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

d) of the Act refers to the interest and dividends earned from investments in another co-operative society only & thus this deduction cannot be extended to the interest income earned from the investment in any co-operative bank or any scheduled banks. Further, the AO reiterated that deduction u/s 80P is not at all applicable to the entities registered

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

d) of section 80P of the Act would\nnot apply to the facts and circumstances of the case. In view of the\nabove, he prayed that the disallowance of assessee Society's claim\nof deduction of interest income earned from co-operative banks may\nbe restored.\n\n13. The ld. A.R. on the other hand in his written submissions

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

68,500 Bank Ltd 29,76,150 Tumkur Grain Merchant co-op 2,87,500 Bank Ltd 32,72,084 Bharat Co-op Bank (Mumbai)ltd 9,23,847 2,15,220 Subramanyeshwara co-op Bank Ltd 2,50,000 ITA Nos.2347 & 2348/Bang/2024 & CO Nos.4 & 5/Bang/2025 M/s. Bangalore Credit Co-operative Society Ltd., Bangalore Page 16 of 44 Bharat

INCOME TAX OFFICER, WARD-1, UDUPI vs. KAMBADAKONE RYTARA SEVA SAHAKARI SANGHA LTD, UPPUNDA

section\n80P(2)(d) has not been amended to include co-operative\nbanks explicitly.\n6.\nThe CIT(A) erred in non appreciating/neglecting the fact that\nthe character or nature of interest income received on the\ninvestment or deposits from a scheduled bank or co-\noperative banks is the same. It is not a business income\ntaxable

INCOME TAX OFFICER, WARD 1, UDUPI, UUPI vs. KAMBADAKONE RYTARA SEVA SAHAKARI SANGHA LTD, UDUPI

80P(2)(a) cannot be allowed u/s\n80P(2)(d) just because the investments have been shifted\nfrom a scheduled bank to a co-operative bank. When done\nso, the interest income so earned still continues to be not\nattributable to its business operations and hence it is to be\nassessed to tax under head income from other sources

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

d)[ any sum payable by the assessee an interest on any\nloan or borrowing from any public financial institution or a\nState industrial investment corporation, in accordance with\nthe terms and conditions of the agreement governing such\nloan or borrowing; or\n(da)[ any sum payable by the assessee as interest on any\nloan or borrowing from a deposit taking

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

d)[ any sum payable by the assessee an interest on any\nloan or borrowing from any public financial institution or a\nState industrial investment corporation, in accordance with\nthe terms and conditions of the agreement governing such\nloan or borrowing; or\n(da)[ any sum payable by the assessee as interest on any\nloan or borrowing from a deposit taking

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

d)[ any sum payable by the assessee an interest on any\nloan or borrowing from any public financial institution or a\nState industrial investment corporation, in accordance with\nthe terms and conditions of the agreement governing such\nloan or borrowing; or\nPage 40 of 48\nITA Nos. 1052 to 1060/Bang/2023\n(da)[ any sum payable by the assessee as interest

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

d)[ any sum payable by the assessee an interest on any\nloan or borrowing from any public financial institution or a\nState industrial investment corporation, in accordance with\nthe terms and conditions of the agreement governing such\nloan or borrowing; or\n\nPage 40 of 48\n\nITA Nos. 1052 to 1060/Bang/2023\n\n(da)[ any sum payable

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

d)[ any sum payable by the assessee an interest on any\nloan or borrowing from any public financial institution or a\nState industrial investment corporation, in accordance with\nthe terms and conditions of the agreement governing such\nloan or borrowing; or\n(da)[ any sum payable by the assessee as interest on any\nloan or borrowing from a deposit taking

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

d)[ any sum payable by the assessee an interest on any\nloan or borrowing from any public financial institution or a\nState industrial investment corporation, in accordance with\nthe terms and conditions of the agreement governing such\nloan or borrowing; or\n(da)[ any sum payable by the assessee as interest on any\nloan or borrowing from a deposit taking

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

d)[ any sum payable by the assessee an interest on any\nloan or borrowing from any public financial institution or a\nState industrial investment corporation, in accordance with\nthe terms and conditions of the agreement governing such\nloan or borrowing; or\nPage 40 of 48\nITA Nos. 1052 to 1060/Bang/2023\n(da)[ any sum payable by the assessee as interest

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

d)[ any sum payable by the assessee an interest on any\nloan or borrowing from any public financial institution or a\nState industrial investment corporation, in accordance with\nthe terms and conditions of the agreement governing such\nloan or borrowing; or\n(da)[ any sum payable by the assessee as interest on any\nloan or borrowing from a deposit taking

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

d)[ any sum payable by the assessee an interest on any\nloan or borrowing from any public financial institution or a\nState industrial investment corporation, in accordance with\nthe terms and conditions of the agreement governing such\nloan or borrowing; or\n(da)[ any sum payable by the assessee as interest on any\nloan or borrowing from a deposit taking

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

68 & 69/Bang/2023 Page 12 of 18 relation to" can include within its ambit and scope even the interest income earned by the respondent-assessee, a co-operative Society from a Co- operative Bank. This exclusion by section 80P(4) of the Act even though without any amendment in section 80P(2)(d

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

68 & 69/Bang/2023 Page 12 of 18 relation to" can include within its ambit and scope even the interest income earned by the respondent-assessee, a co-operative Society from a Co- operative Bank. This exclusion by section 80P(4) of the Act even though without any amendment in section 80P(2)(d

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

d) of section 80P(2), the interest or dividend income derived by a co-operative society from investments with other co-operative society is also eligible for the deduction whole of such income. (Para 35 of the Judgment) (iv) The restrictive clause in sub-section (4) of section 80P applies only a co-operative bank

CANARA BANK,BENGALURU vs. THE DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-2(1)(1), BANGALORE, BENGALURU

Bench: SHRI WASEEM AHMED, ACCOUNTANT MEMBER\nAND\nSHRI KESHAV DUBEY, JUDICIAL MEMBER\nITA No.210/Bang/2024\nAssessment Year: 2017-18\nM/s Canara Bank\nFM wing, Head Office,\n112, J.C. Road\nBangalore 560002\nVs.\nDCIT\nCircle-2(1)(1)\nBangalore\nPAN NO : AAACC6106G\nAPPELLANT\nRESPONDENT\nITA No.222/Bang/2024\nAssessment Year: 2017-18\nDCIT\nCircle-2(1)(1)\nBangalore\nVs.\nM/s Canara Bank\nFM wing, Head Office,\n112, J.C. Road\nBangalore 560 002\nAPPELLANT\nRESPONDENT\nITA No.1154/Bang/2023\nAsses

68,82,138/-. The ld. AO has raised a demand of\nRs.1086,07,00,024/- after charging interest u/s 234B of the Act as\nper the normal provisions of the Act.\n3.2 Aggrieved by the order of the ld. AO, the assessee went in\nappeal before ld. CIT(A)/NFAC. The Id. CIT(A) partly allowed the\nappeal