Search Results Page
Search Results
1 - 10 of 16 (0.49 seconds)M/S The Totgars Co-Operative Sale ... vs The Income Tax Officer on 30 September, 2008
13. The Hon'ble Karantaka High Court in the aforesaid decision also placed
reliance on a decision of the Hon'ble Gujarat High Court in the case of STATE
BANK OF INDIA (SBI) vs. COMMISSIONER OF INCOME TAX 389 ITR 0578
(Guj) did not agree with the view taken by the Karnataka High Court in
Tumkur Merchants Souharda Credit Cooperative Ltd. (supra) that the decision
of the Supreme Court in Totgars Co-operative Sale Society (supra) is restricted
to the sale consideration received from marketing agricultural produce of its
members which was retained in many cases and invested in short term
deposit/security and that the said decision was confined to the facts of the said
case and did not lay down any law.
Section 56 in The Income Tax Act, 1961 [Entire Act]
Assistant Commissioner Of Income Tax, ... vs M/S. The Totgars Co-Operative Sale ... on 21 December, 2018
11. However, the Hon'ble Karnataka High Court in the case of PRINCIPAL
COMMISSIONER OF INCOME TAX AND ANOTHER vs. TOTAGARS
COOPERATIVE SALE SOCIETY 395 ITR 0611 (Karn) took a different view and
held that interest income earned on deposits whether with any other bank will be in
ITA No.53/Bang/2022
M/s. Nagashettikoppa Chibbalageri
Vyavasaya Seva Sahakari Sangha Niyamit,
Dist. Uttara Kannada
Page 6 of 11
the nature of income from other sources and not income from business and therefore
the deduction u/s.80P(2)(d) of the Act cannot be allowed to the Assessee.
State Bank Of India (Sbi) Employees ... vs Commissioner Of Income Tax, Ahmedabad 1 on 11 November, 2016
13. The Hon'ble Karantaka High Court in the aforesaid decision also placed
reliance on a decision of the Hon'ble Gujarat High Court in the case of STATE
BANK OF INDIA (SBI) vs. COMMISSIONER OF INCOME TAX 389 ITR 0578
(Guj) did not agree with the view taken by the Karnataka High Court in
Tumkur Merchants Souharda Credit Cooperative Ltd. (supra) that the decision
of the Supreme Court in Totgars Co-operative Sale Society (supra) is restricted
to the sale consideration received from marketing agricultural produce of its
members which was retained in many cases and invested in short term
deposit/security and that the said decision was confined to the facts of the said
case and did not lay down any law.
Section 263 in The Income Tax Act, 1961 [Entire Act]
The Banking Regulation Act, 1949
Section 57 in The Income Tax Act, 1961 [Entire Act]
Section 194A in The Income Tax Act, 1961 [Entire Act]
M/S. The Malabar Industrial Co. Ltd vs Commissioner Of Income-Tax, Kerala ... on 10 February, 2000
In the case of Malabar Industrial
Co. Ltd. vs. CIT[2000] 243 ITR 83(SC), the Supreme Court held that there must be
two conditions namely that the order of assessment is erroneous and that the order
is prejudicial to the interests of the Revenue which must be satisfied before the
Commissioner may invoke his powers under Section 263 of the Act. The Court held
that every loss of tax cannot be said to be prejudicial to the interests of the Revenue.
If two views are possible, and the AO has adopted one of those views, the order of
assessment cannot be prejudicial to the interests of the Revenue. However, when the
Assessing Officer does not apply his mind to the issue at hand or violates any of the
principles of natural justice, the order shall be prejudicial to the interests of the
Revenue. Also, an incorrect assumption of facts or incorrect application of law by
the AO would make the order of aasessment erroneous and prejudicial to the
interests of the Revenue.