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

disallowances of deduction claimed under section 80P(2)(a)(i)/80P(2)(d) of the Act on the amount of interest

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

Bench: Shri George George K & Shri Waseem Ahmed

section 80P(2)(a)(i) of the Act for interest received from Page 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

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

Bench: Shri George George K & Shri Waseem Ahmed

section 80P(2)(a)(i) of the Act for interest received from Page 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

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

Section 80P(2) of the Act would not apply in the facts and circumstances of the present case. Our this view is also supported by the above cited decision. Since during the course of arguments, the Ld.AR of the assessee took alternative ground that the cost of funds for earning the interest income has to be allowed, we concur with

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

Section 80P(2) of the Act would not apply in the facts and circumstances of the present case. Our this view is also supported by the above cited decision. Since during the course of arguments, the Ld.AR of the assessee took alternative ground that the cost of funds for earning the interest income has to be allowed, we concur with

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

Section 80P(2) of the Act would not apply in the facts and circumstances of the present case. Our this view is also supported by the above cited decision. Since during the course of arguments, the Ld.AR of the assessee took alternative ground that the cost of funds for earning the interest income has to be allowed, we concur with

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

Section 80P(2) of the Act would not apply in the facts and circumstances of the present case. Our this view is also supported by the above cited decision. Since during the course of arguments, the Ld.AR of the assessee took alternative ground that the cost of funds for earning the interest income has to be allowed, we concur with

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

Section 80P(2) of the Act would not apply in the facts and circumstances of the present case. Our this view is also supported by the above cited decision. Since during the course of arguments, the Ld.AR of the assessee took alternative ground that the cost of funds for earning the interest income has to be allowed, we concur with

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.

80P(2) of the Act would not apply in the case of the assessee. Alternatively, the assessee also claimed expenditure under Section 57 of the Act for earning income under Section 56 of the Act but the AO denied it by observing that the assessee would not have incurred expenditure towards earning of income and accordingly disallowed

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

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 from investments in Co-operative Banks are as follows: Interest

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

80P(2)(a)(i) of the Act was disallowed by the Assessing Officer. The Assessing Officer held that the assessee is primarily engaged in the business of banking and in view of the insertion of sub- 2 M/s.The Karnataka State Co-op.Ho.Fed.Ltd. section

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

section 80P of the Act. 13.4 Based on the above findings, the AO treated the interest income amounting to ₹ 39,84,857/- only as Income from other Sources. However, the Ld. AO already disallowed the deduction u/s 80P(2

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

disallowed deduction u/s 80P of the Act as theprinciple of mutuality does not exist between_resident/regular_3 members and nominal members and hence, it is not eligible for deduction under section 80P(2

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

80P(2)(a)(i) based on the decision of the Hon’ble jurisdictional High Court in respect of interest income from the Co-operative Bank and as such, the order was not `erroneous’ for the purpose of section 263 of the Act. 2.2 The learned CIT failed to appreciate that the NPA provision of Rs.17,78,298/- debited to profit

M/S. SAVANOOR PRIMARY AGRICULTURAL CREDIT CO-OPERATIVE SOCIETY LTD.,SAVANOOR, ,PUTTUR vs. INCOME TAX OFFICER, WARD-1, , PUTTUR

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

Bench: Shri George George K & Shri Chandra Poojariassessment Year : 2018-19 M/S. Savanoor Primary Agricultural Vs. Ito, Co-Operative Society Ltd., Ward – 1, Savanoor Co-Operative Agricultural Puttur. Bank Ltd., Saanoor, Savanoor Puttur – 574 202, Karnataka. Pan : Aaeat 1118 M Appellant Respondent Assessee By : Ms. Harsha J, Advocate Revenue By : Shri. Subramanian S, Jcit(Dr)(Itat), Bengaluru. Date Of Hearing : 08.01.2024 Date Of Pronouncement : 09.01.2024

section 80P(2)(a)(iii) of the Act. The AO disallowed the claim of deduction due to the absence of any details

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

2)(a)(i) of the Act. This issue is also remitted to the files of the A.O. to decide afresh as discussed in para 6 to 9 above. 10.1 The learned DR made one more objection that in this case, the assessee has not filed return of income as prescribed u/s 139(1) of the Act. The learned DR placed

SREE CAUVERY SOUHARDA CREDIT SAHAKARI SANGHA NIYAMITHA,BENGALURU vs. INCOME TAX OFFICER WARD 1(1)(1), BENGALURU

Bench: Shri Waseem Ahmed & Shri Soundararajan K

2. The interconnected issue raised by the assessee is that the learned CIT(A) erred in confirming the disallowances of deduction under section 80P

INCOME-TAX OFFICER, WARD-1, UDUPI, UDUPI vs. BRAHMAVARA VYAVAYASAYA SEVA, BRAHMAVARA

section 80P(2)(a)(i) of the Act for interest received from co-operative Banks, the AO did not make any separate disallowance