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M/S. Kadaba Sahakari Vyavasayika Bank ... vs Income Tax Officer, Ward - 1, Puttur on 23 July, 2021
cites
M/S The Totgars Co-Operative Sale ... vs The Income Tax Officer on 30 September, 2008
9. We heard Ld. D.R. on this issue. We find merit in the prayer
of the assessee, since it is supported by the decision rendered by
Hon'ble High Court of Karnataka in the case of Totgars Cooperative
Sale Society Ltd. Vs. ITO (2015) 58 taxmann.com 35 (Karn).
Accordingly, we direct the A.O. to allow deduction of proportionate
cost, administrative and other expenses, if the A.O. proposes to
assess the interest income earned from bank deposits as income
under the head "other sources".
Vijaya Bank Employees Housing ... vs Acit, Bangalore on 15 July, 2021
10. We heard the parties on this issue and perused the record. We find
merit in the submission made by Ld. D.R. Since the Hon'ble Supreme Court
has settled many issues in the decision rendered by it in the case of Mavilayi
Service Co-operative Bank Ltd. (supra) and since the facts prevailing in the
instant case needs to be examined afresh in the light of the principles
enunciated by Hon'ble Supreme Court in the above said case, we are of the
view that the issue of deduction u/s 80P(2)(a)(i) of the Act requires fresh
examination at the end of the A.O. Accordingly, we set aside the order
passed by Ld. CIT(A) for the year under consideration and restore them to
the file of the A.O. for examining it afresh as discussed above.
M/S/Andoorkonam Service Co-Op Bank ... vs The Ito, Wd-2(1), Trivandrum on 7 January, 2020
In the case of Karkala Co-op. S. Bank Ltd. Vs. ITO (ITA
No.1288 8r, 1289/Bang/2019 dated 18.2.2021), the Bangalore bench of
Tribunal has considered issue of eligibility of the assessee to claim
deduction u/s 80P(2)(d) and it was held that the assessee is eligible for
deduction of expenses incurred for earning the interest income. The relevant
observations made by the Tribunal are extracted below:-
Section 57 in Karnataka Co-Operative Societies Act, 1959 [Entire Act]
The Income Tax Act, 1961
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