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Chandraprabhu Gramin Bigar Sheti ... vs Income-Tax Officer, Ward - 2,, ... on 2 November, 2018
cites
Section 28 in The Income Tax Act, 1961 [Entire Act]
M/S The Totgars Co-Operative Sale ... vs The Income Tax Officer on 30 September, 2008
In the case before the Apex
Court in Totgar's Co -operative Sale Society Ltd vs ITO
(supra), the assessee co-operative society was to provide
credit facility to its members and market the agricultural
produce. The assessee is not in the business of banking.
The Income Tax Act, 1961
M/S. Muttom Service Co-Op Bank Ltd, ... vs The Ito, Alappuzha on 15 January, 2018
therefore, this Tribunal
is of the opinion that the judgment of the Larger Bench of the
apex Court in Karnataka State Co- operative Apex Bank
(supra) is applicable to the facts of this case.
M/S Tumkur Merchants Souharda Credit ... vs Assessee on 19 February, 2014
11. No doubt, a contrary decision to this effect was also cited by the Ld.
Departmental Representative where the Hon'ble Delhi High Court in the case of
Mantola Cooperative Thrift & Credit Society Ltd. (Supra) has held that where the
assessee cooperative society was engaged in providing credit facilities to its
members earns interest income on surplus funds deposited as fixed deposits, such
interest income would be assessable as "income from other sources" and thus not
eligible for deduction u/s.80P(2)(a)(i). However, it is also the settled proposition
of law that when two views are possible, the view which is in favour of the
assessee has to be followed.
Cambay Electric Supply Industrial Co. ... vs The Commissioner Of Income Tax, ... on 11 April, 1978
7. The word 'attributable' used in the said section is of great importance. The Apex
Court had an occasion to consider the meaning of the word 'attributable' as
supposed to derive from its use in various other provisions of the statute in the
case of Cambay Electric Supply Industrial Co. Ltd. v. CIT [1978] 113 ITR 84 (SC) as
under:
Chandraprabhu Gramin Bigar Sheti ... vs Income-Tax Officer, Ward - 1(4),, ... on 26 October, 2018
9. I find an identical issue had come up before the Tribunal in the case of
Chandraprabhu Gramin Bigar Sheti Sahkari Patsantha Maryadit Vs. ITO,
Pandharpur vide ITA No.1352/PN/2016 order dated 29-07-2016 for A.Y.
2010-11. After considering the various decisions made by both the sides, I
have decided the issue in favour of the assessee by holding that the assessee
is entitled to deduction u/s.80P(2)(a)(i) on the interest income kept with
various banks other than cooperative banks/societies. The relevant
observation of the Tribunal from para 8 onwards read as under :
Commr. Of Income Tax. vs M/S Balaji Vegetable Products (P) Ltd. on 16 October, 2015
Since in the instant case, two divergent decisions
were cited before us and no decision of the Hon'ble jurisdictional High Court is
available, therefore, following the decision of the Hon'ble Supreme Court in the
case of CIT Vs. Vegetable products reported in 88 ITR 192 we hold that the view in
favour of the assessee, i.e. the decision of the Hon'ble Karnataka High Court has to
be followed. Accordingly, we hold that the interest income earned by the assessee
on short term deposits kept with banks has to be allowed as deduction
u/s.80P(2)(a)(i) of the I.T. Act. The order of the CIT(A) is accordingly set aside
and the grounds raised by the assessee are allowed."