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 Medi Assist India Tpa Private Limited, Bangalore vs. CIT - Iiii, Bangalore

In the result, appeal of the assessee is allowed

ITA 1582/BANG/2013[2010-11]Status: DisposedITAT Bangalore20 Feb 2015AY 2010-11

Bench: Shri N.V.Vasudevan & Shri Abraham P George

For Appellant: Shri Sukesh Patil, CAFor Respondent: Shri P.K.Srihari, Addl.CIT
Section 5Section 80PSection 80P(2)(a)

…ources”. 2. When the case came up before us, learned counsel for the assessee submitted that the lower authorities erred in applying the 2 ITA No.437(B)/14 judgments of the Hon’ble Apex Court in the case of Totagar’s Co- operative Sales Society Ltd. Vs CIT 322 ITR 283. According to the learned AR, assessee was in the business of providing credits to its members and therefore, interest arising to it on deposits with bank was attributable to such credit business. Learned AR further submitted that the amounts which were held in deposits with bank were not out of profits or surplus but out of deposits received…

M/S Millenium Credit Co-Op Society Ltd., Bangalore vs. ITO, Bangalore

In the result, the assessee's appeal for Assessment Year 2010-11 is allowed

ITA 1360/BANG/2013[2010-11]Status: DisposedITAT Bangalore06 Feb 2015AY 2010-11
For Appellant: Shri V. Srinivasan, C.AFor Respondent: Dr. K. Shankar Prasad, JCIT (D.R)
Section 143(3)Section 234BSection 80P(2)(a)Section 80P(4)

…which represents interest earned on fixed deposits and government bonds that was kept therein by the assessee out of surplus funds and has invoked the judgement of the Hon'ble Apex Court in the case of M/s. Totgars Co-operative Sale Society Ltd., reported in 322 ITR 283. 2.2.1 Aggrieved by the order of the assessment for Assessment Year 2010-11 dt.22.2.2013, the assessee preferred an appeal before the CIT (Appeals) – II, Bangalore. The learned CIT(A) observed that the assessee is a credit co-operative society that carries on the business of providing credit facilities to its members. The learned CIT(A) held that…

Mantola Co-Operative Thrift & Credit Society Ltd vs. Commissioner of Income Tax

The appeal is disposed of

ITA/569/2013HC Delhi27 Aug 2014
Section 2(24)Section 201Section 80PSection 80P(2)Section 80P(2)(a)

…ITA 569/2013 Page 1 of 11 $~9 * IN THE HIGH COURT OF DELHI AT NEW DELHI Date of decision: 27th August, 2014. + INCOME TAX APPEAL 569/2013 MANTOLA CO-OPERATIVE THRIFT & CREDIT SOCIETY LTD. ..... Appellant Through Mr. Sanjay Kumar, Jr. Standing Counsel. versus COMMISSIONER OF INCOME TAX ..... Respondent Through Mr. Ajay Vohra, Ms. Kavita Jha and Mr. Vaibhav Agnihotri, Advocates. CORAM: HON'BLE MR. JUSTICE SANJIV KHANNA HON'BLE MR. JUSTIC…