THE DCIT, CIRCLE-1(1)(1),, VADODARA vs. M/S. GUJARAT INFRA PIPES PVT. LTD.,, VADODARA

In the result, the appeal filed by the Revenue is hereby dismissed

Bench: Shri Waseem Ahmed & Shri T.R. Senthil Kumar

viia) and 56(2)(vilb) of Income-tax Act in the statute with effect from 01/06/2010 and 01.04.2013 respectively, but any other gift by companies or any other person other than individual and HUF still left outside the tax net. Therefore, the amount received by the assessee is not taxable as gift u/s. 56 of Income

THE UTTAR GUJARAT UMA CO.OP.CREDIT SOC. LTD,AHMEDABAD vs. ITO, WARD-6(1)(5), AHMEDABAD

In the result, appeal of the assessee is partly allowed

Bench: Shri Pradip Kumar Kedia & Shri Mahavir Prasadआयकर अपील सं./I.T.A. Nos. 1670 & 1671/Ahd/2018 ("नधा"रण वष" / Assessment Year : 2014-15 & 2015-16)

viia) of the Act by Finance Act, 2006 and such principles thus no longer serve as strict guiding principle to test the relief eligible under S. 80P(2)(d) of the Act. Therefore, the plea raised on behalf of the Revenue towards absence of principle of mutuality in such deposits with co-operative banks is a damp squib. Thus

ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE 2(1)(1), VADODARA, RACE COURSE CIRCLE, VADODARA vs. THE BHARUCH DIST. CENTRAL CO-OP BANK LIMITED, BHARUCH

Bench: Shri Siddhartha Nautiyal & Shri Makarand V. Mahadeokar

56,42,050/-. The assessee, a co-operative bank registered with relevant authorities, claimed a deduction of Rs. 2,88,40,841/- under section 36(1)(viia) of the Income Tax Act for bad and doubtful debts. In response to inquiries about this deduction, the assessee submitted that as a co-operative bank, it qualified for specific deductions under

AXIS BANK LIMITED,AHMEDABAD vs. THE DY.CIT, CIRCLE-1 NOW CIRCLE-1(1)(1), AHMEDABAD

In the result appeal of the Revenue is partly allowed for statistical purposes

Bench: Shri Rajpal Yadav & Shri Waseem Ahmedsl. Ita No(S) Asset. Appeal(S) By No(S) Year(S) Appellant Vs. Respondent Appellant Respondent 1. 311/Ahd/2016 2010-11 Axis Bank Limited, D.C.I.T., “Trishul”, 3Rd Floor, Circle-1(1)(1) Opp. Samtheshwar Ahmedabad. Mahadev Near Law Garden, Ellisbridge, Ahmedabad-380006. Pan: Aaacu2414K 2. 2176/Ahd/2016 2011-12 Axis Bank Limited, D.C.I.T., “Trishul”, 3Rd Floor, Circle-1(1)(1) Opp. Samtheshwar Ahmedabad. Mahadev Near Law Garden, Ellisbridge, Ahmedabad-380006. Pan: Aaacu2414K 3. 2173/Ahd/2016 2011-12 D.C.I.T., Axis Bank Limited, Circle-1(1)(1) Ahmedabad. Ahmedabad. Pan: Aaacu2414K 4. 165/Ahd/2017 2012-13 Axis Bank Limited, D.C.I.T., Ahmedabad. Circle-1(1)(1) Ahmedabad. Pan: Aaacu2414K 5. 287/Ahd/2017 2012-13 D.C.I.T., Axis Bank Limited, Circle-1(1)(1) Ahmedabad. Ahmedabad. Pan: Aaacu2414K 6-7 520 & 2013-14 Axis Bank Limited, D.C.I.T., 521/Ahd/2018 & Ahmedabad. Circle-1(1)(1) 2014-15 Ahmedabad. Pan: Aaacu2414K 8-9 604 & 605/ 2013-14 D.C.I.T., Axis Bank Limited, Ahd/2018 & Circle-1(1)(1) Ahmedabad. 2014-15 Ahmedabad. Pan: Aaacu2414K

viia). 3.9 It is further submitted that this addition is only timing difference based addition, tax- neutral over two years and hence ought to be cancelled in view of Hon. SC judgement in the case of Excel Industries Limited 358 ITR 295 (SC), since the Bank has already recognized and offered to tox/consider the same during