9911796707
TMI Blog2023 (12) TMI 1341X X X X Extracts X X X X X X X X Extracts X X X X ..... eived from co-operative banks cannot be equated with interest received from co-operative society and therefore is not entitled to deduction under section 80P(2)(d) CIT (A) had relied on the order of Vasavamba Co-operative Society Ltd.,[ 2021 (8) TMI 706 - ITAT BANGALORE] considered the judicial pronouncements on the subject and had followed the judgment of the Hon ble jurisdictional High Court in the case of PCIT Vs. Totagars Co-operative Sale Society Ltd.(supra). Since the relevant finding of the Bangalore Bench of the Tribunal has been reproduced in the impugned order of the CIT(A), the same is not reiterated here. Therefore, hold that assessee is not entitled to deduction under sections 80P(2)(a)(i) or 80P(2)(d) of the Act with regard to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... irming the disallowance of deduction u/s 80P(2)(d) of the Act on the interest income earned from other co operative banks, as the definition cooperative society includes co operative banks as well. 5. The Learned CIT (A) has erred on facts and in circumstances of the case and in law by disregarding the comprehensive submission made by the Appellant during the course of appellate proceedings by highlighting the various judicial decisions rendered in favour of the assessee. 6. The appellant hereby crave to add, amend, modify, alter or delete any part or portion of these grounds of appeal at any stage during the hearing proceedings and any such addition, amendment, modification, alteration or deletion, if made, shall be deemed to be the part o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Hon ble jurisdictional High Court in the case of PCIT Vs. Totagars Co-operative Sale Society Ltd., reported in 395 ITR 611 (Karnataka), the assessee is not entitled to claim of deduction under sections 80P(2)(a)(i) or 80P(2)(d) of the Act. 4. Aggrieved by the Assessment Order, assessee filed appeal before the First Appellate Authority (FAA). The CIT (A) partly allowed the appeal of the assessee. The CIT (A) held that assessee is entitled to deduction under section 80P(2)(a)(i) of the Act. The CIT (A) held that the associate / nominal members of the assessee as per the provisions of the Karnataka State Co-operative Societies Act and the relevant Rules, is member who is entitled to voting rights and therefore there is no violation of prin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... income earned out of the surplus fund is to be taxed under the head income from other sources and is not entitled to deduction under section 80P(2)(a)(i) of the Act. Further, the Hon ble jurisdictional High Court held that interest income received from co-operative banks cannot be equated with interest received from co-operative society and therefore is not entitled to deduction under section 80P(2)(d) of the Act. The CIT (A) had relied on the order of the Bangalore Bench of the Tribunal in the case of Vasavamba Co-operative Society Ltd., Vs. PCIT (supra). The Bangalore Bench of the Tribunal considered the judicial pronouncements on the subject and had followed the judgment of the Hon ble jurisdictional High Court in the case of PCIT Vs. To ..... X X X X Extracts X X X X X X X X Extracts X X X X
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