Cooperative Bank v. ACIT

Vidharbha Konkan Gramin Bank, Nagpur vs. Income Tax Officer Ward 1(5), Nagpur

In the result, appeal filed by the assessee for A

Bench: Shri V. Durga Rao & Shri K.M. Roy, Accountant, Member

…CIT (A) ought to have atleast allowed the claim of the appellant that the deduction should be based on gross provision made and not the net provision made. Reliance is placed on decision of Hon'ble ITAT Cochin in the case of Kannur District Cooperative Bank (136 ITD 102). 3. The Ld.CIT (A) erred in confirming the disallowance of deduction u/s 36(1)(viii) of the Income Tax Act on the ground that no special reserve had been created even when in financial year 2014-15 following the current financial year 2013-14 the appellant had created the requisite Special Reserve from profits chargeable to tax for that year and…

Vidharbha Konkan Gramin Bank, Nagpur vs. Income Tax Officer Ward 1(5), Nagpur

In the result, appeal filed by the assessee for A

Bench: Shri V. Durga Rao & Shri K.M. Roy, Accountant, Member

…CIT (A) ought to have atleast allowed the claim of the appellant that the deduction should be based on gross provision made and not the net provision made. Reliance is placed on decision of Hon'ble ITAT Cochin in the case of Kannur District Cooperative Bank (136 ITD 102). 3. The Ld.CIT (A) erred in confirming the disallowance of deduction u/s 36(1)(viii) of the Income Tax Act on the ground that no special reserve had been created even when in financial year 2014-15 following the current financial year 2013-14 the appellant had created the requisite Special Reserve from profits chargeable to tax for that year and…

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

…its reply dated 28.12.2015, contents of which is extracted by assessing officer in para-4 of his order. To support their claim, the assessee relied on CBDT Circular No. 10 of 2008, decision of Cochin Tribunal in Kannur District Cooperative Bank Limited (2012) 136 ITD 102 dated 23.03.2012 and Kerala High Court in Kannur district Co-operative Bank Limited Vs CIT (2014) 365 ITR 343 (Kerala). The explanations and submissions of the assessee was not accepted by the assessing officer by taking view that the case law relied by the assessee is not of the jurisdictional High Court. The assessing officer also held that for…

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

…its reply dated 28.12.2015, contents of which is extracted by assessing officer in para-4 of his order. To support their claim, the assessee relied on CBDT Circular No. 10 of 2008, decision of Cochin Tribunal in Kannur District Cooperative Bank Limited (2012) 136 ITD 102 dated 23.03.2012 and Kerala High Court in Kannur district Co-operative Bank Limited Vs CIT (2014) 365 ITR 343 (Kerala). The explanations and submissions of the assessee was not accepted by the assessing officer by taking view that the case law relied by the assessee is not of the jurisdictional High Court. The assessing officer also held that for…

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

…its reply dated 28.12.2015, contents of which is extracted by assessing officer in para-4 of his order. To support their claim, the assessee relied on CBDT Circular No. 10 of 2008, decision of Cochin Tribunal in Kannur District Cooperative Bank Limited (2012) 136 ITD 102 dated 23.03.2012 and Kerala High Court in Kannur district Co-operative Bank Limited Vs CIT (2014) 365 ITR 343 (Kerala). The explanations and submissions of the assessee was not accepted by the assessing officer by taking view that the case law relied by the assessee is not of the jurisdictional High Court. The assessing officer also held that for…

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

…the assessee is eligible for deduction under section 36(1)(viia). The assessee also relied on certain case laws. 13. The ld CIT(A) after considering the submissions of the assessee noted that Cochin Tribunal in Kannur district Cooperative Bank Vs ACIT (2012) (136 ITD 102) held that under Banking Regulation Act, 1949, “The banking company” also includes “Cooperative Bank” and further held that as per definition of “Non-schedule Bank” given in the explanation under Section 37(1)(viia) a “banking company” as defined in Section (c) of Banking Regulation Act, which is not a scheduled bank is classified as Non-schedule…

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

…the assessee is eligible for deduction under section 36(1)(viia). The assessee also relied on certain case laws. 13. The ld CIT(A) after considering the submissions of the assessee noted that Cochin Tribunal in Kannur district Cooperative Bank Vs ACIT (2012) (136 ITD 102) held that under Banking Regulation Act, 1949, “The banking company” also includes “Cooperative Bank” and further held that as per definition of “Non-schedule Bank” given in the explanation under Section 37(1)(viia) a “banking company” as defined in Section (c) of Banking Regulation Act, which is not a scheduled bank is classified as Non-schedule…

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

…the assessee is eligible for deduction under section 36(1)(viia). The assessee also relied on certain case laws. 13. The ld CIT(A) after considering the submissions of the assessee noted that Cochin Tribunal in Kannur district Cooperative Bank Vs ACIT (2012) (136 ITD 102) held that under Banking Regulation Act, 1949, “The banking company” also includes “Cooperative Bank” and further held that as per definition of “Non-schedule Bank” given in the explanation under Section 37(1)(viia) a “banking company” as defined in Section (c) of Banking Regulation Act, which is not a scheduled bank is classified as Non-schedule…

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

…the assessee is eligible for deduction under section 36(1)(viia). The assessee also relied on certain case laws. 13. The ld CIT(A) after considering the submissions of the assessee noted that Cochin Tribunal in Kannur district Cooperative Bank Vs ACIT (2012) (136 ITD 102) held that under Banking Regulation Act, 1949, “The banking company” also includes “Cooperative Bank” and further held that as per definition of “Non-schedule Bank” given in the explanation under Section 37(1)(viia) a “banking company” as defined in Section (c) of Banking Regulation Act, which is not a scheduled bank is classified as Non-schedule…

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

…the assessee is eligible for deduction under section 36(1)(viia). The assessee also relied on certain case laws. 13. The ld CIT(A) after considering the submissions of the assessee noted that Cochin Tribunal in Kannur district Cooperative Bank Vs ACIT (2012) (136 ITD 102) held that under Banking Regulation Act, 1949, “The banking company” also includes “Cooperative Bank” and further held that as per definition of “Non-schedule Bank” given in the explanation under Section 37(1)(viia) a “banking company” as defined in Section (c) of Banking Regulation Act, which is not a scheduled bank is classified as Non-schedule…

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

Bench: Shri Pawan Singh & Dr. Arjun Lal Saini

…the assessee is eligible for deduction under section 36(1)(viia). The assessee also relied on certain case laws. 13. The ld CIT(A) after considering the submissions of the assessee noted that Cochin Tribunal in Kannur district Cooperative Bank Vs ACIT (2012) (136 ITD 102) held that under Banking Regulation Act, 1949, “The banking company” also includes “Cooperative Bank” and further held that as per definition of “Non-schedule Bank” given in the explanation under Section 37(1)(viia) a “banking company” as defined in Section (c) of Banking Regulation Act, which is not a scheduled bank is classified as Non-schedule…

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

Bench: Shri Pawan Singh & Dr. Arjun Lal Saini

…the assessee is eligible for deduction under section 36(1)(viia). The assessee also relied on certain case laws. 13. The ld CIT(A) after considering the submissions of the assessee noted that Cochin Tribunal in Kannur district Cooperative Bank Vs ACIT (2012) (136 ITD 102) held that under Banking Regulation Act, 1949, “The banking company” also includes “Cooperative Bank” and further held that as per definition of “Non-schedule Bank” given in the explanation under Section 37(1)(viia) a “banking company” as defined in Section (c) of Banking Regulation Act, which is not a scheduled bank is classified as Non-schedule…

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

Bench: Shri Pawan Singh & Dr. Arjun Lal Saini

…the assessee is eligible for deduction under section 36(1)(viia). The assessee also relied on certain case laws. 13. The ld CIT(A) after considering the submissions of the assessee noted that Cochin Tribunal in Kannur district Cooperative Bank Vs ACIT (2012) (136 ITD 102) held that under Banking Regulation Act, 1949, “The banking company” also includes “Cooperative Bank” and further held that as per definition of “Non-schedule Bank” given in the explanation under Section 37(1)(viia) a “banking company” as defined in Section (c) of Banking Regulation Act, which is not a scheduled bank is classified as Non-schedule…