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215 tribunal orders from the Panaji bench in 2022.
Showing 40 of 215 orders. Use the months below for the rest.
The Tribunal held that the assessee is a credit cooperative society and not a cooperative bank, rejecting the Revenue's arguments. It further held that interest income earned on deposits with cooperative banks is eligible for deduction under Section 80P(2)(d).
The tribunal held that interest income earned by the assessee society on investments made with cooperative banks is exempt from tax under Section 80P(2)(d). The lower authorities were not justified in denying this deduction.
The Tribunal held that the assessee is eligible for the Section 54 deduction. It followed the jurisdictional High Court's decision which allowed deduction for multiple residential units, and noted that the amendment to Section 54 making it applicable to 'one residential house' was prospective.
The Tribunal held that interest income earned by a cooperative society from its investments with a cooperative bank is eligible for deduction under Section 80P(2)(d). The Tribunal followed the view that a cooperative society, being a cooperative society, is entitled to this deduction, even if the bank is a cooperative bank.
The Tribunal held that interest income earned by the assessee on investments made with cooperative banks is eligible for deduction under Section 80P(2)(d). It also allowed deduction for income derived from bill collection services on behalf of the government.
The Tribunal held that interest income from cooperative banks is eligible for deduction under Section 80P(2)(d). It also held that commission income from bill collection services for the government is eligible for deduction under Section 80P(2)(a)(i).
The Tribunal held that income earned by a cooperative society on investments made with other cooperative banks is eligible for deduction under Section 80P(2)(d) of the Income Tax Act. The lower authorities were not justified in denying this claim.
The Tribunal held that the assessee's registration as a co-operative credit society is the decisive factor for claiming deductions. It also ruled that interest income from co-operative banks is eligible for deduction under Section 80P(2)(d), and the disallowance under Section 40(a)(ia) was incorrect.
The Tribunal held that while agreements are not mandatory for every expenditure, the genuineness and business purpose must be examined. Since the revenue did not controvert the fact that TDS was deducted on commission payments, the matter was remitted back to the Assessing Officer.
The Tribunal held that no addition can be made based solely on an assessee's statement without corroborative material. The matter was remitted to the CIT(A) for a fresh decision after hearing the assessee.
The Tribunal held that no addition can be made based solely on an assessee's statement without corroborative material. The matter was remitted to the CIT(A) for a fresh decision after hearing the assessee.
The Tribunal held that while agreements are not mandatory for every expenditure, the genuineness and business purpose must be examined. Since the revenue did not controvert the fact that TDS was deducted on commission payments, the matter was remitted back to the Assessing Officer.
The Tribunal held that while agreements are not mandatory for every expenditure, the genuineness and business purpose must be examined. Since the revenue did not controvert the fact that TDS was deducted on commission payments, the matter was remitted back to the Assessing Officer.
The Tribunal noted the inherent contradictions in the assessee's statements regarding the source of cash. However, considering the assessee's claim that submissions were not properly considered by the CIT(A), the matter was remanded.
The Tribunal found merit in the assessee's arguments regarding the discrepancies in the Section 154 order and the lack of opportunity. Therefore, the matter was remanded to the CIT(A) for fresh adjudication.
The Tribunal noted that the Karnataka High Court has held that entities registered under the Karnataka Souharda Sahakari Act, 1997, fit the definition of 'Co-operative Society' under Section 2(19) of the Act and are entitled to the benefits of Section 80P. Since this decision was not before the lower authorities, the matter was remanded.
The Tribunal found that the applicability of the Karnataka Souharda Sahakari Act versus the Karnataka Co-operative Act was not adequately addressed. Therefore, the matter was remanded to the CIT(A) for fresh adjudication after detailed factual verification.
The Tribunal found that the registration status of the assessee and the exact bifurcation of interest income from different types of members were unclear. Therefore, the matter was remanded back to the CIT(A) for fresh adjudication after detailed factual verification.
The Tribunal found that the applicability of the Karnataka Souharda Sahakari Act versus the Karnataka Co-operative Act was not adequately addressed. Therefore, the matter was remanded to the CIT(A) for fresh adjudication after detailed factual verification.
The Tribunal held that interest income earned on investments with other cooperative societies is eligible for deduction under Section 80P(2)(d). It also directed that disallowances under Sections 40(a)(ia) and 36(1) would qualify for exemption under Section 80P(2)(a)(i) as part of business income.
The Tribunal held that technicalities should not stand in the way of substantial justice. The appeal was restored to the CIT(A) for fresh adjudication on merits.
The Tribunal held that the assessee, being a co-operative society, is eligible for the deduction under Section 80P(2)(a)(i) even if it operates as a co-operative bank. The interest income earned from deposits in other co-operative banks is also eligible for deduction under Section 80P(2)(d).
The Tribunal found merit in the assessee's argument that past savings and cash in hand were not adequately considered. Consequently, the addition was restricted to Rs. 80,000, with a note that this decision should not be treated as a precedent.
The Tribunal held that cooperative societies registered under the Karnataka Souharda Sahakari Act, 1997, are eligible for deductions under Section 80P(2)(a)(i). This decision was based on a jurisdictional High Court ruling that such societies fall within the definition of a cooperative society under Section 2(19) of the Income Tax Act.
The Tribunal held that Section 5A of the Act, which mandates apportionment of income, also requires consequential apportionment of TDS. The assessee's argument that TDS credit should not be apportioned was rejected.
The Tribunal held that cooperative societies registered under the Karnataka Souharda Sahakari Act, 1997, are eligible for deductions under Section 80P(2)(a)(i). This decision was based on a jurisdictional High Court ruling that such societies fall within the definition of a cooperative society under Section 2(19) of the Income Tax Act.
The Tribunal held that cooperative societies registered under the Karnataka Souharda Sahakari Act, 1997, are eligible for deductions under Section 80P(2)(a)(i). This decision was based on a jurisdictional High Court ruling that such societies fall within the definition of a cooperative society under Section 2(19) of the Income Tax Act.
The assessee requested to withdraw both appeals due to the Vivad Se Vishwas Scheme application. The Revenue had no objection to the withdrawal.
The Tribunal allowed the assessee's request to withdraw the appeal. The Revenue did not object to the withdrawal.
The Tribunal held that interest income derived by a cooperative society from its investments with a cooperative bank is eligible for deduction under Section 80P(2)(d). The Tribunal relied on various High Court and ITAT judgments to support this view.
The assessee requested to withdraw both appeals due to opting for the Vivad Se Vishwas Scheme. The Revenue had no objection to the withdrawal.
The Tribunal found that the additions and disallowances were based on estimation without considering precedents. The Tribunal reduced the confirmed addition from Rs. 44,000 to Rs. 30,000 and the expenditure disallowance from Rs. 2,55,000 to Rs. 1,00,000.
The Tribunal found that neither the assessee's submission nor the Revenue's estimation was entirely acceptable. The Tribunal reduced the estimated net profit from 2% to 1.3%, stating it should not be treated as a precedent.
The Tribunal held that societies registered under the Karnataka Souhardha Sahakari Act, 1997, are indeed cooperative societies within the meaning of Section 2(19) of the Income Tax Act. Therefore, the disallowance of Section 80P deductions was incorrect.
The Tribunal reversed the CIT(A)'s orders, holding that the CIT(A) erred in deleting additions without verifying refund details with the Assessing Officer and by admitting additional evidence in violation of Rule 46A. The Tribunal accepted the Revenue's appeals.
The Tribunal reversed the CIT(A)'s orders, holding that the CIT(A) erred in deleting additions without verifying refund details with the Assessing Officer and by admitting additional evidence in violation of Rule 46A. The Tribunal accepted the Revenue's appeals.
The Tribunal found that the CIT(A) had not examined the exemption claim and had dismissed the appeal for non-prosecution without deciding on merits. Therefore, the matter was remanded back to the CIT(A) for a fresh decision.
The Tribunal held that societies registered under the Karnataka Souhardha Sahakari Act, 1997, are indeed cooperative societies within the meaning of Section 2(19) of the Income Tax Act. Therefore, the disallowance of Section 80P deductions was incorrect.
The Tribunal held that the distinction between nominal and regular members is irrelevant, following a Supreme Court decision. The disallowance of the Section 80P deduction was therefore deleted.
The Tribunal partly allowed the appeal regarding vehicle expenses, restricting the disallowance to Rs. 61,082/-. The disallowance of the R.K. Furnaces credit balance was dismissed. The addition for the M/s. Vinsura Winery Pvt. Ltd. credit balance was allowed, considering the provided documentary evidence and reduction in the balance.