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1 - 10 of 13 (0.02 seconds)Section 56 in The Income Tax Act, 1961 [Entire Act]
Section 28 in The Income Tax Act, 1961 [Entire Act]
Deputy Commissioner Of Income-Tax,, vs Klassic Wheels Pvt. Ltd.,, on 29 August, 2019
In this regard we may
gainfully refer the Hon'ble Jurisdictional High Court decision
in the case of CIT vs. Solapur Nagri Audyogik Sahakari Bank
Ltd. 182 Taxman 231 wherein the following question was
raised.
The Income Tax Act, 1961
Krushi Vibhag Karmchari Vrund Sahakari ... vs Income Tax Officer , Ward-1, Nagpur on 7 October, 2022
Upon hearing both the counsel and perusing the records, we
find that the above issue is covered in favour of the assessee
by the decision of this ITA, referred by the Ld. CIT(A) in his
appellate order. The distinction mentioned in the grounds of
appeal is not at all sustainable. We further find that this
Tribunal again in the case of Chattisgarh Urban Sahakari
Sanstha Maryadit Vs. ITO in ITA No. 371/Nag/2012 vide
order dated 27.05.2015 has adjudicated similar issue as
under:-
M/S Tumkur Merchants Souharda Credit ... vs Assessee on 19 February, 2014
There being no direct judgment from the Hon'ble jurisdictional
High Court on the point, the Tribunal in Shri Laxmi Narayan
Nagari Sahakari Pat Sanstha Maryadit (supra) preferred to go
with the view taken in favour of the assessee by the Hon'ble
Karnataka High Court in the case of Tumkur Merchants
Souharda Credit Cooperative Ltd. (supra).
Mantola Co-Operative Thrift And Credit ... vs Commissioner Of Income Tax 21 on 17 July, 2017
"11. Upon careful consideration, we not that identical issue
was the subject matter of consideration by ITAT, Ahmedabad
Bench decision in the case of Dhanlaxmi Credit Cooperative
Society Ltd (supra), in which one of us, learned Judicial
Member, was a party. The concluding portion of the Tribunal's
decision is as under:
The Mes Employees Co-Op Credit Society ... vs Income-Tax Officer, Ward 6(1), , Pune on 27 February, 2023
8. We find that the ratio of above case also applies to the
present case. As observed in the above case law, in this case
also the submissions of the assessee's counsel is that the
assessee society is maintaining operational funds and to meet
any eventuality towards repayment of deposit the cooperative
society is maintaining some liquidated funds as short term
deposits with banks. Hence adhering to the doctrine stair
desises, we hold that the assessee should be granted benefit
of deduction under section 80P(2)(a)(i). Accordingly, the
interest on deposits would qualify for deduction under the
said section. Accordingly, we set aside the order of authorities
below and decide the issue in favour of assessee."
Income-Tax Officer,, vs Sureshdada Jain Nagri Sahakari ... on 28 November, 2018
"4.We have heard both the sides and perused the relevant
material on record. It is observed that the ld. CIT(A) allowed
the claim of deduction u/s.80P by following the order passed
by the Tribunal in the case of Shivneri Nagari Sahakari
Patsanstha Ltd. (supra).