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Mysore Universityh Employees Co-Op ... vs Income-Tax Officer, Ward 1(1), Mysore on 15 April, 2026
cites
Section 56 in The Income Tax Act, 1961 [Entire Act]
Section 80HHC in The Income Tax Act, 1961 [Entire Act]
M/S Tumkur Merchants Souharda Credit ... vs Assessee on 19 February, 2014
12. The facts of the case of the assessee before us is entirely different as the amount
which was deposited in the bank was not an amount due to the members and it was not
the liability of the society to the members and, therefore, the interest earned from such
deposits in the bank should be held to be eligible for deduction under section
80P(2)(a)(i) of the Act. Yet again in Tumkur Merchants Souharda Credit Cooperative
Ltd. v. ITO [2015] 55 taxmann.com 447/ 230 Taxman 309 (Kar) identical issue was
considered and it was held that where Cooperative Society was engaged in the business
of providing credit facilities to its members, they deposited excess amount for short
term in banks, interest earned was entitled to be deducted under section 80P of the Act.
Article 141 in Constitution of India [Constitution]
Section 147 in The Income Tax Act, 1961 [Entire Act]
East India Commerclal Co., Ltd. ... vs The Collector Of Customs, Calcutta on 4 May, 1962
It is also well-settled that though there is no specific provision making the law declared
by the High Court binding on subordinate courts, it is implicit in the power of
supervision conferred on a superior Tribunal that the Tribunals subject to its
supervision would confirm to the law laid down by it. It is in that view of the matter that
the Supreme Court in East India Commercial Co, Ltd. v. Collector of Customs, AIR
1962 SC 1893 (at page 1905) declared :
Commissioner Of Income-Tax vs Thana Electricity Supply Ltd. on 22 April, 1993
11.6 In the absence of a decision of the Hon'ble jurisdictional High
Court, the Tribunal may rely upon judgments of other High Courts as
persuasive precedents. The Hon'ble Bombay High Court in CIT v. Thana
Electricity Supply Ltd. (supra) explained that when conflicting decisions
of Hon'ble Non-Jurisdictional High Courts exist, the Tribunal may adopt
the view it considers more reasonable.