Vaveru Co-operative Rural Bank Ltd. v. CIT

396 ITR 371High Court2017#262 most cited
299

judgments rely on this decision, according to BharatTax’s citation analysis of 366,416 Indian tax judgments — from 2018 to 2026.

Also referred to as

Vaveru Co-operative Rural Bank Ltd. v. CIT · Section 80P · 80P(2)(a) · 80P(2)(d) · 80P(4) · co-operative society deduction · income of co-operative bank · rejection of Revenue stand · assessee favorable · income-tax deduction

Sections most often in play

Section 80P(2)(a)(i)Section 80P(2)(d)Section 80PSection 143(3)Section 250Section 80P(4)Section 263Section 2(19)

Issues it is cited on

section 57(i)section 80(p)(2)(a)section 80(2)(d)section 286section 161section 80p(2)(c)section 63section 64section 60section 80p(2)(a)(iii)section 80p(2)(a)section 80(p)(2)

Judgments citing Vaveru Co-operative Rural Bank Ltd. v. CIT

Sonmarg Co-Op Housing Society Ltd., Mumbai vs. CIT (A) Faceless Appeal Centre, Mumbai

In the result, appeal is allowed

ITA 1334/MUM/2021[2017-18]Status: DisposedITAT Mumbai29 Mar 2022AY 2017-18
For Appellant: Shri Prakash Pandit (AR)For Respondent: Shri Nishant Somaiya (DR)
Section 143(3)Section 250Section 80PSection 80P(2)(a)Section 80P(2)(d)

…being claimed by the Appellant in the present case, uses the expression „any income by way of interest or dividend‟. 9. The Hon‟ble High Court of Telagana and Andhra Pradesh in Vavveru Cooperative Rural Bank Ltd. v. Chief Commissioner of Income Tax : (2017) 396 ITR 371 (T & AP) after examining provisions of Section 80P(2)(a) to 80P(2)(f) of the Act had observed that to be eligible for deduction under Section 80P(2)(a) of the Act, the claim should relate to the „profits and gains of business‟ attributable to any one or more activities listed in Section 80P(2)(a) of the Act, whereas to be eligible for deduction u…

Andhra Pragathi Farmers Service Co- Op Soceity, Pedda Harivanam vs. ITO Ward-1, Adoni

Appeals are allowed in above terms

ITA 248/HYD/2021[2015-16]Status: DisposedITAT Hyderabad06 Jan 2022AY 2015-16

Bench: Shri A.M. Alankamony & Shri S.S. Godara

For Appellant: Sri K.A. Sai PrasadFor Respondent: Sri Rajendra Kumar, CIT(DR)
Section 236Section 263Section 80PSection 80P(2)(d)

…tion to rival pleadings qua correctness of the learned PCITs foregoing revision direction and find no reason to uphold the same. This is primarily for the reason that hon 'ble jurisdictional high court decision in Vavveru Co-operative Rural Bank Ltd. Vs. CCIT 396 ITR 371 (A.P) holds that a co-operative society's income derived from deposits in nationalized banks/SBI is also eligible for 80P deduction. Their lordships have duly taken into consideration the hon'ble apex court's foregoing decision (supra). We therefore hold that both the Assessing Officers therein had not committed any error in not disallowing the a…

Andhra Pragathi Farmers Service Co- Op Soceity, Pamulapadu vs. ITO Ward-2, Nandyal

Appeals are allowed in above terms

ITA 247/HYD/2021[2015-16]Status: DisposedITAT Hyderabad06 Jan 2022AY 2015-16

Bench: Shri A.M. Alankamony & Shri S.S. Godara

For Appellant: Sri K.A. Sai PrasadFor Respondent: Sri Rajendra Kumar, CIT(DR)
Section 236Section 263Section 80PSection 80P(2)(d)

…tion to rival pleadings qua correctness of the learned PCITs foregoing revision direction and find no reason to uphold the same. This is primarily for the reason that hon 'ble jurisdictional high court decision in Vavveru Co-operative Rural Bank Ltd. Vs. CCIT 396 ITR 371 (A.P) holds that a co-operative society's income derived from deposits in nationalized banks/SBI is also eligible for 80P deduction. Their lordships have duly taken into consideration the hon'ble apex court's foregoing decision (supra). We therefore hold that both the Assessing Officers therein had not committed any error in not disallowing the a…

Andhra Pragathi Farmers Service Co- Op Soceity, Yerraguntla vs. ITO Ward-2, Nandyal

Appeals are allowed in above terms

ITA 246/HYD/2021[2015-16]Status: DisposedITAT Hyderabad06 Jan 2022AY 2015-16

Bench: Shri A.M. Alankamony & Shri S.S. Godara

For Appellant: Sri K.A. Sai PrasadFor Respondent: Sri Rajendra Kumar, CIT(DR)
Section 236Section 263Section 80PSection 80P(2)(d)

…tion to rival pleadings qua correctness of the learned PCITs foregoing revision direction and find no reason to uphold the same. This is primarily for the reason that hon 'ble jurisdictional high court decision in Vavveru Co-operative Rural Bank Ltd. Vs. CCIT 396 ITR 371 (A.P) holds that a co-operative society's income derived from deposits in nationalized banks/SBI is also eligible for 80P deduction. Their lordships have duly taken into consideration the hon'ble apex court's foregoing decision (supra). We therefore hold that both the Assessing Officers therein had not committed any error in not disallowing the a…

State Bank of India Officers Co-Operative Credit Society Limited, Hyderabad vs. Income Tax Officer, Ward-5(3), Hyderabad

Appeal is allowed in above terms

ITA 156/HYD/2018[2014-15]Status: DisposedITAT Hyderabad24 Nov 2021AY 2014-15

Bench: Shri S.S. Godara & Shri L. P. Sahu(Through Virtual Hearing) M/S. State Bank Of India Officers Co-Operative Credit Society Ltd., Hyderabad. Pan Aakas 0854M …..Appellant. Vs. Income Tax Officer, Ward 5(3), Hyderabad. …..Respondent. Appellant By : Shri Shanthi Kumar (Ar) Respondent By : Shri Rohit Majumdar (D.R.) Date Of Hearing : 21.10.2021. Date Of Pronouncement : 24.11.2021. O R D E R Per Shri S.S. Godara, J.M. : This Assessee’S Appeal For Asst. Year 2014-15 Arises From The Commissioner Of Income Tax (Appeals)-4, Hyderabad’S Order Dt.8.12.2017 Passed In Case No.0366/2016-17/Ito, Ward 5(3)/Cit(A)-4/Hyd/17-18 In 2 Proceedings Under Section 143(3) Of Income Tax Act, 1961 (‘The Act’).

For Appellant: Shri Shanthi Kumar (AR)For Respondent: Shri Rohit Majumdar (D.R.)
Section 143(3)

…tween the parties that the same represents interest income derived from FDRs with nationalised bank. 3. There is further no quarrel between the parties that hon’ble jurisdictional high court’s decision (2017) Vaveru Co-operative Rural Bank Ltd. Vs. CIT (2017) 396 ITR 371 (A.P) has very much considered the Revenue’s argument placing reliance on Totgars’ Co-operative Sale Society Ltd. Vs. ITO 322 ITR 283 (SC) that such an interest income is not business income and decided it in favour of the assessee. We therefore find no merit in Revenue’s arguments supporting the CIT(A)’s detailed discussion in violation of hon’b…

Hosdurg Range Kallu Chethu Thozhilali Vyavasaya Sahakarana Sangham vs. The Commissioner of Income Tax

ITA/57/2019HC Kerala23 Nov 2021

Bench: HONOURABLE MR.JUSTICE S.V.BHATTI,HONOURABLE MR.JUSTICE BASANT BALAJI

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

…ank Ltd v. Chief Commissioner of Income Tax2, has succinctly tabulated the Societies and the benefits to which each one of the category of Societies is entitled to, would be benefiting in our narrative to excerpt the relevant portion as under: 2 [2017] 396 ITR 371 (T&AP) I.T.A. No.57, 44 & 58/2019 -9- “28. We have carefully considered the above submissions. Before considering the effect of the various decisions cited on both sides, we think it would be ideal to look at the statutory prescription in pure and simple form. As we have indicated earlier, Section 80P(2) is actually divided into six parts, ca…

The Principal Commissioner of Income Tax vs. Peroorkada Service Co-Operative Bank Ltd

Appeals are allowed as indicated above

ITA/5/2020HC Kerala01 Nov 2021

Bench: HONOURABLE MR.JUSTICE S.V.BHATTI,HONOURABLE MR.JUSTICE BASANT BALAJI

Section 260ASection 80P(2)Section 80P(2)(a)Section 80P(2)(d)

…at the statutory prescription in pure and simple form. As we have indicated earlier, Section 80P(2) is actually divided into six parts, categorised under clauses (a), (b), (c), (d), (e), and (f). Each one of these clauses deal with different types of 4 [2017] 396 ITR 371 (T&AP) ITA Nos.142 & 323/2019; 5/2020 -22- co-operative societies engaged in different types of activities. The benefit made available to each one of them is also different from the other. Therefore, it may be useful to present a tabular form, the six categories of co-operative societies covered by clause (a) to (f) and the nature and extent of…

The Principal Commissioner of Income Tax vs. Vilappil Service Co-Operative Bank Ltd

Appeals are allowed as indicated above

ITA/142/2019HC Kerala01 Nov 2021

Bench: HONOURABLE MR.JUSTICE S.V.BHATTI,HONOURABLE MR.JUSTICE BASANT BALAJI

Section 260ASection 80P(2)Section 80P(2)(a)Section 80P(2)(d)

…at the statutory prescription in pure and simple form. As we have indicated earlier, Section 80P(2) is actually divided into six parts, categorised under clauses (a), (b), (c), (d), (e), and (f). Each one of these clauses deal with different types of 4 [2017] 396 ITR 371 (T&AP) ITA Nos.142 & 323/2019; 5/2020 -22- co-operative societies engaged in different types of activities. The benefit made available to each one of them is also different from the other. Therefore, it may be useful to present a tabular form, the six categories of co-operative societies covered by clause (a) to (f) and the nature and extent of…

Kothapally Farmers Co- Operative Society Limited, Medak vs. Income Tax Officer, Ward-1, Sangareddy

In the result, the appeals of the assessee are allowed

ITA 771/HYD/2020[2016-17]Status: DisposedITAT Hyderabad15 Sept 2021AY 2016-17

Bench: Smt. P. Madhavi Devi & Shri Laxmi Prasad Sahu

For Appellant: Smt. Ambika SFor Respondent: Sri Rohit Mujumdar,DR
Section 143(3)Section 80PSection 80P(2)(a)

…posits in nationalised banks than co- operative banks. 5. I have given my thoughtful consideration to the above sole issue of 80P deduction. Suffice to say, hon'ble jurisdictional high court's decision in Vavveru Co-operative Rural Bank Ltd., Vs. CIT (2017) [396 ITR 371] (AP) holds the very nature of income as eligible for Section 80P deduction as under: "32. In simple terms, the position can be summarized like this. If there is a Co-operative Society, which is carrying on several activities including those activities listed in sub Clauses (i) to (vii) of Clause (a), the benefit under Clause (a) will be limited…

Kothapally Farmers Service Co Operative Society Limited, Medak vs. Income Tax Officer Ward-1, Sangareddy

In the result, the appeals of the assessee are allowed

ITA 770/HYD/2020[2015-16]Status: DisposedITAT Hyderabad15 Sept 2021AY 2015-16

Bench: Smt. P. Madhavi Devi & Shri Laxmi Prasad Sahu

For Appellant: Smt. Ambika SFor Respondent: Sri Rohit Mujumdar,DR
Section 143(3)Section 80PSection 80P(2)(a)

…posits in nationalised banks than co- operative banks. 5. I have given my thoughtful consideration to the above sole issue of 80P deduction. Suffice to say, hon'ble jurisdictional high court's decision in Vavveru Co-operative Rural Bank Ltd., Vs. CIT (2017) [396 ITR 371] (AP) holds the very nature of income as eligible for Section 80P deduction as under: "32. In simple terms, the position can be summarized like this. If there is a Co-operative Society, which is carrying on several activities including those activities listed in sub Clauses (i) to (vii) of Clause (a), the benefit under Clause (a) will be limited…

Sadguru Nagari Sahakari Pat.Sanstha Maryadit, Pune vs. Income-Tax Officer, Ward - 9 (4), Pune

In the result, the appeal of the assessee is allowed

ITA 366/PUN/2019[2014-15]Status: DisposedITAT Pune05 Feb 2020AY 2014-15
For Appellant: Shri Sunil GanooFor Respondent: Shri Deepak Garg
Section 263Section 80Section 80P

…आयकर अपीलीय अिधकरण “बी” "यायपीठ पुणे म" । IN THE INCOME TAX APPELLATE TRIBUNAL “B” BENCH, PUNE BEFORE SHRI D. KARUNAKARA RAO, AM AND SHRI LALIET KUMAR, JM आयकर अपील सं. / ITA No.366/PUN/2019 िनधा"रण वष" / Assessment Year : 2014-15 Sadguru Nagari Sahakari Pat. Sanstha Maryadit, S.No.47, Plot No.54, R.K. Apartments, Viveknagar, Akurdi, Pune-411035. .......अपीलाथ" / Appellant PAN : AABAS5448Q बनाम / V/s. ITO, Ward-9(4), ……""यथ" / Respondent Pune. Assessee by : Shri Sunil Ganoo Revenue by : Shri Deepak Garg सुनवाई क" तारीख / Date of Hearing : 04.02.2020 घोषणा क" तारीख / Date of Pronouncement : 05.02.2020 आदेश / ORDE…

M/S.Co-Operative Insurance Society Ltd, Trivandrum vs. The ITO, WD-2(1), Trivandrum

In the result, the appeals filed by the assessee are partly allowed for

ITA 445/COCH/2019[2015-16]Status: DisposedITAT Cochin01 Oct 2019AY 2015-16

Bench: S/Shri Chandra Poojari, Am & George George K., Jm

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

…ectricity Board Employees Co-operative Society (supra) had followed the principles laid down by the following judicial pronouncements: (i) CIT vs. Karnataka State Co-operative Bank (251 ITR 194) (SC) (ii) Vaveru Co-operative Rural Bank Ltd. vs. CIT (2017) 396 ITR 371 (The Telungana and Andhra Pradesh High Court. (iii) Muttom Service Co-operative Bank Ltd. (ITA No. 106/Coch/2016) (iv) The Mangalam Service Co-operative Bank Ltd. vs. ITO (ITA No. 495/Coch/2017 – order dated 17/10/2017) 8. In the light of the above order of the Cochin Bench of Tribunal in the case of ITO vs. M/s. Trivandrum District Electricit…

The ITO, WD-2(1), Trivandrum vs. Trivandrum District Electricity Board Employees Co-Op Society, Trivandrum

In the result, the appeals filed by the Revenue and cross objections filed by the assessee, are dismissed

ITA 275/COCH/2019[2015-16]Status: DisposedITAT Cochin01 Aug 2019AY 2015-16

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

For Appellant: Sri.Amaljith P.J., FCAFor Respondent: Smt. A.S.Bindhu, Sr.DR
Section 80P(2)(a)

…e other hand, submitted that the issue in question is squarely covered in favour of the assessee by the following judicial pronouncements :- (i) CIT v. Karnataka State Co-operative Bank [251 ITR 194 (SC)] (ii) Vaveru Co-operative Rural Bank Ltd. v CIT [(2017) 396 ITR 371 (The Telungana And Andhra Pradesh High Court) (iii) Muttom Service Co-operative Bank Ltd. (ITA No.372/Coch/2010) (iv) Mundakkayam Service Co-operative Bank Ltd. (ITA No.106/Coch/2016). (v) The Mangalam Service Co-operative Bank Ltd. v. ITO (ITA No.495/Coch/2017 – order dated 17.10.2017) 7. We have heard the rival submissions and perused the mate…

The ITO, WD-2(1), Trivandrum vs. Trivandrum District Electricity Board Employees Co-Op Society, Trivandrum

In the result, the appeals filed by the Revenue and cross objections filed by the assessee, are dismissed

ITA 274/COCH/2019[2012-13]Status: DisposedITAT Cochin01 Aug 2019AY 2012-13

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

For Appellant: Sri.Amaljith P.J., FCAFor Respondent: Smt. A.S.Bindhu, Sr.DR
Section 80P(2)(a)

…e other hand, submitted that the issue in question is squarely covered in favour of the assessee by the following judicial pronouncements :- (i) CIT v. Karnataka State Co-operative Bank [251 ITR 194 (SC)] (ii) Vaveru Co-operative Rural Bank Ltd. v CIT [(2017) 396 ITR 371 (The Telungana And Andhra Pradesh High Court) (iii) Muttom Service Co-operative Bank Ltd. (ITA No.372/Coch/2010) (iv) Mundakkayam Service Co-operative Bank Ltd. (ITA No.106/Coch/2016). (v) The Mangalam Service Co-operative Bank Ltd. v. ITO (ITA No.495/Coch/2017 – order dated 17.10.2017) 7. We have heard the rival submissions and perused the mate…

The ITO, WD-2(1), Trivandrum vs. Trivandrum District Electricity Board Employees Co-Op Society, Trivandrum

In the result, the appeals filed by the Revenue and cross objections filed by the assessee, are dismissed

ITA 273/COCH/2019[2011-12]Status: DisposedITAT Cochin01 Aug 2019AY 2011-12

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

For Appellant: Sri.Amaljith P.J., FCAFor Respondent: Smt. A.S.Bindhu, Sr.DR
Section 80P(2)(a)

…e other hand, submitted that the issue in question is squarely covered in favour of the assessee by the following judicial pronouncements :- (i) CIT v. Karnataka State Co-operative Bank [251 ITR 194 (SC)] (ii) Vaveru Co-operative Rural Bank Ltd. v CIT [(2017) 396 ITR 371 (The Telungana And Andhra Pradesh High Court) (iii) Muttom Service Co-operative Bank Ltd. (ITA No.372/Coch/2010) (iv) Mundakkayam Service Co-operative Bank Ltd. (ITA No.106/Coch/2016). (v) The Mangalam Service Co-operative Bank Ltd. v. ITO (ITA No.495/Coch/2017 – order dated 17.10.2017) 7. We have heard the rival submissions and perused the mate…

The ITO, WD-2(1), Trivandrum vs. Trivandrum District Electricity Board Employees Co-Op Society, Trivandrum

In the result, the appeal filed by the Revenue and cross objection filed by the assessee, are dismissed

ITA 266/COCH/2019[2013-14]Status: DisposedITAT Cochin01 Aug 2019AY 2013-14

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

For Appellant: Sri.Amaljith P.J., FCAFor Respondent: Smt. A.S.Bindhu, Sr.DR
Section 5Section 80P(2)Section 80P(2)(a)

…e other hand, submitted that the issue in question is squarely covered in favour of the assessee by the following judicial pronouncements :- (i) CIT v. Karnataka State Co-operative Bank [251 ITR 194 (SC)] (ii) Vaveru Co-operative Rural Bank Ltd. v CIT [(2017) 396 ITR 371 (The Telungana And Andhra Pradesh High Court) (iii) Muttom Service Co-operative Bank Ltd. (ITA No.372/Coch/2010) (iv) Mundakkayam Service Co-operative Bank Ltd. (ITA No.106/Coch/2016). (v) The Mangalam Service Co-operative Bank Ltd. v. ITO (ITA No.495/Coch/2017 – order dated 17.10.2017) 7. We have heard the rival submissions and perused the m…

Shiksha Vibhag Karmacharigan Sahakari Samiti Limited, Kota vs. Income Tax Officer, Kota

In the result, all the appeals of the assessee are allowed

ITA 87/JPR/2018[2014-15]Status: DisposedITAT Jaipur17 Jun 2019AY 2014-15
For Appellant: Shri S.R. Sharma (CA) &For Respondent: Shri A.K. Rawat (Jt. CIT)
Section 80PSection 80P(2)(a)Section 80P(2)(d)Section 80P(4)

…der dated 31.01.2018 in ITA No. 418 & 419/JP/2017 has decided this issue in favour of the assessee. The ld. A/R has also relied upon the decision of Hon’ble Telangana & Andhra Pradesh High Court in case of Vavveru Co-operative Rural Bank Ltd. vs. Chief CIT, 396 ITR 371 and submitted that the Hon’ble High Court has considered all the relevant provisions of section 80P(2) and held that the investments made by the Co-operative Society in fixed deposits in nationalized banks Shiksha Vibhag Karmacharigan Sahakari Samiti Ltd., Kota. of their own money, yield interest income is eligible for deduction under section 80…

Shiksha Vibhag Karmacharigan Sahakari Samiti Limited, Kota vs. ITO, Kota

In the result, all the appeals of the assessee are allowed

ITA 281/JPR/2017[2012-13]Status: DisposedITAT Jaipur17 Jun 2019AY 2012-13
For Appellant: Shri S.R. Sharma (CA) &For Respondent: Shri A.K. Rawat (Jt. CIT)
Section 80PSection 80P(2)(a)Section 80P(2)(d)Section 80P(4)

…der dated 31.01.2018 in ITA No. 418 & 419/JP/2017 has decided this issue in favour of the assessee. The ld. A/R has also relied upon the decision of Hon’ble Telangana & Andhra Pradesh High Court in case of Vavveru Co-operative Rural Bank Ltd. vs. Chief CIT, 396 ITR 371 and submitted that the Hon’ble High Court has considered all the relevant provisions of section 80P(2) and held that the investments made by the Co-operative Society in fixed deposits in nationalized banks Shiksha Vibhag Karmacharigan Sahakari Samiti Ltd., Kota. of their own money, yield interest income is eligible for deduction under section 80…

The ITO, Ward-2(3), Trivandrum vs. Manickal Service Co-Op Bank Ltd, Trivandrum

ITA 99/COCH/2019[2014-15]Status: DisposedITAT Cochin30 Apr 2019AY 2014-15

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

For Appellant: Sri.Amaljith P.J., FCAFor Respondent: Smt. A.S.Bindhu, Sr.DR
Section 80P(2)(a)

…e other hand, submitted that the issue in question is squarely covered in favour of the assessee by the following judicial pronouncements :- (i) CIT v. Karnataka State Co-operative Bank [251 ITR 194 (SC)] (ii) Vaveru Co-operative Rural Bank Ltd. v CIT [(2017) 396 ITR 371 (The Telungana And Andhra Pradesh High Court) (iii) Muttom Service Co-operative Bank Ltd. (ITA No.372/Coch/2010) (iv) Mundakkayam Service Co-operative Bank Ltd. (ITA No.106/Coch/2016). (v) The Mangalam Service Co-operative Bank Ltd. v. ITO (ITA No.495/Coch/2017 – order dated 17.10.2017) 7. We have heard the rival submissions and perused the m…

The ITO, WD-2(1), Trivandrum vs. M/S.Ananthapuram Cooperative Society, Trivandrum

ITA 98/COCH/2019[2012-13]Status: DisposedITAT Cochin30 Apr 2019AY 2012-13

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

For Appellant: Sri.Amaljith P.J., FCAFor Respondent: Smt. A.S.Bindhu, Sr.DR
Section 80P(2)(a)

…e other hand, submitted that the issue in question is squarely covered in favour of the assessee by the following judicial pronouncements :- (i) CIT v. Karnataka State Co-operative Bank [251 ITR 194 (SC)] (ii) Vaveru Co-operative Rural Bank Ltd. v CIT [(2017) 396 ITR 371 (The Telungana And Andhra Pradesh High Court) (iii) Muttom Service Co-operative Bank Ltd. (ITA No.372/Coch/2010) (iv) Mundakkayam Service Co-operative Bank Ltd. (ITA No.106/Coch/2016). (v) The Mangalam Service Co-operative Bank Ltd. v. ITO (ITA No.495/Coch/2017 – order dated 17.10.2017) 7. We have heard the rival submissions and perused the m…