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

L -c9 days in filing the appeal before\nthe Hon'ble Tribunal is due to reasonable cause and on account of\ncircumstances beyond our control and the delay was neither\nintentional, willful nor deliberate and was occasioned for the reasons\nstated above.\n13. That, it is, therefore, prayed that the delay of 459 days\nin filing the appeal may kindly

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

L account u/s. 57 to earn the interest income. 3. The assessee is a co-operative society registered with Karnataka Co-operative Societies Act, 1959. It is engaged in providing credit facilities to the its members only. 4. The assessee filed its return for AY 2018-19 declaring gross total income of Rs.25,57,047 and claimed deduction

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

L account u/s. 57 to earn the interest income. 3. The assessee is a co-operative society registered with Karnataka Co-operative Societies Act, 1959. It is engaged in providing credit facilities to the its members only. 4. The assessee filed its return for AY 2018-19 declaring gross total income of Rs.25,57,047 and claimed deduction

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.

L Account it was observed that the assessee has credited bank interest as under: - i) BDCC Bank FD interest Rs. 34,32,871/- ii) BDCC bank BDR interest Rs,25,712/- iii) BDCC bank SB interest Rs.5,379/- iv) BDCC bank Reserve fund interest Rs.5,379/- Total Rs.36,55,182/- 4. During the course of assessment proceedings the learned

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

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

Bench: Shri Waseem Ahmed & Shri Keshav Dubey

gains that are derived from the export. There cannot be any doubt that interest income earned by members credit co-operative society can said to be “attributable to” the business of providing credit facilities to its members. Kindly note that the deduction u/s. 80P is not with respect to an activity but with reference to business as a whole

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

L A/c, the AO also noticed that the assessee has debited a sum of Rs.5,62,29,921/- as interest paid to its members, Rs.5,12,299/- as pigmy commission paid & Rs.50,00/- as Audit Fee. However the assessee failed to deduct TDS as per the provisions contained in Section\n\n194A, 194H & 194J of the Act respectively

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

Bench: SHRI WASEEM AHMED, ACCOUNTANT MEMBER\nAND\nSHRI KESHAV DUBEY, JUDICIAL MEMBER\nITA No.210/Bang/2024\nAssessment Year: 2017-18\nM/s Canara Bank\nFM wing, Head Office,\n112, J.C. Road\nBangalore 560002\nVs.\nDCIT\nCircle-2(1)(1)\nBangalore\nPAN NO : AAACC6106G\nAPPELLANT\nRESPONDENT\nITA No.222/Bang/2024\nAssessment Year: 2017-18\nDCIT\nCircle-2(1)(1)\nBangalore\nVs.\nM/s Canara Bank\nFM wing, Head Office,\n112, J.C. Road\nBangalore 560 002\nAPPELLANT\nRESPONDENT\nITA No.1154/Bang/2023\nAsses

80P. The Apex court\nhad categorically held that investments made by a banking concern\nare part of the business of banking. In the present case also the\ninvestments held by banks are treated only as part of the\nbusiness of banking only but not as Stock in Trade but as a Capital Asset.\n8.4 Further, both the parties also relied

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

L A/c the assessee, in case of\ninterest A/c is following a hybrid system of accounting i.e. interest\nincome is accounted for on cash basis however the interest\npayables are accounted for on an accrual basis. Therefore, the AO\nis of the view that the interest debited must also be made as per the\ncash basis and accordingly net difference

NAGINI COOPERATIVE CREDIT SOCIETY LIMITED ,BANGALORE vs. INCOME TAX OFFICER, WARD-6(2)(1), BANGALORE

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

Bench: Shri Waseem Ahmed & Shri Soundararajan K.

L, CA Revenue by : Shri Subramanian .S, JCIT-DR Date of Hearing : 20-02-2025 Date of Pronouncement : 08-04-2025 ORDER PER SOUNDARARAJAN K., JUDICIAL MEMBER These are the appeals filed by the assessee challenging the orders of the NFAC, Delhi all dated 08/11/2024 in respect of the A.Ys. 2016-17, 2018-19 and 2020-21. 2. All these

NAGINI CO-OPERATIVE CREDIT SOCIETY LIMITED ,BANGALORE vs. INCOME TAX OFFICER, WARD-6(2)(1), BANGALORE

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

Bench: Shri Waseem Ahmed & Shri Soundararajan K.

L, CA Revenue by : Shri Subramanian .S, JCIT-DR Date of Hearing : 20-02-2025 Date of Pronouncement : 08-04-2025 ORDER PER SOUNDARARAJAN K., JUDICIAL MEMBER These are the appeals filed by the assessee challenging the orders of the NFAC, Delhi all dated 08/11/2024 in respect of the A.Ys. 2016-17, 2018-19 and 2020-21. 2. All these

NAGINI COOPERATIVE CREDIT SOCIETY LIMITED ,BANGALORE vs. INCOME TAX OFFICER, WARD-6(2)(1), BANGALORE

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

Bench: Shri Waseem Ahmed & Shri Soundararajan K.

L, CA Revenue by : Shri Subramanian .S, JCIT-DR Date of Hearing : 20-02-2025 Date of Pronouncement : 08-04-2025 ORDER PER SOUNDARARAJAN K., JUDICIAL MEMBER These are the appeals filed by the assessee challenging the orders of the NFAC, Delhi all dated 08/11/2024 in respect of the A.Ys. 2016-17, 2018-19 and 2020-21. 2. All these