THE KARNATAKA STATE COOPERATIVE AGRICULTURE AND DEVELOPMENT BANK LIMITED ,BANGLAORE vs. INCOME TAX OFFICER, WARD-5(2)(1), BENGALURU

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

Bench: Shri Waseem Ahmed & Shri Keshav Dubeyassessment Year: 2022-23

4 of 38 6. The aggrieved assessee preferred an appeal before the learned CIT(A). 7. The assessee before ld. CIT(A) submitted that section 80P(2)(a)(i) of the Act allows deduction of the whole amount of profits and gains of business attributable to the activity of providing credit facilities to members. The assessee submitted that

INCOME TAX OFFICER, WARD 1, UDUPI, UDUPI vs. BRAHMAVARA VYAVASAYA SEVA, BRAHMAVARA

Bench: Shri George George K & Shri Waseem Ahmed

4 of 22 ITA Nos.656, 667, 668/Bang/2024 C.O. Nos. 10, 11, 12/Bang/2024 Co-operative Banks, the AO did not make any separate disallowance under section 80P(2)(d) of the Act. 5. As regards the Assessment Years 2018-19 and 2020-21, the AO noticed that the assessee had claimed deduction under section 80P

M/S. PRATHAMIKA KRUSHI PATTINA SAHAKARA NIYAMITA,HOSAPETE vs. INCOME TAX OFFICER, WARD-2, BALLARI

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

Bench: Shri Laxmi Prasad Sahuprathamika Krishi Pattina Vs The Income Tax Officer Sahakara Sangha Niymit Ward - 2 No. 350, Ward No. 15, Hospet 583201 Amaravathi Village, Hospet Tq. Ballari - 583201 Pan – Aaajp0326N (Appellant) (Respondent) Assessee By: Shri Siva Prasad Reddy, Irs (Retd) Revenue By: Shri Ganesh R. Ghale, Standing Counsel Date Of Hearing: 13.02.2023 Date Of Pronouncement: 14.02.2023 O R D E R Per: Laxmi Prasad Sahu, A.M. This Is An Appeal Filed By The Assessee Against The Order Passed By The Learned Cit(A)/Nfac, Delhi In Appeal Din & Order No. Itba/Nfac/S/ 250//2022-23/1047496227(1) Dated 18.11.2022 For Ay 2017-18. 2. The Assessee Has Raised The Following Grounds Of Appeal: - “1. The Impugned Assessment Order Made U/S 143(3) Of The Act Dated, 25-11-2019, Is Arbitrary & Opposed To The Facts Of The Case & The Principles Of Natural Justice & Therefore, The Same Is Liable To Be Vacated As Void. 2. The Learned Cit(A) Failed To Appreciate: (I) That The Interest Income Accruing From The Investments Made In Statutory Compliance Of The Provisions Of The State Co-Operative Societies Act, 1959 Is Eligible For The Deduction As Business Income U/S 80P(2)(A)(I) Of The Act.

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

INCOMETAX OFFICER, WARD 1, UDUPI, UDUPI vs. BRAHMAVARA VYAVASAYA SEVA, BRAHMAVARA

Bench: Shri George George K & Shri Waseem Ahmed

4 of 22 ITA Nos.656, 667, 668/Bang/2024 C.O. Nos. 10, 11, 12/Bang/2024 Co-operative Banks, the AO did not make any separate disallowance under section 80P(2)(d) of the Act. 5. As regards the Assessment Years 2018-19 and 2020-21, the AO noticed that the assessee had claimed deduction under section 80P

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

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

4) of the Act even though without any amendment in Section 80P(2)(d) of the Act is sufficient to deny the claim of the respondent assessee for deduction under Section 80P(2)(d) of the Act. The only exception is that of a primary agricultural credit society. The depository Kanara District Central Bank Limited in the present case

SHRI. SHANTHISAGAR CO OP CREDIT SOCIETY LIMITED,HUBLI vs. INCOME TAX OFFICER, WARD-2(1), HUBLI

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

Bench: Shri Waseem Ahmed & Shri Keshav Dubeyassessment Year: 2017-18

4 of 32 shall be disallowed i.e. Rs. 8,34,749/- * 1.4 = 11,686 was disallowed. But no separate addition was made for the reason that entire claim of Rs. 8,34,749/- under section 80P of the Act was disallowed and added to the total income of the assessee. 7. The aggrieved assessee preferred an appeal before the learned

UDAYA SOUHARDA CO-OPERATIVE SOCIETY LIMITED ,BANGALORE vs. INCOME TAX OFFICER WARD-5(1)(1), BANGALORE

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

Bench: Shri Waseem Ahmed & Shri Keshav Dubeyassessment Year: 2020-21

gains or capital arising from the business of carrying on banking activities or providing credit facilities to its members, then the interest income earned therefrom shall be treated as business income attributable to such activity and the assessee shall be allowed deduction under section 80P(2)(a)(i) of the Act in accordance with law. However, if it is found

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

4 of CO and Ground No. 2 of Department’s appeal : Disallowance of deduction u/s 80P(2)(a)(i) of the Income Tax Act, 1961. 13.1 The ld. A.R. submitted that the interest income from investments in various co-operative societies and banks are entitled for deduction u/s. 80P(2)(a)(i) of the Act. The details of the interest

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

4) of the Act w.e.f. Assessment Year 2007-08 was only with a view deny the benefit of deduction under section 80P(2)(i) of the Act to Co- operative Banks and that it had nothing to do with deduction under section 80P(2)(d) of the Act. 9. The CIT, after considering submissions made by the assessee, came

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

4) of the Act w.e.f. Assessment Year 2007-08 was only with a view deny the benefit of deduction under section 80P(2)(i) of the Act to Co- operative Banks and that it had nothing to do with deduction under section 80P(2)(d) of the Act. 9. The CIT, after considering submissions made by the assessee, came

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

4) of the Act even though without any amendment in Section 80P(2)(d) of the Act is sufficient to deny the claim of the respondent assessee for deduction under Section 80P(2)(d) of the Act. The only exception is that of a primary agricultural credit society. The depository Kanara District Central Bank Limited in the present case

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

4) of the Act even though without any amendment in Section 80P(2)(d) of the Act is sufficient to deny the claim of the respondent assessee for deduction under Section 80P(2)(d) of the Act. The only exception is that of a primary agricultural credit society. The depository Kanara District Central Bank Limited in the present case

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

4) of the Act even though without any amendment in Section 80P(2)(d) of the Act is sufficient to deny the claim of the respondent assessee for deduction under Section 80P(2)(d) of the Act. The only exception is that of a primary agricultural credit society. The depository Kanara District Central Bank Limited in the present case

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

4) of the Act even though without any amendment in Section 80P(2)(d) of the Act is sufficient to deny the claim of the respondent assessee for deduction under Section 80P(2)(d) of the Act. The only exception is that of a primary agricultural credit society. The depository Kanara District Central Bank Limited in the present case

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

4) of the Act even though without any amendment in Section 80P(2)(d) of the Act is sufficient to deny the claim of the respondent assessee for deduction under Section 80P(2)(d) of the Act. The only exception is that of a primary agricultural credit society. The depository Kanara District Central Bank Limited in the present case

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

4) merely provides that the deduction under section 80P will not be available to cooperative bank, that, the Appellant is not a cooperative bank governed by banking Regulation Act, 1949 and that the cooperative society carrying on the. business of providing credit facilities to its. members and, therefore, is eligible for deduction under section80-P (2) (a) (i). 10. Since