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1 - 10 of 11 (0.22 seconds)State Bank Of India vs Assistant Commissioner Of Income Tax on 4 November, 2022
9.3 At this juncture, we respectfully following the view
taken by the Hon'ble Karnataka High Court in the case of
PCIT & Anr. Vs. Totagars Cooperative Sale Society reported
in (2017) 392 ITR 74 and Hon'ble Gujarat High Court in the
case of State Bank Of India Vs. CIT reported in (2016) 389
ITR 578, hold that the interest income earned by a
cooperative society on its investments held with a
cooperative bank would be eligible for claim of deduction
under Sec.80P(2)(d) of the Act.
Section 148 in The Income Tax Act, 1961 [Entire Act]
M/S The Totgars Co-Operative Sale ... vs The Income Tax Officer on 30 September, 2008
The
adjudication by the Hon'ble Supreme Court in case of
Totgars Co-operative Sale Society Ltd. vs. ITO(supra) was
in context of Sec. 80P(2)(a)(i), and not on the entitlement
of a cooperative society towards deduction under
ITA No.376 - 379/Bang/2023
Page 10 of 12
Sec.80P(2)(d) on the interest income on the
investments/deposits parked with a cooperative bank.
The Income Tax Act, 1961
Section 250 in The Income Tax Act, 1961 [Entire Act]
Section 57 in Karnataka Co-Operative Societies Act, 1959 [Entire Act]
Section 8 in Karnataka Co-Operative Societies Act, 1959 [Entire Act]
Section 56 in Karnataka Co-Operative Societies Act, 1959 [Entire Act]
Commissioner Of Income Tax vs M/S H.P. State Co-Operative Bank Ltd on 19 April, 2017
In fact similar view is taken by the
Andhra Pradesh High Court in the case of CIT v. Andhra
Pradesh State Co-operative Bank Ltd. [2011] 336 ITR
516/200 Taxman 220/12 taxmann.com 66.