Search Results Page
Search Results
1 - 6 of 6 (0.34 seconds)Commissioner Of Income-Tax vs Nawanshahar Central Co-Operative Bank ... on 6 January, 2003
In our opinion para
3.2 of the circular reproduced above has accepted the judgment of
Hon'ble Apex Court in the case of CIT vs. Nawanshahar Central
Cooperative Bank Ltd 289 ITR 6, as correct for cooperative societies
/banks claiming deduction u/s. 80P(2)(a)(i) of the Act. In other
words, the Board has taken a view that interest earnings of a
cooperative society which was having as its primary business,
providing credit facilities to its members who were agriculturists, could
be considered under the head income from business and not from
income from other sources.
The Chirakkal Service Co-Operative ... vs The Commissioner Of Income Tax on 28 February, 2013
Having bestowed our
anxious consideration to the submissions of the learned
counsel for the appellants vis-à-vis the submissions of
the learned Senior standing counsel for the Department,
who said that all the issues appear to be intricately
connected inasmuch as the questions under Section 80P
can also be considered only in the light of the question
whether interest derived by the society is income from
other sources, we are of the view that it is necessary that
the Tribunal re-considers all the issues arising for
decision in these appeals, in particular, the applicability of
circular No.18/2015 dated 02.11.2015 and the question
of applicability of the ratio of the decision in Chirakkal
Service Co-operative Bank Limited (supra) as to the
effect of Section 80P of the Income Tax Act on the
appellants. To enable a comprehensive consideration by
the Income Tax Appellate Tribunal of all the issues
arising for decision in these appeals, in the appeals
before the Tribunal, in the light of what we have stated
above, the impugned orders of the Tribunal are vacated
and the cases are remitted to the Tribunal for re-
consideration. Parties are directed to mark appearance
:- 3 -: ITA No. 11/Coch/2014
before the Tribunal on 15.11.2016. These income tax
appeals are ordered accordingly''.
The Banking Regulation Act, 1949
Section 56 in The Income Tax Act, 1961 [Entire Act]
Mundela Service Co-Operative Bank ... vs The Income Tax Officer on 28 December, 2016
Similar view was taken by the Co-ordinate
Bench in the case of The Kizathadiyoor Service Cooperative Bank Ltd
vs. ITO (in ITA No.525/Coch/2014) dated 20.07.2016. In the
circumstances, we are of the opinion that assessee has to succeed in
this appeal. Interest earned by the assessee from its deposits placed
in Sub-Treasury and banks are eligible for deduction u/s. 80P(2)(a)(i)
:- 6 -: ITA No. 11/Coch/2014
of the Act. Ordered accordingly.
1