{"id":63110,"date":"2008-09-30T00:00:00","date_gmt":"2008-09-29T18:30:00","guid":{"rendered":"https:\/\/www.legalindia.com\/judgments\/ms-the-totgars-co-operative-sale-vs-the-income-tax-officer-on-30-september-2008"},"modified":"2014-08-13T12:06:21","modified_gmt":"2014-08-13T06:36:21","slug":"ms-the-totgars-co-operative-sale-vs-the-income-tax-officer-on-30-september-2008","status":"publish","type":"post","link":"https:\/\/www.legalindia.com\/judgments\/ms-the-totgars-co-operative-sale-vs-the-income-tax-officer-on-30-september-2008","title":{"rendered":"M\/S The Totgars Co-Operative Sale … vs The Income Tax Officer on 30 September, 2008"},"content":{"rendered":"
Karnataka High Court<\/div>\n
M\/S The Totgars Co-Operative Sale … vs The Income Tax Officer on 30 September, 2008<\/div>\n
Author: V.G Sabhahit S.N.Satyanarayana<\/div>\n
E' C O\"m'eci~\u20acc5\\ Jxcia\nCNmhb%\\o&&M\nA&--a$k\ufb01i\n\n' CSNS3)\n\n 'u,_PASsED IN\nV 'ASSESSMENT YEAR 1992-93 PRAYING THAT THIS HON'BLE:\n'---SouRT\n\nIN T\ufb01\ufb02 HIGH COURT OF KARNATAKA<TWI*v\nCIRCUIT BENCH AT DHARWAD,m \u00bbS*fj \n\nDATED THIS THE Em\ufb01h DAY OF SEPTEMSSg\u00ab\u00e905Sff"\n\npRESENT"*\u00ab\ufb01L\nTHE HON'BLE MR.JUSfICE;\u00a7.G.\u00a7A\u00a7HRH1T{7, \n\n'.\u00a7nD V1 .__\n . 9N." , . g\nTHE Hon'BLESMR.JUSTtcE"S.SATYANARATANA\n\nTriage.TV1Ss%\u00a7\/%.2;g\u00a7\u00a7.L\n\nM\/S THE TOTQARS \u20acO4OPERATIVE"SALE SQ\u20acIETY LTD\nNEW MARKET_IARD}.SIRSIx581 \u00e9\ufb012,\nREPRESENTED.B\u00a5*ITs{G\u00a3SSRAL,MANGAER\nPRAKAsa.\u00a3SGDE;'Ar\ufb01S AEDUT 33 YRS, S\/o SHRIDHAR\nH\u00a3GDE,-- '*,\u00abf%.'\u00bb_*__.\u00a7 ... APPELLANT\n(33 s;iyutnSaRAS\ufb01ugAMAN & CHYTHANYA --advs.)\n\nAND :\n\nVgTHE IScoMS*TAxMSFFTcER\nAA ~wARn~\u00abT,\n' SIRS: e_5S1 402\n\n. RESPONDENT<\/pre>\n
” _{By 5:: E V SESHACHALA – ADV.)<\/p>\n
260.19: OF THE INCDME
\n9.11.2004
\nFOR THE<\/p>\n
\u00a3 TSis I.T.A. FILED U\/S.\n<\/p>\n
TAX ACT, 1961 ARISING GUT OF ORDER DT.
\nITA NO. 1461\/sue\/2903<\/p>\n
MAY BE PLEASED TO A} FORMULATE THE
\nSUBSTANTIAL QUESTIONS OF LAW STATED THEREIN
\nBHXLLOW THE APPEAL AND SET ASIDE THE ORDER OF THE
\nINCOME TAX AP?ELLATE’. TRIBUNAL BEARING ITA N0.
\n11260\/BANG\/2003 DT. 9.11.2GO4 FOR THE ASSESSMENT
\nYEAR 1992-93 ETC.\n<\/p>\n
THIS ITFL COMING ON FOR HEARING THIS EAY,
\nSABEEBIT J. , DELIVERED THE FOLLOWING:<\/p>\n
JUDGM\u00a3NT<\/p>\n
This appeal is filed by ‘tne{faeeee$ee,<\/p>\n
being aggrieved by the order paeeai E? thetx<\/p>\n
Income Tax Appellate Tricnnaii Bangalore Bench
\n‘A’ in ITA NO.1461\/Behg\/2603 date\u00a7:\u00a7Iii.200%
\nwherein the A\u00a7peiiateWTrinnnal ey”a1iowing the
\nappeal of the a\ufb01e\ufb01eneealhaeogeegd that income<\/p>\n
received.*by\ufb01 the Eaeseeeeeu front investment in<\/p>\n
security an\ufb01 page de\ufb01oeits would not qualify<\/p>\n
for exea\u00a7tion_iunder~ Section 8OP(2)(a)(i) of<\/p>\n
the Income Tar Act; 1961 (hereinafter referred<\/p>\n
_\u00a7\u00a2 ‘as ‘Chev Act’) and accordingly, has set<\/p>\n
A’=,aei&e.the order passed by the First Appellate<\/p>\n
‘7Au\u00a3n5;1\u00a7y\u00e9 Commissioner of Income Tax<\/p>\n
“(Ap\u00a7\u00e9ais), Hubli dated 26.9.2003 and restored<\/p>\n
i*:,the order passed by the Assessing Qfficer.<\/p>\n
2. The essential facts of this case
\nleading up to the filing of this appeal are as<\/p>\n
follows :–\n<\/p>\n
\\}3<\/p>\n
The assessee is a Co-operat\u00abi-V\u00a7\u00a3\u00bb..__’Scciety<\/p>\n
registered under the Co-operative’:.A_iSo99’i~–9i2–. :to
\nreturn of the income\ufb02for  year
\n1992–93 was f’i’3.ed  riiiscivosing the
\nincome of  the head of
\n‘incomef.  exemption
\nfor the  {a} (1) of the
\nAct tttt    return was ‘nil’ .\n<\/p>\n
The  was processed under<\/p>\n
S_e_ctio’n ‘l.4_3=.{i”)_ of the Act on 9.9.1992<\/p>\n
._’:}_a’ict..ing  return, statement of income,<\/p>\n
.,4’repsc}rt under section 4423.13 cf the Act,<\/p>\n
titrading P 5: L a\/<2: and balance sheet<\/p>\n
we~re";. fiieci slang with the return of income.<\/p>\n
 _ The business carried on by the assesee was<\/p>\n
marketing of agricultural produce of the
\nmembers of the society. The business activity
\nother than marketing of the agricuitural<\/p>\n
produce resulted in net loss. The assessment<\/p>\n
V51<\/p>\n
deposits other than cowopertivew be\ufb01ts Wand<\/p>\n
interest from bonds and securities, 'the,<\/p>\n
Additional Commissioner Wof',InoomehrTe$i_heldz_t<\/p>\n
that interest on bank deposits other tssh\u00e9oa
\noperative banks and inf3rest*oh=sec\ufb01rities and
\nbonds, income ,is essesahle es "income from
\nother sources "rorR_%hiche oeduction under
\nSection 8OE(llTiii@ no$ooio': he admissible.
\nFurther \ufb01n\u00e9i\u00e9 wee he deauepie\ufb01 for explanation<\/p>\n
that the entire income would be assessable as
\nincome}<\/p>\n
'\u00bbLAfteri_he3ring the representative of the<\/p>\n
*=,_ assess\u00e9e and considering the contention, the<\/p>\n
'*$seesshenti; Officer by its order dated<\/p>\n
held that the following directions<\/p>\n
given in Section 144A of the Act that income<\/p>\n
ftifrom deposit (other than Co–operative banks)<\/p>\n
'and income from bonds and securities is<\/p>\n
assessable as income front other sources and<\/p>\n
the said income is assessable without<\/p>\n
deductions for interest expenditurelfgnol no<\/p>\n
deduction under section "8OE(\ufb01)(a}ii) 'of \u00bbthe l<\/p>\n
Act is allowable and further there shalih\ufb01g no l<\/p>\n
deduction of interest expenditure,RVm<\/p>\n
Being aggrieeedgo\ufb02 toe saga order of the
\nAsessment_t.Qffioer;;vLt\ufb01eLi7assesse preferred
\nappeal~oetore"t\u00a7e first Aroellate Pmthorityw
\nthe ____ Hcomgiesioneri be Wlncome Tax {RpDeals)
\nHuolig ano the rirst appellate authority by<\/p>\n
orderV_"vvl'arL"o:* in appeal<\/p>\n
 2:1 4\/2i5~\/i2,;,1\u00a7\/,217\/213M 26\/218\/HBL\/CIT EA} \/new<\/p>\n
l".\u00a2ITiRlf\u00a72fO3 & O3\/O4 allowed the appeal<\/p>\n
'V."ae\u00a2e\u00a7t1ng the contentions of the aseessee that<\/p>\n
the*A income received from deposits and<\/p>\n
'"Isecerities is attributable to profit gains of<\/p>\n
Relassessee and therefore, entitled to exemption<\/p>\n
l under Section 80P{2)(a){i) of the Act and set<\/p>\n
aside the order passed by the Assessing
\nAuthority. Being aggrieved by the order<\/p>\n
oassed by the first appellate authority,<\/p>\n
\\,J~<\/p>\n
Revenue preferred appeal u_dinofi*:TA<\/p>\n
NO.1461\/Bang\/2003. The essessee hes aisoifilede<\/p>\n
cross objections being "aggrievedoVby' the '<\/p>\n
finding given by the First Aoneliste-Auenority
\nregarding validity of the notice issued under
\nSection 148 Qf_ the" e\u00a2\u00a7;_ Tee "Income Tax
\nAppellate Tribu\ufb01ai'  9.11.2004
\nallowed_tne ap\u00a7esi fiiei cg the Revenue and
\ndismissed \ufb01ne crcssVo\u00a7jections by holding that
\nthev """ \u00b0Assessing"Ldefticer; was justified in
\nreopenind tee assessment under Section 147 of<\/p>\n
the Ace and groper notice was issued under<\/p>\n
_Section i\u00e9erwof the Act and consequently,<\/p>\n
';iasessment~_under Section 143(3) read with<\/p>\n
" Section \u00a344 A of the Act is valid and fruther<\/p>\n
held that income from securities and deposits<\/p>\n
2"~i;inA business does not qualify for exemption<\/p>\n
diunder Section 8OP(2)(a){i) of the Act as the<\/p>\n
said income is not attributable to gains and
\nprofits of the assesse as asseseee is not<\/p>\n
doing any banking business and further held<\/p>\n
\\y%<\/p>\n
that the first appellate Tribunai',w\u00a7st'\ufb01\u00a7tV<\/p>\n
justified in relying upcn. the.f\u00e9eci3ie\ufb01s'<\/p>\n
wherein the assessee was a ed-operative bank<\/p>\n
and since the assessee; waei not' \ufb02oihgs any'<\/p>\n
banking business\u00a2_ the"ei\ufb01\u00a26me teceiVed from
\ndeposits in bante wherein i\ufb01pfeepect of the
\nsurplus iuh\u00a7$_ \u00e9\ufb01eitea\ufb01efggti'ettributable to
\nprofits \u00e9\ufb01@_\u00a7ei\ufb01g gfvbgeieess end accordingly,
\nhelqw"t\ufb01\u00e9t' the te\u00e9\ufb01e "die not qualify for
\nexe$pti\u00a7n'ie\ufb01\ufb01\u00e9\u00a7=i$e\u00a7ti\u00a2n 80P{2){a){i) of the
\nAct' a\ufb01d,aeeeteinely, set aside the order<\/p>\n
peese\ufb01 thy' the .First Appellate Tribunal and<\/p>\n
'.testoteda the order passed by the Assessing<\/p>\n
.'  f_  it<\/p>\n
Being aggrieved by the order of the<\/p>\n
elncome Tax .Appe1late Tribunal, the assessee<\/p>\n
has preferred this appeal.\n<\/p>\n
3. The appeal was admitted on 15.6.2005.<\/p>\n
Ky\ufb01.\n<\/p>\n
10<\/span><\/p>\n
4. We have heard the learned counmel for<\/p>\n
the appellant and the learne\u00a2.H\ufb01oouoeelo<\/p>\n
appearing for the respondentrreven\ufb01e;ji\u00b0<\/p>\n
5. Having regand itoictneiyconte\ufb01tions<\/p>\n
urged, the substantial Questione of law that<\/p>\n
arise for determination in this appeal are :\u00ab<\/p>\n
1) Whether the~ finding “5: =tne income tax<\/p>\n
g\ufb02apoeiiate\ufb01friopnaiwtnat interest received<\/p>\n
the” the iaeeeeeee from securities and<\/p>\n
-, de\u00a7C$itS in Beak is not attributable to<\/p>\n
.tifthe ano\ufb01nt of profits and gains of the<\/p>\n
i>;fe\u00a7$sigess and wherefore, does not qualify<\/p>\n
tforVexemption under Section 8OP(2)(a)(i)<\/p>\n
“.eof the Act and as assessed under Section<\/p>\n
56 of the Act is contrary’ to law and
\ncalls for interference in this appeal?<\/p>\n
ii) Whether the finding of the income<\/p>\n
tax appellate tribunal that the<\/p>\n
“VJ<\/p>\n
11<\/span><\/p>\n
Q. e e
\n_esssssen proceedings LMreopening.3’Qf<\/p>\n
assessing order under Section i4?fof toe r<\/p>\n
Act was proper and notioe.issned under<\/p>\n
Section 148 of _theviAct_ was\ufb02_\ufb01ali&}\u00b0<is,<\/p>\n
contrary to EQQH and \u00abf\u00a2ai;s" for<\/p>\n
interference in this $P$ea1 ?H<\/p>\n
6. The.aboyesseio_snostantial questions
\nof law \u00a5\u00a7\u00a7%??%me Q? consieetation before this
\nCourt in i\u00e9\ufb01 i558 of \u00e9so\u00e9 arising out of the
\nsame coe\ufb01on,jodgment_passed by the the Income
\nTax App\u00a71;gte”5T:isnh$1, Bangalore Bench ‘A’<\/p>\n
de\ufb01ed; 9.l1t\u00e9\ufb01O4: which is impugned in the<\/p>\n
i’ptesent appeal and this appeal pertains to the<\/p>\n
year 1992-1993 and wherefore,<\/p>\n
follokin\ufb01i the reasons assigned in ITA<\/p>\n
.yid’nL568\/2605, we answer the substantial questions<\/p>\n
‘Iof”1aw against the appellant and in favour of<\/p>\n
H’v*the Revenue.\n<\/p>\n
12<\/span><\/p>\n
Accordingly, we pass the followf\ufb01\ufb01 5r\u00a7ex<\/p>\n
rs f<\/p>\n","protected":false},"excerpt":{"rendered":"
Karnataka High Court M\/S The Totgars Co-Operative Sale … vs The Income Tax Officer on 30 September, 2008 Author: V.G Sabhahit S.N.Satyanarayana E’ C O”m’eci~\u20acc5\\ Jxcia CNmhb%\\o&&M A&–a$k\ufb01i ‘ CSNS3) ‘u,_PASsED IN V ‘ASSESSMENT YEAR 1992-93 PRAYING THAT THIS HON’BLE: ‘—SouRT IN T\ufb01\ufb02 HIGH COURT OF KARNATAKA<TWI*v CIRCUIT BENCH AT DHARWAD,m \u00bbS*fj DATED THIS THE […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8,20],"tags":[],"class_list":["post-63110","post","type-post","status-publish","format-standard","hentry","category-high-court","category-karnataka-high-court"],"yoast_head":"\nM\/S The Totgars Co-Operative Sale ... vs The Income Tax Officer on 30 September, 2008 - Free Judgements of Supreme Court & High Court | Legal India<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.legalindia.com\/judgments\/ms-the-totgars-co-operative-sale-vs-the-income-tax-officer-on-30-september-2008\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"M\/S The Totgars Co-Operative Sale ... vs The Income Tax Officer on 30 September, 2008 - 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