INCOME TAX OFFICER,WARD-1, HOSPET vs. GAYATRI PATTINA SOUHARDA SAHAKARI SANGHA NIYAMITHA, HOSPET, HOSPET

In the result appeal filed by the Revenue is partly allowed for statistical purposes

disallowed the deduction under Section 80P(2)(a)(i) holding that the appellant/assessee is neither a primary agricultural credit society nor a primary co-operative agricultural and rural development bank. The Ld.AO therein held that the appellant/assessee is a \"co-operative bank\" and thus, was hit by the provisions of Section 80(P)(4) and was not entitled

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

In the result both the appeals of the Revenue as well as\nCos of the Assessee for the Asst

b) and holds\nlicense under section 22 of the Banking regulation Act 1949,\nsuch interest are to be considered under the head ‘income\nfrom other sources' & the deduction under section 80P(2)(d) is\nnot available on such Interest on investment. However the\ncost of fund and related administrative expenses in respect of\nearning such interest income should also

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

In the result, the appeals filed by Revenue are allowed and the COs\nfiled by the assessee are allowed for statistical purposes

B\" BENCH : BANGALORE\nBEFORE SHRI GEORGE GEORGE K, VICE PRESIDENT AND\nSHRI WASEEM AHMED, ACCOUNTANT MEMBER\nITA Nos.656, 667, 668/Bang/2024\n Assessment Years : 2017-18, 2018-19, 2020-21\nITO,\nVs. M/s. Brahmavara Vyavasaya Seva,\nWard - 1,\nHead Office Unnathi, Brahmavar\nUdupi.\nUdupi Taluk,\nUdupi – 576 213.\nPAN: AAAAB 2992 F\nAPPELLANT\nRESPONDENT\nC.O.Nos.10, 11, 12/Bang/2024

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

In the result, the appeals filed by Revenue are allowed and the COs\nfiled by the assessee are allowed for statistical purposes

B\" BENCH : BANGALORE\nBEFORE SHRI GEORGE GEORGE K, VICE PRESIDENT AND\nSHRI WASEEM AHMED, ACCOUNTANT MEMBER\nITA Nos.656, 667, 668/Bang/2024\n Assessment Years : 2017-18, 2018-19, 2020-21\nITO,\nVs. M/s. Brahmavara Vyavasaya Seva,\nWard - 1,\nHead Office Unnathi, Brahmavar\nUdupi.\nUdupi Taluk,\nUdupi – 576 213.\nPAN: AAAAB 2992 F\nAPPELLANT\nRESPONDENT\nC.O.Nos.10, 11, 12/Bang/2024

THE KARNATAKA STATE CO-OPERATIVE AGRICULTURE AND RURAL DEVELOPMENT BANK,BENGALURU vs. INCOME TAX OFFICER, WARD-5(2)(1) , BANGALORE

b) Nominal members who are also the assessee's members (D\nClass Members) and which membership is expressly\npermitted by sections 18(1)(a) and 18(2) read with section\n2(f) of the KCS Act, and\n(c) its employees (of some small amounts as staff loans),\nadvanced in the ordinary course, as any business would

THE KARNATAKA STATE CO-OPERATIVE AGRICULTURE AND RURAL DEVELOPMENT BANK ,BENGALURU vs. INCOME-TAX OFFICE, WARD-5(2)(1), BENGALURU

In the result, the appeals filed by the assessee stands partly\nallowed as indicated herinabove

b)Nominal members who are also the assessee's members (D\nClass Members) and which membership is expressly\npermitted by sections 18(1)(a) and 18(2) read with section\n2(f) of the KCS Act, and\n(c)its employees (of some small amounts as staff loans),\nadvanced in the ordinary course, as any business would

THE KARNATAKA STATE CO-OPERATIVE AGRICULTURE AND RURAL DEVELOPMENT BANK,BENGALURU vs. INCOME-TAX OFFICER, WARD-5(2)(1), BANGALORE

In the result, the appeals filed by the assessee stands partly\nallowed as indicated herinabove

b) Nominal members who are also the assessee's members (D\nClass Members) and which membership is expressly\npermitted by sections 18(1)(a) and 18(2) read with section\n2(f) of the KCS Act, and\n(c) its employees (of some small amounts as staff loans),\nadvanced in the ordinary course, as any business would

THE KARNATAKA STATE CO-OPERATIVE AGRICULTURE AND RURAL DEVELOPMENT BANK,BENGALURU vs. INCOME TAX OFFICER, WARD-5(2)(1), BANGALORE

In the result, the appeals filed by the assessee stands partly\nallowed as indicated herinabove

b) Nominal members who are also the assessee's members (D\nClass Members) and which membership is expressly\npermitted by sections 18(1)(a) and 18(2) read with section\n2(f) of the KCS Act, and\n(c) its employees (of some small amounts as staff loans),\nadvanced in the ordinary course, as any business would

THE KARNATAKA STATE CO-OPERATIVE AGRICULTURE AND RURAL DEVELOPMENT BANK,BENGALURU vs. INCOME TAX OFFICER, WARD-5(2)(1), BANGALORE

In the result, the appeals filed by the assessee stands partly\nallowed as indicated herinabove

b) Nominal members who are also the assessee's members (D\nClass Members) and which membership is expressly\npermitted by sections 18(1)(a) and 18(2) read with section\n2(f) of the KCS Act, and\n(c) its employees (of some small amounts as staff loans),\nadvanced in the ordinary course, as any business would

THE KARNATAKA STATE CO-OPERATIVE AGRICULTURE AND RURAL DEVELOPMENT BANK,BENGALURU vs. INCOME TAX OFFICER, WARD-5(2)(1), BANGALORE

In the result, the appeals filed by the assessee stands partly\nallowed as indicated herinabove

b) Nominal members who are also the assessee's members (D\nClass Members) and which membership is expressly\npermitted by sections 18(1)(a) and 18(2) read with section\n2(f) of the KCS Act, and\n(c) its employees (of some small amounts as staff loans),\nadvanced in the ordinary course, as any business would

THE KARNATAKA STATE CO-OPERATIVE AGRICULTURE AND RURAL DEVELOPMENT BANK,BENGALURU vs. INCOME TAX OFFICER, WARD-5(2)(1), BANGALORE

In the result, the appeals filed by the assessee stands partly\nallowed as indicated herinabove

b)Nominal members who are also the assessee's members (D\nClass Members) and which membership is expressly\npermitted by sections 18(1)(a) and 18(2) read with section\n2(f) of the KCS Act, and\n(c)its employees (of some small amounts as staff loans),\nadvanced in the ordinary course, as any business would

THE KARNATAKA STATE CO-OPERATIVE AGRICULTURE AND RURAL DEVELOPMENT BANK,BENGALURU vs. INCOME TAX OFFICER, WARD- 5(2)(1), BANGALORE

In the result, the appeals filed by the assessee stands partly\nallowed as indicated herinabove

b)Nominal members who are also the assessee's members (D\nClass Members) and which membership is expressly\npermitted by sections 18(1)(a) and 18(2) read with section\n2(f) of the KCS Act, and\n(c)its employees (of some small amounts as staff loans),\nadvanced in the ordinary course, as any business would

THE KARNATAKA STATE CO-OPERATIVE AGRICULTURE AND RURAL DEVELOPMENT BANK,BENGALURU vs. THE INCOME TAX OFFICER, WARD-5(2)(1), BANGALORE

In the result, the appeals filed by the assessee stands partly\nallowed as indicated herinabove

b)Nominal members who are also the assessee's members (D\nClass Members) and which membership is expressly\npermitted by sections 18(1)(a) and 18(2) read with section\n2(f) of the KCS Act, and\n(c)its employees (of some small amounts as staff loans),\nadvanced in the ordinary course, as any business would

M/S. THE BHAVASARA KSHATRIYA CO-OPERATIVE SOCIETY LIMITED,MYSURU vs. INCOME TAX OFFICER, WARD-2(1), MYSURU

b) qua milk co-operative societies, the legislature\nexpressly says so - which is not the case with section 80P(2)(a)(i);\n(V) That section 80P(4) is in the nature of a proviso to the main provision\ncontained in section 80P(1) and (2). This proviso specifically excludes only\nco-operative banks, which are co-operative societies

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.

B” (SMC) BENCH, BENGALURU Before Shri Laxmi Prasad Sahu, Accountant Member Prathamika 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

GSSS CREDIT CO-OPERATIVE SOCIETY LIMITED,BANGALORE vs. INCOME-TAX OFFICER, WARD-2(2)(3), BANGALORE

In the result, the appeals of the assessee are allowed for\nstatistical purposes

disallowed the same on the reasoning\nthat the assessee was a cooperative bank and, therefore, it was hit by\nthe provisions of section 80P(4) of the Act and thus would not be eligible\nfor claiming deduction under section 80P(2) of the Act. Finally, the issue\nreached the Hon'ble Apex Court where it was held that banking

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

disallowed the deduction u/s 80P(2)(d) of the Act. It is submitted that the investments were made out of surplus funds and relied on the decision of Hon’ble Karnataka High Court in the decision of PCIT v. Totagars Co-operative Sale Society 392 ITR 74 wherein it was held that the interest earned on deposits

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

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

disallowed the deduction u/s 80P(2)(a)(1)\nof Rs.31,04,741.00 therefore, the only difference of Rs.8,79,846 was\nadded to the total income of the assessee as income from other sources.\n14. Aggrieved assessee preferred an appeal before the Ld. CIT(A)\nwho allowed the appeal of the assessee for statistical purpose, the\nrelevant portion

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

In the result, appeals of the Revenue are dismissed

disallowed deduction u/s 80P of the Act as\ntheprinciple of mutuality does not exist between_resident/regular_3\nmembers and nominal members and hence, it is not eligible for\ndeduction under section 80P(2)(a)(i) of the Act relying on the decision\nof Hon'ble Apex Court in the case of Citizen Co-operative Society vs\nACIT\nd) Aggrieved