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M/S. The Siddapur Taluka Agricultural ... vs Income Tax Officer, Ward- 1, Sirsi on 20 November, 2019 cites

M/S The Totgars Co-Operative Sale ... vs The Income Tax Officer on 30 September, 2008

"5.Section 80P(2)(d) of the I.T Act,1961, provides for deduction of income earned by a co-operative society from co-operative societies, not being cooperative banks, scheduled banks and private banks, based on the principles of mutuality. The hon'ble High Court of Karnataka, Dharwad Bench, vide order No. ITA.100066/2016, Dt.16.06.2017, in the in the case of The Totagar Co-operative Sale Society, Sirsi, held that interest income derived on deposits from co-operative banks are not eligible for deduction u/s 80P(2)(d) of the I.T. Act, 1961. The Hon'ble Apex court in the cases of The Citizen Co-operative Society Ltd. Vs. ACTT in appeal No.10245 of 2017, Dt.08.08.2017 & M/s. Totgars' Co-operative Sale Society Ltd. Vs. ITO, in appeal No.1622 of 2010, restricted a co-operative society's right to claim deduction on income U/s.80P(2)(a), to interest income earned by the co-operative society from its regular members, on the principle of mutuality.
Karnataka High Court Cites 0 - Cited by 496 - Full Document

M/S. Bharathi Credit Co-Operative ... vs Income Tax Officer, Ward- 7(2)(1), ... on 15 July, 2019

In identical situation, this Tribunal in the case of Bharati Credit Co-operative Society Vs. ITO in ITA 1023/Bang/2019, remanded the issue to the AO for fresh consideration. I am of the view that all the issues raised by the assessee have not been adjudicated in the right perspective by the Revenue authorities. I therefore set aside the orders of the CIT(A) and remand the issue to the AO for fresh consideration with a liberty to the assessee to the assessee to show as to how the funds that were invested with KDCC have to be regarded as investments and also liberty to substantiate its claim for deduction under section 80P(2)(a)(i) of the Act. I therefore allow both these appeals for statistical purposes.
Income Tax Appellate Tribunal - Bangalore Cites 7 - Cited by 1 - Full Document
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