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

disallowances of deduction claimed under section 80P(2)(a)(i)/80P(2)(d) of the Act on the amount of interest

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

Section 80P\n(2)(a)(i) of the Act. The Ld.AO disallowed the deduction under\nSection 80P(2)(a)(i) holding

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

section 80P(2)(a)(i) of the Act for interest received from\nPage 4 of 22\nITA Nos.656, 667, 668/Bang/2024\nC.O. Nos. 10, 11, 12/Bang/2024\nCo-operative Banks, the AO did not make any separate disallowance

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

section 80P(2)(a)(i) of the Act for interest received from\nco-operative Banks, the AO did not make any separate disallowance

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

section 80P(2)(a)(i) of the Act for interest received from\nPage 4 of 22\nITA Nos.656, 667, 668/Bang/2024\nC.O. Nos. 10, 11, 12/Bang/2024\nCo-operative Banks, the AO did not make any separate disallowance

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

section 80P(2)(a)(i) earned by\nthe assessee from staff loans\nIII) Disallowance of interest under section 80P(2

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

section 80P(2)(a)(i) earned by\nthe assessee from staff loans\nIII) Disallowance of interest under section 80P(2

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

section 80P(2)(a)(i) earned by\nthe assessee from staff loans\nIII) Disallowance of interest under section 80P(2

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

80P(2)(a)(i)\n\n8. The Ld.AR submitted that, the claim of deduction disallowed\nunder section 80P(2)(a)(i) in the pending

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

disallowance of guarantee commission under Section 43B.", "result": "Partly Allowed", "sections": [ "80P(2)(a)(i)", "80P(2)(d)", "80P(4)", "43B" ], "issues

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

section 80P(2)(a)(i) earned by\nthe assessee from staff loans\nIII) Disallowance of interest under section 80P(2

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

section 80P(2)(a)(i) earned by\nthe assessee from staff loans\nIII) Disallowance of interest under section 80P(2

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

section 80P(2)(a)(i) earned by\nthe assessee from staff loans\nIII) Disallowance of interest under section 80P(2

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

section 80P(2)(a)(i) earned by\nthe assessee from staff loans\nIII) Disallowance of interest under section 80P(2

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

Section 80P\n(2)(a)(i) of the Act. The Ld.AO disallowed the deduction under Section\n80P(2)(a)(i) holding

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

Section 80P(2) of the Act would not apply in the facts and circumstances of the present case. Our this view is also supported by the above cited decision. Since during the course of arguments, the Ld.AR of the assessee took alternative ground that the cost of funds for earning the interest income has to be allowed, we concur with

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

Section 80P(2) of the Act would not apply in the facts and circumstances of the present case. Our this view is also supported by the above cited decision. Since during the course of arguments, the Ld.AR of the assessee took alternative ground that the cost of funds for earning the interest income has to be allowed, we concur with

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

Section 80P(2) of the Act would not apply in the facts and circumstances of the present case. Our this view is also supported by the above cited decision. Since during the course of arguments, the Ld.AR of the assessee took alternative ground that the cost of funds for earning the interest income has to be allowed, we concur with