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Mudur Vyavasaya Seva Sahakari Sangha ... vs Income Tax Officer, Ward-2, , Udupi on 29 May, 2024
cites
The Banking Regulation Act, 1949
Kerala State Co-Operative ... vs The Assessing Officer, Trivandrum on 14 September, 2023
In addition, the judgment of Hon'ble Apex
Court in the case of Kerala State Co-operative Agricultural and Rural
Development Bank Ltd. KSCARDB vs. The Assessing Officer,
Trivandrum & Ors. (supra) in which it has been discussed in detail the
definition of co-operative banks and co-operative society. If the payer
bank falls under the definition of co-operative bank in the light of the
judgment of Hon'ble Apex Court then the assessee is not eligible to get
deduction u/s. 80P(2)(d) on such interest income received from co-
operative banks, therefore this issue is also remitted back to the AO for
verification of interest received from co-operative bank in above terms.
If AO finds that the co-operative bank is carrying its banking business
activities in the light of the above judgment, the deduction u/s.
80P(2)(d) on such interest income should not be granted.
Kerala Cooperative Societies Act, 1969
Section 18 in Karnataka Co-Operative Societies Act, 1959 [Entire Act]
Section 57 in Karnataka Co-Operative Societies Act, 1959 [Entire Act]
Shree Basaveshwar Credit Co-Op Society ... vs Income-Tax Officer, Ward-1, Bagalkot on 18 May, 2023
6. The AO observed that the facts were similar to Citizen Co-
operative Society Ltd. (supra) and assessee had three categories of
members and facts in the case of Sri Biluru Gurubasava Pattina
Sahakara Sangha Niyamitha (supra) relied by the assessee are not
applicable.
1.The Vavveru Co-Operative Rural Bank ... vs 1.The Chief Commissioner Of Income Tax, ... on 15 March, 2017
(b) Hon. High Court of Judicature at Hyderabad in W.P. No.
12727 and 12767/2016 -The Vavveru Co-op. Rural Bank Ltd. and
Anr. Vs. The Chief C.I.T. & anr. vis-a-vis the judgement in Totgars
Co-operative Sale Society Ltd.;
The Totgars Co Operative Sale Society ... vs Assistant Commissioner Of Income Tax, ... on 18 July, 2023
17. Further in respect of deduction u/s 80P(2)(d), considering the
rival submissions, we note that here the issue is that whether the
assessee is eligible to claim of deduction u/s. 80P(2)(a)(i) and/or
80P(2)(d) on the interest income earned on its investments amount
made with District co-operative banks. The Ld.CIT(A) has not
accepted the claim of the assessee by relying on the judgment of
Hon'ble Karnataka High Court in case of Totgars' Co-operative Sales
Society Ltd. (supra) and Hon'ble Apex Court in the case of Citizens
Co-operative Society Ltd. noted supra. During the course of hearing,
the Ld.AR of the assessee relied on the Circular No. 18/2015 dated
02.11.2015 and submitted that as per the provisions of the Karnataka
Co-operative Societies Act, the assessee is required to maintain SLR
from the deposits received from the members and has to invest 100%
from the general reserve and 25% from the deposits collected from
members. Accordingly, assessee has invested in the fixed deposits. As
per the circular, the income received from the investments should be
treated as business income u/s. 28 and assessee is eligible to make a
claim of deduction u/s. 80P(2)(a)(i) as business income. Further, the
assessee also submitted that the investments were made in co-operative
banks which are co-operative society. It is submitted by the ld. AR
that interest received on such investments are to be allowed for
deduction u/s. 80P(2). In support of his argument, the assessee relied
on the following decisions:
Pr. Commissioner Of Income Tax vs M/S S1308 Ammapet Primary Agricultural ... on 17 January, 2020
The assessee submitted that it is eligible for
deduction u/s. 80P(2) and relied on High Court of Karnataka judgment
in CIT v. Sri Biluru Gurubasava Pattina Sahakara Sangha Niyamitha
Bagalkot in ITA No.5006/2003 and Madras High Court judgment in
TCA No.259/2016 in CIT v. Ammapet Primary Agricultural Co-op.
Bank.