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Asstt.Commissioner Of Income Tax ... vs The Nirmal Ujwal Credit Co-Op Society ... on 27 November, 2024 cites

Krushi Vibhag Karmchari Vrund Sahakari ... vs Income Tax Officer , Ward-1, Nagpur on 7 October, 2022

―Upon hearing both the counsel and perusing the records, we find that the above issues is covered in favour of the assessee by the decision of this ITAT, referred by the Ld. CIT(A) in his appellate order. The distinction mentioned in the Grounds of appeal is not at all sustainable. We further find that this Tribunal again in the case of Chattisgarh Urban Sahakari Sanstha Maryadit Vs. ITO in ITA No.371/Nag/2012 vide order dated 27.05.2015 has adjudicated similar issue as under:-
Income Tax Appellate Tribunal - Nagpur Cites 25 - Cited by 3 - Full Document

M/S The Totgars Co-Operative Sale ... vs The Income Tax Officer on 30 September, 2008

The appellant has placed its reliance upon decision of the Hon'ble Karnataka High Court in the case of Tumkur Merchants Souharda Credit Co- operative Ltd. V/s ITO (Supra) which has considered the decision of the Hon'ble Supreme Court in the case of The Totgar's Cooperative Sales Society Ltd. Vs. ITO. Considering the same, and in view of the above facts, I am of the firm view that the AO was not justified in coming a conclusion that the sum of Rs. 1,24,04,174/- is not attributable to the credit business of the appellant. In result the appellant's claim of deduction under section 80P on interest income of Rs. 1,24,04,174 is allowed. The issue of the assessee was also covered by the order of Hon'ble Income Tax Appellate Tribunal, Nagpur Bench, Nagpur dated 18/09/224 vide ITA No. 81/Nag/2024 in case of Amravati Julha Vima Karmachari Sahakari Pat Sanstha Maryadit, Amravati -V.s- Income Tax Officer, Ward-3, Amravati.
Karnataka High Court Cites 0 - Cited by 496 - Full Document
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