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Documents citing The Commissioner Of Income Tax-Ii, ... vs M/S. Nagpur Nagrik Sahakari Bank Ltd., ... on 13 January, 2016

Shree Sidhivinayak Nagari Sahakari ... vs Dcit Panvel Cir Panvel, Panvel on 28 February, 2019

"42.5 In view of this, the provisions of the Sec.194A(3)(v) of the Income Tax Act have been amended so as to expressly provide that the exemption provided from deduction of tax from payment of interest to members by a co- operative society under Section 194A(3)(v) of the Income-tax Act shall not apply to the payment of interest on time deposits by the co-operative banks to its members. As this amendment is effective from the prospective date of 1st June, 2015, the co-operative bank shall be required to deduct tax from the payment of interest on time deposits of its members, on or after the 1st June, 2015. Hence, a cooperative bank was not required to deduct tax from the payment of interest on time deposits of its members paid or credited before 1st June, 2015." (Emphasis supplied) On a perusal of the aforesaid extract of the CBDT Circular No. 19/2015, dated 27.11.2015, it can safely or rather inescapably be gathered that a co- operative bank was not required to deduct tax at source on the interest that was paid or credited before 1st June, 2015 on the time deposits of its members. In fact, we find that the aforesaid CBDT Circular No. 19/2015 had been deliberated upon by the Hon‟ble High Court of Karnataka in certain cases viz. (i) CIT Vs. Vs. Bijapur District Central (2018) 93 taxmann.com 211 (Kar); (ii) CIT Vs. Basaveshwara Shahakari Bank (2016) 74 taxmann.com 21 (Kar); and (iii) CIT, Belgaum Vs. Shri Siddeshwar Co- operative Bank Ltd. (2016) 71 taxmann.com 126 (Kar).
Income Tax Appellate Tribunal - Mumbai Cites 19 - Cited by 0 - Full Document

Sarangpur Co.Op. Bank Ltd., Ahmedabad vs Department Of Income Tax on 27 July, 2016

3.15. Further, following the theory of real income, question of taxability of any notional income like accrued interest on NPA would not arise, more particularly when the recovery of the principal loan amount is doubtful. Even the Hon'ble Supreme Court in the case of UCO Bank, distinguishing the judgment of State Bank of Travancore has held that the circulars issued earlier were not applicable in view of section 43D substituted w.e.f. 01/04/2000 and the said section requires to follow RBI guidelines and to tax interest on NPA Account only when realized. Further, the Hon'ble Bombay High Court in the case of CIT Vs. Devgiri Nagrik Sahakari Bank Ltd. (supra) has treated the Cooperative Banks as scheduled banks. In para - 11 of the judgment, they have observed as under:-
Income Tax Appellate Tribunal - Ahmedabad Cites 27 - Cited by 0 - Full Document

Dy. Commr. Of Income Tax, Gandhidham ... vs Kutch District Central Co-Operative ... on 7 April, 2017

Asst.Year - 2010-11 -3- "8. We have heard the rival submissions and perused the material on record. The issue in the present case is with respect to provision of overdue interest on NPA accounts. It is an undisputed fact that assessee is a co-operative bank and is governed by the Reserve Bank of India guidelines. We find that ld.CIT(A) after considering the CBDT Circular, provisions of Act and various decisions cited in the order has held that A.O. was not justified in disallowing the claim of deduction on the issue of interest on overdue loans. We find that Hon'ble Bombay High Court in the case of CIT vs. Deogiri Nagar Sahakari Bank Ltd. & Ors. (2015) 379 ITR 24 (Bom.) has held that prudential norms issued by Reserve Bank of India are equally applicable to co-operative banks and that interest on sticky advances is not taxable. Before us, Revenue has not brought on record any contrary binding decision in its support. In view of the aforesaid facts, we find no reason to interfere with the order of ld.CIT(A). Thus, the ground of Revenue is dismissed."
Income Tax Appellate Tribunal - Rajkot Cites 2 - Cited by 0 - Full Document

The Karad Urban Co.Op Bank Ltd, Satara vs Deputy Commissioner Of Income-Tax, ... on 28 March, 2018

7.1 The ld. AR further referred to Section 45Q of the Reserve Bank of India Act, 1934 and submitted that the provisions of the RBI Act have overriding effect over Income Tax Act. The ld. AR to further buttress his submissions placed reliance on the decision of Hon'ble Bombay High Court in the case of CIT Vs. Deogiri Nagri Sahakari Bank Ltd. reported as 379 ITR 24 (Bom.). The ld. AR referring to the clarification issued by RBI submitted that in the case of NPA loans, no interest will be applied from the date when the loan account is 6 ITA No.2432/PUN/2012 M.A. No.37/PUN/2017 A.Y. 2009-10 classified as NPA. Hence, interest on loans classified as NPA for any period after it is so classified can neither be claimed from the Government nor from the farmer. Further referring to the RBI guidelines, the ld. AR pointed that unapplied interest on NPA loans are neither to be claimed from the Government nor from the farmer. The ld. AR referred to various similar clarifications issued by RBI.
Income Tax Appellate Tribunal - Pune Cites 6 - Cited by 0 - Full Document

Deputy Commissioner Of Income-Tax,, ... vs Indira Mahila Sahakari Bank Ltd.,, ... on 29 November, 2017

The issue raised in the miscellaneous application against the assessability of interest accrued on NPAs was decided in favour of the assessee by ratio laid down by the Hon'ble Bombay High court in the case of CIT Vs. Deogiri Nagri Sahakari Bank Ltd. in ITA No.53 of 2014. The Ld. DR for the applicant/Revenue has only referred to the appeal filed before Hon'ble Bombay High Court in another case which is pending for adjudication. However, where the issue is settled by the order of Hon'ble Jurisdictional High Court, there is no merit in the miscellaneous application filed by Revenue and hence, the same is dismissed.
Income Tax Appellate Tribunal - Panji Cites 1 - Cited by 0 - Full Document
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