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

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

SRI JIHVESHWARA CREDIT CO-OPERATIVE SOCIETY LIMITED,BANGALORE vs. INCOME TAX OFFICER, WARD 2(2)(5), BANGALORE, BANGALORE

In the result, this issue in ITA No

Bench: Shri George George K, Vice- & Shri Laxmi Prasad Sahu

C’ BENCH : BANGALORE BEFORE SHRI GEORGE GEORGE K, VICE-PRESIDENT AND SHRI LAXMI PRASAD SAHU, ACCOUNTANT MEMBER ITA Nos. 547 to 551/Bang/2023 Assessment Years : 2013-14 to 2015-16, 2017-18 & 2018-19 M/s. Sri Jihveshwara Credit Co-op. Society Ltd., 125, Swakulasali Sangha The Income Tax Building, Officer, BVK Iyengar Road Cross, Ward – 2(2)(5), Bangalore. Huriopet

SRI JIHVESHWARA CREDIT CO-OPERATIVE SOCIETY LIMITED,BANGALORE vs. INCOME TAX OFFICER, WARD 2(2)(5), BANGALORE

In the result, this issue in ITA No

Bench: Shri George George K, Vice- & Shri Laxmi Prasad Sahu

C’ BENCH : BANGALORE BEFORE SHRI GEORGE GEORGE K, VICE-PRESIDENT AND SHRI LAXMI PRASAD SAHU, ACCOUNTANT MEMBER ITA Nos. 547 to 551/Bang/2023 Assessment Years : 2013-14 to 2015-16, 2017-18 & 2018-19 M/s. Sri Jihveshwara Credit Co-op. Society Ltd., 125, Swakulasali Sangha The Income Tax Building, Officer, BVK Iyengar Road Cross, Ward – 2(2)(5), Bangalore. Huriopet

SRI JIHVESHWARA CREDIT CO-OPERATIVE SOCIETY LIMITED,BANGALORE vs. INCOME TAX OFFICER, WARD 2(2)(5), BANGALORE, BANGALORE

In the result, this issue in ITA No

Bench: Shri George George K, Vice- & Shri Laxmi Prasad Sahu

C’ BENCH : BANGALORE BEFORE SHRI GEORGE GEORGE K, VICE-PRESIDENT AND SHRI LAXMI PRASAD SAHU, ACCOUNTANT MEMBER ITA Nos. 547 to 551/Bang/2023 Assessment Years : 2013-14 to 2015-16, 2017-18 & 2018-19 M/s. Sri Jihveshwara Credit Co-op. Society Ltd., 125, Swakulasali Sangha The Income Tax Building, Officer, BVK Iyengar Road Cross, Ward – 2(2)(5), Bangalore. Huriopet

SRI JIHVESHWARA CREDIT CO-OPERATIVE SOCIETY LIMITED,BANGALORE vs. INCOME TAX OFFICER, WARD 2(2)(5), BANGALORE, BANGALORE

In the result, this issue in ITA No

Bench: Shri George George K, Vice- & Shri Laxmi Prasad Sahu

C’ BENCH : BANGALORE BEFORE SHRI GEORGE GEORGE K, VICE-PRESIDENT AND SHRI LAXMI PRASAD SAHU, ACCOUNTANT MEMBER ITA Nos. 547 to 551/Bang/2023 Assessment Years : 2013-14 to 2015-16, 2017-18 & 2018-19 M/s. Sri Jihveshwara Credit Co-op. Society Ltd., 125, Swakulasali Sangha The Income Tax Building, Officer, BVK Iyengar Road Cross, Ward – 2(2)(5), Bangalore. Huriopet

SRI JIHVESHWARA CREDIT CO-OPERATIVE SOCIETY LIMITED,BANGALORE vs. INCOME TAX OFFICER, WARD 2(2)(5), BANGALORE, BANGALORE

In the result, this issue in ITA No

Bench: Shri George George K, Vice- & Shri Laxmi Prasad Sahu

C’ BENCH : BANGALORE BEFORE SHRI GEORGE GEORGE K, VICE-PRESIDENT AND SHRI LAXMI PRASAD SAHU, ACCOUNTANT MEMBER ITA Nos. 547 to 551/Bang/2023 Assessment Years : 2013-14 to 2015-16, 2017-18 & 2018-19 M/s. Sri Jihveshwara Credit Co-op. Society Ltd., 125, Swakulasali Sangha The Income Tax Building, Officer, BVK Iyengar Road Cross, Ward – 2(2)(5), Bangalore. Huriopet

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

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 has held that even section 56(i)(ccv) of the Banking Regulation Acts

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

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

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

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

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

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