TaxTMI 
TaxTMI 
2026 (6) TMI 1507
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....e Tax Act, 1961 [hereinafter in short "the Act"] dated 25.11.2025 which has emanated from the order of the Ld. Assessing Officer [hereinafter in short "Ld.AO"] dated 02.09.2022 passed under section 143(3) r.w.s. 144B of the Act 2. Condonation of delay : It is pointed out by the registry that this appeal is belatedly filed by 18 ( Eighteen ) days and the assessee has filed an application requesting condonation of the same, and submitted that, the assessee being a Primary Agricultural Cooperative Credit society and the employees have been on protest/strike from 06.12.2025 as such could not compile the data required in time and approach the counsel for preparation and filing of this appeal within time, resulting in this delay of eighteen da....
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....ng the year from deposits of its surplus funds available with the assessee, in District cooperative banks amounting to Rs. 10.47 lakhs, and the said amount has been claimed as a deduction u/s 80P(2)(a)(i) of the Act, which has been disallowed ignoring the alternate claim of deduction u/s 80P(2)(d) of the Act. 5. The matter carried in appeal before the Ld. First Appellate Authority has been dismissed, by relying on the decision of the Hon'ble Apex court in the case of " Totgars Cooperative sale Society ltd vs ITO [2010] 188 Taxman 282 ( SC )" 6. Now the assessee is in appeal before the tribunal by raising the revised grounds of appeal. In course of hearing before the Tribunal, Learned Authorized Representative (for short "Ld.AR") submi....
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....in two co-operative banks, namely, Sikkim State Cooperative Bank Limited and Citizens Urban Co-operative Bank Limited, both registered as co-operative societies under the Sikkim Co-operative Societies Act, 1978. As stated hereinbefore, these investments were made from the surplus funds and statutory reserves of SIMFED as required under sections under the relevant provisions of Sikkim Cooperative Societies Act, 1978, more specifically, sections 57 to 66, under Chapter V of the Sikkim Cooperative Societies Act, 1978, which mandates prudent management and investment of funds only in approved securities of co-operative banks approved by the Registrar. 15. In our view, a plain reading of the provisions of law quoted above....
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.... the applicability of the statutory provisions insofar as in our case is concerned - are factually and materially different. As such, the second substantial question of law as framed by us is also answered in favour of the assessee. 17. Now, so far as the two judgments referred to by the learned Deputy Solicitor General of India are concerned, namely, Totgars' Cooperative Sale Society Ltd. versus Income Tax Officer, Karnataka reported at (2010) 3 Supreme Court Cases 223 = (2010) 322 ITR 283 and the Principal Commissioner of Income-tax & Another vs. Totagars Co-operative Sale Society (and vice versa) by Karnataka High Court, reported at (2017) 395 ITR 611, we have already held earlier that the judgment of the Hon'ble Suprem....