THE MULLANPUR GARIBDAS CO-OP MULTIPURPOSE SOCIETY,MOHALI vs. DCIT, C-6(1), MOHALI

Bench: SHRI A.D.JAIN (Vice President), SHRI KRINWANT SAHAY (Accountant Member)

capital of such cooperative society out of funds provided by the State Government for the purpose; In a latest judgement the Hon'ble High Court of Karnataka in the case of Pr. CIT versus Totagar Cooperative Sale Society decided exactly the same issue as to whether the interest earned from FDR with Cooperative Bank would qualify for the deduction under

DCIT, CIRCLE, PATIALA vs. M/S PUNJAB STATE POWER CORPORATION LTD., PATIALA

In the result, ground no. 1 & 3 of the Revenue’s appeal is allowed and ground no

Bench: SHRI. VIKRAM SINGH YADAV (Accountant Member), SHRI. PARESH M. JOSHI (Judicial Member)

IV-C, is subsequently transferred and there results income on such transfer. Going by the yardstick of the ld. AR, such gain should also be assessed under the head of business income because the circulating capital of the business was utilized for its purchase. Obviously it is not so as the resultant income on the transfer of building, being

PUNJAB STATE COOP. BANK LTD.,CHANDIGARH vs. ACIT, CL-2(1), CHANDIGARH

In the result the impugned order of Ld

Bench: SHRI. VIKRAM SINGH YADAV (Accountant Member), SHRI. PARESH M. JOSHI (Judicial Member)

80P(2)(a)(i) of the Income Tax Act, prior to the amendment in the said section and is a regular assessee with the Income Tax Department through the Assistant Commissioner of Income Tax Circle 2(1) Chandigarh. 3. That the assessee society filed its return for the year under consideration on 30th September 2013 declaring therein