DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-2(1)(1), BENGALURU, BENGALURU vs. CANARA BANK, BENGALURU

In the result, appeal of the revenue in ITA No

Bench: Shri Waseem Ahmed & Shri Keshav Dubeyassessmentyear: 2017-18

capital gain tax can be levied. " 53. Concluded at page 12 para 21 as under: "27. In the result, we hold that sub-section 115JB as it stood prior to its amendment by virtue of Finance Act, 2012, would not be applicable to a banking company. We answer the question No. 2 in favour of the assessee and against

CANARA BANK (ERSTWHILE SYNDICATE BANK),BENGALURU vs. DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-2(1)(1), BANGALORE, BENGALURU

In the result, appeal of the assessee is partly allowed

Bench: Shri Waseem Ahmed & Shri Keshav Dubey

capital gain tax can be levied. " 53. Concluded at page 12 para 21 as under: "27. In the result, we hold that sub-section 115JB as it stood prior to its amendment by virtue of Finance Act, 2012, would not be applicable to a banking company. We answer the question No. 2 in favour of the assessee and against

ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-2(2)(1), BANGALORE vs. CANARA BANK (ERSTWHILE SYNDICATE BANK), BANGALORE

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

Bench: Shri Waseem Ahmed & Shri Keshav Dubey

capital gain tax can be levied. " 53. Concluded at page 12 para 21 as under: . ITA No.1495 - 1499/Bang/2025 Page 4 of 15 "27. In the result, we hold that sub-section 115JB as it stood prior to its amendment by virtue of Finance Act, 2012, would not be applicable to a banking company. We answer the question

ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-2(2)(1), BANGALORE vs. CANARA BANK (ERSTWHILE SYNDICATE BANK), BANGALORE

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

Bench: Shri Waseem Ahmed & Shri Keshav Dubey

capital gain tax can be levied. " 53. Concluded at page 12 para 21 as under: . ITA No.1495 - 1499/Bang/2025 Page 4 of 15 "27. In the result, we hold that sub-section 115JB as it stood prior to its amendment by virtue of Finance Act, 2012, would not be applicable to a banking company. We answer the question

BIOCON RESEARCH LIMITED,BANGALORE vs. CIT(A) I, BANGALORE

In the result, the appeal filed by the revenue is dismissed

Bench: Shri Vijay Pal Rao & Shri Inturi Rama Rao

gains derived from the unit situated in Special Economic Zone (SEZ). It only prescribes that an unit which is situated in SEZ begins to manufacture or produce articles or things or provide any services which are exported is eligible to claim deduction u/s 10AA of the Act. According to the Assessing Officer, the activity of the assessee-company does

BIOCON RESEARCH LIMITED,BANGALORE vs. CIT(A) I, BANGALORE

In the result, the appeal filed by the revenue is dismissed

Bench: Shri Vijay Pal Rao & Shri Inturi Rama Rao

gains derived from the unit situated in Special Economic Zone (SEZ). It only prescribes that an unit which is situated in SEZ begins to manufacture or produce articles or things or provide any services which are exported is eligible to claim deduction u/s 10AA of the Act. According to the Assessing Officer, the activity of the assessee-company does

DCIT, BANGALORE vs. M/S BIOCON RESEARCH LTD.,, BANGALORE

In the result, the appeal filed by the revenue is dismissed

Bench: Shri Vijay Pal Rao & Shri Inturi Rama Rao

gains derived from the unit situated in Special Economic Zone (SEZ). It only prescribes that an unit which is situated in SEZ begins to manufacture or produce articles or things or provide any services which are exported is eligible to claim deduction u/s 10AA of the Act. According to the Assessing Officer, the activity of the assessee-company does

DCIT, BANGALORE vs. M/S BIOCON RESEARCH LTD.,, BANGALORE

In the result, the appeal filed by the revenue is dismissed

Bench: Shri Vijay Pal Rao & Shri Inturi Rama Rao

gains derived from the unit situated in Special Economic Zone (SEZ). It only prescribes that an unit which is situated in SEZ begins to manufacture or produce articles or things or provide any services which are exported is eligible to claim deduction u/s 10AA of the Act. According to the Assessing Officer, the activity of the assessee-company does

M/S. JYOTHI PATTIN SOUHARD SAHAKARI NIYAMIT,GADAG vs. PRINCIPAL COMMISSIONER OF INCOME TAX, HUBBALLI

In the result, appeal of the Assessee is dismissed

capital, if not immediately required to be lent to the members, they cannot keep the said amount idle. If they deposit this amount in bank so as to earn interest, the said interest income is attributable to the profits and gains of the business of providing credit facilities to its members only. The society is not carrying on any separate

SRI VASAVAMBA CO-OPERATIVE SOCIETY LIMITED,HUNSUR vs. THE PRINCIPAL COMMISSIONER OF INCOME TAX, MYSORE

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

Bench: Shri N.V. Vasudevan & Shri Chandra Poojariassessment Year : 2015-16 M/S. Vasavamba Co-Operative Society Ltd., Vs. The Principal Commissioner Of Income Tax, Ganesh Temple, Street Hunsur, Mysuru. Mysuru – 571 105, Karnataka. Pan : Aalas 6055 P Appellant Respondent Appellant By : Shri. V. Srinivasan, Advocate Respondent By : Ms. Neera Malhotra, Cit(Dr)(Itat), Bengaluru Date Of Hearing : 10.08.2021 Date Of Pronouncement : 13.08.2021 O R D E R Per N.V. Vasudevanthis Is An Appeal By The Assessee Against The Order Dated 28.04.2020 Of Pr.Cit, Mysuru, Passed Under Section 263 Of The Income Tax Act, 1961 (Hereinafter Called ‘The Act’), In Relation To Assessment Year 2015-16. 2. The Assessee Is A Co-Operative Society Registered Under The Karnataka State Co-Operative Societies Act, 1959. It Accepts Deposits From Its Members & Provides Credit Facilities To Its Members. The Assessee Also Derives Income By Distributing Food Grains On Behalf Of The Karnataka State Food & Civil Supplies Corporation Ltd. In The Return Of Income Filed For Assessment Year 2015-16, The Asssessee Claimed Deduction Under Section 80P(2)(A)(I) Of The Act, 1961 Of A Sum Of Rs.10,61,494/- As Income From The Business Of Providing Credit Facilities To Its Members. The Ao Page 2 Of 15 Passed An Order Of Assessment Under Section 143(3) Of The Act Dated 31.07.2017 Accepting The Claim Of The Assessee.

capital, if not immediately required to be lent to the members, they cannot keep the said amount idle. If they deposit this amount in bank so as to earn interest, the said interest income is attributable to the profits and gains of the business of providing credit facilities to its members only. The society is not carrying on any separate

INCOME TAX OFFICER WARD-1 & TPS , BAGALKOT vs. SHRI PRABHAYYA BASAYYA SARAGANACHANI , BAGALKOT

In the result, Revenue’s appeal for assessment year 2014-15 is dismissed

Bench: Shri N. V. Vasudevan & Shri Jason P Boazassessment Years : 2014-15 The Income Tax Officer, Vs. Shri. Prabhayya Basayya Saragachari, At. Muchakhandi Tq & Ward 1 & Tps, Dist. – Bagalkot – 587 102. Bagalkot. Pan : Doips 6443 L Appellant Respondent

capital asset and cannot be taxed under section 56(2)(viii) relying upon the decision of Hon'ble Supreme Court in the case of CIT, Faridabad v. Ghanshyam (HUF) 315 ITR 1 (SC) which was applicable on the issue prior to A.Y. 2010-11 before the amendment to section 56 of the I.T. Act, 1961. (3) The leanred CIT(Appeals

KRISHNARAJAPET TALUK AGRI PRO CO OP MARKETING SOCIETY,MANDYA vs. PRINCIPAL COMMISSIONER OF INCOME TAX, MYSORE

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

Bench: Shri N.V. Vasudevan & Shri B. R. Baskaranassessment Year : 2015-16 M/S. Krishnarajapet Taluk Agri Pro Co-Op Vs. Pr. Commissioner Of Income Tax, Marketing Society Ltd., Mysore. K. R. Pet, K. R. Pet Taluk, Mandya 571 426. Pan : Aaaak 4566 E Appellant Respondent Assessee By : Shri. Shankar Gowda H, Fca Revenue By : Shri. Sankar Ganesh K, Jcit(Dr)(Itat), Bengaluru. Date Of Hearing : 08.02.2022 Date Of Pronouncement : 08.02.2022 O R D E R Per N. V. Vasudevan: V. Vasudevan

capital, if not immediately required to be lent to the members, they cannot keep the said amount idle. If they deposit this amount in bank so as to earn interest, the said interest income is attributable to the profits and gains of the business of providing credit facilities to its members only. The society is not carrying on any separate

M/S. PRATHAMIKA KRUSHI PATTINA SAHAKARA NIYAMITA,HOSAPETE vs. THE PRINCIPAL COMMISSIONER OF INCOME TAX, KALABURGI

In the result, the appeal filed by the assessee is allowed for statistical purposes

Bench: Shri Chandra Poojari, Am & Shri George George K, Jm

capital, if not immediately required to be lent to the members, they cannot keep the said amount idle. If they deposit this amount in bank so as to earn interest, the said interest income is attributable to the profits and gains of the business of providing credit facilities to its members only. The society is not carrying on any separate

INCOME TAX OFFICER WARD-5(2)(3), BANGALORE vs. M/S THE KARNATAKA STATE CO-OPERATIVE HOUSING FEDERATION LIMITED , BANGALORE

In the result, the appeal filed by the Revenue is allowed for statistical purposes

Bench: Shri George George K, Jm & Shri B.R.Baskaran, Am

capital, if not immediately required to be lent to the members, they cannot keep the said amount idle. If they deposit this amount in bank so as to earn interest, the said interest income is attributable to the profits and gains of the business of providing credit facilities to its members only. The society is not carrying on any separate

M/S. MANJUNATHESHWARA CREDIT CO-OPERATIVE SOCIETY LIMITED,BENGALURU vs. INCOME TAX OFFICER, WARD- 6(2)(2), BENGALURU

In the result, the appeal filed by the assessee is allowed for statistical purposes

Bench: Shri George George K, Jm & Shri B.R.Baskaran, Am

capital, if 6 ITA No.2238/Bang/2019. M/s.Manjunatheshwara Credit Co-op.So.Ltd.. not immediately required to be lent to the members, they cannot keep the said amount idle. If they deposit this amount in bank so as to earn interest, the said interest income is attributable to the profits and gains of the business of providing credit facilities to its members only

M/S. SHRI MAHISHASURAMARDINI URBAN CO-OPERATIVE CREDIT SOCIETY LIMITED,HAVERI vs. INCOME TAX OFFICER, WRD-1, HAVERI

In the result, the appeal filed by the assessee is allowed for statistical purposes

Bench: Shri Chandra Poojari

capital, if not immediately required to be lent to the members, they cannot keep the said amount idle. If they deposit this amount in bank so as to earn interest, the said interest income is attributable to the profits and gains of the business of providing credit facilities to its members only. The society is not carrying on any separate

SANGAM CO-OP CREDIT SOCIETY,BAGALKOT vs. INCOME-TAX OFFICER WARD 1& TPS, BAGALKOT

In the result, both the appeals by the assessee are partly allowed for statistical purposes

capital, if not immediately required to be lent to the members, they cannot keep the said amount idle. If they deposit this amount in bank so as to earn interest, the said interest income is attributable to the profits and gains of the business of providing credit facilities to its members only. The society is not carrying on any separate

SANGAM CO-OP CREDIT SOCIETY,BAGALKOT vs. INCOME-TAX OFFICER WARD-2 , BAGALKOT

In the result, both the appeals by the assessee are partly allowed for statistical purposes

capital, if not immediately required to be lent to the members, they cannot keep the said amount idle. If they deposit this amount in bank so as to earn interest, the said interest income is attributable to the profits and gains of the business of providing credit facilities to its members only. The society is not carrying on any separate

M/S. PRATHAMIKA KRUSHI PATTINA SAHAKARA NIYAMITA,HOSAPETE vs. INCOME TAX OFFICER, WARD-2, BALLARI

In the result, the appeal filed by the assessee is allowed for statistical purposes

Bench: Shri Laxmi Prasad Sahuprathamika Krishi Pattina Vs The Income Tax Officer Sahakara Sangha Niymit Ward - 2 No. 350, Ward No. 15, Hospet 583201 Amaravathi Village, Hospet Tq. Ballari - 583201 Pan – Aaajp0326N (Appellant) (Respondent) Assessee By: Shri Siva Prasad Reddy, Irs (Retd) Revenue By: Shri Ganesh R. Ghale, Standing Counsel Date Of Hearing: 13.02.2023 Date Of Pronouncement: 14.02.2023 O R D E R Per: Laxmi Prasad Sahu, A.M. This Is An Appeal Filed By The Assessee Against The Order Passed By The Learned Cit(A)/Nfac, Delhi In Appeal Din & Order No. Itba/Nfac/S/ 250//2022-23/1047496227(1) Dated 18.11.2022 For Ay 2017-18. 2. The Assessee Has Raised The Following Grounds Of Appeal: - “1. The Impugned Assessment Order Made U/S 143(3) Of The Act Dated, 25-11-2019, Is Arbitrary & Opposed To The Facts Of The Case & The Principles Of Natural Justice & Therefore, The Same Is Liable To Be Vacated As Void. 2. The Learned Cit(A) Failed To Appreciate: (I) That The Interest Income Accruing From The Investments Made In Statutory Compliance Of The Provisions Of The State Co-Operative Societies Act, 1959 Is Eligible For The Deduction As Business Income U/S 80P(2)(A)(I) Of The Act.

capital, if not immediately required to be lent to the members, they cannot keep the said amount idle. If they deposit this amount in bank so as to earn interest, the said interest income is attributable to the profits and gains of the business of providing credit facilities to its members only. The society is not carrying on any separate