M/S. TATA ELXSI LIMITED,BANGALORE vs. DEPUTY COMMISSIONER INCOME TAX, CIRCLE-7(1)(1), BANGALORE

capital gains and income from other\nsources. Insofar as income under the head 'profits and gains of business or\nprofessions' is concerned, provisions thereto are contained in Sections 28 to 44DB of\nthe Act. Section 28 specifies various incomes which shall be chargeable to income tax\nunder this head. Thereafter, Section 29 provides that income referred to in Section

INCOME TAX OFFICER, WARD 1, UDUPI, UUPI vs. KAMBADAKONE RYTARA SEVA SAHAKARI SANGHA LTD, UDUPI

43D\nof the Act is not applicable to the assessee co-operative society.\nTherefore, we are of the considered opinion that in computing\nincome under the heads "Profits and gains of business or\nprofession" the assessee should either follow the mercantile system\nof accounting or cash system of accounting. The hybrid system of\naccounting cannot be followed for computing income

INCOME TAX OFFICER, WARD-1, UDUPI vs. KAMBADAKONE RYTARA SEVA SAHAKARI SANGHA LTD, UPPUNDA

43D\nof the Act is not applicable to the assessee co-operative society.\nTherefore, we are of the considered opinion that in computing\nincome under the heads "Profits and gains of business or\nprofession" the assessee should either follow the mercantile system\nof accounting or cash system of accounting. The hybrid system of\naccounting cannot be followed for computing income

INSTAKART SERVICES PRIVATE LIMITED,BANGALORE vs. ACIT, SPECIAL RANGE-3, BANGALORE

In the result appeal of the Revenue is hereby dismissed

Bench: Shri Waseem Ahmed & Shri Keshav Dubey

sections 28 to 43D of the Act. The AO has erred in treating the loss as notional and in comparing the assessee with unrelated third-party logistics companies which are well-established and not comparable to a new entrant in the e- commerce sector. Further, the AO failed to appreciate that services obtained from third-party vendors form only part

DEPUTY COMMISSIONER OF INCOME TAX CIRCLE-3(1)(1), BANGALORE vs. M/S INFOSYS LIMITED , BANGALORE

In the result, the appeal filed by the assessee as well as by revenue are partly allowed for statistical purposes

Bench: Shri N.V. Vasudevan & Shri Chandra Poojariit(Tp)A No.735/Bang/2018 Assessment Year: 2013-14

gains of any business or profession carried on by the assessee at any time during the previous year is chargeable to tax. As per section 29, the income referred to in section 28 should be computed in accordance with the provisions contained in sections 30 to 43D. Sections 30 to 36 confer specific deductions. Section 37 deals with expenditure which

M/S INFOSYS LTD ,BANGALOR E vs. THE ASSISTANT COMMISSIONER OF INCOME TAX CIRCLE-3(1)(1), BANGALORE

In the result, the appeal filed by the assessee as well as by revenue are partly allowed for statistical purposes

Bench: Shri N.V. Vasudevan & Shri Chandra Poojariit(Tp)A No.735/Bang/2018 Assessment Year: 2013-14

gains of any business or profession carried on by the assessee at any time during the previous year is chargeable to tax. As per section 29, the income referred to in section 28 should be computed in accordance with the provisions contained in sections 30 to 43D. Sections 30 to 36 confer specific deductions. Section 37 deals with expenditure which

THE KARNATAKA STATE CO-OPERATIVE AGRICULTURE AND RURAL DEVELOPMENT BANK,BENGALURU vs. INCOME TAX OFFICER, WARD-5(2)(1), BANGALORE

In the result, the appeals filed by the assessee stands partly\nallowed as indicated herinabove

capital, if not immediately\nrequired to be lent to the members, the society cannot keep the\nsaid amount idle. If they deposit this amount in bank so as to\nearn interest, the said interest income is attributable to the\nprofits and gains of the business of providing credit facilities to\nits members only. The society is not carrying

THE KARNATAKA STATE CO-OPERATIVE AGRICULTURE AND RURAL DEVELOPMENT BANK,BENGALURU vs. INCOME TAX OFFICER, WARD-5(2)(1) , BANGALORE

capital, if not immediately\nrequired to be lent to the members, the society cannot keep the\nsaid amount idle. If they deposit this amount in bank so as to\nearn interest, the said interest income is attributable to the\nprofits and gains of the business of providing credit facilities to\nits members only. The society is not carrying

THE KARNATAKA STATE CO-OPERATIVE AGRICULTURE AND RURAL DEVELOPMENT BANK,BENGALURU vs. INCOME TAX OFFICER, WARD-5(2)(1), BANGALORE

In the result, the appeals filed by the assessee stands partly\nallowed as indicated herinabove

capital, if not immediately\nrequired to be lent to the members, the society cannot keep the\nsaid amount idle. If they deposit this amount in bank so as to\nearn interest, the said interest income is attributable to the\nprofits and gains of the business of providing credit facilities to\nits members only. The society is not carrying

THE KARNATAKA STATE CO-OPERATIVE AGRICULTURE AND RURAL DEVELOPMENT BANK,BENGALURU vs. INCOME-TAX OFFICER, WARD-5(2)(1), BANGALORE

In the result, the appeals filed by the assessee stands partly\nallowed as indicated herinabove

capital, if not immediately\nrequired to be lent to the members, the society cannot keep the\nsaid amount idle. If they deposit this amount in bank so as to\nearn interest, the said interest income is attributable to the\nprofits and gains of the business of providing credit facilities to\nits members only. The society is not carrying

THE KARNATAKA STATE CO-OPERATIVE AGRICULTURE AND RURAL DEVELOPMENT BANK ,BENGALURU vs. INCOME-TAX OFFICE, WARD-5(2)(1), BENGALURU

In the result, the appeals filed by the assessee stands partly\nallowed as indicated herinabove

capital, if not immediately\nrequired to be lent to the members, the society cannot keep the\nsaid amount idle. If they deposit this amount in bank so as to\nearn interest, the said interest income is attributable to the\nprofits and gains of the business of providing credit facilities to\nits members only. The society is not carrying

THE KARNATAKA STATE CO-OPERATIVE AGRICULTURE AND RURAL DEVELOPMENT BANK,BENGALURU vs. INCOME TAX OFFICER, WARD- 5(2)(1), BANGALORE

In the result, the appeals filed by the assessee stands partly\nallowed as indicated herinabove

capital, if not immediately\nrequired to be lent to the members, the society cannot keep the\nsaid amount idle. If they deposit this amount in bank so as to\nearn interest, the said interest income is attributable to the\nprofits and gains of the business of providing credit facilities to\nits members only. The society is not carrying

THE KARNATAKA STATE CO-OPERATIVE AGRICULTURE AND RURAL DEVELOPMENT BANK,BENGALURU vs. INCOME TAX OFFICER, WARD-5(2)(1), BANGALORE

In the result, the appeals filed by the assessee stands partly\nallowed as indicated herinabove

capital, if not immediately\nrequired to be lent to the members, the society cannot keep the\nsaid amount idle. If they deposit this amount in bank so as to\nearn interest, the said interest income is attributable to the\nprofits and gains of the business of providing credit facilities to\nits members only. The society is not carrying

THE KARNATAKA STATE CO-OPERATIVE AGRICULTURE AND RURAL DEVELOPMENT BANK,BENGALURU vs. THE INCOME TAX OFFICER, WARD-5(2)(1), BANGALORE

In the result, the appeals filed by the assessee stands partly\nallowed as indicated herinabove

capital, if not immediately\nrequired to be lent to the members, the society cannot keep the\nsaid amount idle. If they deposit this amount in bank so as to\nearn interest, the said interest income is attributable to the\nprofits and gains of the business of providing credit facilities to\nits members only. The society is not carrying

THE KARNATAKA STATE CO-OPERATIVE AGRICULTURE AND RURAL DEVELOPMENT BANK,BENGALURU vs. INCOME TAX OFFICER, WARD-5(2)(1), BANGALORE

In the result, the appeals filed by the assessee stands partly\nallowed as indicated herinabove

capital, if not immediately\nrequired to be lent to the members, the society cannot keep the\nsaid amount idle. If they deposit this amount in bank so as to\nearn interest, the said interest income is attributable to the\nprofits and gains of the business of providing credit facilities to\nits members only. The society is not carrying

DCIT, CC-1(4), BENGALURU, BENGALURU vs. INSTAKART SERVICES PVT LTD, BENGALURU

In the result, the stay application dismissed as infructuous

sections 28 to 43D of the\nAct. The AO has erred in treating the loss as notional and in comparing\nthe assessee with unrelated third-party logistics companies which are\nwell-established and not comparable to a new entrant in the e-\ncommerce sector. Further, the AO failed to appreciate that services\nobtained from third-party vendors form only part

INSTAKART SERVICES PRIVATE LIMITED ,BENGALURU vs. ACIT, CENTRAL CIRCLE-1(4), BENGALURU

In the result, the stay application dismissed as infructuous

sections 28 to 43D of the\nAct. The AO has erred in treating the loss as notional and in comparing\nthe assessee with unrelated third-party logistics companies which are\nwell-established and not comparable to a new entrant in the e-\ncommerce sector. Further, the AO failed to appreciate that services\nobtained from third-party vendors form only part

DCIT CC -1(4), BENGALURU, BENGALURU vs. INSTAKART SERVICES PVT LTD, BENGALURU

sections 28 to 43D of the\nAct. The AO has erred in treating the loss as notional and in comparing\nthe assessee with unrelated third-party logistics companies which are\nwell-established and not comparable to a new entrant in the e-\ncommerce sector. Further, the AO failed to appreciate that services\nobtained from third-party vendors form only part