Totgars Co-operative Sale Society Ltd. v. ITO

Varadavinayaka Credit Sahakara Sangha Niyamith, Ballari vs. Income Tax Officer Ward-2, Ballary

In the result, assessee’s appeal is allowed for statistical purposes

Bench: Shri A. K. Garodia & Smt Beena Pillaiassessment Year : 2015-16 Ms. Varadavinayaka Credit Sahakara Sangha Ni., Vs. The Income Tax Officer, No.63, 2Nd Lunk, 2Nd Cross, Parvathi Nagar, Ballari – Ward – 2, 583 103. Ballari. Pan : Aabav 1731 F Appellant Respondent Assessee By : Shri. Madhukar G Hegde, Ca Revenue By : Smt. R. Premi, Jcit (Dr)(Itat), Bengaluru Date Of Hearing : 24.09.2020 Date Of Pronouncement : 09.10.2020 O R D E R Per A. K. Garodia: This Appeal Is Filed By The Assessee & The Same Is Directed Against The Order Of Learned Cit(A), Gulbarga, Dated 20.07.2018, For Assessment Year 2015-16. 2. Although The Assessee Has Raised As Many As 8 Grounds Of Appeal But In The Course Of Haring, It Was Submitted By Learned Ar Of The Assessee That The Only Issue Involved Is Regarding Allowability Of Deduction U/S 80P.

…e case of Totgars Co – Operative Sale Society Limited vs. ITO, 322 ITR 283 was duly considered. He further submitted that admittedly, the judgment of Hon’ble Karnataka High Court rendered in the case of The Totgars Co – Operative Sale Society Limited vs. ITO, 322 ITR 272 and of Hon’ble Apex Court rendered in the case of the same assessee as reported in 322 ITR 283 are against the assessee on this issue but this issue is covered in favour of the assessee by another judgment of Hon’ble Karnataka High Court rendered in the case of Tumkur Merchants Souhadra Credit Cooperative Ltd. Vs. ITO, 230 Taxman 309, in which th…

M/S. Udaya Souhardha Pattin Sahakari Niyamitha, Bangalore vs. Income Tax Officer, Ward- 5(2)(4), Bangalore

In the result, all the three appeals filed by the assessee are treated as allowed for statistical purposes

Bench: Shri B.R. Baskaran & Shri Pavan Kumar Gadale

…IN THE INCOME TAX APPELLATE TRIBUNAL BANGALORE BENCHES “ B ” BENCH: BANGALORE BEFORE SHRI B.R. BASKARAN, ACCOUNTANT MEMBER AND SHRI PAVAN KUMAR GADALE, JUDICIAL MEMBER ITA Nos.279 to 281/Bang/2020 (Assessment Years : 2011-12, 2015-16 & 2016-17) AND S.P. Nos.92 to 94/Bang/2020 (In ITA Nos.279 to 281/Bang/2020) (Assessment Years : 2011-12, 2015-16 & 2016-17) M/s. Udaya Souhardha Pattina Sahakari Niyamitha, No.29/11, 1st Main Road, Mount Joy Road, Hanumanthanagar, Bangalore-560 019 ….Appellant PAN AAAAU 0472H Vs. Income Tax Officer, Ward 5(2)(4), Bangalaore. ……Respondent. Assessee By: Shri S.V. Ravi Shankar, Advoca…

M/S. the Karnataka Alpsankyatar Pattin Sahakari Sangh Niyamit, Bagalkot vs. Income Tax Officer, Ward - 1, Bagalkot

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

Bench: Shri A.K. Garodia, Accounant Member

…year. Regarding the issue involved about allowability of deduction u/s 80P in respect of Bank interest, he submitted that admittedly, the judgment of Hon’ble Karnataka High Court rendered in the case of The Totgars Co – Operative Sale Society Limited vs. ITO, 322 ITR 272 and of Hon’ble Apex Court rendered in the case of the same assessee as reported in 322 ITR 283 are against the assessee on this issue but this issue is covered in favour of the assessee by another judgment of Hon’ble Karnataka High Court rendered in the case of Tumkur Merchants Souhadra Credit Cooperative Ltd. Vs. ITO, 230 Taxman 309, in which th…

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

Bench: Shri Arun Kumar Garodiaassessment Year :2014-15

…eals) ought to have appreciated that the investments in deposits were as per the statutory requirement and it was not out of surplus and consequently the judgment of the Karnataka High Court in the case of Totgar's Co-operative Sale Society Ltd vs. ITO (2010) 322 ITR 272 (Karn) was again not applicable and accordingly the interest as claimed was eligible for exemption under Section 80P (2) (a) (i) of the Act. 5. Without prejudice, the disallowance as confirmed by the learned CIT (Appeals) is arbitrary, excessive, unreasonable and liable to be reduced substantially. 6. For these and such other grounds that may be…

Income Tax Officer Ward-6(3)(2), Bangalore vs. M/S Pavagada Souharda Multipurpose Co-Operative Limited, Bangalore

In the result, the appeal of revenue is dismissed

Bench: Shri Sunil Kumar Yadav & Shri A. K. Garodiaassessment Year : 2012-13

…kur Merchants Souharda Credit Co-operative Ltd. v. ITO in ITA No.307 of 2014 dated 28.10.2014 wherein the Hon’ble High Court allowed the claim after considering the judgment of the Hon’ble Supreme Court in the case of The Totgars Co-operative Sale Society, 322 ITR 272 (SC). 6. We have carefully examined the orders of lower authorities in the light of rival submissions. We find that the issue is squarely covered by the judgment of Hon'ble jurisdictional High in the case of Tumkur Merchants Souharda Credit Co-operative Ltd. (supra) wherein after considering the judgment of the Hon’ble Supreme Court in the case…

Prathamika Krishi Pattin Shakari Bank Niyamith, Vijayapur vs. ITO, Vijayapur

Bench: Smt. Asha Vijayaraghavan & Shri Abraham P. Georgeassessment Year : 2012-13

…held as follows:- “7. Under the circumstances the appellant is not entitled to deduction u/s. 80P(2)(a) & (d). Reliance can also be placed on the decision of the Hon’ble High Court of Karnataka in the case of Totgars Co-operative Sale Society Ltd., Vs. ITO (322 ITR 272] wherein the assessee was denied the benefit of deduction u/s.80P(2)(a)(i) on the ground that the assessee was not doing any banking activity. In that case the Hon’ble High Court of Karnataka has observed as under:- “The assessee was not a co-operative bank and was not doing any banking business and admittedly, the activities of the assessee fell…

Ashwathapura Pathina Souharda Sahakiari Niyamitha, Bangalore vs. CIT, Bangalore

In the result, the appeals of the assessee are allowed

Bench: Shri Abraham P. George & Shri Vijay Pal Rao

…in the case of Tumkur Merchants Souharda Credit Co-operative Ltd. v. ITO, 230 taxman 309 (Kar) wherein the Hon’ble High Court allowed the claim after considering the judgment of the Hon’ble Supreme Court in the case of The Totgars Co-operative Sale Society, 322 ITR 272 (SC). 8. On the other hand, the ld. DR has submitted that the CIT(Appeals) has relied on the judgment of the Hon’ble Supreme Court in the case of The Totgars Co-operative Sale Society (supra) and therefore there is no error in the finding of the CIT(Appeals), who has followed the judgment of the Hon’ble Supreme Court. He relied upon the order o…

Rytha Seva Sahakara Bank Niyamitha, K.R. Nagar vs. ITO, Mysore

In the result, appeal of the assessee stands allowed for statistical purpose

Bench: Smt. Asha Vijayaraghavan

…ch interest free funds is free of cost and hence, obviously no deduction towards expenditure is required to be allowed. In similar circumstances, the Hon’ble High Court of Karnataka in the case of The Totgars Cooperative Sale Society Ltd., v. ITO, W-1, Sirsi (322 ITR 272) has held that proportionate expenses for making such investments are not allowable as deduction.” 07. Hon’ble jurisdictional High Court in the case of Tumkur Merchants’ Souharda Credit Cooperative Society (supra), had held as under at paras 3 to 10 of the judgement dt.28.10.2014 : "4. The learned counsel for the assessee assailing the impugn…