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1 - 10 of 26 (0.30 seconds)The Code of Civil Procedure, 1908
Section 154 in The Income Tax Act, 1961 [Entire Act]
Section 43B in The Income Tax Act, 1961 [Entire Act]
Section 80 in The Income Tax Act, 1961 [Entire Act]
The Maharashtra Co-Operative Societies Act, 1960
Gvk Inds. Ltd & Anr vs The Income Tax Officer & Anr on 1 March, 2011
7. Considered the rival submissions and material placed on
record, we observe from the record that assessee has received
income under the head income from the cooperative banks which
are eligible to be claimed u/s. 80P(2)(d) of the Act. Since the
disallowance was made u/s. 143(1) of the Act assessee filed a
rectif ication application before Centralized Processing Centre,
Bangalore, however, the same was denied without giving any
proper reasons and assessee f iled the appeal before Ld.CIT(A)
and Ld.CIT(A) has not decided the issue on merit, however, he
proceeded to decide the issue on technical ground whether
assessee should file the appeal u/s. 143(1) or u/s. 154 of the
Act. After considering the overall facts on record and the issue
under consideration in our view, issue is squarely covered in
various decisions of the Hon'ble Supreme Court, various High
Courts and Coordinate Bench. In this regard, we observe that
Coordinate Bench has decided the issue in favour of the
assessee in the case of Ashoka Palace Co-Op. Hsg. Soc. Ltd. v.
ITO (supra) observing as under: -
The Income Tax Act, 1961
The Pr. Commissioner Of Income Tax, vs The Totagars Co-Operative Sale ... on 16 June, 2017
Thus, taking
support from the aforesaid judicial pronouncement of the Hon'ble
High Court of jurisdiction, we respectfully follow the view taken
by the Hon'ble High Court of Karnataka in the case of Principal
CIT & Anr. vs. Totagars Co-operative Sale Society (supra) and
Hon'ble High Court of Gujarat in the case of State Bank of India
vs. CIT (supra), wherein it was observed that the interest income
earned by a co-operative society on its investments held with a
co-operative bank would be eligible for claim of deduction under
s. 80P(2)(d) of the Act."