The College started functioning on 15th June 1970 as a result of relentless effort of Late Shri. Appangouda Patil, a statesman and a visionary who strived to bring higher education in this rural part. Late. Shrimant. L. K. Khot of Hebbal, a benevolent donor and a principled businessman who donated his hard earned money for establishment of an institution of higher studies which can spread knowledge essential for the furtherance of trade, industry and commerce. The College bears his name. Above all, rich blessings of His Holiness Jagadguru of Shri. Duradundeeshwar Siddhasansthan Math, Nidasoshi have caused the birth of this College.

Today, with apt faculty, rich infrastructure and learning resources the College is imparting quality commerce education to this rural region. The College is affiliated to Rani Channamma University, Belagavi and enjoys 2(F) & 12(B) financial assistance. In the 3rd Cycle NAAC accreditation the College has been awarded with 'B++' grade. Now under the chairmanship of Shri A. B. Patil the former minister, Govt. of Karnataka, the College has made an impact of providing quality education at low cost with state of the art infrastructure and active NCC and NSS wings. The college has an active registered Alumni Association, several scholarships, and rich resourceful library and computer lab. It reached another milestone with addition of Post Graduation Commerce (M. Com) course from 1st August 2018.