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1 - 10 of 27 (0.43 seconds)Commissioner Of Income-Tax, Kerala vs South Indian Bank Ltd. Trichur on 23 November, 1965
In fact, the said question is squarely covered by the decision of this Court in South Indian Bank Ltd. 's case (241 ITR 374). This Court in the above decision held that the interest paid for the broken period would constitute allowable outgo in the hands of the assessee and is an admissible deduction in the computation of total income of the Bank under the head profits and gains of business or profession. In view of the said decision, we are in full agreement with the order of the tribunal allowing the said claim.
Mehsana District Central Co-Operative ... vs Income-Tax Officer on 30 August, 2001
19. This decision is followed by the same Bench of the Supreme Court in Maharashtra District Central Co-operative Bank v. Income Tax Officer ((251) ITR 522).
Section 53 in The Banking Regulation Act, 1949 [Entire Act]
Bihar State Co-Operative Bank Ltd. vs Commissioner Of Income-Tax on 2 July, 1957
For holding so, the Division Bench relied on the decision of the Supreme Court in Bihar State Co-operative Bank Ltd. v. Commissioner of Income Tax ((1960) 39 ITR 114 at Page 122), the relevant portion of which is extracted below:
Malabar Co-Operative Central Bank Ltd. vs Commissioner Of Income-Tax on 10 October, 1973
The Supreme Court held that the observations made by the Supreme Court on the decision in Madhya Pradesh Co-operative Bank's case ((1996) 218 ITR 438) was clearly a reasoned decision. This is what the Supreme Court has observed with reference to the decision rendered in the above decision:
Section 19 in The Banking Regulation Act, 1949 [Entire Act]
Commissioner Of Income-Tax vs Karnataka State Co-Operative Apex Bank on 16 August, 2000
18. Again, the question came up for consideration before the Supreme Court in Commissioner of Income Tax v. Karnataka State Co-operative Apex Bank ((2001) 251 ITR 194). There also, the question was as to whether interest arising from investment in compliance with the statutory provisions to enable a Co-operative Society to carry on banking business is exempted under Section 80P(2)(a)(i) of the Act. It was held that the placement of such funds being imperative for the purpose of carrying banking business, the income therefrom would be income from the assessee's business.
Section 24 in The Banking Regulation Act, 1949 [Entire Act]
M.P. Cooperative Bank Ltd., Jabalpur vs Addl. Commissioner Of Income Tax, M.P. ... on 19 January, 1996
23. We are unable to appreciate as to how the said decision has got any application to the facts of this case. As we have already noted, there is no case for the Department that the assessee has not filed any return or that the return filed is not in accordance with the provisions of the Act and the Rules. In fact the assessee had furnished all the required details in the return and had only claimed depreciation of the loss suffered on account of the re-valuation of the securities.