Sri. Laxminarayana Suvarna Credit Co-operative Society Ltd. V. The Commissioner of Income Tax (Appeals), National Faceless Appeal Centre, Delhi and The Income Tax Officer, Ward - 1, Sirsi

ITA/94/2025

AI Insights

The case involves Sri. Laxminarayana Suvarna Credit Co-operative Society Ltd., which appealed against the order of the Income Tax Appellate Tribunal, Bengaluru, concerning the Assessment Year 2018-19. The primary contention was regarding the entitlement to claim deductions under Section 80P(2)(a)(i) and Section 80P(2)(d) of the Income Tax Act, 1961, specifically related to interest income from deposits made in KDCC Bank. The appeal was heard by the Hon'ble Mr. Justice S.G. Pandit and the Hon'ble Mr. Justice K. V. Aravind.

• Counselvise Citation: [] 140 COUNSELVISE.COM (IT) 834725 (HC-KARNATAKA)
• Appeal Type: Others
• Pronouncement Date: 03-02-2026
• Assessment Year: misc
• Other Referred Cases: ITA No.118/2025
• Laws Referred To: Income Tax Act 1961
• Result in Favour of: Others
• Court: HIGH COURT
• Department Lawyers: SUSHAL N
• Assessee Lawyers: MAHESH UPPIN
• Keywords: Assessment year 2018-19; Deduction; Income tax appeal; Interest income
• Section: 80P(2)(d); 80P(2)(a)(i); 260-A

Judgement Text

" - 1 - HC-KAR NC: 2026:KHC:6224-DB ITA No. 94 of 2025 IN THE HIGH COURT OF KARNATAKA AT BENGALURU DATED THIS THE 3RD DAY OF FEBRUARY, 2026 PRESENT THE HON'BLE MR. JUSTICE S.G.PANDIT AND THE HON'BLE MR. JUSTICE K. V. ARAVIND INCOME TAX APPEAL NO.94 OF 2025 BETWEEN: SRI. LAXMINARAYANA SUVARNA CREDIT CO-OPERATIVE SOCIETY LTD., NO.152/1, SIDDAPURA-581355, UTTARA KANNADA DISTRICT. BY ITS CHIEF EXECUTIVE OFFICER: SRI. SANDESH V. SHET …APPELLANT (BY SRI. MAHESH.R.UPPIN, ADVOCATE) AND: 1. THE COMMISSIONER OF INCOME TAX (APPEALS), NATIONAL FACELESS APPEAL CENTRE, DELHI - 110001. 2. THE INCOME TAX OFFICER, WARD - 1, SIRSI - 581401 UTTARAKANNADA DISTRICT. …RESPONDENTS (BY SRI. SUSHAL TIWARI.N., STANDING COUNSEL) THIS ITA/INCOME TAX APPEAL IS FILED UNDER SEC. 260-A OF INCOME TAX ACT 1961, PRAYING TO SET ASIDE THE ORDER PASSED BY THE INCOME TAX APPELLATE TRIBUNAL, BENGALURU IN ITA NO.122/BANG/2024 DATED 7.05.2024 FOR THE ASSESSMENT YEAR 2018-19 AND ETC. Printed from counselvise.com Digitally signed by VINUTHA B S Location: High Court of Karnataka - 2 - HC-KAR NC: 2026:KHC:6224-DB ITA No. 94 of 2025 THIS APPEAL, COMING ON FOR ORDERS, THIS DAY, JUDGMENT WAS DELIVERED THEREIN AS UNDER: CORAM: HON'BLE MR. JUSTICE S.G.PANDIT and HON'BLE MR. JUSTICE K. V. ARAVIND ORAL JUDGMENT (PER: HON'BLE MR. JUSTICE K. V. ARAVIND) This appeal is filed by the assessee assailing the order dated 07.05.2024 passed in ITA No.122/Bang/2024 by the Income Tax Appellate Tribunal, Bengaluru, (for short “the Tribunal”) relating to the Assessment Year 2018–19. 2. In the appeal, the following substantial questions of law has been raised: (i) In the facts and circumstances of the case, whether the Tribunal is right in holding that, the Appellant/Assessee is not entitled to claim benefit of deduction under Section 80P(2)(a)(i) in respect of interest income earned from the deposits made in KDCC Bank; (ii) Alternatively in the facts and circumstances of the case, whether the Tribunal was right in denying benefit of deduction under Section 80P(2)(d) of the Act. Printed from counselvise.com - 3 - HC-KAR NC: 2026:KHC:6224-DB ITA No. 94 of 2025 3. Sri Mahesh R. Uppin, learned counsel appearing for the appellant, at the outset submits that the substantial questions of law raised in the appeal are covered by the decision of this Court in ITA No.118/2025. 4. Sri Sushal Tiwari N., learned counsel appearing for the respondents, is not in a position to dispute the above submission. 5. As the substantial questions of law raised in the present appeal have already been considered and answered in ITA No.118/2025, the present appeal is disposed of in terms of the order passed in ITA No.118/2025. Sd/- (S.G.PANDIT) JUDGE Sd/- (K. V. ARAVIND) JUDGE SMJ List No.: 1 Sl No.: 14 Printed from counselvise.com "