SRI JIHVESHWARA CREDIT CO-OPERATIVE SOCIETY LIMITED,BANGALORE vs. INCOME TAX OFFICER, WARD 2(2)(5), BANGALORE

In the result, this issue in ITA No

Bench: Shri George George K, Vice- & Shri Laxmi Prasad Sahu

C’ BENCH : BANGALORE BEFORE SHRI GEORGE GEORGE K, VICE-PRESIDENT AND SHRI LAXMI PRASAD SAHU, ACCOUNTANT MEMBER ITA Nos. 547 to 551/Bang/2023 Assessment Years : 2013-14 to 2015-16, 2017-18 & 2018-19 M/s. Sri Jihveshwara Credit Co-op. Society Ltd., 125, Swakulasali Sangha The Income Tax Building, Officer, BVK Iyengar Road Cross, Ward – 2(2)(5), Bangalore. Huriopet

SRI JIHVESHWARA CREDIT CO-OPERATIVE SOCIETY LIMITED,BANGALORE vs. INCOME TAX OFFICER, WARD 2(2)(5), BANGALORE, BANGALORE

In the result, this issue in ITA No

Bench: Shri George George K, Vice- & Shri Laxmi Prasad Sahu

C’ BENCH : BANGALORE BEFORE SHRI GEORGE GEORGE K, VICE-PRESIDENT AND SHRI LAXMI PRASAD SAHU, ACCOUNTANT MEMBER ITA Nos. 547 to 551/Bang/2023 Assessment Years : 2013-14 to 2015-16, 2017-18 & 2018-19 M/s. Sri Jihveshwara Credit Co-op. Society Ltd., 125, Swakulasali Sangha The Income Tax Building, Officer, BVK Iyengar Road Cross, Ward – 2(2)(5), Bangalore. Huriopet

SRI JIHVESHWARA CREDIT CO-OPERATIVE SOCIETY LIMITED,BANGALORE vs. INCOME TAX OFFICER, WARD 2(2)(5), BANGALORE, BANGALORE

In the result, this issue in ITA No

Bench: Shri George George K, Vice- & Shri Laxmi Prasad Sahu

C’ BENCH : BANGALORE BEFORE SHRI GEORGE GEORGE K, VICE-PRESIDENT AND SHRI LAXMI PRASAD SAHU, ACCOUNTANT MEMBER ITA Nos. 547 to 551/Bang/2023 Assessment Years : 2013-14 to 2015-16, 2017-18 & 2018-19 M/s. Sri Jihveshwara Credit Co-op. Society Ltd., 125, Swakulasali Sangha The Income Tax Building, Officer, BVK Iyengar Road Cross, Ward – 2(2)(5), Bangalore. Huriopet

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

c) Judicial Employees House Building Coop Society Ltd. in ITA No.108/Bang/2023 dated 11.04.2023. 8. In the rejoinder, the ld. AR submitted that in the case of PCIT v. Totagars Co-operative Sale Society {2017] 78 taxmann.com 169 (Karnataka) order dated 05.01.2017, the Hon’ble Court has held that even section 56(i)(ccv) of the Banking Regulation Acts

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

capital, if not immediately required to be lent to the members, they cannot keep the said amount idle. If they deposit this amount in bank so as to earn interest, the said interest income is attributable to the profits and gains of the business of providing credit facilities to its members only. The society is not carrying on any separate

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

capital, if not immediately required to be lent to the members, they cannot keep the said amount idle. If they deposit this amount in bank so as to earn interest, the said interest income is attributable to the profits and gains of the business of providing credit facilities to its members only. The society is not carrying on any separate

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

section 80P of the Act with effect from 001.04.2007, the assessee is not entitled to the benefit of deduction u/s 80P(2)(a)(i) of the Act. The A.O. also placed reliance on the judgment of the Hon’ble Apex Court in the case of The Citizen Co-operative Society Ltd. v. ACIT reported

INCOME TAX OFFICER, WARD-7(2)(1), BENGALURU, BANGALORE vs. M/S. BANGALORE CREDIT CO-OPERATIVE SOCIETY LIMITED , BANGALORE

Bench: Shri Waseem Ahmed & Shri Keshav Dubey

c. Deduction from total income (Chapter VI-A) (Business ITR). 9.2 Accordingly, notices u/s 142(1) of the Act was issued to the assessee seeking certain information and documents. In response to the same, the assessee made its submissions by a letter dated 15.02.2021. The assessee society claims that the deduction u/s 80P(2)(d) on the interest earned from

M/S. PRATHAMIKA KRUSHI PATTINA SAHAKARA NIYAMITA,HOSAPETE vs. THE PRINCIPAL COMMISSIONER OF INCOME TAX, KALABURGI

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

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

c) Whether the interest earned The issue is settled by the from deposits / investments Hon’ble Supreme Court in the in to other societies / banks above mentioned case holding had constituted to be that the interest income is business income. entitled to the deduction u/s 80P(2)(a)(i) itself as it forms part of the business income

INCOMETAX OFFICER, WARD-1(1), TIPTUR vs. SRIUDAYARAVI CREDIT CO-OP, TIPTUR

In the result, appeals of the Revenue are dismissed

Bench: Shri.Laxmi Prasad Sahu & Shri. Keshav Dubey

gains of business attributable to any one or more of such activities : . . ." e. Section 80P was amended by the Finance Act, 2006 with effect from April 1, 2007 and sub-section (4) was inserted thereto. This sub section (4) reads as under : "(4) The provisions of this section shall not apply in relation to any cooperative bank other than

M/S. PRATHAMIKA KRUSHI PATTINA SAHAKARA NIYAMITA,HAGARIBOMMANAHALLI vs. THE PRINCIPAL COMMISSIONER OF INCOME TAX, KALABURGI

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

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

c) Whether the interest earned The issue is settled by the from deposits / investments Hon’ble Supreme Court in the in to other societies / banks above mentioned case holding had constituted to be that the interest income is business income. entitled to the deduction u/s 80P(2)(a)(i) itself as it forms part of the business income

THE BELTHANGADY CO-OPERATIVE AGRICULTURAL SANGHA LIMITED,BELTHANGADY vs. INCOME TAX OFFICER, WARD-1, , PUTTUR

In the result appeal of the assessee is hereby partly allowed for

Bench: Shri Waseem Ahmed & Shri Keshav Dubey

C & D Class Members: Nominal and associate members without voting rights. 5. Based on the above, the AO observed that the assessee is having nominal members 3 time more than its Class A members. Nominal members have no voting right and management & control. Likewise, they are not eligible for share in the profit whereas the society earns profit by granting

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

C”, BANGALORE Before Shri George George K, JM & Shri B.R.Baskaran, AM ITA No.368/Bang/2021 : Asst.Year 2015-2016 The Secretary, Hotel Owner’s The Income Tax Officer Ward 1(1), Mysuru. Credit Co-operative Society Ltd. v. No.2824, 1st Main, 8th Cross, Jayanagar, Mysuru – 570 014. PAN : AAAAH1132K. (Appellant) (Respondent) Appellant by : Sri.Rampriya Das CA Respondent by : Sri.Pradeep Kumar, CIT-DR Date

M/S. SHRI MAHISHASURAMARDINI URBAN CO-OPERATIVE CREDIT SOCIETY LIMITED,HAVERI vs. INCOME TAX OFFICER, WRD-1, HAVERI

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

Bench: Shri Chandra Poojari

capital, if not immediately required to be lent to the members, they cannot keep the said amount idle. If they deposit this amount in bank so as to earn interest, the said interest income is attributable to the profits and gains of the business of providing credit facilities to its members only. The society is not carrying on any separate

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

c ) amounting to Rs. 50,000.00 resulting total income as Rs. 36,85,030.00/-. 5. The case was selected for scrutiny and the assessment was completed under section 143(3) vide order dated 13-10-2017 by accepting the returned income. The Principal Commissioner of Income Tax Mysore invoked his jurisdiction under section 263 and held in order dated

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

capital, if not immediately required to be lent to the members, they cannot keep the said amount idle. If they deposit this amount in bank so as to earn interest, the said interest income is attributable to the profits and gains of the business of providing credit facilities to its members only. The society is not carrying on any separate

M/S. GNANAGANGA GRUHA NIRMANA SAHAKARA SANGA NIYAMITA,MYSORE vs. THE PRINCIPAL COMMISSIONER OF INCOME TAX, MYSORE

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

Bench: Shri Chandra Poojari, Am & Smt.Beena Pillai, Jm

c) Others Rs.50,000 Income exempt u/s 80P Rs.15,99,694 4. The CIT further noted that the assessee had claimed that the deduction u/s 80P(2)(d) of the Act amounting to Rs.15,49,694 which includes an amount of Rs.11,35,401 which is the interest received from Mysore and Chamarajanagar District Co-operative Bank Ltd. Accordingly

M/S. GNANAGANGA GRUHA NIRMANA SAHAKARA SANGA NIYAMITA,MYSORE vs. THE PRINCIPAL COMMISSIONER OF INCOME TAX, MYSORE

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

Bench: Shri Chandra Poojari, Am & Smt.Beena Pillai, Jm

c) Others Rs.50,000 Income exempt u/s 80P Rs.15,99,694 4. The CIT further noted that the assessee had claimed that the deduction u/s 80P(2)(d) of the Act amounting to Rs.15,49,694 which includes an amount of Rs.11,35,401 which is the interest received from Mysore and Chamarajanagar District Co-operative Bank Ltd. Accordingly