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Principal Commissioner Of Income Tax-5 vs Shri Mahila Sewa Sahakari Bank Ltd on 5 August, 2016
Raajes Parekh, Chennai vs Acit, Non Corp Circle 10(1), Chennai on 27 September, 2024
3. Accordingly, para 37(iii) (b) of the above Master Directions stands
deleted and the above provision stands incorporated at para 104 and 117,
respectively, in the Master Directions referred above.
The Adarsh Co-Operative Urban Bank ... vs Acit, Circle-11(1), Hyd, Hyderabad on 28 February, 2018
"5. Aggrieved by the order of Ld. CIT(A) the assessee is an
appeal before us. The Ld. counsel placed before us a copy
of the latest order of the Hon'ble Gujarat High Court in the
case of Pr. Commissioner of Income Tax Vs. Shri Mahila
Sewa Shakari Bank Ltd.,(ITA No. 531 of 2015, dated 05-
08-2016), wherein the bench referred to catena of decisions
and decided in favour of the assessee by observing as
under:
Principal Commisisoner Of Income ... vs Jivan Commercial Cooperative Bank Ltd. ... on 23 August, 2017
We
however notice that the High Court in case of Shri
Mahila Sewa Sahakari Bank Ltd. (supra) has considered
such a contention and referred to the decision of
Supreme Court in case of Southern Technologies Ltd.
(supra) before coming to the above noted conclusions
in law.
The Deputy Commissioner Of Income Tax, ... vs The Kalupur Commercial Co. Op. Bank ... on 18 June, 2019
In our opinion, entire issue is covered by the judgment of this Court
in case of Shri Mahila Sewa Sahakari Bank Ltd. (supra). In the said
case, the Court has considered following substantial question of law:
Ge Capital Services India, New Delhi vs Dcit, New Delhi on 18 February, 2020
"6.. Gujarat High Court in case of Principal CIT Vs.
Mahila Sewa Sahakari Bank Ltd1 had held that in
case of a co operative bank, the interest on NPAs
would not be chargeable to tax on mere accrual.
The Nawanshehar Central Co Operative ... vs Deputy Commissiner Of Income Tax, ... on 11 March, 2019
25. The argument of the learned D.R. that the decision of the
Delhi High Court in the case of Vasisth Chay Vyapar Ltd.
(supra) would not apply to the assessee's case since the
assessee is a cooperative society while in the case of Vasisth
Chay Vyapar Ltd. (supra), the assessee was a NBFC, is also
dismissed since the pr inciple enunciated by the Delhi High
Court in Vasisth Chay Vyapar Ltd. (supra) has been followed
in the case of Shri Mahila Sewa Sahakari Bank Ltd. (supra)
by the Hon'ble Gujarat High Court and various other
decisions cited by the assessee before us ,and the assessee
in all those cases being a cooperative bank, the decision
rendered therein squarely applies to the case of the
assessee.
Dcit,Circle-, Parwanoo vs The Jogindra Central Co-Operative Bank ... on 8 June, 2021
The I.T.A.T.,
while rendering this judgment, has noted that in a number
of decisions of High courts and the apex court, it has been
held that interest on sticky loans is to be accounted for on
receipt basis following the "Real Income theory", the
prescribed Accounting Standard AS-9 issued by the
Institute of Chartered Accountants Of India, the RBI
guidelines relating to accounting for interest on NPA's and
the accounting practice of the assessees.. Further it has
taken note of the decision of the Gujarat High Court in
the case of Pr. CIT-5 vs. Shri Mahila Sewa Sahkari Bank
Ltd. which held that so far as income recognition was
concerned the Assessing Officer had to follow the RBI
Directions, 1998, in view of Section 4SQ of the RBI Act,
which provided that the policy of income recognition has to
be objective and based on the record of recovery and that
income from non performing assets is not to be
recognized on accrual basis but only when it is actually
received.
Assistant Commissioner Of Income-Tax, ... vs Western Maharashtra Development ... on 24 June, 2021
The issue is squarely covered by the judgments of Gujarat High Court
and Punjab & Haryana High Courts. The Gujarat High Court in case of
Pr. CIT v. Shri Mahila Sewa Sahakari Bank Ltd. [2017] 395 ITR
324/[2016] 242 Taxman 60/72 taxmann.com 117 had undertaken the
detailed exercises to examine an identical situation. The Court held that
the Cooperative Banks were acting under the directives of the Reserve
Bank of India with regard to the prudential norms set out. The Court was
of the opinion that taxing interest on NPA cannot be justified on the real
income theory.
The Barodacity Co.Op. Bank Ltd.,, ... vs The Dy.Cit, Circle-5,, Baroda on 11 August, 2017
5. We have gone through the relevant record and impugned order
passed by the authorities below. Learned AR cited a judgment of
Jurisdictional High Court [2016] 72 taxmann.com 117(Gujarat), Principal
Commissioner of Income Tax - 5 vs. Shri Mahila Sewa Sahakari Bank
Ltd., in this case Hon'ble High Court has held as under: