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

c) its employees (of some small amounts as staff loans),\nadvanced in the ordinary course, as any business would do\nas a staff welfare measure.\nPage 4 of 48\nITA Nos. 1052 to 1060/Bang/2023\n2.5 During the assessment proceedings, the Ld.AO did not\nconsider the submissions of the assessee and disallowed the\nclaim 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

c) its employees (of some small amounts as staff loans),\nadvanced in the ordinary course, as any business would do\nas a staff welfare measure.\nPage 4 of 48\nITA Nos. 1052 to 1060/Bang/2023\n2.5 During the assessment proceedings, the Ld.AO did not\nconsider the submissions of the assessee and disallowed the\nclaim 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

c)its employees (of some small amounts as staff loans),\nadvanced in the ordinary course, as any business would do\nas a staff welfare measure.\nPage 4 of 48\nITA Nos. 1052 to 1060/Bang/2023\n2.5 During the assessment proceedings, the Ld.AO did not\nconsider the submissions of the assessee and disallowed the\nclaim 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

c)its employees (of some small amounts as staff loans),\nadvanced in the ordinary course, as any business would do\nas a staff welfare measure.\nPage 4 of 48\nITA Nos. 1052 to 1060/Bang/2023\n2.5 During the assessment proceedings, the Ld.AO did not\nconsider the submissions of the assessee and disallowed the\nclaim under section 80P (2

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

c)its employees (of some small amounts as staff loans),\nadvanced in the ordinary course, as any business would do\nas a staff welfare measure.\nPage 4 of 48\nITA Nos. 1052 to 1060/Bang/2023\n2.5 During the assessment proceedings, the Ld.AO did not\nconsider the submissions of the assessee and disallowed the\nclaim 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

c) its employees (of some small amounts as staff loans),\nadvanced in the ordinary course, as any business would do\nas a staff welfare measure.\nPage 4 of 48\nITA Nos. 1052 to 1060/Bang/2023\n2.5 During the assessment proceedings, the Ld.AO did not\nconsider the submissions of the assessee and disallowed the\nclaim under section 80P (2

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

c) its employees (of some small amounts as staff loans),\nadvanced in the ordinary course, as any business would do\nas a staff welfare measure.\nPage 4 of 48\nITA Nos. 1052 to 1060/Bang/2023\n2.5 During the assessment proceedings, the Ld.AO did not\nconsider the submissions of the assessee and disallowed the\nclaim 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

c)its employees (of some small amounts as staff loans),\nadvanced in the ordinary course, as any business would do\nas a staff welfare measure.\n\nPage 4 of 48\n\nITA Nos. 1052 to 1060/Bang/2023\n\n2.5 During the assessment proceedings, the Ld.AO did not\nconsider the submissions of the assessee and disallowed the\nclaim 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

c) its employees (of some small amounts as staff loans),\nadvanced in the ordinary course, as any business would do\nas a staff welfare measure.\nPage 4 of 48\nITA Nos. 1052 to 1060/Bang/2023\n2.5 During the assessment proceedings, the Ld.AO did not\nconsider the submissions of the assessee and disallowed the\nclaim under section 80P (2

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

section\n80P(2)(d) of the Act.\n13.\nThe CIT was therefore justified in exercising his powers of revision\nu/s.263 of the Act and directing the AO to tax interest income in question\nas it is neither of the nature specified in Sec.80P(2)(a)(i) or 80P(2)(d) of\nthe Act.\n14. The argument of the learned counsel

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

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

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

Disallowance of deduction u/s 80P(2)(a)(i) of the Income Tax Act, 1961. 13.1 The ld. A.R. submitted that the interest income from investments in various co-operative societies and banks are entitled for deduction u/s. 80P(2)(a)(i) of the Act. The details of the interest from investments in Co-operative Banks are as follows: Interest

GSSS CREDIT CO-OPERATIVE SOCIETY LIMITED,BANGALORE vs. INCOME-TAX OFFICER, WARD-2(2)(3), BANGALORE

In the result, the appeals of the assessee are allowed for\nstatistical purposes

c)\nof section 30, section 31 and [sub-sections (1) [***] and (2)] of section 32 and\nsubject to the provisions of [section 38]; [(iia) in the case of income in the\nnature of family pension, a deduction of a sum equal to thirty-three and one-\nthird per cent of such income or [fifteen] thousand rupees, whichever is less.\nExplanation

INCOMETAX OFFICER, WARD-1(1), TIPTUR vs. SRIUDAYARAVI CREDIT CO-OP, TIPTUR

In the result, appeals of the Revenue are dismissed

Disallowance of deduction u/s 80P of the Act on the\nground that the Respondent has violated the Karnataka State\nSouharda Sahakari Act, 1997 as the associate/ nominal members are\nin excess of 15% of the total membership.\na. At the outset, the Respondent wishes to submit that it has 0.52% of\ntotal membership being nominal member