THE JYOTI CO-OPERATIVE NON AGRICULTURAL THRIFT & CREDIT SOCIETY LTD.,SIRMOUR vs. ITO, WARD, NAHAN

In the result, the assessee is not eligible for deduction on interest on deposits placed with scheduled commercial banks under section 80(P)(2)(a)(i) of the Act and the appeal of the assessee is di...

Bench: SHRI. VIKRAM SINGH YADAV (Accountant Member)

viia) to sub-section (24) to section 2 would have application, Even otherwise, on the principle of mutuality, the Hon’ble Supreme Court in Bangalore Club v. CIT [2013] 350 ITR 509/29 taxmann.com 29 has held that the interest earned on FDRs with banks would not be covered by the principle of mutuality as the transactions were not between

THE JYOTI CO-OPERATIVE NON AGRICULTURAL THRIFT & CREDIT SOCIETY LTD.,SIRMOUR vs. ITO, WARD, NAHAN

In the result, the assessee is not eligible for deduction on interest on deposits placed with scheduled commercial banks under section 80(P)(2)(a)(i) of the Act and the appeal of the assessee is di...

viia) to sub-section (24) to section 2 would have application, Even otherwise, on the principle of mutuality, the Hon’ble Supreme Court in Bangalore Club v. CIT [2013] 350 ITR 509/29 taxmann.com 29 has held that the interest earned on FDRs with banks would not be covered by the principle of mutuality as the transactions were not between

THE KANGRA CENTRAL COOPERATIVE BANK LIMITED,DHARAMSHALA vs. DEPUTY COMMISSIONER OF INCOME TAX, PALAMPUR

In the result, both the appeals of the assessee are allowed

Bench: SHRI. RAJPAL YADAV (Vice President), SHRI. VIKRAM SINGH YADAV (Accountant Member)

56,35,140/- which was selected for scrutiny and thereafter, the assessment was completed under section 143(3) dt. 05/03/2014 wherein the AO has, interalia, made a disallowance of provision made towards standard assets amounting to Rs. 2,21,28,000/- and separately, the penalty proceedings were initiated under section 271(1)(c) of the Act for concealment of income

THE KANGRA CENTRAL COOPERATIVE BANK LIMITED,DHARAMSHALA vs. DEPUTY COMMISSIONER OF INCOME TAX, PALAMPUR

In the result, both the appeals of the assessee are allowed

56,000/- includes provision of Rs.2,21,28,000/- on the\nPerforming Assets (designated by the assessee Bank as Standard Assets) i.e. the\nassets which are good, not bad and from which regular instalments of the\nprincipal/interest, as the case may be, are being received by the assessee Bank.\nThis provision of Rs.2,21,28,000/- has been

THE STATE BANK OF INDIA,PATIALA vs. ASSTT.COMMISSIONER OF INCOME TAX, PATIALA

The appeal of the Revenue is dismissed

Bench: Shri Sanjay Garg & Ms. Annapurna Guptathe State Bank Of India, Vs. The A.C.I.T., (Successor Of State Bank Of Patiala) Circle Patiala, The Mall, Patiala. Pan: Aaccs0143D & The A.C.I.T., Vs. The State Bank Of India, Circle Patiala, The Mall, Patiala. Pan: Aaccs0143D The A.C.I.T., Vs. The State Bank Of India, Circle Patiala, The Mall, Patiala. Pan: Aaccs0143D The State Bank Of India, Vs. The A.C.I.T., (Successor Of State Bank Of Patiala) Circle Patiala, The Mall, Patiala. Pan: Aaccs0143D & The A.C.I.T., Vs. The State Bank Of India, Circle Patiala, The Mall, Patiala. Pan: Aaccs0143D The State Bank Of India, Vs. The A.C.I.T., (Successor Of State Bank Of Patiala) Circle Patiala, The Mall, Patiala. Pan: Aaccs0143D

disallowance, holding that the assessee was duty bound to create and maintain the special reserve out of the profits of the eligible business during the relevant financial year itself and having not done so he held that the Assessing Officer had rightly denied the said claim of the assessee. The Ld.CIT(Appeals) distinguished all the case laws relied upon

ACIT, PATIALA vs. M/S THE STATE BANK OF PATIALA, PATIALA

The appeal of the Revenue is dismissed

Bench: Shri Sanjay Garg & Ms. Annapurna Guptathe State Bank Of India, Vs. The A.C.I.T., (Successor Of State Bank Of Patiala) Circle Patiala, The Mall, Patiala. Pan: Aaccs0143D & The A.C.I.T., Vs. The State Bank Of India, Circle Patiala, The Mall, Patiala. Pan: Aaccs0143D The A.C.I.T., Vs. The State Bank Of India, Circle Patiala, The Mall, Patiala. Pan: Aaccs0143D The State Bank Of India, Vs. The A.C.I.T., (Successor Of State Bank Of Patiala) Circle Patiala, The Mall, Patiala. Pan: Aaccs0143D & The A.C.I.T., Vs. The State Bank Of India, Circle Patiala, The Mall, Patiala. Pan: Aaccs0143D The State Bank Of India, Vs. The A.C.I.T., (Successor Of State Bank Of Patiala) Circle Patiala, The Mall, Patiala. Pan: Aaccs0143D

disallowance, holding that the assessee was duty bound to create and maintain the special reserve out of the profits of the eligible business during the relevant financial year itself and having not done so he held that the Assessing Officer had rightly denied the said claim of the assessee. The Ld.CIT(Appeals) distinguished all the case laws relied upon

M/S STATE BANK OF PATIALA,,PATIALA vs. ACIT,, PATIALA

Bench: Shri Sanjay Garg & Dr. B.R.R. Kumar

2 for A.Y. 2000-01 pertaining to issue of notice under section 148 are not pressed by the assessee therefore no adjudication is required. 4. The effective ground taken by the assessee is ground no. 3 upholding the addition on account of disallowance of deduction under section 36(1)(viia) which is common to ground

M/S STATE BANK OF PATIALA,,PATIALA vs. ACIT,, PATIALA

Bench: Shri Sanjay Garg & Dr. B.R.R. Kumar

2 for A.Y. 2000-01 pertaining to issue of notice under section 148 are not pressed by the assessee therefore no adjudication is required. 4. The effective ground taken by the assessee is ground no. 3 upholding the addition on account of disallowance of deduction under section 36(1)(viia) which is common to ground