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 of the Act would\nnot apply to the facts and circumstances of the case. In view of the\nabove, he prayed that the disallowance of assessee Society's claim\nof deduction of interest income earned from co-operative banks may\nbe restored.\n\n13. The ld. A.R. on the other hand in his written submissions,\nsubmitted

SHRI. SHANTHISAGAR CO OP CREDIT SOCIETY LIMITED,HUBLI vs. INCOME TAX OFFICER, WARD-2(1), HUBLI

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

Bench: Shri Waseem Ahmed & Shri Keshav Dubeyassessment Year: 2017-18

4 to section 80P of the Act. However, to hold a cooperative society as a cooperative bank it necessary that impugned bank hold banking license from RBI carrying out the banking business as per the provision of banking regulation Act. Hence, we hold that if SUCO Bank does not hold banking license and provisions of banking regulation

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

4 of 1988,\nSection 15 (w.e.f. 1.4.1989).]\n(c)[ any sum referred to in clause (ii) of sub-section (1) of\nsection 36,\n(d)[ any sum payable by the assessee an interest on any\nloan or borrowing from any public financial institution or a\nState industrial investment corporation, in accordance with\nthe terms and conditions of the agreement

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

4 of 1988,\nSection 15 (w.e.f. 1.4.1989).]\n(c)[ any sum referred to in clause (ii) of sub-section (1) of\nsection 36,\n(d)[ any sum payable by the assessee an interest on any\nloan or borrowing from any public financial institution or a\nState industrial investment corporation, in accordance with\nthe terms and conditions of the agreement

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

4 of 1988,\nSection 15 (w.e.f. 1.4.1989).]\n\n(c)[ any sum referred to in clause (ii) of sub-section (1) of\nsection 36,\n\n(d)[ any sum payable by the assessee an interest on any\nloan or borrowing from any public financial institution or a\nState industrial investment corporation, in accordance with\nthe terms and conditions

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

4 of 1988,\nSection 15 (w.e.f. 1.4.1989).]\n(c)[ any sum referred to in clause (ii) of sub-section (1) of\nsection 36,\n(d)[ any sum payable by the assessee an interest on any\nloan or borrowing from any public financial institution or a\nState industrial investment corporation, in accordance with\nthe terms and conditions of the agreement

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

4 of 1988,\nSection 15 (w.e.f. 1.4.1989).]\n(c)[ any sum referred to in clause (ii) of sub-section (1) of\nsection 36,\n(d)[ any sum payable by the assessee an interest on any\nloan or borrowing from any public financial institution or a\nState industrial investment corporation, in accordance with\nthe terms and conditions of the agreement

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

4 of 1988,\nSection 15 (w.e.f. 1.4.1989).]\n(c)[ any sum referred to in clause (ii) of sub-section (1) of\nsection 36,\n(d)[ any sum payable by the assessee an interest on any\nloan or borrowing from any public financial institution or a\nState industrial investment corporation, in accordance with\nthe terms and conditions of the agreement

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

4 of 1988,\nSection 15 (w.e.f. 1.4.1989).]\n(c)[ any sum referred to in clause (ii) of sub-section (1) of\nsection 36,\n(d)[ any sum payable by the assessee an interest on any\nloan or borrowing from any public financial institution or a\nState industrial investment corporation, in accordance with\nthe terms and conditions of the agreement

M/S. SHRI MAHISHASURAMARDINI URBAN CO-OPERATIVE CREDIT SOCIETY LIMITED,HAVERI vs. INCOME TAX OFFICER, WRD-1, HAVERI

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

Bench: Shri Chandra Poojari

4) or under section 142(1) or section 148 can also be accepted and acted upon provided further proceedings in relation to such assessments are pending in the statutory hierarchy of adjudication in terms of the provisions of the Income-tax Act. In all such situations, it cannot be treated that a return filed at any stage

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

4 of 1988,\nSection 15 (w.e.f. 1.4.1989).]\n(c)[ any sum referred to in clause (ii) of sub-section (1) of\nsection 36,\n(d)[ any sum payable by the assessee an interest on any\nloan or borrowing from any public financial institution or a\nState industrial investment corporation, in accordance with\nthe terms and conditions of the agreement

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

4 of 1988,\nSection 15 (w.e.f. 1.4.1989).]\n(c)[ any sum referred to in clause (ii) of sub-section (1) of\nsection 36,\n(d)[ any sum payable by the assessee an interest on any\nloan or borrowing from any public financial institution or a\nState industrial investment corporation, in accordance with\nthe terms and conditions of the agreement

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

80P(4) are significant. They are: "The provisions of this section shall not apply in relation to any co-operative bank other than a primary agricultural credit society …..". The words "in ITA Nos. 68

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

80P(4) are significant. They are: "The provisions of this section shall not apply in relation to any co-operative bank other than a primary agricultural credit society …..". The words "in ITA Nos. 68

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

4 of CO and Ground No. 2 of Department’s appeal : 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

MINORITY CO OP CREDIT SOCIETY LTD, BAGALKOT,BAGALKOT vs. ITO W(1), BAGALKOT, BAGALKOT

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

Bench: Shri Chandra Poojari & Smt. Madhumita Royassessment Year: 2017-18

80P(2)(a)(iii) of the Act.” 3.10 It is directed that in the event it is found that the interest is earned by the assessee from such commercial/cooperative banks that fall within the definition of “banking company’ as per section 2(c), Section 5(b) and holds license under section 22 of the Banking Regulation

MINISTRY OF COMMUNICATIONS EMPLOYEES CO-OPERATIVE HOUSING SOCIETY LIMITED ,BANGALORE vs. PR. COMMISSIONER OF INCOME TAX, BENGALURU-1, BENGALURU

In the result, the appeal of the assessee is hereby dismissed

Bench: Shri Waseem Ahmed & Shri Keshav Dubeyassessment Year: 2020-21

80P of the Act for an amount of Rs. 28,68,638/- only. The case of assessee was selected for scrutiny under CASS and the assessment was completed by accepting the returned income. 4. The Ld. PCIT, Bengaluru upon examination of the assessment records was of the view that the assessment order passed by the AO was without making necessary

BELVE VYAVASAYA SEVA SAHAKARI SANGHA LIMITED ,UDUPI vs. INCOME TAX OFFICER, WARD-2, UDUPI

In the result, both the appeals of the assessee are partly allowed for statistical purposes

Bench: Shri Waseem Ahmed & Shri Keshav Dubey

4) or in the notices issued under section 142(1) and section 148, the returns were indeed non-est and could not have been acted upon by the Assessing Officer even though they were filed before the completion of the assessment. 12. There is yet another aspect of the matter. The requirement of making the claim for deduction