INCOMETAX OFFICER, WARD 1, UDUPI, UDUPI vs. BRAHMAVARA VYAVASAYA SEVA, BRAHMAVARA

In the result, the appeals filed by Revenue are allowed and the COs\nfiled by the assessee are allowed for statistical purposes

gains of\nbusiness attributable to the activity of carrying on the business of banking\nor providing credit facilities to its members by a co-operative society and is\nliable to be deducted from the gross total income under Section 80P of the\nPage 7 of 22\nITA Nos.656, 667, 668/Bang/2024\nC.O. Nos. 10, 11, 12/Bang/2024\nAct. The Hon'ble Karnataka

INCOME TAX OFFICER, WARD 1, UDUPI, UDUPI vs. BRAHMAVARA VYAVASAYA SEVA, BRAHMAVARA

In the result, the appeals filed by Revenue are allowed and the COs\nfiled by the assessee are allowed for statistical purposes

gains of\nbusiness attributable to the activity of carrying on the business of banking\nor providing credit facilities to its members by a co-operative society and is\nliable to be deducted from the gross total income under Section 80P of the\nPage 7 of 22\nITA Nos.656, 667, 668/Bang/2024\nC.O. Nos. 10, 11, 12/Bang/2024\nAct. The Hon'ble Karnataka

INCOME-TAX OFFICER, WARD-1, UDUPI, UDUPI vs. BRAHMAVARA VYAVAYASAYA SEVA, BRAHMAVARA

In the result, the appeals filed by Revenue are allowed and the COs\nfiled by the assessee are allowed for statistical purposes

gains of\nbusiness attributable to the activity of carrying on the business of banking\nor providing credit facilities to its members by a co-operative society and is\nliable to be deducted from the gross total income under Section 80P of the\nAct. The Hon'ble Karnataka High Court also distinguished the decision of\nthe Hon'ble Supreme Court

UDAYA SOUHARDA CO-OPERATIVE SOCIETY LIMITED ,BANGALORE vs. INCOME TAX OFFICER WARD-5(1)(1), BANGALORE

In the result, the appeal of assessee is hereby allowed for statistical purposes

Bench: Shri Waseem Ahmed & Shri Keshav Dubeyassessment Year: 2020-21

56 of the Act. 9.5 The above finding of the finding of the Hon’ble Supreme Court has been followed by the revenue for disallowing the deduction claimed under section 80P(2)(a)(i) of the Act on account of interest income earned from deposit or investment of surplus fund by the cooperative societies carrying the business of banking

ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-1(1)(1), BENGALURU vs. HIREHAL JAIRAJ BALRAM, BENGALURU

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

sections": [ "139(5)", "143(1)", "147", "148", "144", "50C", "2(47)", "45", "48", "53A", "56(2)(x)" ], "issues": "Whether a sale transaction, subsequently cancelled and where no consideration was passed or possession transferred, can be considered a 'transfer' for capital gains

INCOME-TAX OFFICER, WARD-7(2)(1), BENGALURU, BENGALURU vs. M/S. BANGALORE CREDIT CO-OPERATIVE SOCIETY LIMITED, BENGALURU

In the result both the appeals of the Revenue as well as\nCos of the Assessee for the Asst

56 of the act.\n\n14.6 We note that primary issue in dispute pertains to the\neligibility of deduction u/s 80P(2)(a)(i) of the Act/80P(2)(d) of the Act\nin respect of interest income earned from deposit made with co-\noperative banks and district co-operative banks/Scheduled banks.\nThe crux of the matter is whether such interest

M/S PARAMANAND AND SONS,BENGALURU vs. INCOME TAX OFFICER, WARD 5(2)(1), BENGALURU

In the result, the appeal of the assessee is allowed

Bench: Shri Waseem Ahmed & Shri Keshav Dubeyassessment Years : 2020-21

56,921/-, whereas, the assessee had earned short-term capital gains of Rs. 8,80,902/-. The assessee in the return of income did not set off the business loss against the short-term capital gain. However, after adjusting the capital gains of the year against the brought . Page 5 of 8 forward short-term capital loss

IBM GLOBAL SERVICES INDIA PRIVATE LIMITED,BANGALORE vs. DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-11(1), BANGALORE

In the result, the appeal filed by the assessee stands allowed

Bench: Smt. Beena Pillai & Shri Laxmi Prasad Sahuassessment Year : 2000-2001

56% of the revenue relates to export turnover as against the claim of 100% made by the assessee. 3.1 He submitted that, section 10A(2)(ia) as it prevailed for the relevant assessment year under consideration did not contain the definition of export turnover and the provision read as follows: “(ia) in relation to an undertaking which begins to manufacture

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 in the audited balance sheet, it is clear that\nPCARD Banks/ primaries are members of the assessee. This\nis also clear from clause 2(n) of chapter II of the bye laws and\nsection 2(a-1-2) and 2(j-4) of the KCS Act. In fact the first\nlisted object of the assessee is to advance loans

M/S. THE BHAVASARA KSHATRIYA CO-OPERATIVE SOCIETY LIMITED,MYSURU vs. INCOME TAX OFFICER, WARD-2(1), MYSURU

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

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 in the audited balance sheet, it is clear that\nPCARD Banks/ primaries are members of the assessee. This\nis also clear from clause 2(n) of chapter II of the bye laws and\nsection 2(a-1-2) and 2(j-4) of the KCS Act. In fact the first\nlisted object of the assessee is to advance loans

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

capital in the audited balance sheet, it is clear that\nPCARD Banks/ primaries are members of the assessee. This\nis also clear from clause 2(n) of chapter II of the bye laws and\nsection 2(a-1-2) and 2(j-4) of the KCS Act. In fact the first\nlisted object of the assessee is to advance loans

SHRI. SHANTHISAGAR CO OP CREDIT SOCIETY LIMITED,HUBLI vs. INCOME TAX OFFICER, WARD-2(1), HUBLI

In the result, the appeal of the assessee is hereby partly allowed for statistical purposes

Bench: Shri Waseem Ahmed & Shri Keshav Dubeyassessment Year: 2017-18

56 of the Act. 12.5 The above finding of the Hon’ble Supreme Court has been followed by the revenue for disallowing the deduction claimed under section 80P(2)(a)(i) of the Act on account of interest income earned from deposit or investment of surplus fund by the cooperative societies . ITA No.2081 /Bang/2025 Page 10 of 32 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 in the audited balance sheet, it is clear that\nPCARD Banks/ primaries are members of the assessee. This\nis also clear from clause 2(n) of chapter II of the bye laws and\nsection 2(a-1-2) and 2(j-4) of the KCS Act. In fact the first\nlisted object of the assessee is to advance loans

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 in the audited balance sheet, it is clear that\nPCARD Banks/ primaries are members of the assessee. This\nis also clear from clause 2(n) of chapter II of the bye laws and\nsection 2(a-1-2) and 2(j-4) of the KCS Act. In fact the first\nlisted object of the assessee is to advance loans

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 in the audited balance sheet, it is clear that\nPCARD Banks/ primaries are members of the assessee. This\nis also clear from clause 2(n) of chapter II of the bye laws and\nsection 2(a-1-2) and 2(j-4) of the KCS Act. In fact the first\nlisted object of the assessee is to advance loans

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 in the audited balance sheet, it is clear that\nPCARD Banks/ primaries are members of the assessee. This\nis also clear from clause 2(n) of chapter II of the bye laws and\nsection 2(a-1-2) and 2(j-4) of the KCS Act. In fact the first\nlisted object of the assessee is to advance loans

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 in the audited balance sheet, it is clear that\nPCARD Banks/ primaries are members of the assessee. This\nis also clear from clause 2(n) of chapter II of the bye laws and\nsection 2(a-1-2) and 2(j-4) of the KCS Act. In fact the first\nlisted object of the assessee is to advance loans