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

M/S. the Totgars Co-Operative Sale Society vs. The Principal Commissioner of Income Tax

RP/100085/2017HC Karnataka22 Sept 2017

Bench: H.B.PRABHAKARA SASTRY,VINEET KOTHARI

Section 114Section 194Section 260ASection 80Section 80(2)(d)

…instead of other Scheduled or Nationalized Banks during these assessment years and it does not change the character of the income by change of Banks and in view of the Supreme Court decision in the case of the assessee itself reported in [(2010) 322 ITR 283(SC)] (CIT Vs. Totagar’s Co- operative Sale Limited) and that the Co operative Banks are different from Co-operative Societies and they are not species of the genus Co-operative Societies (vide paragraphss 12 and 13) and therefore Date of Order 22-09-2017 R.P.Nos.100085-100093/2017 In ITA No.100066/2016 & connected matter…

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

In the result the appeal of the assessee is treated as allowed for statistical purposes

ITA 1249/KOL/2015[2012-2013]Status: DisposedITAT Kolkata18 Aug 2017AY 2012-2013

Bench: Hon’Ble Sri N.V.Vasudevan, Jm & Shri J.Sudhakar Reddy, Am] I.T.A No. 1249/Kol/2015 Assessment Year : 2012-13 M/S. National Coal Development Corporation -Vs.- I.T.O., Ward-32(2) Staff Cooperative Credit Society Ltd. Kolkata Kolkata [Pan : Aaaln 0409 N] (Respondent) (Appellant) For The Appellant : Shri Subash Agarwal, Advocate For The Respondent : Shri Sallong Yaden, Addl. Cit Date Of Hearing : 14.08.2017. Date Of Pronouncement : 18.08.2017. Order Per N.V.Vasudevan, Jm This Is An Appeal By The Assessee Against The Order Dated 23.07.2015 Of C.I.T(A)-9, Kolkata Relating To A.Y.2012-13. 2. Grounds Raised By The Assessee In This Appeal Reads As Follows :- “ 1.For That On The Facts & In The Circumstances Of The Case, The Ld. Cit(A) Was Not Justified In Confirming The Action Of The A.O. 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. 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 & 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 In The Memorandum Of Appeal. 5. For That The Ld. Cit(A) Has Erred In Not Giving Any Finding/Direction To The A.O. In Respect Of Ground Nos. (I) (Vi) & (Vii).

For Appellant: Shri Subash Agarwal, AdvocateFor Respondent: Shri Sallong Yaden, Addl. CIT
Section 40Section 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.Ezhome Service Co-Op Bank Ltd, Kannur vs. The ITO, Kannur

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

ITA 269/COCH/2017[2011-12]Status: DisposedITAT Cochin12 Jul 2017AY 2011-12

Bench: Shri George George Kthe Azhikode Service Cooperative Bank Vs The Income Tax Officer Ltd , No.F 1149 Ward 1 Azhikode- Kannur Kannur Kerala 670 009 Pan No. Aaaaa7103M M/S Maniat Service Cooperative Bank Vs The Income Tax Officer Po Maniat Ward 2 Kasaragod 671 310 Kasaragod Pan No. Aaaam7608K M/S Madikai Service Cooperative Bank Vs The Income Tax Officer Po Madikai Ward 2 Kasaragod 671 314 Kasaragod Pan No. Aaaat7221K M/S Bedadka Farmers Service Vs The Income Tax Officer Cooperative Bank Ltd Ward 1 Kundamkuzhy Po Kasaragod Kasaragd 671 541 Pan No. Aaaab0892Q The Payyannur Service Cooperative Vs The Income Tax Officer Bank -No.F 1401 Ward 2 Po Payyannur Kannur Kannur 670 307 Pan No. Aaabp0133D ( Appellants) (Respondent)

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

…nd not income from business, thereby denied the benefit of deduction u/s 80P for Rs. 4,03,088/-. 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. The relevant findings of the CIT(A) in this regard read as follows: 8. During the A Y s 2011-12 and 2012-13, the appellant earned interests amounting to Rs.850/- and Rs.4,03,088/- respectively on treasury deposits and claimed these amounts as deductions under section 80P of the Income Tax Act. However, the Hon'ble Supreme Court has held in the…

The Madai Service Co-Op Bank Ltd, Kannur vs. The ITO, Kannur

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

ITA 268/COCH/2017[2011-12]Status: DisposedITAT Cochin12 Jul 2017AY 2011-12

Bench: Shri George George Kthe Azhikode Service Cooperative Bank Vs The Income Tax Officer Ltd , No.F 1149 Ward 1 Azhikode- Kannur Kannur Kerala 670 009 Pan No. Aaaaa7103M M/S Maniat Service Cooperative Bank Vs The Income Tax Officer Po Maniat Ward 2 Kasaragod 671 310 Kasaragod Pan No. Aaaam7608K M/S Madikai Service Cooperative Bank Vs The Income Tax Officer Po Madikai Ward 2 Kasaragod 671 314 Kasaragod Pan No. Aaaat7221K M/S Bedadka Farmers Service Vs The Income Tax Officer Cooperative Bank Ltd Ward 1 Kundamkuzhy Po Kasaragod Kasaragd 671 541 Pan No. Aaaab0892Q The Payyannur Service Cooperative Vs The Income Tax Officer Bank -No.F 1401 Ward 2 Po Payyannur Kannur Kannur 670 307 Pan No. Aaabp0133D ( Appellants) (Respondent)

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

…nd not income from business, thereby denied the benefit of deduction u/s 80P for Rs. 4,03,088/-. 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. The relevant findings of the CIT(A) in this regard read as follows: 8. During the A Y s 2011-12 and 2012-13, the appellant earned interests amounting to Rs.850/- and Rs.4,03,088/- respectively on treasury deposits and claimed these amounts as deductions under section 80P of the Income Tax Act. However, the Hon'ble Supreme Court has held in the…

M/S.the Payyannur Service Co-Op Bank Ltd, Kannur vs. The ITO, Kannur

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

ITA 263/COCH/2017[2008-09]Status: DisposedITAT Cochin12 Jul 2017AY 2008-09

Bench: Shri George George Kthe Azhikode Service Cooperative Bank Vs The Income Tax Officer Ltd , No.F 1149 Ward 1 Azhikode- Kannur Kannur Kerala 670 009 Pan No. Aaaaa7103M M/S Maniat Service Cooperative Bank Vs The Income Tax Officer Po Maniat Ward 2 Kasaragod 671 310 Kasaragod Pan No. Aaaam7608K M/S Madikai Service Cooperative Bank Vs The Income Tax Officer Po Madikai Ward 2 Kasaragod 671 314 Kasaragod Pan No. Aaaat7221K M/S Bedadka Farmers Service Vs The Income Tax Officer Cooperative Bank Ltd Ward 1 Kundamkuzhy Po Kasaragod Kasaragd 671 541 Pan No. Aaaab0892Q The Payyannur Service Cooperative Vs The Income Tax Officer Bank -No.F 1401 Ward 2 Po Payyannur Kannur Kannur 670 307 Pan No. Aaabp0133D ( Appellants) (Respondent)

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

…nd not income from business, thereby denied the benefit of deduction u/s 80P for Rs. 4,03,088/-. 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. The relevant findings of the CIT(A) in this regard read as follows: 8. During the A Y s 2011-12 and 2012-13, the appellant earned interests amounting to Rs.850/- and Rs.4,03,088/- respectively on treasury deposits and claimed these amounts as deductions under section 80P of the Income Tax Act. However, the Hon'ble Supreme Court has held in the…

M/.the Azhikkode Service Co-Op Bank Ltd, Kannur vs. The ITO, Kannur

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

ITA 261/COCH/2017[2012-13]Status: DisposedITAT Cochin12 Jul 2017AY 2012-13

Bench: Shri George George Kthe Azhikode Service Cooperative Bank Vs The Income Tax Officer Ltd , No.F 1149 Ward 1 Azhikode- Kannur Kannur Kerala 670 009 Pan No. Aaaaa7103M M/S Maniat Service Cooperative Bank Vs The Income Tax Officer Po Maniat Ward 2 Kasaragod 671 310 Kasaragod Pan No. Aaaam7608K M/S Madikai Service Cooperative Bank Vs The Income Tax Officer Po Madikai Ward 2 Kasaragod 671 314 Kasaragod Pan No. Aaaat7221K M/S Bedadka Farmers Service Vs The Income Tax Officer Cooperative Bank Ltd Ward 1 Kundamkuzhy Po Kasaragod Kasaragd 671 541 Pan No. Aaaab0892Q The Payyannur Service Cooperative Vs The Income Tax Officer Bank -No.F 1401 Ward 2 Po Payyannur Kannur Kannur 670 307 Pan No. Aaabp0133D ( Appellants) (Respondent)

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

…nd not income from business, thereby denied the benefit of deduction u/s 80P for Rs. 4,03,088/-. 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. The relevant findings of the CIT(A) in this regard read as follows: 8. During the A Y s 2011-12 and 2012-13, the appellant earned interests amounting to Rs.850/- and Rs.4,03,088/- respectively on treasury deposits and claimed these amounts as deductions under section 80P of the Income Tax Act. However, the Hon'ble Supreme Court has held in the…

M/S.Bedaka Farmers Service Co-Op Bank Ltd, Kasargode vs. The ITO, Kasargode

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

ITA 210/COCH/2017[2007-08]Status: DisposedITAT Cochin12 Jul 2017AY 2007-08

Bench: Shri George George Kthe Azhikode Service Cooperative Bank Vs The Income Tax Officer Ltd , No.F 1149 Ward 1 Azhikode- Kannur Kannur Kerala 670 009 Pan No. Aaaaa7103M M/S Maniat Service Cooperative Bank Vs The Income Tax Officer Po Maniat Ward 2 Kasaragod 671 310 Kasaragod Pan No. Aaaam7608K M/S Madikai Service Cooperative Bank Vs The Income Tax Officer Po Madikai Ward 2 Kasaragod 671 314 Kasaragod Pan No. Aaaat7221K M/S Bedadka Farmers Service Vs The Income Tax Officer Cooperative Bank Ltd Ward 1 Kundamkuzhy Po Kasaragod Kasaragd 671 541 Pan No. Aaaab0892Q The Payyannur Service Cooperative Vs The Income Tax Officer Bank -No.F 1401 Ward 2 Po Payyannur Kannur Kannur 670 307 Pan No. Aaabp0133D ( Appellants) (Respondent)

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

…nd not income from business, thereby denied the benefit of deduction u/s 80P for Rs. 4,03,088/-. 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. The relevant findings of the CIT(A) in this regard read as follows: 8. During the A Y s 2011-12 and 2012-13, the appellant earned interests amounting to Rs.850/- and Rs.4,03,088/- respectively on treasury deposits and claimed these amounts as deductions under section 80P of the Income Tax Act. However, the Hon'ble Supreme Court has held in the…

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

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

ITA 209/COCH/2017[2007-08]Status: DisposedITAT Cochin12 Jul 2017AY 2007-08

Bench: Shri George George Kthe Azhikode Service Cooperative Bank Vs The Income Tax Officer Ltd , No.F 1149 Ward 1 Azhikode- Kannur Kannur Kerala 670 009 Pan No. Aaaaa7103M M/S Maniat Service Cooperative Bank Vs The Income Tax Officer Po Maniat Ward 2 Kasaragod 671 310 Kasaragod Pan No. Aaaam7608K M/S Madikai Service Cooperative Bank Vs The Income Tax Officer Po Madikai Ward 2 Kasaragod 671 314 Kasaragod Pan No. Aaaat7221K M/S Bedadka Farmers Service Vs The Income Tax Officer Cooperative Bank Ltd Ward 1 Kundamkuzhy Po Kasaragod Kasaragd 671 541 Pan No. Aaaab0892Q The Payyannur Service Cooperative Vs The Income Tax Officer Bank -No.F 1401 Ward 2 Po Payyannur Kannur Kannur 670 307 Pan No. Aaabp0133D ( Appellants) (Respondent)

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

…nd not income from business, thereby denied the benefit of deduction u/s 80P for Rs. 4,03,088/-. 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. The relevant findings of the CIT(A) in this regard read as follows: 8. During the A Y s 2011-12 and 2012-13, the appellant earned interests amounting to Rs.850/- and Rs.4,03,088/- respectively on treasury deposits and claimed these amounts as deductions under section 80P of the Income Tax Act. However, the Hon'ble Supreme Court has held in the…

Orissa State Co-Operative Handicrafts Corporation Ltd., Bhubaneswar vs. DCIT, Circle-4(1), Bhubaneswar

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

ITA 66/CTK/2017[2012-13]Status: DisposedITAT Cuttack31 May 2017AY 2012-13

Bench: Shri N.S Sainiassessment Year : 2012-2013

For Appellant: Shri Biswa Ranjan Patnaik, ARFor Respondent: Shri D.K.Pradhan, DR
Section 56Section 80PSection 80P(2)Section 80P(2)(e)

…IN THE INCOME TAX APPELLATE TRIBUNAL CUTTACK ‘SMC’ BENCH, CUTTACK BEFORE SHRI N.S SAINI, ACCOUNTANT MEMBER Assessment Year : 2012-2013 Orissa State Co-operative Vs. DCIT, Circle 4(1), Handicrafts Corporation Bhubaneswar Limited, D-2/3, Industrial Estate, Rasulgarh. PAN/GIR No. AAAAO 0096 K (Appellant) .. ( Respondent) Assessee by : Shri Biswa Ranjan Patnaik, AR Revenue by : Shri D.K.Pradhan, DR Date of Hearing : 24 /05/ 2017 Date of Pronouncement : 31/05/ 2017 O R D E R This is an appeal filed by the assessee against the order of CIT(A)— 2, Bhubaneswar, dated 30.11.2016, for the assessment year 2012-13. 2…

Sea Grean Co Operatove Housing Society Ltd, Mumbai vs. ITO 21(3)(2), Mumbai

In the result, appeal of the assessee is allowed, as above

ITA 1343/MUM/2017[2013-14]Status: DisposedITAT Mumbai31 Mar 2017AY 2013-14

Bench: Shri G.S.Pannu & Shri Amarjit Singhm/S. Sea Grean Go-Operative Housing Society Ltd.,Plot No.Cd-74 Rsc 25, 7/15, Worli Sea Face, Mumbai 400 012 ...... Appellant Vs. The Income Tax Officer 21(3)(2), Room No.203, 2Nd Floor, Piramal Chambers, Lalbaug, Mumbai 400012. .... Respondent

For Appellant: Shri Biren GabhawalaFor Respondent: Shri A.K.Nayak
Section 143(3)Section 80PSection 80P(2)(d)

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “E”, MUMBAI BEFORE SHRI G.S.PANNU, ACCOUNTANT MEMBER AND SHRI AMARJIT SINGH, JUDICIAL MEMBER M/s. Sea Grean Go-operative Housing Society Ltd.,Plot No.CD-74 RSC 25, 7/15, Worli Sea Face, Mumbai 400 012 ...... Appellant Vs. The Income Tax Officer 21(3)(2), Room No.203, 2nd Floor, Piramal Chambers, Lalbaug, Mumbai 400012. .... Respondent Appellant by : Shri Biren Gabhawala Respondent by : Shri A.K.Nayak Date of hearing : 30/03/2017 Date of pronouncement : 31/03/2017 ORDER PER G.S.PANNU,A.M: The captioned appeal filed by the assessee pertaining to assessment y…

The ITO, Kottayam vs. M/S.Poonjar Service Co-Op Bank Ltd, Kottayam

ITA 58/COCH/2015[2009-10]Status: DisposedITAT Cochin22 Mar 2017AY 2009-10

Bench: S/Shri Abraham P George, Am & George George K, Jm &

Section 143(3)Section 56Section 80PSection 80P(1)

…income relatable to the activities of the Society and the same should be assessed under the head ‘income from other sources’. The ld DR relied on the judgment of the Hon’ble Supreme Court in the case of Totgar’s Cooperative Sales Soc. Ltd vs ITO reported in 322 ITR 283 (SC). 8 We have heard the rival submissions and perused the material on record. As regards the interest income received on various loans given to the assessee’s members amounting to Rs. 2,79,63,652/-, the details are as follows: a) Own fund long term loan Rs. 70,60,773/- b) Own Fund short term loan Rs. 1,31,80,270/- c) Gold Loans Rs. 23,64,719…

The Poonjar Service Co-Op Bank Ltd, Kottayam vs. The ITO, Kottayam

ITA 592/COCH/2014[2009-10]Status: DisposedITAT Cochin22 Mar 2017AY 2009-10

Bench: S/Shri Abraham P George, Am & George George K, Jm &

Section 143(3)Section 56Section 80PSection 80P(1)

…income relatable to the activities of the Society and the same should be assessed under the head ‘income from other sources’. The ld DR relied on the judgment of the Hon’ble Supreme Court in the case of Totgar’s Cooperative Sales Soc. Ltd vs ITO reported in 322 ITR 283 (SC). 8 We have heard the rival submissions and perused the material on record. As regards the interest income received on various loans given to the assessee’s members amounting to Rs. 2,79,63,652/-, the details are as follows: a) Own fund long term loan Rs. 70,60,773/- b) Own Fund short term loan Rs. 1,31,80,270/- c) Gold Loans Rs. 23,64,719…

Mutholy Service Co-Operative Bank Ltd, Kottayam vs. The ITO, Kottayam

ITA 11/COCH/2014[2010-11]Status: DisposedITAT Cochin22 Mar 2017AY 2010-11

Bench: Shri Abraham P. George & Shri George George. K.] आयकर अपील सं./I.T.A. No. 11/Coch/2014. िनधा"रण वष" /Assessment Year : 2010-2011. Vs. M/S. Mutholy Service Co- The Income Tax Officer, Operative Bank Ltd, Ward 4 Puliyannor P.O. Kottayam. Kottayam Dist. 686 573 [Pan Aaajm 0328H] (अपीलाथ" अपीलाथ" अपीलाथ"/Appellant) अपीलाथ" (ू"यथ" ू"यथ" ू"यथ"/Respondent) ू"यथ"

For Respondent: Shri. A. Dhanaraj, Sr. D.R
Section 80PSection 80P(2)(a)

…such interest partook the nature of ‘’income from other sources’’ and was not business income. When the issue reached this Tribunal, this Tribunal relying on the judgment of Hon’ble Apex Court in the case of Totgar’s Co-operative Society Ltd :- 2 -: vs. ITO 322 ITR 283 held that interest on fixed deposits held with Sub-Treasury, Meenachili, Kadappattoor and SBI Pala aggregating to Rs.20,21,909/- were out surplus funds of the assessee and could not be treated as business income entitled for deduction u/s. 80P(2)(a) (i) of the Act. Assessee thereupon moved the Hon’ble Jurisdictional High Court. Their lordship…

ITO 18(2)(4), Mumbai vs. Sanjay Co Op Credit Society Ltd, Mumbai

Appeal of the Revenue is dismissed subject to the aforesaid directions

ITA 7052/MUM/2013[2010-11]Status: DisposedITAT Mumbai11 Jan 2017AY 2010-11

Bench: Shri Mahavir Singh () & Shri Ashwani Taneja ()

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

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES “E”, MUMBAI BEFORE SHRI MAHAVIR SINGH (JUDICIAL MEMBER) AND SHRI ASHWANI TANEJA (ACCOUNTANT MEMBER) I.T.A. No. 7052/Mum/2013 (Assessment Year : 2010-11) Income Tax Officer 18(2)(4) vs M/s Sanjay Co-operative Credit Mumbai Society Ltd, 3/13, Upendra Nagar, Senapati Bapat Marg Dadar (W), Mumbai-28 PAN : AABAS6287R (Appellant) (Respondent) Appellant by Shri B.S. Bist Respondent by Shri Satish Mody Date of hearing : 13-12-2016 Date of order : 11 -01-2017 O R D E R Per ASHWANI TANEJA, AM This appeal has been filed by the Revenue against the order passed by th…

The Vidharbha Premier Co-Operative Housing Society Ltd, Nagpur vs. Tax Recovery Officer, Range-6, Nagpur

In the result these appeals by the assessee and revenue stand allowed for statistical purposes

ITA 232/NAG/2012[2009-10]Status: DisposedITAT Nagpur09 Jan 2017AY 2009-10

Bench: Shri Shamim Yahya & Shri Ram Lal Negi..

For Appellant: Shri Alok Bha gatFor Respondent: Shri A.R. Ninawe
Section 80PSection 80P(2)(a)Section 80P(2)(c)Section 80P(2)(d)

…here, it is shared by them in the form of dividend. Hence, such income is exempt. But the moment surplus fund it investd in banks, it is income from other sources as held by the Hon’ble Supreme Court in M/s. The Totgars’ Cooperative Sales Society Ltd. vs. ITO 322 ITR 283 (SC). Even the exemption u/s 80P(2)(d) is not applicable to income earned by society from cooperative bank. As the moment cooperative society becomes bank, it is out of section 80P and the word used in section 80P(2)(d) is “cooperative society” and not “Cooperative Bank”. Under Income Tax Act thy have very different connotation so much that now c…

ITO, Ward-6(1), Nagpur vs. The Vidarbha Premier Co-Op. Housing Society, Nagpur

In the result these appeals by the assessee and revenue stand allowed for statistical purposes

ITA 224/NAG/2012[2009-10]Status: DisposedITAT Nagpur09 Jan 2017AY 2009-10

Bench: Shri Shamim Yahya & Shri Ram Lal Negi..

For Appellant: Shri Alok Bha gatFor Respondent: Shri A.R. Ninawe
Section 80PSection 80P(2)(a)Section 80P(2)(c)Section 80P(2)(d)

…here, it is shared by them in the form of dividend. Hence, such income is exempt. But the moment surplus fund it investd in banks, it is income from other sources as held by the Hon’ble Supreme Court in M/s. The Totgars’ Cooperative Sales Society Ltd. vs. ITO 322 ITR 283 (SC). Even the exemption u/s 80P(2)(d) is not applicable to income earned by society from cooperative bank. As the moment cooperative society becomes bank, it is out of section 80P and the word used in section 80P(2)(d) is “cooperative society” and not “Cooperative Bank”. Under Income Tax Act thy have very different connotation so much that now c…

Se, Sec & E Railways Eccs Ltd.(Formerly Known As South Eastern Railway Employees Co-Operative Credit Society Ltd.), Kolkata vs. ACIT, Circle-28, Kolkata

In the result, the appeal of the assessee is treated as partly allowed for statistical purposes

ITA 26/KOL/2015[2009-2010]Status: DisposedITAT Kolkata14 Dec 2016AY 2009-2010

Bench: Shri P.M. Jagtap & Shri K. Narasimha Chary

Section 80P

…I.T.A. No. 26/KOL./2015 Assessment year: 2009-2010 Page 1 of 8 IN THE INCOME TAX APPELLATE TRIBUNAL, KOLKATA ‘A’ BENCH, KOLKATA Before Shri P.M. Jagtap, Accountant Member and Shri K. Narasimha Chary, Judicial Member I.T.A. No. 26/KOL/ 2015 Assessment Year: 2009-2010 SE, SEC & E CO Railways ECCS Limited,...........................................Appellant (Formerly known as South Eastern Railway Employees Cooperative Credit Society Limited), 93, Circular Garden Reach Road, Kolkata-700 043 [PAN: AABAS 9181 Q] -Vs.- Assistant Commissioner of Income Tax,..........................................Respondent Circ…

Income Tax Officer-Ward-46(4), Kolkata vs. The Baksara Co-Operative Credit Society Ltd., Howrah

ITA 2581/KOL/2013[2010-2011]Status: DisposedITAT Kolkata19 Oct 2016AY 2010-2011

Bench: Shri Waseem Ahmed & Shri S.S.Viswanethra Ravi

Section 2Section 24Section 5Section 56Section 80PSection 80P(2)(a)Section 80P(4)

…n treating the income from other sources of Rs.2, 75,18,0991- as income from business, and his order suffers from perversity as he completely ignored the decision of the Hon'ble Supreme Court in the case of Totgars' Co- operative Sale Society Ltd. reported in 322 ITR 283(SC) [2010] which had held that interest income of a Co- operative Credit Society arising on the surplus invested in short-term deposits and securities, would come under the category of "Income from Other Sources" taxable under section 56 of the Income tax Act. 5. That the revenue craves leave to add, alter, include or modify the grounds of appea…

ITO 6(1)(3), Mumbai vs. Ambience Business Services P.Ltd, Mumbai

In the result, the appeal of the Revenue is allowed

ITA 5290/MUM/2012[2008-09]Status: DisposedITAT Mumbai19 Oct 2016AY 2008-09

Bench: Sri Mahavir Singh, Jm & Sri Ramit Kochar, Am The Income Tax Officer, Ward - Vs. M/S.Ambiance Business 6(1)(3), Room No.508, 5Th Floor, Services Pvt. Ltd., 401-E, Aayakar Bhavan, M. K. Road, Neelam Centre, A Wing, S.K. Mumbai 400 020 Ahire,Marg,Worli,Mumbai -30 Appellant .. Respondent Appellant By .. Shri A. K. Dhondial, Sr. Dr Respondent By .. None Date Of Hearing .. 19-10-2016 .. Date Of Pronouncement 19- 10- 2016 O R D E R Per Mahavir Singh, Jm: This Appeal By The Revenue Is Arising Out Of The Order Of The Cit-(A)-14, Mumbai In Appeal No.Cit(A)-14/It.137/Rg.6(1)/10-11 Dated 10-05-2012. Assessment Was Framed By The Ito, Ward -6 (1) (3), Mumbai For The Assessment Year 2008-09 Vide His Order Dated 28-12-2010 U/S 143(3) (Ii) Of The Income Tax Act, 1961 (Hereinafter „The Act‟).

Section 143(3)

…IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH, MUMBAI BEFORE SRI MAHAVIR SINGH, JM AND SRI RAMIT KOCHAR, AM The Income Tax Officer, Ward - Vs. M/s.Ambiance Business 6(1)(3), Room No.508, 5th Floor, Services Pvt. Ltd., 401-E, Aayakar Bhavan, M. K. Road, Neelam Centre, A Wing, S.K. Mumbai 400 020 Ahire,Marg,Worli,Mumbai -30 Appellant .. Respondent Appellant by .. Shri A. K. Dhondial, Sr. DR Respondent by .. None Date of hearing .. 19-10-2016 .. Date of pronouncement 19- 10- 2016 O R D E R PER MAHAVIR SINGH, JM: This appeal by the Revenue is arising out of the order of the CIT-(A)-14, Mumbai in appeal No.CIT(A)-1…

Sesec, Eco. Railway Employees Co Operative Credit Society Ltd., Kolkata vs. PCIT-10, Kolkata

In the result, the appeal filed by the assessee on this ground, is dismissed

ITA 621/KOL/2016[2011-2012]Status: DisposedITAT Kolkata28 Sept 2016AY 2011-2012

Bench: Hon’Ble Shri S.S.Viswanethra Ravi, Jm & Dr.Arjun Lal Saini, Am ] Assessment Year : 2011-12

For Appellant: Shri Subash Agarwal, AdvocateFor Respondent: Shri Rajat Subhra Biswas, CIT
Section 143(3)Section 154Section 263Section 80PSection 80P(2)(a)

…in (2011) 200 Taxman 220/12. Order passed by the appellate authorities denying the benefit of deduction of the aforesaid amount is unsustainable in law. (iii). THE TOTGARS CO-OPERATIVE SALE SOCIETY LTD. vs. INCOME TAX OFFICER- SUPREME COURT OF INDIA (2010): 322 ITR 283 Assessee markets the produce of its members whose sale proceeds at times were retained by it. Since the fund created by such retention was not required immediately for business purposes, it was invested in specified securities. Such interest income would come in the category of "income from other sources", hence, such interest income would be ta…