Tumkur Merchants Souharda Credit Co-op. Ltd. v. ITO

55 Taxmann.com 447High Court2015#304 most cited

What is Tumkur Merchants Souharda Credit Co-op. Ltd. v. ITO authority for?

Interest income earned by a co-operative society from temporary deposits with other banks, when such deposits are made from its business funds, qualifies as business income eligible for deduction under Section 80P(2)(a)(i) and not as income from other sources.

267

judgments rely on this decision, according to BharatTax’s citation analysis of 367,368 Indian tax judgments — from 2015 to 2026.

Also referred to as

Tumkur Merchants Souharda Credit Co-op Ltd · 55 Taxmann.com 447 · Section 80P · Section 80P(2)(a)(i) · Section 80P(2)(d) · co-operative society income · interest from temporary deposits · deduction under 80P · income from other sources · business income cooperative bank · Karnataka High Court 2015

Sections most often in play

Section 80P(2)(d)Section 80P(2)(a)(i)Section 143(3)Section 80PSection 56Section 250Section 80P(4)Section 263

Issues it is cited on

section 57(i)section 80(2)(d)section 80(p)(2)(a)section 286section 80p(2)(c)section 161section 80p(2)(a)(iii)section 60section 80p(1)section 58section 80p(2)(a)section 80p(4)

Judgments citing Tumkur Merchants Souharda Credit Co-op. Ltd. v. ITO

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)

…आयकर अपील"य अधीकरण, "यायपीठ – “D” कोलकाता, IN THE INCOME TAX APPELLATE TRIBUNAL KOLKATA BENCH “D” KOLKATA Before Shri Waseem Ahmed, Accountant Member and Shri S.S.Viswanethra Ravi, Judicial Member Assessment 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…

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)

…IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH : KOLKATA [Before 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…

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

In the result, the appeal of the assessee is partly allowed

ITA 295/KOL/2015[2011-2012]Status: DisposedITAT Kolkata12 May 2017AY 2011-2012

Bench: Shri P.M. Jagtap

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

…I.T.A. No. 295/KOL./2015 Assessment year: 2011-2012 Page 1 of 6 IN THE INCOME TAX APPELLATE TRIBUNAL, KOLKATA ‘C(SMC)’ BENCH, KOLKATA Before Shri P.M. Jagtap, Accountant Member I.T.A. No. 295/KOL/ 2015 Assessment Year: 2011-2012 M/s. National Coal Development Corporation Staff Cooperative Credit Society Limited,.......................................Appellant 25, Brabourne Road, 5th Floor, Kolkata-700 001 [PAN: AAALN 0409 N] -Vs.- Income Tax Officer,..................................................................Respondent Ward-32(2), Kolkata, 10B, Middleton Row, Kolkata-700 071 Appearances by: Shri Sub…

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 1378/KOL/2014[2010-2011]Status: DisposedITAT Kolkata02 Sept 2016AY 2010-2011

Bench: Shri P.M. Jagtap

Section 80PSection 80P(2)(a)

…I.T.A. No. 1378/KOL./2014 Assessment year: 2010-2011 Page 1 of 5 IN THE INCOME TAX APPELLATE TRIBUNAL, KOLKATA ‘SMC’ BENCH, KOLKATA Before Shri P.M. Jagtap, Accountant Member I.T.A. No. 1378 /KOL/ 2014 Assessment Year: 2010-2011 M/s. National Coal Development Corporation Staff Cooperative Credit Society Limited,...........................................Appellant Thapar House, 5th Floor, 25, Brabourne Road, Kolkata-700 001 [PAN : AAALN 0409 N] -Vs.- Income Tax Officer,.....................................................................Respondent Ward-32(2), Kolkata Appearances by: Shri Subash Agarwal, Advoc…

M/S Bajpe Vyavasaya Seva Sahakari Bank Niyamitha, Mangalore vs. ITO, Mangalore

In the result, the assessee’s appeal for assessment year :2010-11 is allowed”

ITA 1028/BANG/2015[2010-11]Status: DisposedITAT Bangalore20 Nov 2015AY 2010-11

Bench: Smt. Asha Vijayaraghavan & Shri Inturi Rama Raom/S Bajpe Vyavasaya Seva Sahakari Bank Niyamitha, D No.3-67, Bajpe, Mangalore. . Appellant Vs. The Income-Tax Officer, Ward - 1(3), Mangalore. . Respondent

For Appellant: Shri Suresh MuthukrishnanFor Respondent: Smt. Neera Malhotra, CIT
Section 143(2)Section 143(3)Section 148Section 80PSection 80P(2)(a)

…IN THE INCOME TAX APPELLATE TRIBUNAL, BANGALORE BENCH ‘B’ BEFORE SMT. ASHA VIJAYARAGHAVAN, JUDICIAL MEMBER AND SHRI INTURI RAMA RAO, ACCOUNTANT MEMBER M/s Bajpe Vyavasaya Seva Sahakari Bank Niyamitha, D No.3-67, Bajpe, Mangalore. . Appellant Vs. The Income-tax Officer, Ward - 1(3), Mangalore. . Respondent Appellant by : Shri Suresh Muthukrishnan Respondent by : Smt. Neera Malhotra, CIT Date of Hearing : 17-11-2015 Date of Pronouncement : 20-11 -2015 O R D E R PER SMT. ASHA VIJAYARAGHAVAN, JUDICIAL MEMBER This appeal is directed against the order of Commissioner of Income-tax (Appeals), Mangalore dated 27.8.…

M/S Farmers Agricultural Credit Co-Operative Society Ltd., Koppa vs. ITO, Mysore

In the result, the assessee’s appeal for assessment year

ITA 727/BANG/2015[2009-10]Status: DisposedITAT Bangalore26 Aug 2015AY 2009-10

Bench: Smt. Asha Vijayaraghavan, Jm (Smc)

For Appellant: Shri Suresh Muthukrishnan, CAFor Respondent: Dr. P.K.Srihari, Addl.CIT
Section 57Section 80PSection 80P(2)Section 80P(2)(a)

…No.21(Bang.)/2015 for the assessment year : 2010-11, which follows the decision of the Hon’ble High Court of Karnataka in the case of CIT Vs Grain Merchants Co-operative Bank Ltd., 267 ITR 742 and Tumkur Merchants Souharda Credit Co-operative Ltd., Vs ITO 55 Taxmann.com 447 (Kar.) and I hold that the learned CIT(A) was not correct in denying the assessee’s claim of deduction u/s 80P(2)(a)(i) of the IT Act, 1961 amounting to Rs.12,78,331/-. 9. With regard to ground nos.5 & 6, the assessee denies itself liable to be charged to surcharge and interest under section 234A, 234B and 234C of the IT Act, 1961. The…

M/S Bangalore Credit Co-Operative Society Ltd., Bangalore vs. DCIT, Bangalore

In the result, the appeal filed by the assessee is allowed in above

ITA 903/BANG/2014[2010-11]Status: DisposedITAT Bangalore26 Jun 2015AY 2010-11

Bench: Shri Vijay Pal Rao & Shri Jason P Boaz

For Appellant: Shri S.Ranganath, CAFor Respondent: Dr.P.K.Srihari, Addl.CIT
Section 143(3)Section 4Section 80Section 80PSection 80P(2)(a)

…IN THE INCOME TAX APPELLATE TRIBUNAL BANGALORE BENCH ‘ B’, BANGALORE BEFORE SHRI VIJAY PAL RAO, JUDICIAL MEMBER AND SHRI JASON P BOAZ, ACCOUNTANT MEMBER ITA No.903(Bang) 2014 (Assessment year : 2010-11) M/s Bangalore Credit Co-Operative Society, No.723, 10th Main, 4th Block, Jayanagar, Bangalore Appellant Pan No.AAAAB1598B Vs The Deputy Commissioner of Income-tax, Circle-4(1), Bangalore Respondent Assessee by : Shri S.Ranganath, CA Revenue by : Dr.P.K.Srihari, Addl.CIT Date of hearing : 04-06-2015 Date of pronouncement : 26-06-2015 O R D E R PER SHRI VIJAYPAL RAO, JM: This appeal by the assessee is di…