Totgars Co-operative Sale Society Ltd. v. ITO

Sharanabasaveshwar Credit Souhard Sahakri Ni Halingali, Bagalkot vs. Assistant Commissioner of Income-Tax, Circle-1, Bijapur

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

…IN THE INCOME TAX APPELLATE TRIBUNAL “SMC – B” BENCH : BANGALORE SHRI LAXMI PRASAD SAHU, ACCOUNTANT MEMBER Assessment year : 2018-19 Shree Sharanabasaveshwar Credit Vs. The Income Tax Officer, Souhard Sahakari Ni., National e-Assessment Centre, A/P Halingali – 587 315. Delhi. Tal: Jamkhandi, Dist. Bagalkot. PAN: AAEAS 6699C APPELLANT RESPONDENT Appellant by : Shri Veeranna M. Murgod, CA Respondent by : Shri Ganesh R. Ghale, Standing Counsel. Date of hearing : 24.04.2023 Date of Pronouncement : 17.05.2023 O R D E R This appeal is filed by the assessee against the order of the CIT(Appeals), National Faceless…

Sangam Co-Op Credit Society, Bagalkot vs. Income-Tax Officer Ward-2, Bagalkot

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

…IN THE INCOME TAX APPELLATE TRIBUNAL SMC “C” BENCH : BANGALORE SHRI LAXMI PRASAD SAHU, ACCOUNTANT MEMBER ITA Nos. 68 & 69/Bang/2023 Assessment years : 2018-19 & 2020-21 Sangam Coop. Credit Society Ltd., Vs. The Assessing Officer, 100, Post. Rampur. 587 314. National e-assessment Centre, Taluk Rabkavi- Banhatti, Delhi / Dist. Bagalkot. The ITO, Ward 1 & TPS, PAN: AAAAS 7031E Bagalkot. APPELLANT RESPONDENT Appellant by : Shri Ashok Mudnur, CA Respondent by : Shri Ganesh R. Ghale, Standing Counsel. Date of hearing : 24.04.2023 Date of Pronouncement : 12.05.2023 O R D E R These two appeals are by the assessee aga…

Sangam Co-Op Credit Society, Bagalkot vs. Income-Tax Officer Ward 1& Tps, Bagalkot

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

…IN THE INCOME TAX APPELLATE TRIBUNAL SMC “C” BENCH : BANGALORE SHRI LAXMI PRASAD SAHU, ACCOUNTANT MEMBER ITA Nos. 68 & 69/Bang/2023 Assessment years : 2018-19 & 2020-21 Sangam Coop. Credit Society Ltd., Vs. The Assessing Officer, 100, Post. Rampur. 587 314. National e-assessment Centre, Taluk Rabkavi- Banhatti, Delhi / Dist. Bagalkot. The ITO, Ward 1 & TPS, PAN: AAAAS 7031E Bagalkot. APPELLANT RESPONDENT Appellant by : Shri Ashok Mudnur, CA Respondent by : Shri Ganesh R. Ghale, Standing Counsel. Date of hearing : 24.04.2023 Date of Pronouncement : 12.05.2023 O R D E R These two appeals are by the assessee aga…

The Bbr & Rdcc Employess Co-Operative Society Limited, Banghalore vs. Income Tax Officer, Ward-5(2)(4), Bangalore

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

Bench: Shri N. V. Vasudevanassessment Year : 2017-18 M/S. The Bbr & Rdcc Bank Vs. Ito, Employees Co-Operative Society Ltd., Ward – 5(2)(4), No.6, 5Th Main Road, Chamarajpet, Bengaluru. Bengaluru. Pan : Aaaab 1346 D Appellant Respondent Assessee By : Shri. Girish, Ca Revenue By : Shri. Ganesh R. Ghale, Standing Counsel Date Of Hearing : 02.02.2023 Date Of Pronouncement : 06.02.2023 O R D E R This Is An Appeal By The Assessee Against The Order Dated 19.07.2022 Of Nfac, Delhi, Relating To Assessment Year 2017-18. 2. The Assessee Is A Co-Operative Society Registered Under The Karnataka Co-Operative Societies Act, 1959 & Is Engaged In Providing Small Credit Facilities To The Members Of The Society. The Assessee Received Interest On Investments Made In Financial Institutions Other Than Co- Operative Societies Of A Sum Of Rs.18,07,490/-. The Assessee Claimed That The Aforesaid Interest Income Is Originally For A Deduction Under Section 80P(2)(A)(I) Of The Income Tax Act, 1961 (Hereinafter Called ‘The Act’). The Claim Of The Assessee Was Rejected By The Ao Based On The Decision Of The Hon’Ble Karnataka High Court In The Case Of Pcit, Hubli Vs. Totgars Co-Operative Sale Society Ltd., (2017) 83 Taxmann 140 (Karnataka). The Page 2 Of 6

…IN THE INCOME TAX APPELLATE TRIBUNAL “SMC - C” BENCH : BANGALORE BEFORE SHRI N. V. VASUDEVAN, VICE PRESIDENT Assessment Year : 2017-18 M/s. The BBR and RDCC Bank Vs. ITO, Employees Co-operative Society Ltd., Ward – 5(2)(4), No.6, 5th Main Road, Chamarajpet, Bengaluru. Bengaluru. PAN : AAAAB 1346 D APPELLANT RESPONDENT Assessee by : Shri. Girish, CA Revenue by : Shri. Ganesh R. Ghale, Standing Counsel Date of hearing : 02.02.2023 Date of Pronouncement : 06.02.2023 O R D E R This is an appeal by the assessee against the order dated 19.07.2022 of NFAC, Delhi, relating to Assessment Year 2017-18. 2. The assessee is a…

Sree Renukamba Credit Co-Op. Society Ltd., Davanagere vs. ITO, Ward-1, Davanagere

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

Bench: Shri Chandra Poojarisree Renukamba Credit Co- Vs The Income Tax Officer Operative Society Ltd. Ward - 1 Vinobanagara, Pb Road Davanagere Davanagere 577006 Pan – Abias7107E (Appellant) (Respondent) Assessee By: Shri Sandeep C, Ca Revenue By: Shri Ganesh R. Ghale, Standing Counsel Date Of Hearing: 17.01.2023 Date Of Pronouncement: 17.01.2023 O R D E R Per: Chandra Poojari, A.M. This Appeal By The Assessee Is Directed Against The Order Of The Cit(A), Nfac, Delhi Dated 23.11.2022 For Ay 2020-21. 2. The Assessee Has Raised The Following Grounds Of Appeal: - “1. That The Order Of The Learned Commissioner Of Income-Tax (Appeals) In So Far It Is Prejudicial To The Interests Of The Appellant Is Bad & Erroneous In Law & Against The Facts & Circumstances Of The Case. 2. That The Learned Commissioner Of Income-Tax (Appeals) Erred In Law & On Facts In Deciding The Appeal Ex-Parte On The Ground That The Appellant Did Not Respond To The Hearing Notices & Such Finding Is Perverse As The Appellant Has Sought Adjournment. 3. That The Learned Commissioner Of Income-Tax (Appeals) Erred In Law & On Facts In Not Considering The Fact That The Appellant Responded To The Intimation U/S 143(1) Of The Act

…posits under the head income from other sources. 4 Sree Renukamba Credit Co-operative Society Ltd. The Ld.Counsel placed reliance on the decision of Hon’ble Karnataka High Court in keep case of Totgars co-operative sale society Ltd. vs ITO reported in (2015) 58 Taxmann.com 35. We have perused plethora of decisions on this issue by Hon’ble Karnataka High Court and the ratio laid down by Hon’ble Supreme Court. Hon’ble Supreme Court in the case of the Totgars Co-operative Sale Society Ltd. Vs. ITO reported in 322 ITR 283 held that, Income from utilisation of surplus funds was taxable under the head income from othe…

M/S. Bharathi Co-Operative Credit Society Ltd, Bengaluru vs. Income Tax Officer, Ward-7(2)(3), Bengaluru

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

Bench: Shri George George K, Jm & Ms.Padmavathy S, Am

…or earning the interest income, which was assessed as “income from other sources”. In this context, the learned AR relied on the judgment of the Hon’ble jurisdictional High Court in the case of Totagars Co-operative Sale Society Ltd. v. ITO reported in [2015] 58 Taxmann.com 35 (Karnataka) (judgment dated 25.03.2015). 6. The learned Departmental Representative supported the order of the CIT(A). 7. We have heard rival submissions and perused the material on record. The solitary issue for our consideration is whether the interest income of Rs.26,34,597 received by the assessee on investments made with co-operative…

Gnana Shale Souhardha Co-Operative Limited, Bangalore vs. Principal Commissioner of Income Tax, Bengaluru-6, Bengaluru

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

Bench: Shri George George K, Jm & Shri Laxmi Prasad Sahu, Am

…be assessed on the said interest income, the expenses incurred for earning such income would be entitled to deduction u/s 57 of the I.T.Act. The Hon’ble jurisdictional High Court in the case of Totagars Co-operative Sale Society Ltd. v. ITO reported in (2015) 58 Taxmann.com 35 (Karnataka) had held when the assessee-co-operative society earned interest on deposits kept with scheduled banks only the net interest, i.e., the interest 7 M/sGnana Shale Souhardha Co-operative Limited. income reduced by the administrative expenses and other proportionate expenditure to earn the said income had to be brought to tax u/s 5…

M/S Nagashettikoppa Chibbalageri Vyavasaya Seva Sahakari Sangha Niyamit, Uttara Kannada vs. Income Tax Officer, Ward-2(3), Hubballi

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

Bench: Shri Chandra Poojariassessment Year : 2017-18

…ITA No.53/Bang/2022 M/s. Nagashettikoppa Chibbalageri Vyavasaya Seva Sahakari Sangha Niyamit, Dist. Uttara Kannada IN THE INCOME TAX APPELLATE TRIBUNAL “SMC” “C’’BENCH: BANGALORE BEFORE SHRI CHANDRA POOJARI, ACCOUNTANT MEMBER Assessment Year : 2017-18 M/s. Nagashettikoppa Chibbalageri Vyavasaya Seva Sahakari Sangha Niyamit Taluk Haliyal Nagashetty Koppa 581329 Vs. ITO Ward-2(3) District Uttara Kannada Hubballi PAN NO : AAAAN6723E APPELLANT RESPONDENT Appellant by : Sri Vishal S Rao, A.R. Respondent by : Shri Ganesh R. Ghale, Standing counsel for dept. Date of Hearing : 12.05.2022 Date of Pronouncement : 12.…

M/S. Kotekar Vyavasaya Seva Sahakara Sangha Niyamitha, Mangaluru vs. The Income Tax Officer, Ward - 2(4), Mangaluru

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

Bench: Shri. Chandra Poojari & Smt. Beena Pillaiassessment Year : 2015-16 M/S. Kotekar Vyavasaya Seva Sahakara Sangha Niyamitha, The Income Tax Officer, 5-4(5), Raitha Sadana, Ward – 2(4), Beeri, Kotekar, Mangalore. Mangalore – 575 022. Vs. Pan: Aaaak2844D Appellant Respondent Assessee By : Shri Prashanth .G.S, Ca : Shri Sankar Ganesh K, Jcit Revenue By (Dr) Date Of Hearing : 31-01-2022 Date Of Pronouncement : 14-03-2022 Order Per Beena Pillaipresent Appeal Arises Out Of Order Dated 19.03.2019 Passed By Ld.Cit(A), Mangaluru On Following Grounds Of Appeal: Tax Effect In Sl.No. Grounds Of Appeal Rs. A) The Orders Of The Authorities Below In So Far As These Are Against The Appellant Is Opposed To Law, Weight Of Evidence, Natural Justice, Probabilities, Facts & Circumstances Of The Appellant'S 1. Case. B) The Appellant Denies Itself Liable To Be Assessed On A Total Income Of Rs.82,17,400/- As Against The Returned Income Of Rs.1,99,640/- Under The Facts & Circumstances

…IN THE INCOME TAX APPELLATE TRIBUNAL ‘A’ BENCH : BANGALORE BEFORE SHRI. CHANDRA POOJARI, ACCOUNTANT MEMBER AND SMT. BEENA PILLAI, JUDICIAL MEMBER Assessment Year : 2015-16 M/s. Kotekar Vyavasaya Seva Sahakara Sangha Niyamitha, The Income Tax Officer, 5-4(5), Raitha Sadana, Ward – 2(4), Beeri, Kotekar, Mangalore. Mangalore – 575 022. Vs. PAN: AAAAK2844D APPELLANT RESPONDENT Assessee by : Shri Prashanth .G.S, CA : Shri Sankar ganesh K, JCIT Revenue by (DR) Date of Hearing : 31-01-2022 Date of Pronouncement : 14-03-2022 ORDER PER BEENA PILLAI, JUDICIAL MEMBER Present appeal arises out of order dated 19.03.2019 passe…

Sri Bhageeratha Pattina Sahakara Sangha Niyamitha, Hosadurga vs. Income Tax Officer, Ward-3, Davanagere

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

Bench: Shri B. R. Baskaranassessment Year: 2017-18

…ng interest income should be allowed as deduction. In support of this proposition, the Ld. A.R. placed his reliance on the decision rendered by Hon’ble jurisdictional Karnataka High Court in the case of Totagars Co- operative Sales Society Ltd. Vs. ITO (2015) 58 Taxmann.com 35. 11. I heard Ld. D.R. on this issue. Since this contention is also a new contention, I restore this issue also to the file of the A.O. for examining it in the light of decision rendered by Hon’ble jurisdictional High Court in the above cited case. 12. The last issue relates to addition made u/s 68 of the Act. The A.O. noticed that the asse…

Krishnarajapet Taluk Agri Pro Co Op Marketing Society, Mandya vs. Principal Commissioner of Income Tax, Mysore

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

Bench: Shri N.V. Vasudevan & Shri B. R. Baskaranassessment Year : 2015-16 M/S. Krishnarajapet Taluk Agri Pro Co-Op Vs. Pr. Commissioner Of Income Tax, Marketing Society Ltd., Mysore. K. R. Pet, K. R. Pet Taluk, Mandya 571 426. Pan : Aaaak 4566 E Appellant Respondent Assessee By : Shri. Shankar Gowda H, Fca Revenue By : Shri. Sankar Ganesh K, Jcit(Dr)(Itat), Bengaluru. Date Of Hearing : 08.02.2022 Date Of Pronouncement : 08.02.2022 O R D E R Per N. V. Vasudevan: V. Vasudevan

…IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH : BANGALORE BEFORE SHRI N.V. VASUDEVAN, VICE PRESIDENT AND SHRI B. R. BASKARAN, ACCOUNTANT MEMBER Assessment Year : 2015-16 M/s. Krishnarajapet Taluk Agri Pro Co-op Vs. Pr. Commissioner of Income Tax, Marketing Society Ltd., Mysore. K. R. Pet, K. R. Pet Taluk, Mandya 571 426. PAN : AAAAK 4566 E APPELLANT RESPONDENT Assessee by : Shri. Shankar Gowda H, FCA Revenue by : Shri. Sankar Ganesh K, JCIT(DR)(ITAT), Bengaluru. Date of hearing : 08.02.2022 Date of Pronouncement : 08.02.2022 O R D E R Per N. V. Vasudevan, Vice President : V. Vasudevan, Vice President This is a…

Manchi Vyavasaya Seva Sahakari Sangha, Bantwal vs. Income Tax Officer, Ward-2, Mangaluru

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

Bench: Shri. Chandra Poojari & Smt. Beena Pillaiassessment Year : 2017-18 M/S. Manchi Vyavasaya Seva Sahakari Sangha, 67, Manchi Kukkaje, The Income Tax Manchi Bantwala, Officer, Dakshina Kannada, Ward – 2, Putturu – 574 323, Mangaluru. Vs. Karnataka. Pan: Aaaam4199F Appellant Respondent Assessee By : Shri Ravish Rao, Ca : Shri Sankar Ganesh K, Jcit Revenue By (Dr) Date Of Hearing : 03-02-2022 Date Of Pronouncement : 03-02-2022 Order Per Beena Pillaipresent Appeal By The Assessee Has Been Filed By Assessee Against The Order Dated 18.10.2021 U/S. 250 Passed By The National Faceless Appeal Centre (Nfac), Delhi Relating To Assessment Year 2017-18 On Following Grounds Of Appeal: “1. The Learned Assessing Officer Has Erred In Disallowing The Deduction Claimed By The Cooperative Society Of Z. 60,91,244/- Under Section 80P(2)(A)(I) & The Learned First Appellate Authority Has Erred In Confirming The Orders Of The Assessing Authority.

…IN THE INCOME TAX APPELLATE TRIBUNAL ‘A’ BENCH : BANGALORE BEFORE SHRI. CHANDRA POOJARI, ACCOUNTANT MEMBER AND SMT. BEENA PILLAI, JUDICIAL MEMBER Assessment Year : 2017-18 M/s. Manchi Vyavasaya Seva Sahakari Sangha, 67, Manchi Kukkaje, The Income Tax Manchi Bantwala, Officer, Dakshina Kannada, Ward – 2, Putturu – 574 323, Mangaluru. Vs. Karnataka. PAN: AAAAM4199F APPELLANT RESPONDENT Assessee by : Shri Ravish Rao, CA : Shri Sankar Ganesh K, JCIT Revenue by (DR) Date of Hearing : 03-02-2022 Date of Pronouncement : 03-02-2022 ORDER PER BEENA PILLAI, JUDICIAL MEMBER Present appeal by the assessee has been filed by a…

Hotel Owner'S Credit Co-Operative Society, Mysuru vs. Income Tax Officer, Ward-1(1), Mysuru

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

Bench: Shri George George K, Jm & Shri B.R.Baskaran, Am

…for earning such interest income should be allowed as deduction u/s 57 of the I.T.Act. In this context, the learned AR relied on the judgment of the Hon’ble jurisdictional High Court in the case of Totagars Co-operative Sale Society v. ITO reported in (2015) 58 Taxmann.com 35 (Karnataka). 8. The learned Departmental Representative supported the order of the CIT. 9. We have heard rival submissions and perused the material on record. The A.O. in the original assessment order has not taken note of the judgment of the Hon’ble jurisdictional High Court in the case of Pr.CIT & Anr. v. Totagars Co-operative Sale Soci…

M/S. Uppinangady Co-Operative Agricultural Society Limited, Puttur vs. Income Tax Officer, Ward - 1, Puttur

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

Bench: Shri George George K, Jm & Shri B.R.Baskaran, Am

…incurred for earning such interest income should be allowed as deduction u/s 57 of the I.T.Act, we find an identical issue was considered by the Hon’ble jurisdictional High Court in the case of Totgars Co-operative Sales Society Ltd. v. ITO reported in [2015] 58 Taxmann.com 35 (Karnataka) (judgment dated 14 M/s.Uppinangady C-op.Agri.Society Ltd. 25.03.2015). The relevant findings of the Hon’ble High Court, read as follows:- “11. Having heard the learned counsel for the parties and perusing the records and in the light of the finding recorded by the Hon’ble Supreme Court that the interest income earned by the ap…

Income Tax Officer Ward-5(2)(3), Bangalore vs. M/S the Karnataka State Co-Operative Housing Federation Limited, Bangalore

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

Bench: Shri George George K, Jm & Shri B.R.Baskaran, Am

…should be allowed as deduction 13 M/s.The Karnataka State Co-op.Ho.Fed.Ltd. u/s 57 of the Act, we find an identical issue was considered by the Hon’ble jurisdictional High Court in the case of Totagars Co-operative Sale Society Ltd. v. ITO reported in [2015] 58 Taxmann.com 35 (Karnataka) (judgment dated 25.03.2015). The relevant findings of the Hon’ble High Court, read as follows:- “11. Having heard the learned counsel for the parties and perusing the records and in the light of the finding recorded by the Hon’ble Supreme Court that the interest income earned by the appellant falls within the category of “other…

Bilikere Primary Agricultural Credit Co-Operative Society Limited, Mysuru vs. Principal Commissioner of Income Tax, Mysore

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

Bench: Shri George George K, Jm & Shri B.R.Baskaran, Am

…IN THE INCOME TAX APPELLATE TRIBUNAL BANGALORE BENCHES “A”, BANGALORE Before Shri George George K, JM & Shri B.R.Baskaran, AM ITA No.56/Bang/2021 : Asst.Year 2015-2016 M/s.Bilikere Primary Agricultural The Pr.Commissioner of Credit Co-operative Society Ltd., Income-tax, Mysore. v. Mysuru-Mangaluru Road Bilikere, Hunsur Taluk Mysore – 571 103. PAN : AAABB0200H. (Appellant) (Respondent) Appellant by : Sri.S.V.Ravishankar, Advocate Respondent by : Sri.Sumer Singh Meena, CIT (OSD)-DR Date of Pronouncement : 08.12.2021 Date of Hearing : 06.12.2021 O R D E R Per George George K, JM: This appeal at the instance of the…

The Bagalkot Co-Operative Housing Society Limited, Bagalkot vs. The Income Tax Officer, Ward- 1, Bagalkot

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

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

…IN THE INCOME TAX APPELLATE TRIBUNAL BANGALORE BENCHES “B”, BANGALORE Before Shri Chandra Poojari, AM & Shri George George K, JM ITA No.1861/Bang/2019 : Asst.Year 2014-2015 M/s.The Bagalkot Co-operative The Income Tax Officer Housing Society Limited Ward 1 v. Melligeri Complex Bagalkot. Bagalkot -587 101. PAN : AACAT6926F. (Appellant) (Respondent) Appellant by : Sri.G.S.Prashanth, CA Respondent by : Smt.Priyadarshini Besaganni, JCIT-DR Date of Pronouncement : 30.11.2021 Date of Hearing : 25.11.2021 O R D E R Per George George K, JM: This appeal at the instance of the assessee is directed against CIT(A)’s order…