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1 - 10 of 13 (0.21 seconds)Commissioner Of Income Tax, ... vs Karnataka State Cooperative Apex Bank on 22 August, 2001
In the absence of any contrary material or distinguishable feature brought
on record by the revenue against the finding of the learned CIT(A) and
keeping in view the ratio of various decisions relied on by the learned.
CIT(A) Viz. Mehsana District Central Cooperative Bank Ltd Vs. ITO (2001)
251 ITR 522 (SC), CIT Vs. Karnataka State Cooperative Apex Bank (2001)
251 ITR 194 (SC), AP Cooperative Bank Vs. Addl.
Mehsana District Central Co-Operative ... vs Income-Tax Officer on 30 August, 2001
In the absence of any contrary material or distinguishable feature brought
on record by the revenue against the finding of the learned CIT(A) and
keeping in view the ratio of various decisions relied on by the learned.
CIT(A) Viz. Mehsana District Central Cooperative Bank Ltd Vs. ITO (2001)
251 ITR 522 (SC), CIT Vs. Karnataka State Cooperative Apex Bank (2001)
251 ITR 194 (SC), AP Cooperative Bank Vs. Addl.
The Income Tax Act, 1961
Bihar State Co-Operative Bank Ltd. vs Commissioner Of Income-Tax on 2 July, 1957
i) Bihar State Cooperative Bank Vs. CIT: Deciding similar issues
about the interest earned by the bank from investment of
2
3
funds with another bank to be profit from banking business or
income from other sources; the Hon'ble Supreme Court in
their order dated 22.2.1960 had held as under:
Ashoka Holdings Ltd. vs Income-Tax Officer on 11 July, 1983
6. The learned Authorized Representative submitted that the
assessee was received interest on short and long term investments after
deducting TDS on the date of payment on such interest for either half
yearly/yearly. In such a scenario deduction and deposit to the credit of
Central Govt. are falling on the date of payment of interest which period
may fall in two different assessment years. Basing on the accounting
standards, the bank is taking accrued interest at the year end and
reversing the same at the beginning of the succeeding year. It is a well
settled law that tax credit is to be granted in the assessment year in
which date of deduction of the tax at source fall not in the assessment
year in which income is declared on accrual basis. He relied on the
order of the Delhi Tribunal in the case of Ashoka Holdings Ltd. Vs. ITO in
IT Appeal No.2175(Delhi) of 1982 decided on July 11, 1983 held that
the credit for tax deduction at source was to be allowed A in the
assessment year in which the date deduction of tax at A source falls and
not in the assessment in which the income Act declared on accrual
basis.".
The Banking Regulation Act, 1949
Section 6 in The Income Tax Act, 1961 [Entire Act]
Section 80P in The Income Tax Act, 1961 [Entire Act]
Farrukhabad Gramin Bank vs Assistant Commissioner Of Income Tax on 23 February, 2006
SB) and in the case
of Farukhabad Gramin Bank Vs. CIT (2006) 103 ITD 207(Agra), I am of the
view that the interest income earned on investment of FDR with APSFC is a
part of profit and gains of banking business eligible for deduction u/s
80P(2) (a) (i) of the Act and accordingly the order passed by the learned.
CIT(A) is upheld. The grounds taken by the Revenue are, therefore,
rejected.