‟s case for the AY 2003-04, when the same has been overruled by the decision of the Hon‟ble Apex Court in the case of Totgars‟ Cooperative Sale Society Ltd. Vs. ITO (2010) 322 ITR 283. 3. On the facts and in the circumstances of the case, the Ld. CIT(A) is not justified in law as well as on facts in deleting the addition of Rs.2,32,47,636/- made by the AO treating it as „income from house property‟, when the assessee did not let out the property in question for godown purpose and is not an allowable deduction u/s.80P(2)(ii) of…

DCIT, Circle-4(1), Bhubaneswar vs. M/S. the Orissa State Tassar & Silk Cooperative Society Ltd., Bhubaneswar

In the result, appeal of the Revenue i

ITA 363/CTK/2017[2014-15]Status: DisposedITAT Cuttack09 Apr 2018AY 2014-15
For Appellant: Shri P.R.Mohanty, ARFor Respondent: Shri D.K.Pradhan, DR
Section 143(2)Section 143(3)Section 56Section 80P(2)Section 80P(2)(ii)

…s on facts in relying on the decision of the Hon‟ble ITAT, Cuttack Bench in the assessee‟s case for the AY 2003-04, when the same has been overruled by the decision of the Hon‟ble Apex Court in the case of Totgars‟ Cooperative Sale Society Ltd. Vs. ITO (2010) 322 ITR 283. 3. On the facts and in the circumstances of the case, the Ld. CIT(A) is not justified in law as well as on facts in deleting the addition of Rs. 1,90,500/- made by the AO treating it as „income from house property‟, when the assessee did not let out the property in question for godown purpose and is not an allowable deduction u/s.80P(2)(ii) of t…

DCIT, Circle-4(1), Bhubaneswar vs. M/S. the Orissa State Tassar & Silk Cooperative Society Ltd., Bhubaneswar

In the result, appeal of the Revenue i

ITA 362/CTK/2017[2013-14]Status: DisposedITAT Cuttack09 Apr 2018AY 2013-14
For Appellant: Shri P.R.Mohanty, ARFor Respondent: Shri D.K.Pradhan, DR
Section 143(2)Section 143(3)Section 56Section 80P(2)Section 80P(2)(ii)

…s on facts in relying on the decision of the Hon‟ble ITAT, Cuttack Bench in the assessee‟s case for the AY 2003-04, when the same has been overruled by the decision of the Hon‟ble Apex Court in the case of Totgars‟ Cooperative Sale Society Ltd. Vs. ITO (2010) 322 ITR 283. 3. On the facts and in the circumstances of the case, the Ld. CIT(A) is not justified in law as well as on facts in deleting the addition of Rs. 1,90,500/- made by the AO treating it as „income from house property‟, when the assessee did not let out the property in question for godown purpose and is not an allowable deduction u/s.80P(2)(ii) of t…

Income-Tax Officer vs. Keshavsmurti Nagari Sahakari Patpedhi Ltd., Raigad

ITA 936/PUN/2015[2010-11]Status: DisposedITAT Pune04 Apr 2018AY 2010-11

Bench: Ms. Sushma Chowla, Jm & Shri Anil Chaturvedi, Am आयकर अपीऱ सं. / Ita No.936/Pun/2015 यििाारण वषा / Assessment Year : 2010-11 The Income Tax Officer, अऩीऱाथी/Appellant Ward 5, Panvel …. Vs. Keshavsmurti Nagari Sahakari Patpedhi Ltd., Shop No.1G/F, Anpurna Niwas, Shivaji Road, Tal – Panvel, …. प्रत्यथी / Respondent Dist – Raigad – 410206 Pan: Aaaak7390L प्रत्याक्षेप सं./Co No.30/Pun/2017 यििाारण वषा / Assessment Year : 2010-11 (Out Of Ita No.936/Pun/2015) Keshavsmurti Nagari Sahakari Patpedhi Ltd., Shop No.1G/F, Anpurna Niwas, Shivaji Road, Tal – Panvel, … प्रत्याक्षेऩक/ Cross Objector Dist – Raigad – 410206 Pan: Aaaak7390L Vs. The Income Tax Officer, …. प्रत्यथी / Respondent Ward 5, Panvel

For Appellant: Shri Nikhil Pathak
Section 143(3)Section 80P(2)(a)Section 80P(2)(d)

…arned by the assessee by way of interest or dividend derived from its investments with other Co-operative Banks. In this regard, reliance was placed on the ratio laid down by the Hon'ble Supreme Court in Totgar's Co- operative Sale Society Ltd. Vs. ITO (2010) 322 ITR 283 (SC). 6. The assessee has filed Cross Objections to point out that the assessee is a Co-operative Society and it has earned income from Co-operative Banks to the tune of ₹ 1,18,76,752/- and it is entitled to claim the aforesaid deduction under section 80P(2)(d) of the Act. In this regard, reliance was placed on the ratio laid down by Pune Bench…

Tupurwadi Co Op Credit Society Ltd, Mumbai vs. ITO 21(3)(4), Mumbai

Appeal stands dismissed

ITA 3225/MUM/2017[2012-13]Status: DisposedITAT Mumbai04 Apr 2018AY 2012-13

Bench: Shri C.N. Prasad, Jm & Shri Manoj Kumar Aggarwal, Am

For Appellant: Dilip P.Bapat,Ld.ARFor Respondent: N.Hemalatha, Ld. DR
Section 143(3)Section 2(24)(viia)Section 80PSection 80P(2)(a)Section 80P(2)(d)Section 80P(4)

…d on the decision of Mumbai Tribunal in Shri Saidatta Cooperative Credit Society Ltd. Vs. ITO [ITA No.2379/Mum/2015 dated 15/01/2016] which was passed after considering the decision of Hon’ble Apex Court in Totgars Co-operative Sale Society Ltd. Vs. ITO [2010 322 ITR 283]. Aggrieved, the assessee is in further appeal before us. 4. At the outset, so far as the exclusion provided by Section 80P(4) is concerned, Ld. Authorized Counsel for Assessee [AR] has rightly placed the reliance on recent decision of Hon’ble Apex Court rendered in The Citizen Cooperative Society Limited Vs. ACIT [397 ITR 1 dated 08/08/2017] whe…

Tatyasaheb Mohite Nagari, Mumbai vs. Income Tax Officer (21)(3)(2), Mumbai

In the result, appeal filed by the assessee is allowed

ITA 412/MUM/2018[2013-14]Status: DisposedITAT Mumbai03 Apr 2018AY 2013-14

Bench: S/Shri B.R. Baskaran (Am) & Sandeep Gosain (Jm)

Section 80PSection 80P(2)(a)Section 80P(2)(d)Section 80P(4)

…IN THE INCOME TAX APPELLATE TRIBUNAL “SMC” Bench, Mumbai Before S/Shri B.R. Baskaran (AM) & Sandeep Gosain (JM) I.T.A. No. 412/Mum/2018 (Assessment Year 2013-14) Shri Tatyasaheb Mohite ITO-21(3)(2) Nagari Sahakari Patpedhi Ltd. Vs. Room No. 203 BDD Chawl No. 5/2-4 2nd Floor N.M. Joshi Marg, Near N.M. Piramal Joshi Marg Police Station Chambers, Mumbai-400 013. Lalbaug PAN : AAABS0974P Mumbai-400012. (Appellant) (Respondent) Assessee by Shri V.G. Ginde Department by Shri N. Hemalatha Date of Hearing 3.4.2018 Date of Pronouncement 3.4.2018 O R D E R Per B.R. Baskaran (AM) :- The appeal filed by the assessee…

Airport Authority of India (Iad) Staff Co Op Credit Society Ltd, Mumbai vs. ITO WD 15(3)(3), Mumbai

The appeal of the assessee is allowed

ITA 6461/MUM/2014[2010-11]Status: DisposedITAT Mumbai28 Mar 2018AY 2010-11

Bench: Shri Joginder Singh & Shri Ramit Kocharassessment Year: 2010-11 Airport Authority Of India Income Tax Officer-15(3)(3), (Iad) Staff Co-Op. Credit Mumbai बनाम/ Society Ltd. Vs. A-11/16, New Quarters, Bomanwada, Vile Parle (E), Mumbai-400099 ("नधा"रती /Assessee) (राज"व /Revenue) Pan. No.Aabta2530N "नधा"रती क" ओर से / Assessee By Written Submission Shri Rajat Mittal-Dr राज"व क" ओर से / Revenue By 28/03/2018 सुनवाई क" तार"ख / Date Of Hearing : 28/03/2018 आदेश क" तार"ख /Date Of Order:

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

…not material for the claim of deduction under this section. The Tribunal has already considered the 10 Airport Authority of India (IAD) Staff Co-op. Credit Society Ltd. decision from Hon'ble Apex Court in the case of Totagar’s Cooperative Sale Society Ltd. (322 ITR 283)(Supreme Court), Lands End Cooperating Housing Society Ltd. vs Income Tax Officer (ITA No.2379/Mum/2015) order dated 15/01/2016 and finally the Assessing Officer was directed to allow deduction u/s 80P(2)(d) of the Act with respect to interest income earned from a cooperative bank. 2.3. However, we find that in the case of Pr. CIT vs Ekta C…

Baliraja Gramin Bigarsheti Sahakari Pat Sanstha Maryadit, Solapur vs. Income Tax Officer

ITA 50/PUN/2017[2013-14]Status: DisposedITAT Pune26 Mar 2018AY 2013-14

Bench: Ms. Sushma Chowla, Jm & Shri D. Karunakara Rao, Am आयकर अपीऱ सं. / Ita Nos.50 & 51/Pun/2017 यििाारण वषा / Assessment Years : 2013-14 & 2012-13

For Appellant: NoneFor Respondent: Shri Anil Kumar Chaware
Section 143(3)Section 56Section 70Section 80

…ssee before the Assessing Officer was that the said funds were not idle funds and were part of working capital of the society. The Assessing Officer relying on the judgment of the Hon'ble Supreme Court in Totgar’s Co-operative Sale Society Ltd. Vs. ITO (2010) 322 ITR 283 (SC) held that interest income was to be taxed as ‘Income from other sources’ under section 56 of the Act and was not eligible for deduction under section 80(P)(2)(a) of the Act. 7. Before the CIT(A), the assessee made elaborate submissions. The CIT(A) upheld the order of Assessing Officer, in view of the ratio laid down by ITA Nos.50 & 51/PUN/2…

ITO, WD-32(3), Kolkata vs. M/S Bokaro Steel Employee'S Calcutta Co-Operative Society Ltd., Kolkata

In the result, for statistical purpose, the appeal of Revenue is treated as allowed

ITA 1314/KOL/2015[2012-2013]Status: DisposedITAT Kolkata21 Mar 2018AY 2012-2013

Bench: Shri Waseem Ahmed & Shri S.S.Viswanethra Raviassessment Year:2012-13

Section 143(3)Section 56Section 79Section 80PSection 80P(2)(a)

…es Act 2006. There was no diversion of funds for the purpose other than the objectives mentioned in the bye laws. 2.3 That principles laid down in the judgment of Hon’ble Supreme court in the case of M/s The Totgars’ Cooperative State Society Limited Vs. ITO (322 ITR 283) are not applicable to the instant case as in that case the assessee was not an employee co-operative credit society. ITA No.1314/Kol/2015 A.Y. 2012-13 ITO Wd-32(3) Kol. Vs. M/s B.S.E (Cal) Co-op Credit Society Ltd. Page 3 2.4 However the AO after due consideration of submission made by the assessee during the assessment proceeding concluded tha…

M/S. Banashankari Credit Co-Operative Society Limited, Bengaluru vs. Income Tax Officer, Ward-7(2)(4), Bengaluru

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

ITA 2874/BANG/2017[2014-15]Status: DisposedITAT Bangalore12 Mar 2018AY 2014-15

Bench: Shri Arun Kumar Garodiaassessment Year :2014-15

For Appellant: Smt. Pratibha .R, AdvocateFor Respondent: Smt. Padma Meenakshi, JCIT (DR)
Section 80P

…the case of Tumkur Merchants Souharda Credit Cooperative Ltd. Vs. ITO as reported in 230 Taxman 309. He submitted that the AO has followed a judgment of Hon’ble Apex Court rendered in the case of Totgars Co-operative Sales Society Ltd. Vs. ITO as reported in 322 ITR 283 (SC). He pointed out that in the case of Tumkur Merchants Souharda Credit Cooperative Ltd. Vs. ITO (supra), Hon'ble Karnataka High Court has duly considered this judgment of Hon’ble Apex Court rendered in the case of Totgars Co-operative Sales Society Ltd. Vs. ITO (supra) and even after that, the issue in dispute was decided by Hon'ble Karnataka…

ACIT, Circle-33, Kolkata vs. Central Bank of India Employees Cooperative Society Limited, Kolkata

In the result, appeal by the revenue is dismissed

ITA 2203/KOL/2016[2013-14]Status: DisposedITAT Kolkata01 Mar 2018AY 2013-14

Bench: Hon’Ble Sri.N.V.Vasudevan, Jm & Sri.Waseem Ahmed Am]

For Appellant: Shri S.Bhatacharjee, FCA & Gautam BanerjeeFor Respondent: Shri S.Dasgupta, Addl.CIT Sr.DR
Section 80P(2)(a)

…re of such activities :” ITA No.2203/K/2016 Central Bank of India Employees Coop Society Ltd. A.Y.2013-14 3 4. The AO was of the view that as per the decision rendered by the Hon’ble Supreme Court in the case of Totgar’s Co-operative Sale Society Ltd vs ITO 322 ITR 283 (SC) interest earned on deposits had to be regarded as income under the head ‘Income from other sources’ and therefore deduction u/s 80P(2)(a)(i) of the Act cannot be allowed to the assessee as only the whole of the amount of profits and gains of business attributable to carrying on the business of banking or providing credit facilities to its me…

Lalitamba Pattina Souharda Sahakari Niyamita vs. The Income Tax Officer

Appeal stands disposed of accordingly

ITA/100004/2018HC Karnataka19 Feb 2018

Bench: JOHN MICHAEL CUNHA,S.SUJATHA

Section 143(2)Section 143(3)Section 260ASection 80P(1)Section 80P(2)(a)

…inst the interest income determined under other sources. Thus, it is submitted that even not admitting, but assuming the judgment of the Hon’ble Apex Court in Totgar’s Co-operative Sale Society Limited v. The Income Tax Officer, Sirsi, reported in (2010) 322 ITR 283 SC : (2010)3 SCC 223 is applicable to the facts of the case, in terms of paragraph 14 of the said judgment, the Tribunal ought to have examined whether it was right in law for the Tribunal that the income by way of interest on deposits held with Scheduled banks, bonds and other securities was : 9 : chargeable to tax under Section 5…

ITO, WD-36(4), Kolkata vs. The New India Assurance Co Ltd., Kolkata

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

ITA 145/KOL/2016[2012-2013]Status: DisposedITAT Kolkata07 Feb 2018AY 2012-2013
For Appellant: Shri Sallong Yaden, Addl.CIT, ld.DRFor Respondent: Shri S.K.Saha, FCA, ld.AR
Section 143(2)Section 80P

…f capital "if not immediately required to be lent to the members" 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 "interest income arising on the surplus invested in short-term deposits and securities. . . . . . . . . would come in the category of income from other sources." Realising his difficulty, Mr. Khaitan submitted that the assessee was under the impression that the income arising ou…

M/S Karakulam Service Co-Op Bank Ltd, Trivandrum vs. The ITO, Trivandrum

ITA 596/COCH/2017[2014-15]Status: DisposedITAT Cochin29 Jan 2018AY 2014-15

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

For Appellant: Sri. T.M.Sreedharan, AdvocateFor Respondent: Sri. A.Dhanaraj, Sr.DR
Section 143(3)Section 80PSection 80P(2)(a)Section 80P(2)(d)Section 80P(4)

…lified for deduction u/s 80P(2)(d). 4. The CIT(A) ought to have accepted the law laid down as per the Judgment in the case of M/s Totgars 4 SP No.68/Coch/2017. M/s.Karakulam SCB Limited. Co-operative Sale Society Ltd., Vs. The Income Tax Officer (reported in 322 ITR 283) and the judgment of the Hon'ble High Court of Karnataka, reported in 231 Taxman 794 in the case of M/s Totgars Co-op. Sale Society Ltd., Vs. The Income Tax Officer and allowed the claim for deduction u/s 80P(2)(d). 5. It is submitted that in view of the statutory provision contained in Sec.80P(2)(d), the claim should have been allowed. The cont…

M/S Sri Gangadhareshwara Souharda Pattana Sahakari Niyamitha, Gangavathi vs. Income Tax Officer Ward-1, Koppal

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

ITA 2585/BANG/2017[2013-14]Status: DisposedITAT Bangalore19 Jan 2018AY 2013-14

Bench: Shri Arun Kumar Garodiaassessment Year : 2013-14

For Appellant: Shri R.E. Balasubramanyam, CAFor Respondent: Dr. G. Manojkumar, Addl. CIT (DR)
Section 80PSection 80P(2)

…before the AO and CIT(A), there is no finding of authorities below on these aspects. He pointed out that ld. CIT(A) has merely followed two judgements of Hon'ble Apex Court rendered in the case of Totagar’s Cooperative Sale Society Ltd. Vs. ITO as reported in 322 ITR 283 and in the case of Citizen Co-operative Society as reported in TS-326-SC-2017 dated 16.08.2017 without giving any finding on factual aspects and hence, the matter may be restored back to the file of CIT(A) for fresh decision by way of a speaking and reasoned order. The ld. DR of revenue supported the order of CIT(A). 4. I have considered the riv…

Th E Padne Service Co-Op Bank Ltd, Kasargode vs. The ITO, Ward-2, Kasargode

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

ITA 585/COCH/2017[2013-14]Status: DisposedITAT Cochin11 Jan 2018AY 2013-14

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

For Appellant: Sri. H.Subrahmania BhatFor Respondent: Sri. A.Dhanaraj, Sr.DR
Section 143(3)Section 80PSection 80P(2)Section 80P(2)(a)

…8 and Rs.5,346/- in A.Y. 2011-12 on treasury deposits and claimed these amounts as deduction under section 80P of the Income Tax Act. However, the Hon’ble Supreme Court has held in the case of M/s Tatgars’ Co-operative Sale Society Ltd. v. Income Tax Officer (322 ITR 283) that – “such interest income cannot be said to be attributable either to the activity mentioned in section 80P(2)(a)(i) of the Act or in section 80P2)(a)(iii) of the Act. ITA Nos.584-585/Coch/2017. 4 M/s.The Padne Service Co-op.Bank Ltd. 7.1 Respectfully following the above decision, the interest earned on treasury deposits is not allowed as de…

Th E Padne Service Co-Op Bank Ltd, Kasargode vs. The ITO, Ward-2, Kasargode

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

ITA 584/COCH/2017[2007-08]Status: DisposedITAT Cochin11 Jan 2018AY 2007-08

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

For Appellant: Sri. H.Subrahmania BhatFor Respondent: Sri. A.Dhanaraj, Sr.DR
Section 143(3)Section 80PSection 80P(2)Section 80P(2)(a)

…8 and Rs.5,346/- in A.Y. 2011-12 on treasury deposits and claimed these amounts as deduction under section 80P of the Income Tax Act. However, the Hon’ble Supreme Court has held in the case of M/s Tatgars’ Co-operative Sale Society Ltd. v. Income Tax Officer (322 ITR 283) that – “such interest income cannot be said to be attributable either to the activity mentioned in section 80P(2)(a)(i) of the Act or in section 80P2)(a)(iii) of the Act. ITA Nos.584-585/Coch/2017. 4 M/s.The Padne Service Co-op.Bank Ltd. 7.1 Respectfully following the above decision, the interest earned on treasury deposits is not allowed as de…

ITO, WD-32(2), Kolkata vs. M/S National Coal Development Corporation Staff Co-Operative Credit Society Ltd., Kolkata

In the result, Revenue’s appeal stands allowed partly for statistical purpose

ITA 1244/KOL/2015[2012-2013]Status: DisposedITAT Kolkata15 Dec 2017AY 2012-2013

Bench: Shri Waseem Ahmed & Shri S.S.Viswanethra Raviassessment Year:2012-13 Income Tax Officer, M/S National Coal बनाम Ward-32(2),Pr. Development Corporation / Commissioner Of Staff Co-Operative Credit V/S. Income Tax, 10- Society Ltd., Thapar B,Middleton Row, 3Rd, House, 5Th Floor, 25, Floor, Boaboune Road, Kolkata- Kolkata-71 001 [Pan No.Aaaln 0409 N] .. अपीलाथ" /Appellant ""यथ" /Respondent Shri Araindam Bhattacharjee, Addl. Cit-Dr अपीलाथ" क" ओर से/By Appellant Shri Subash Agarwl, Advocate ""यथ" क" ओर से/By Respondent 03-11-2017 सुनवाई क" तार"ख/Date Of Hearing 15-12-2017 घोषणा क" तार"ख/Date Of Pronouncement आदेश /O R D E R Per Waseem Ahmed:- This Appeal By The Revenue Is Against The Order Of Commissioner Of Income Tax (Appeals)-9, Kolkata Dated 23.07.2015. Assessment Was Framed By Ito Ward- 32(2), Kolkata U/S 143(3) Of The Income Tax Act, 1961 (Hereinafter Referred To As ‘The Act’) Vide His Order Dated 30.09.2014 For Assessment Year 2012-13. The Grounds Raised By The Revenue Per Its Appeal Are As Under:- “1. For That On The Facts & In The Circumstances Of The Case, The Ld. Cit(A) Was Not Justified In Confirming The Sanction Of The Ao In Holding That The Interest Income Earned By The Assessee-Credit Society Amounting To Rs.40,76,664/- On Account Of Fixed Deposits Does Not Qualify For Deduction U/S 80P.

Section 143(3)Section 80PSection 80P(2)(a)

…he assessee-credit society amounting to Rs. 40,76,664/- on account of fixed deposits does not qualify for deduction· u/s.80P. 2. For that the Ld. CIT(A) ought to have considered that the judgment in the case of Totgars Co - operative Sale Society Ltd. vs. ITO 322 ITR 283 (SC) is not applicable to the facts of the assessee's case. 3. For that on the facts and in the circumstances of the case, the Ld. CIT(A) ought to have allowed the proportionate deduction in respect of interest paid / payable to the members out of the interest income. 4. For that the Ld. CIT(A) has erred in not adjudicating ground no. (vi) raised…

M/S.Mangalam Service Co-Op Bank Ltd, Tirur vs. The ITO, Ward-1, Tirur

In the result, the appeal filed by the assessee in ITA No

ITA 495/COCH/2017[2013-14]Status: DisposedITAT Cochin17 Oct 2017AY 2013-14

Bench: Shri George George Kthe Mangalam Service Cooperative Vs The Income Tax Officer Bank Ltd, Mangalam Po Ward 1, Tirur. Malappuram-676 561. Pan No. Aacam 9758J] Appellant Respondent

Section 5Section 80PSection 80P(2)

…from other sources and not income from business, thereby denied the benefit of deduction u/s 80P. In taking the above view, the CIT(A) relied on the judgment of the Hon’ble Apex Court in the case of M/s Totgars Cooperative Sales Society Ltd vs ITO reported in 322 ITR 283. 4 The assessee being aggrieved by the denial of benefit of section 80P(2), interest earned on deposits with Sub-treasury, has filed the present appeal before the Tribunal. The grounds raised read as follows: The Commissioner (Appeals) erred in holding that the interest earned on treasury deposits is not allowed as deduction u/s. 80P of the In…