CIT v. Lord Krishna Bank Ltd.

Deputy Commissioner of Income Tax, Cir-2(1)(1), Baroda vs. The Bharuch Dis Cent Co-Op Bank Ltd., Bharuch

Bench: Shri Pawan Singh & Dr. Arjun Lal Saini

…enefit of 10% of aggregate of average advances is applicable to cooperative bank also, provided rural branches have advanced such amounts and such rural branches means a branch as explained under explanation (ia) as held by the High Court in Lord Krishna Bank 339 ITR 606. The ld. CIT(A) by following the decision of Tribunal held that assessee is DCIT Vs Bharuch Dist. Cent. Co-Op Bank ltd. eligible for deduction of 10% of aggregate average advances also as advanced by its rural branch. 27.Before us, the ld. AR of the assessee also vehemently submitted that it is a settled position in the law that explanation to S…

Deputy Commissioner of Income Tax, Cir-2(1)(1), Baroda vs. The Bharuch Dis Cent Co-Op Bank Ltd., Bharuch

Bench: Shri Pawan Singh & Dr. Arjun Lal Saini

…enefit of 10% of aggregate of average advances is applicable to cooperative bank also, provided rural branches have advanced such amounts and such rural branches means a branch as explained under explanation (ia) as held by the High Court in Lord Krishna Bank 339 ITR 606. The ld. CIT(A) by following the decision of Tribunal held that assessee is DCIT Vs Bharuch Dist. Cent. Co-Op Bank ltd. eligible for deduction of 10% of aggregate average advances also as advanced by its rural branch. 27.Before us, the ld. AR of the assessee also vehemently submitted that it is a settled position in the law that explanation to S…

The Bharuch Dist.Central Co.Op.Bank Ltd., Bharuch vs. The Assistant Commissioner of Income Tax, Circle-1, Bharuch

Bench: Shri Pawan Singh & Dr. Arjun Lal Saini

…enefit of 10% of aggregate of average advances is applicable to cooperative bank also, provided rural branches have advanced such amounts and such rural branches means a branch as explained under explanation (ia) as held by the High Court in Lord Krishna Bank 339 ITR 606 (Ker). 14. The ld. CIT(A) by following the decision of Tribunal held that assessee is eligible for deduction of 10% of aggregate average advances also as advanced by its rural branch. The assessee 23 Bharuch Dist. Central Co-Op.Bank Ltd. AYs 12-13, 14-15, 09-10-11-12 has claimed total deduction of Rs. 8.567crores which also includes deduction o…

The Bharuch Dist.Central Co.Op.Bank Ltd., Bharuch vs. The Assistant Commissioner of Income Tax, Circle-1, Bharuch

Bench: Shri Pawan Singh & Dr. Arjun Lal Saini

…enefit of 10% of aggregate of average advances is applicable to cooperative bank also, provided rural branches have advanced such amounts and such rural branches means a branch as explained under explanation (ia) as held by the High Court in Lord Krishna Bank 339 ITR 606 (Ker). 14. The ld. CIT(A) by following the decision of Tribunal held that assessee is eligible for deduction of 10% of aggregate average advances also as advanced by its rural branch. The assessee 23 Bharuch Dist. Central Co-Op.Bank Ltd. AYs 12-13, 14-15, 09-10-11-12 has claimed total deduction of Rs. 8.567crores which also includes deduction o…

Bharuch District Central Co.-Op. Bank Ltd., Bharuch vs. The Additional Commissioner of Income Tax, Bhaurch Range, Bharuch

Bench: Shri Pawan Singh & Dr. Arjun Lal Saini

…enefit of 10% of aggregate of average advances is applicable to cooperative bank also, provided rural branches have advanced such amounts and such rural branches means a branch as explained under explanation (ia) as held by the High Court in Lord Krishna Bank 339 ITR 606 (Ker). 14. The ld. CIT(A) by following the decision of Tribunal held that assessee is eligible for deduction of 10% of aggregate average advances also as advanced by its rural branch. The assessee 23 Bharuch Dist. Central Co-Op.Bank Ltd. AYs 12-13, 14-15, 09-10-11-12 has claimed total deduction of Rs. 8.567crores which also includes deduction o…

Bharuch District Central Co.-Op. Bank Ltd., Bharuch vs. The Additional Commissioner of Income Tax, Bhaurch Range, Bharuch

Bench: Shri Pawan Singh & Dr. Arjun Lal Saini

…enefit of 10% of aggregate of average advances is applicable to cooperative bank also, provided rural branches have advanced such amounts and such rural branches means a branch as explained under explanation (ia) as held by the High Court in Lord Krishna Bank 339 ITR 606 (Ker). 14. The ld. CIT(A) by following the decision of Tribunal held that assessee is eligible for deduction of 10% of aggregate average advances also as advanced by its rural branch. The assessee 23 Bharuch Dist. Central Co-Op.Bank Ltd. AYs 12-13, 14-15, 09-10-11-12 has claimed total deduction of Rs. 8.567crores which also includes deduction o…

Bharuch District Central Co.-Op. Bank Ltd., Bharuch vs. The Additional Commissioner of Income Tax, Bhaurch Range, Bharuch

Bench: Shri Pawan Singh & Dr. Arjun Lal Saini

…enefit of 10% of aggregate of average advances is applicable to cooperative bank also, provided rural branches have advanced such amounts and such rural branches means a branch as explained under explanation (ia) as held by the High Court in Lord Krishna Bank 339 ITR 606 (Ker). 14. The ld. CIT(A) by following the decision of Tribunal held that assessee is eligible for deduction of 10% of aggregate average advances also as advanced by its rural branch. The assessee 23 Bharuch Dist. Central Co-Op.Bank Ltd. AYs 12-13, 14-15, 09-10-11-12 has claimed total deduction of Rs. 8.567crores which also includes deduction o…

The ACIT, Circle-1, Bharuch vs. Bharuch District Central Co. Op. Bank Ltd., Bharuch

Bench: Shri Pawan Singh & Dr. Arjun Lal Saini

…enefit of 10% of aggregate of average advances is applicable to cooperative bank also, provided rural branches have advanced such amounts and such rural branches means a branch as explained under explanation (ia) as held by the High Court in Lord Krishna Bank 339 ITR 606 (Ker). 14. The ld. CIT(A) by following the decision of Tribunal held that assessee is eligible for deduction of 10% of aggregate average advances also as advanced by its rural branch. The assessee 23 Bharuch Dist. Central Co-Op.Bank Ltd. AYs 12-13, 14-15, 09-10-11-12 has claimed total deduction of Rs. 8.567crores which also includes deduction o…

The ACIT, Circle-1, Bharuch vs. Bharuch District Central Co. Op. Bank Ltd., Bharuch

Bench: Shri Pawan Singh & Dr. Arjun Lal Saini

…enefit of 10% of aggregate of average advances is applicable to cooperative bank also, provided rural branches have advanced such amounts and such rural branches means a branch as explained under explanation (ia) as held by the High Court in Lord Krishna Bank 339 ITR 606 (Ker). 14. The ld. CIT(A) by following the decision of Tribunal held that assessee is eligible for deduction of 10% of aggregate average advances also as advanced by its rural branch. The assessee 23 Bharuch Dist. Central Co-Op.Bank Ltd. AYs 12-13, 14-15, 09-10-11-12 has claimed total deduction of Rs. 8.567crores which also includes deduction o…

The ACIT, Circle-1, Bharuch vs. Bharuch District Central Co. Op. Bank Ltd., Bharuch

Bench: Shri Pawan Singh & Dr. Arjun Lal Saini

…enefit of 10% of aggregate of average advances is applicable to cooperative bank also, provided rural branches have advanced such amounts and such rural branches means a branch as explained under explanation (ia) as held by the High Court in Lord Krishna Bank 339 ITR 606 (Ker). 14. The ld. CIT(A) by following the decision of Tribunal held that assessee is eligible for deduction of 10% of aggregate average advances also as advanced by its rural branch. The assessee 23 Bharuch Dist. Central Co-Op.Bank Ltd. AYs 12-13, 14-15, 09-10-11-12 has claimed total deduction of Rs. 8.567crores which also includes deduction o…

Assistant Commissioner of Income Tax, Circle -1, Eluru vs. The Eluru Co-Operative Urban Bank Limited, Eluru

In the result, cross objection filed by the assessee is partly allowed

Bench: Shri Duvvuru Rl Reddy, Hon’Ble & Shri S Balakrishnan, Hon’Bleआयकर अऩीऱ सं./ I.T.A. No.384/Viz/2018 (ननधधारण वषा / Ay:2010-11) Asst. Commissioner Of Income Vs. The Eluru Cooperative Urban Tax, Bank Limited, Circle-1, Eluru. Eluru. Pan: Aaabt 0168 L (अऩीऱधथी/ Appellant) (प्रत्यथी/ Respondent) C.O. No.108/Viz/2019 (In आयकर अऩीऱ सं./ I.T.A. No.384/Viz/2018) (ननधधारण वषा / Ay :2010-11) The Eluru Cooperative Urban Vs. Asst. Commissioner Of Bank Limited, Income Tax, Eluru. Circle-1, Pan: Aaabt 0168 L Eluru. (अऩीऱधथी/ Appellant) (प्रत्यथी/ Respondent) अऩीऱधथी की ओर से/ Appellant By : Sri C. Subrahmanyam प्रत्यधथी की ओर से / Respondent By : Sri Spg Mudaliar, Sr. Ar

…आयकर अपीऱीयअधिकरण, विशाखापटणम पीठ, विशाखापटणम IN THE INCOME TAX APPELLATE TRIBUNAL, VISAKHAPATNAM BENCH, VISAKHAPATNAM श्री दुव्िूरु आर एऱ रेड्डी, न्याययक सदस्य एिं श्री एस बाऱाकृष्णन, ऱेखा सदस्य के समक्ष BEFORE SHRI DUVVURU RL REDDY, HON’BLE JUDICIAL MEMBER & SHRI S BALAKRISHNAN, HON’BLE ACCOUNTANT MEMBER आयकर अऩीऱ सं./ I.T.A. No.384/Viz/2018 (ननधधारण वषा / AY:2010-11) Asst. Commissioner of Income Vs. The Eluru Cooperative Urban Tax, Bank Limited, Circle-1, Eluru. Eluru. PAN: AAABT 0168 L (अऩीऱधथी/ Appellant) (प्रत्यथी/ Respondent) C.O. No.108/Viz/2019 (In आयकर अऩीऱ सं./ I.T.A. No.384/Viz/2018) (ननधधारण वषा / AY…

Zila Sahkari Bank Ltd, Mirzapur vs. Jt. C.I.T., Mirzapur

In the result, appeal filed by the assessee in ITA no

Bench: Shrivijay Pal Rao & Shri Ramit Kochar

…age as recognized in the census report and then reference is to the population criteria as specified in Explanation (ia) to Section 36(1)(viia). Reference is drawn to judgment of Hon’ble Kerala High Court in the case of CIT v. Lord Krishna Bank Limited (2011) 339 ITR 606(Ker. HC ) and judgment of Hon’ble Kerala High Court in the case of Ernakulam District Co-operative Bank Limited v. CIT reported in (2018) 98 taxmann.com 488(Ker. HC). We are in agreement with the afore-stated judgments of Hon’ble Kerala High Court. It is also observed that similar view was taken by Mumbai-tribunal in the case of Citizen Credit Co…

Zila Sahkari Bank Ltd., Mirzapur vs. Asstt. Commisioner of Income Tax, Mirzapur

In the result, appeal filed by the assessee in ITA no

Bench: Shrivijay Pal Rao & Shri Ramit Kochar

…age as recognized in the census report and then reference is to the population criteria as specified in Explanation (ia) to Section 36(1)(viia). Reference is drawn to judgment of Hon’ble Kerala High Court in the case of CIT v. Lord Krishna Bank Limited (2011) 339 ITR 606(Ker. HC ) and judgment of Hon’ble Kerala High Court in the case of Ernakulam District Co-operative Bank Limited v. CIT reported in (2018) 98 taxmann.com 488(Ker. HC). We are in agreement with the afore-stated judgments of Hon’ble Kerala High Court. It is also observed that similar view was taken by Mumbai-tribunal in the case of Citizen Credit Co…

The Kozhikode District Co-Operative Bank Ltd vs. Commissioner of Income Tax

Appeals stand dismissed

Bench: HONOURABLE MR.JUSTICE S.V.BHATTI,HONOURABLE MR.JUSTICE VIJU ABRAHAM

…f the order of the Tribunal reads as follows: "We have heard the rival submissions and perused the material on record. The Cochin Bench of the Tribunal in assessee's own case for the assessment years 2008-09 and 2009-10 in ITA Nos.168 & 1 (2011) 339 ITR 606 Ker. ITA Nos.59 of 2018 & 24 of 2019 4 169/Coch/2015 vide order dated 19.11.2015 had decided an identical issue against the assessee. The co-ordinate Bench of the Tribunal had followed the judgment of the Hon'ble Jurisdictional High Court in the case of CIT v Lord Krishna Bank Ltd. (supra). The…

The Principal Commissioner of Income Tax, Kochi 2 vs. Ernakulam District Co-Operative Bank Ltd

Bench: HONOURABLE MR.JUSTICE S.V.BHATTI,HONOURABLE MR.JUSTICE VIJU ABRAHAM

…debt of the rural branches. There is no infirmity of law or fact, in the consideration of the Tribunal. Hence the question is answered in favour of assessee and against the revenue. 8. Question No.3 is a mixture of the conclusions recorded 2 (2011) 339 ITR 606 Ker. ITA No.63 of 2017 8 by the Tribunal in answering the above questions. In our considered view, particularly, for the view we have taken in the preceding paragraphs, this question is answered in favour of assessee and against the revenue. The three questions raised are answered in fav…

The Commissioner of Income Tax vs. Dhanalakshmi Bank Ltd., Trichur

Bench: HONOURABLE MR.JUSTICE S.V.BHATTI,HONOURABLE MR. JUSTICE BECHU KURIAN THOMAS

…istake as a mistake warranting rectification under Section 154 of the Act. He argued that the orders of CIT (Appeals) and the Tribunal are vitiated by liberal construction of Section 154 of the Act and hence, warrants interference of this Court. He 1 (2011) 339 ITR 606 (Ker) I.T.A. No.485/2009 -7- prays for allowing the appeal. 6. Learned Advocate Mr. Mohan Pulickkal objects to consideration of any of the reasons stated in the notice issued under Section 154 of the Act to appreciate whether the mistake pointed out by the Assistant Commissioner of Income Tax is a mistake, as a matter of fact or not. Acc…

The Commissioner of Income Tax vs. The South Indian Bank Ltd

The appeal is allowed in part, answering question no

Bench: HONOURABLE MR.JUSTICE S.V.BHATTI,HONOURABLE MR. JUSTICE BECHU KURIAN THOMAS

…als with valuation of unquoted securities, adopted by the assessee whether is correct or not. This Court in Commissioner of Income Tax v. Nedungadi Bank Ltd1 and Commissioner of Income Tax v. Lord Krishna Bank Ltd2 has 1 (2003) 264 ITR 545 (Ker.) 2 (2011) 339 ITR 606 (Ker) I.T.A. No.802/2009 -5- answered the said issue in favour of the assessee and against the Revenue. The operative portion of the reported judgments reads thus: “Nedungadi Bank Ltd (supra) For all these reasons, we are of the view that the Income-tax Appellate Tribunal has rightly held that the securities held by the assessee-bank in all…

The Commissioner of Income Tax, Trichur vs. The South Indian Bank Ltd., Trichur

Appeal stands dismissed

Bench: HONOURABLE MR.JUSTICE S.V.BHATTI,HONOURABLE MR. JUSTICE BECHU KURIAN THOMAS

…the revaluation of the said securities at the close of the year is an allowable deduction in the computation of the profits of the appellant. This disposes of the first two questions mentioned in para. 10 (page 552) above” 2 (2003) 264 ITR 545 (Ker.) 3 (2011) 339 ITR 606 (Ker) I.T.A. No.178/2009 -7- Lord Krishna Bank Ltd (Supra) “The first question raised pertains to valuation of unquoted Government securities. Since securities involved are not quoted in the market, market price is not known. The assessee treats the unquoted Government securities as current assets and, therefore, it has to work out th…

Thecommissioner of Income Tax, Trichur vs. Catholic Syrian Bank Ltd., Trichur

Appeal stands dismissed

Bench: HONOURABLE MR.JUSTICE S.V.BHATTI,HONOURABLE MR. JUSTICE BECHU KURIAN THOMAS

…whether is correct or not. The question is no more res integra and is answered by following the precedents in Commissioner of Income Tax v. Nedungadi Bank Ltd2 and Commissioner of Income Tax v. Lord Krishna Bank Ltd3, and 2 (2003) 264 ITR 545 (Ker.) 3 (2011) 339 ITR 606 (Ker) I.T.A. No.1439/2009 -6- this Court had answered the issue in favour of the assessee. The operative portion of the reported judgments is excerpted hereunder: “Nedungadi Bank Ltd (supra) For all these reasons, we are of the view that the Income-tax Appellate Tribunal has rightly held that the securities held by the assessee-bank i…