CIT v. Grain Merchants Co-operative Bank Ltd.

Prathamika Krishi Pattin Shakari Bank Niyamith, Vijayapur vs. ITO, Vijayapur

Bench: Smt. Asha Vijayaraghavan & Shri Abraham P. Georgeassessment Year : 2012-13

…e of Sri Renuka Devi Urban Credit Co.op. Society Ltd. v. CIT (ITA No.5008/2009) are different from the assessee’s case. It was pointed out b the CIT(A) that the Hon’ble High Court of Karnataka in the case of CIT v. Grain Merchants Co-op. Bank Ltd. reported in 267 ITR 742 (Kar) wherein it was held that interest earned on the deposits made by the assessee engaged in any banking activity is exempt u/s. 80P of the Act. The CIT(A) was of the view that in the instant case the facts are different as the assessee is not engaged in ‘banking’ activity and it is only a credit society offering credit facilities and agricultu…

M/S Bajpe Vyavasaya Seva Sahakari Bank Niyamitha, Mangalore vs. ITO, Mangalore

In the result, the assessee’s appeal for assessment year :2010-11 is allowed”

Bench: Smt. Asha Vijayaraghavan & Shri Inturi Rama Raom/S Bajpe Vyavasaya Seva Sahakari Bank Niyamitha, D No.3-67, Bajpe, Mangalore. . Appellant Vs. The Income-Tax Officer, Ward - 1(3), Mangalore. . Respondent

…dentical to that of the case which is decided by the Co-ordinate Bench in ITA No.727(Bang.)/2015 for the assessment year : 2009-10, which follows the decision of the Hon’ble High Court of Karnataka in the case of CIT Vs Grain Merchants Co-operative Bank Ltd., 267 ITR 742 and Tumkur Merchants Souharda Credit Co-operative Ltd., Vs ITO 55 Taxmann.com 447 (Kar.) and we hold that the learned CIT(A) was not correct in denying the assessee’s claim of deduction u/s 80P(2)(a)(i) of the IT Act, 1961 amounting to Rs.28,75,000/-. 12. In the result, the appeal of assessee is allowed. ITA No.1028/B/15 10 Order pronounced…

The Chitradurga City Multi Purpose Co-Op Society, Chitradurga vs. CIT, Davangere

In the result, appeal of the assessee is partly allowed for statistical purpose

Bench: Shri. N. V. Vasudevan & Shri. Abraham P. George

…ya Group Gramagala Seva Sahakari Sangha Niyamitha V. CIT [ITA Nos.609 & 610/Bang/2014, dt.06.02.2015]. Vis-a-vis the rental income, Ld. AR submitted that Hon’ble jurisdictional High Court in the case of CIT v. The Grain Merchants Co-operative Bank Ltd [(2004) 267 ITR 742], had held that income received from letting out of premises was a part of the income from ITA.302/Bang/2014 Page - 4 the business of banking. As per the Ld. AR, banking business as per clause ((b) of Section 6 of the Banking Regulation Act, 1949, took into its ambit various types of business referred in clause (a) to (o) of sub-section (1) of s…

M/S Farmers Agricultural Credit Co-Operative Society Ltd., Koppa vs. ITO, Mysore

In the result, the assessee’s appeal for assessment year

Bench: Smt. Asha Vijayaraghavan, Jm (Smc)

…ase which is decided by the Co-ordinate Bench in ITA 8 ITA No.727(Bang)2015 No.21(Bang.)/2015 for the assessment year : 2010-11, which follows the decision of the Hon’ble High Court of Karnataka in the case of CIT Vs Grain Merchants Co-operative Bank Ltd., 267 ITR 742 and Tumkur Merchants Souharda Credit Co-operative Ltd., Vs ITO 55 Taxmann.com 447 (Kar.) and I hold that the learned CIT(A) was not correct in denying the assessee’s claim of deduction u/s 80P(2)(a)(i) of the IT Act, 1961 amounting to Rs.12,78,331/-. 9. With regard to ground nos.5 & 6, the assessee denies itself liable to be charged to surcha…