TaxTMI 
TaxTMI 
2026 (9) TMI 977
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....The Learned CIT(A)/NFAC has failed to appreciate that a "Cooperative Bank" is also a "Co-operative Society" duly registered under the Co-operative Societies Act, and therefore, interest earned by the Appellant Society from deposits kept with such Co-operative Banks squarely qualifies for deduction u/s 80P(2)(d). 3. The Learned CIT(A)/NFAC grossly erred in holding that Surat District Co-operative Bank Ltd. is to be treated as a 'Commercial Bank' and not a 'Co-Operative Society', without appreciating that the said Bank is registered under the Gujarat Co-operative Societies Act and continues to be a co-operative society in the eyes of law. 4. That the Learned CIT(A)/NFAC erred in equating a co-operative bank with a "Banking Company" under the Banking Regulation Act, 1949 and treating it at par with commercial banks, ignoring that a cooperative bank remains a co-operative society registered under the State Co-operative Societies Act, and hence squarely falls within the scope of Section 80P(2)(d). 5. The Learned CIT(A)/NFAC failed to appreciate that Section 80P(4) only restricts the claim of deduction u/s 80P(2)(a)(i) in the hands of a cooperat....
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.... allowing deduction of overhead expenses of Rs. 13,23,770/- (allowed only 44.50% of 23,85,172 and remaining @ 55.50%), claimed as incurred in relation to Employee Salary and Bonus and insurance, Audit Fees and Stationary Exp. in upholding the action of the Assessing Officer in not allowing the expenditure to the extent of 55.50% claimed as overhead exp., without properly appreciating that such expenditure was incurred wholly and exclusively for the purpose of society activities relating with members only. 12. The Learned CIT(A)/NFAC erred in holding that deduction u/s 57(iii) can be allowed only if expenses are directly and inextricably linked to the earning of interest income, without appreciating that the appellant had already furnished workings on a rational and reasonable pro-rata basis demonstrating the nexus between borrowed funds and investments. 13. The Learned CIT(A)/NFAC erred in directing the Assessing Officer to verify the nexus between the expenses and the interest income, instead of granting relief out-rightly on the basis of evidence and details already furnished during assessment/appellate proceedings. 14. The Appellant craved leave to add....
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....her decision of Hon'ble Karnataka High Court in PCIT Vs. Totagars Co-operative Sale Society (2017) 395 ITR 611 (Karnataka) / (2017) 83 taxmann.com 140 (Karnataka) as well as certain decisions of ITAT, Benches favouring revenue. 5. We have considered rival submissions of both sides and perused the case record. We find that identical issue has been comprehensively dealt and decided by Indore bench of ITAT in M.P. Matsya Mahasangh Sahakari, ITA No. 358 to 359, 328 to 330/Ind/2024 order dated 27.03.2026 in favour of assessee. The said order was authored by the undersigned Accountant Member. Further, the undersigned Judicial Member was also a part of the decision titled "ACIT Vs. The Gujrat State CoITA Op. Housing Finance Corp Ltd., ITA No. 923 to 925/Ahd/2023" referred in Para No. 11(i) of said order. For a ready reference, the relevant portion of the said order of ITAT, Indore is re-produced below: M.P. Matsya Mahasangh Sahakari, ITA No. 358 to 359, 328 to 330/Ind/2024 "Issue of deduction u/s 80P(2)(d): 4. This issue is involved in all five (5) years. At first, we re-produce below the provision of section 80P(2)(d) and section 80P(4) which shall be referred ....
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....153 taxmann.com 714 (Mum - Trib.) (vi) ITAT, Mumbai - Shree Raj Crystal Co-op. Housing Society Ltd. Vs. ADIT, ITA No. 5769/Mum/2025, order dated 27.11.2025 7. Ld. AR referred relevant paras of decisions and demonstrated that in the Hon'ble Courts have analysed the decision of Hon'ble Supreme Court in Totagars Co-operative Sale Society Ltd. Vs. ITO (2010) 322 ITR 283 (SC) / (2010) 188 Taxman 282 (SC) relied by AO and come to a conclusion that the said decision was concerned with section 80P(2)(a)(i) and not with section 80P(2)(d) with which we are concerned in present appeals. Finally, after analysis of provisions of section 80P(2)(d) and 80P(4), the Hon'ble Courts have concluded that the interest earned by a "cooperative society" from "co-operative bank" is very much eligible for deduction u/s 80P(2)(d). 8. Per contra, Ld. DR for revenue at first relied upon the decision of Hon'ble Supreme Court in Totagars Co-operative Sale Society Ltd. Vs. ITO (2010) 322 ITR 283 (SC) / (2010) 188 Taxman 282 (SC) and contended that the Hon'ble Supreme Court has disallowed deduction u/s 80P qua the interest income. Thereafter, he relied upon another decision of Hon'ble Ka....
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....on'ble High Courts in the cases of Totgar's Sale Society Ltd. (2017) 292 ITR 74 (Kar.) and State Bank of India (2016) 389 ITR 578 (Guj.). 5. Aggrieved by the order of the ld. CIT(A), the Revenue is now in appeal before the Tribunal. 6. The provisions of section 80P(2)(d) of the Act are as under:- "Deduction in respect of income of co-operative societies. 80P. (1) Where, in the case of an assessee being a co-operative society, the gross total income includes any income referred to in sub- section (2), there shall be deducted, in accordance with and subject to the provisions of this section, the sums specified in sub-section (2), in computing the total income of the assessee. (2) The sums referred to in sub-section (1) shall be the following, namely XX (d) in respect of any income by way of interest or dividends derived by the co-operative society from its investments with any other co-operative society, the whole of such income;" 7. In this case, the undisputed facts are as under:- * The assessee is a Co-operative Society, * assessee had deposits as FDs in GSCB, * The assessee ....
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....f the decision of this Court in case of Katlary Kariyana Merchant Sahkari Sarafi Mandali Ltd. v Asstt. Commissioner of Income Tax [2022] 140 taxmann.com 602 (Guj.) as well as in case of State Bank of India v Commissioner of Income Tax (2018) 389 ITR 578 (Guj.) wherein it was held that the deduction under section 80P(2)(d) is available to the cooperative societies on the income earned as interest on the investment made with the cooperative bank which in turn, is a cooperative society itself. [Para 28] * Reliance placed by the revenue on decisions of the Karnataka High Court in Totgars' Cooperative Sale Society (2017) 395 ITR 611 and Supreme Court in case of Totgars Cooperative Sale Society Ltd v. Income Tax Officer 322 ITR 283 (S.C), the Karnataka High Court appears to have taken into consideration the amendment in section 194A(3)(v) wherein the cooperative bank is excluded from the applicability of tax to be deducted at source. However, it appears that the interpretation made by the Karnataka High Court to the effect that the cooperative banks have been excluded from the definition of the cooperative societies by Finance Act, 2015 by amending section 194A(3)(v) is conc....
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.... in consonance with the various decisions of the Court as a twin condition invoking section 263 as to the assessment being erroneous and prejudicial to the interest of the revenue are not being fulfilled. [Para 33] i. In view of the foregoing reasons the question is answered in favour of the assessee and against the revenue. Tax Appeals being devoid of any merit are dismissed [Para 34]." 10. Similar view has been taken by this Tribunal in the case of :- (i) Ratneshwari Co. Op. Credit Society Limited Vs. ACIT [ITA No. 1409/Ahd/2024 dated 29.11.2024], (ii) Shree Vivekanand Co-op. Credit Society Limited Vs. ITO [ITA No. 1003/Ahd/2024 dated 22.11.2024], (iii) The Deesa Merchantile Co. Society Ltd. Vs. PCIT [ITA No. 382/Ahd/2024 dated 05.11.2024], (iv) Sai Prerna Co-operative Society Ltd. Vs. CIT [ITA No. 5741/Mum/2018 dated 03.12.2018]. 11. In the absence of any change in the factual matrix and legal proposition, respectfully following the order of the Hon'ble jurisdictional High Court, the appeals of the Revenue are hereby dismissed." (ii) Sohamnagar Co-op. Housing Society Vs. ITO, ITA No. 2147/Ahd/2024, order dated 20....
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....case of State Bank of India (supra) wherein it was held that the deduction of under section 80P(2)(d) of the Act is available to the cooperative societies on the income earned as interest on the investment made with the cooperative bank which in turn, is a cooperative society itself. 29. Reliance placed by the learned advocate for the revenue on decisions of the Hon'ble Karnataka High Court and Hon'ble Supreme Court in case of Totgars' Cooperative Sale Society Ltd, the Hon'ble Karnataka High Court appears to have taken into consideration the amendment in section 194A(3)(v) of the Act wherein the cooperative bank is excluded from the applicability of tax to be deducted at source. However, it appears that the interpretation made by the Hon'ble Karnataka High Court to the effect that the cooperative banks have been excluded from the definition of the co-operative societies by Finance Act, 2015 by amending section 194A(3)(v) of the Act is concerned, on perusal of section 194A (3) of the Act, it appears that it provides for exemption from deducting Tax Deducted at Source ['TDS' for short] from the income on interest other than interest on securities ....
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....nking within the meaning of this clause;" 32. After considering the above interpretation of various provisions and the Case laws, the Hon'ble Apex Court has analyzed the provisions as under: "14.1. In Apex Co-operative Bank of Urban Bank of Maharashtra and Goa Ltd., it was categorically held that under Section 56 of the BR Act, 1949 only three co-operative banks have been defined, namely, state cooperative bank, central co-operative bank and primary co-operative bank which are covered under Section 56(cci) read with (ccvii) read with the provisions of the NABARD Act, 1981. Thus, it is only these three banks which are co- operative banks which require a licence under the BR Act, 1949 to engage in banking business. If any bank does not fall within the nomenclature of the aforesaid three banks as defined under the NABARD Act, 1981, it would not be a cooperative bank within the meaning of Section 56 of BR Act, 1949 irrespective of whatever nomenclature it may have or structure it may possess or incorporated under any Act. It was further stated that if a bank has to be a state co- operative bank, there has to be a declaration made by the State Government in terms o....
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....tion 80P which reads "Deduction in respect of income of co-operative societies" is significant as it indicates the general "drift" of the provision. (ii) Secondly, for purposes of eligibility for deduction, the assessee must be a "co-operative society". (iii) Thirdly, the gross total income must include income that is referred to in sub-section (2). (iv) Fourthly, sub-clause (2)(a)(i) speaks of a co-operative society being "engaged in", inter alia, carrying on the business of banking or providing credit facilities to its members. (v) Fifthly, the burden is on the assessee to show, by adducing facts, that it is entitled to claim the deduction under Section 80P. (vi) Sixthly, the expression "providing credit facilities to its members" does not necessarily mean agricultural credit alone. It was highlighted that the distinction between eligibility for deduction and attributability of amount of profits and gains to an activity is a real one. Since profits and gains from credit facilities given to non-members cannot be said to be attributable to the activity of providing credit facilities to its members, such amount cannot be deducted. ....
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....deduction that is given without any reference to any restriction or limitation cannot be restricted or limited by implication. That subsection (4) of Section 80P which is in the nature of a proviso specifically excludes co- operative banks which are cooperative societies engaged in banking business i.e. engaged in lending money to members of the public, which have a licence in this behalf from Reserve Bank of India." 33. In view of the above dictum of law as well as the provisions of the Act which are considered we are of the opinion that the provisions of section 80P(2)(d) would be applicable in the facts of the case and the PCIT was not justified in invoking revisional powers under section 263 of the Act which is rightly reversed by the Tribunal holding that the cooperative bank is a cooperative society registered under the Gujarat State Cooperative Societies Act and in view of the various decisions of the Court, the Tribunal after following the same has come to the conclusion that the assessment was not erroneous allowing deduction of section 80P(2)(d) of the Act which is in consonance with the various decisions of the Court as a twin condition invoking section 263 as t....
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....redit society" shall have the meanings respectively assigned to them in Part V of the Banking Regulation Act, 1949 (10 of 1949); (b) "primary co-operative agricultural and rural development bank" means a society having its area of operation confined to a taluk and the principal object of which is to provide for long-term credit for agricultural and rural development activities." 11. A plain reading of the above quoted provision of law reveals that the statute makes a clear distinction between a co-operative bank (other than a primary agricultural credit society or a primary co-operative agricultural or rural development bank) and any other co-operative entity registered as a cooperative society, which SIMFED happens to be. 12. The explanation provided under section 80P(4), which has also been reproduced hereinabove, makes it further clear that a "co-operative bank" will have the same meaning, as assigned to it under Part V of the Banking Regulation Act, 1949. It is nobody's case that SIMFED is a cooperative bank, functioning within the meaning assigned to it under Part V of the Banking Regulation Act, 1949. Rather, it is clearly evident that it is a n....
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....ts of that case - which is identical to the instant case - as the eligibility of deduction of interest in the facts of the instant case has to be decided under section 80P(2)(d) and not under section 80P(2)(a)(i). Totgars' Cooperative Sale Society Ltd. (supra) was primarily concerned with section 80P(2)(a)(i) and retained members' funds shown as liability to deny deductions under section 80P(2)(d). The facts of the Totagars' Cooperative Sale Society Ltd (supra) - as well as the applicability of the statutory provisions in so far 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 Co-operative Sale Society Ltd. (supra) and the Totagars Co-operative Sale Society (supra), we have already held earlier that the judgment of the Hon'ble Supreme Court's judgment in Totgars' Cooperative Sale Society Ltd (supra) is not applicable in the facts of our case. So far as judgment of the Karnataka High Court is conc....
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....Societies Act, 1983 on 20-5-2003. In this regard, he also produced a copy of the Certificate of Incorporation of the said Co-operative Bank. Therefore, it is clear that the investment made by the petitioner is a Cooperative Bank registered under the Co-operative Societies Act. The Income Tax Act, 1961 has also defined 'Co-operative Society' under section 2(19) as follows: '2(19). "Co-operative society" means a co-operative society registered under the Co- operative Societies Act, 1912 (2 of 1912 ), or under any other law for the time being in force in any State for the registration of co- operative societies.' 10. A reading of the above definition would make it clear that 'Co-operative Society' means a Co-operative Society registered under Co-operative Societies Act, 1912. Thus, a Co-operative Society referred therein is only a co-operative society as defined under the Act, be it a Co-operative Society carrying on banking business or Co-operative Society carrying on the other businesses or a Co-operative bank. 11. The learned counsel for the respondent referred to the judgment of the Hon'ble Supreme Court rendered in Totgars Co....
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....3 & 294/Ind/2024, order dated 17.09.2024: "4.2 Thus, there is no dispute that the interest income received by the assessee for these two years were from the deposit made with the Cooperative Bank which is primarily Cooperative Society registered under M.P. Cooperative Societies Act 1960. At the outset, we note that this Tribunal has considered an identical issue in a series of decision including in case of Pr. CIT vs. Bhopal Dugdh Sangh Sahakari Maryadit (supra) in para 5 to 7 as under: "5. We have considered rival submissions as well as relevant material on record. The AO has disallowed the claim of deduction u/s 80P(2)(d) of the Act in respect of the interest income received by the assessee on the fixed deposit made with Bhopal Co-operative Central Bank on the ground that the only interest or dividend received on the investment made with the other Co-operative Society is eligible for deduction u/s 80P(2)(d) of the Act. On appeal the CIT(A) has allowed the claim of the assessee by accepting Co-operative Bank for the purpose of section 80P(2)(d) of the Act as Co-operative Society. We further note that the Pune Benches of the Tribunal in case of Rena Sahakari Sakha....
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................................................................................... (b)............................................................................................ (c)............................................................................................ (d) in respect of any income by way of interest or dividends derived by the cooperative society from its investments with any other co-operative society, the whole of such income;" On a perusal of Sec. 80P(2)(d), it can safely be gathered that interest income derived by an assessee co-operative society from its investments held with any other co-operative society shall be deducted in computing its total income. We may herein observe, that what is relevant for claim of deduction under Sec. 80P(2)(d) is that the interest income should have been derived from the investments made by the assessee co-operative society with any other co-operative society. We are in agreement with the view taken by the Pr. CIT, that with the insertion of subsection (4) to Sec. 80P of the Act, vide the Finance Act, 2006 with effect from 01.04.2007, the provisions of Sec. 80P would no more be applicable in....
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....erest income of Rs. 10,77,910/- on FDRs. The assessee has shown the interest income on FDR under the head "income from other sources" and against such interest income has claimed incidental expenses including interest paid to depositors at Rs. 5,38,955/-, commissioner paid to Collection Agent at Rs. 4,71,586/- and stationery and printing expenses at Rs. 28,450/-. Both the lower authorities have held that the incidental expenses claimed are in the nature of business expenditure and needs to be allowed against business receipts and have also observed that FDR interest being income from other sources is not eligible for deduction u/s 80-P of the Act. 10. We, however, on perusal of computation of income filed in the paper book at page no.11 noticed that the alleged FDR interest income has been received by the assessee from deposits made with Indore Premier Cooperative Bank Limited. Though during the course of hearing, the Ld. Counsel for the assessee has not made any specific contention regarding the eligibility of the deduction u/s 80P(2)(d) in respect of any income by way of interest or dividend derived by the Cooperative Society from its investment with any other Cooperativ....
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....tating the marketing of commodities, the whole of such income; (f) in the case of a co-operative society, not being a housing society or an urban consumers' society, or a society carrying on transport business or a society engaged in the performance of any manufacturing operations with the aid of power, where the gross total income does not exceed twenty thousand rupees, the amount of any income by way of interest on securities chargeable under section 18 or any income from house property chargeable under section 22. Explanation.-For the purposes of this section, an urban consumers' cooperative society means a society for the benefit of the consumers within the limits of a municipal corporation, municipality, municipal committee, notified area committee, town area, or cantonment. (3) In a case where the assessee is entitled also to the deduction under section 80H or section 80J, the deduction under sub-section (1) of this section, in relation to the sums specified in clause (a) or clause (b) or clause (c) of sub-section (2), shall be allowed with reference to the income, if any, as referred to in those clauses included in the gross total income, a....
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.... findings: "8. We have given a thoughtful consideration to the contentions advanced by the Id. Authorized representatives for both the parties in context of the aforesaid issue under consideration. As stated by the ld. A.R, and rightly so, the issue that interest received by a co-operative society on its deposits with cooperative banks would be eligible for deduction w/s 80P(2)(d) of the Act is covered in assessee's favour by orders of the various coordinate benches of the Tribunal in the following cases: (i). M/s Solitaire CHS Ltd. Vs. Pr.CIT-26, Mumbai, ITA No.3155/Mum/2019, dated 29.11.2019 (ii) Land and Cooperative Housing Society Ltd. Vs. ITO (2017) 46 CCH 52 (Mum.) (iii) M/s C. Green Cooperative Housing and Society Ltd. Vs. ITO-21(3)(2), Mumbai (ITA No. 1343/Mum/2017, dated 31.03.2017. (iv) Marvwanjee Cama Park Cooperative Housing Society Ltd. V's. ITO-Range 20(2)(2), Mumbai (ITA NO. 6139/Mum/2014, dated 27.09.2017. (v)Kaliandas Udyog Bhavan Pemises Co-op. Society Ltd. Vs. ITO, 21(2)(1), Mumbai. In the aforesaid orders, it has been held by the Tribunal that though the cooperative banks pursuant to the insertion of....
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....t with the view taken by the Pr. CIT. Before proceeding any further, we may herein reproduce the relevant extract of the aforesaid statutory provision, viz. Sec. 80P(2) (d), as the same would have a strong bearing on the adjudication of the issue before us. "80P(2) (d) (1). Where in the case of an assessee being a co-operative society, the gross total income includes any income referred to in sub- section (2), there shall be deducted, in accordance with and subject to the provisions of this section, the sums specified in subsection (2), in computing the total income of the assessee. (2). The sums referred to in subsection (1) shall be the following, namely:- (a)................................................................. (b) ..................................................... (c) ..................................................... (d) in respect of any income by way of interest or dividends derived by the co-operative society from its investments with any other co-operative society, the whole of such income;" On a perusal of Sec. 80P(2)(d), it can safely be gathered that interest income derived by an assessee co-operative societ....
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.... the issue that a co-operative society would be entitled for claim of deduction under Sec. 80P(2)(d) on the interest income derived from its investments held with a cooperative bank is covered in favour of the assessee in the following cases: (i) Land and Cooperative Housing Society Ltd. Vs. ITO (2017) 46 CCH $2 (Mum) (ii) M/s C. Green Cooperative Housing and Society Ltd. Vs. ITO-21(3)(2), Mumbai (ITA No. 1343/Mum/2017, dated 31.03.2017 (iii) Marvwanjee Cama Park Cooperative Housing Society Ltd. Vs. ITO-Range-20(2)(2). Mumbai (ITA No. 6139/Mum/2014, dated 27.09.2017. (iv). Kaliandas Udyog Bhavan Pemises Co-op. Society Ltd. Vs. ITO, 21(2)(1), Mumbai. We further find that the Hon'ble High Court of Karnataka in the case of Pr. Commissioner of Income Tax and Anr. Vs. Totagars Cooperative Sale Society (2017) 392 ITR 74 (Karn) and Hon'ble High Court of Gujarat in the case of State Bank Of India Vs. CIT (2016) 389 ITR 578 (Guj), had held, that the interest income earned by the assessee on its investments with a co-operative bank would be eligible for claim of deduction under Sec. 80P(2)(d) of the Act. Still further, we find that the CBDT Circul....
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....erved 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. 9. Be that as it may, in our considered view, as the A.O while framing the assessment had taken a possible view, and therein concluded that the assessee would be entitled for claim of deduction under Sec. 80P(2)(d) on the interest income earned on its investments/deposits with cooperative banks, therefore, the Pr. CIT was in error in exercising his revisional jurisdiction u/s 263 for dislodging the same. In fact, as observed by us hereinabove, the aforesaid view taken by the A.O at the time of framing of the assessment was clearly supported by the order of the jurisdictional Tribunal in the case of Land and Cooperative Housing Society Ltd. Vs. ITO (2017) 46 CCH 52 (Mum). Accordingly, finding no justification on the part of the Pr. CIT, who in exercise of his powers under Sec. 263, had dislodged the view that was taken by the A.O as regards the eligibility of the assessee towards claim of deduction under Sec. 80P(2)(d), we "set aside" his order and restore the order passed by the A.O under Sec....
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....e, we are inclined to hold that the assessee is eligible for deduction u/s 80P(2)(d) of the Act at Rs. 10,77,910/- in respect of FDR interest received from Cooperative Bank. Thus, the finding of the Ld. CIT(A) is set-aside and the impugned addition/disallowance stands deleted. Ground nos. 1, 2 & 3 of the assessee's appeal stand allowed." 7. Accordingly in view of the decision of this Tribunal referred above we do not find any error or illegality in the impugned order of the CIT(A) in allowing deduction u/s 80P(2)(d) of the Act on the interest received by the assessee from the deposit made in Bhopal Co-operative Central Bank. The revenue is devoid of any merits." 4.3 Accordingly to maintain the rule of consistency this issue is decided in favour of the assessee and against the revenue and the claim of the assessee u/s 80P(2)(d) is allowed." 15. Thus, the above decisions rendered by the Hon'ble High Courts of Gujarat, Sikkim and Madras as well as by different benches of the Tribunal, have extensively dealt with and negated the arguments advanced by the Ld. DR. These decisions have undertaken a detailed examination of the scope and interplay of (i) section 8....