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

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

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

B\" BENCH : BANGALORE\nBEFORE SHRI GEORGE GEORGE K, VICE PRESIDENT AND\nSHRI WASEEM AHMED, ACCOUNTANT MEMBER\nITA Nos.656, 667, 668/Bang/2024\n Assessment Years : 2017-18, 2018-19, 2020-21\nITO,\nVs. M/s. Brahmavara Vyavasaya Seva,\nWard - 1,\nHead Office Unnathi, Brahmavar\nUdupi.\nUdupi Taluk,\nUdupi – 576 213.\nPAN: AAAAB 2992 F\nAPPELLANT\nRESPONDENT\nC.O.Nos.10, 11, 12/Bang/2024

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

B\" BENCH : BANGALORE\nBEFORE SHRI GEORGE GEORGE K, VICE PRESIDENT AND\nSHRI WASEEM AHMED, ACCOUNTANT MEMBER\nITA Nos.656, 667, 668/Bang/2024\n Assessment Years : 2017-18, 2018-19, 2020-21\nITO,\nVs. M/s. Brahmavara Vyavasaya Seva,\nWard - 1,\nHead Office Unnathi, Brahmavar\nUdupi.\nUdupi Taluk,\nUdupi – 576 213.\nPAN: AAAAB 2992 F\nAPPELLANT\nRESPONDENT\nC.O.Nos.10, 11, 12/Bang/2024

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

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 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

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

SHARANABASAVESHWAR CREDIT SOUHARD SAHAKRI NI HALINGALI,BAGALKOT vs. ASSISTANT COMMISSIONER OF INCOME-TAX, CIRCLE-1, BIJAPUR

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

b) M/s. Manjunatheshwara Credit Co-op. Society Ltd. v. ITO, ITA No.2238/Bang/2019 dated 4.10.2021. (c) Judicial Employees House Building Coop Society Ltd. in ITA No.108/Bang/2023 dated 11.04.2023. 8. In the rejoinder, the ld. AR submitted that in the case of PCIT v. Totagars Co-operative Sale Society {2017] 78 taxmann.com 169 (Karnataka) order dated 05.01.2017, the Hon’ble Court

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

b) M/s. Manjunatheshwara Credit Co-op. Society Ltd. v. ITO, ITA No.2238/Bang/2019 dated 4.10.2021. (c) Krishnarajapet Taluk Agri Pro Co-op Marketing Society Ltd. v Pr.CIT, ITA No. 514/Bang/2021 dated 08.02.2022. (d) M/s Jyothi Pattin Souhard Sahkari Niyamit, APMC, Gadag vs Pr.CIT, ITA No. 650/Bang/2020 dated 13.08.2021 8. The ld. DR submitted that the case laws of the jurisdictional High

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

b) M/s. Manjunatheshwara Credit Co-op. Society Ltd. v. ITO, ITA No.2238/Bang/2019 dated 4.10.2021. (c) Krishnarajapet Taluk Agri Pro Co-op Marketing Society Ltd. v Pr.CIT, ITA No. 514/Bang/2021 dated 08.02.2022. (d) M/s Jyothi Pattin Souhard Sahkari Niyamit, APMC, Gadag vs Pr.CIT, ITA No. 650/Bang/2020 dated 13.08.2021 8. The ld. DR submitted that the case laws of the jurisdictional High

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.

B” (SMC) BENCH, BENGALURU Before Shri Laxmi Prasad Sahu, Accountant Member Prathamika 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

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 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

INCOME TAX OFFICER,WARD-1, HOSPET vs. GAYATRI PATTINA SOUHARDA SAHAKARI SANGHA NIYAMITHA, HOSPET, HOSPET

In the result appeal filed by the Revenue is 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