FEDERAL BANK LTD,KOCHI vs. ACIT CORP. CIRCLE-1(1 ) , KOCHI

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singh

68 (Del)  Infrastructure Logistics P Ltd. 141 Taxmann.com 24 (Panaji)(ITAT) (ii) It was further submitted that interest expenditure cannot be disallowed when sufficient interest free funds are available with the Assessee. It was submitted that the Assessee had sufficient interest funds. It was submitted that even where the Assessee had mixed funds made up of own interest free funds

FEDERAL BANK LTD,KOCHI vs. ACIT CORP. CIRCLE-1(1 ) , KOCHI

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singh

68 (Del)  Infrastructure Logistics P Ltd. 141 Taxmann.com 24 (Panaji)(ITAT) (ii) It was further submitted that interest expenditure cannot be disallowed when sufficient interest free funds are available with the Assessee. It was submitted that the Assessee had sufficient interest funds. It was submitted that even where the Assessee had mixed funds made up of own interest free funds

FEDERAL BANK LTD,KOCHI vs. ACIT CORP. CIRCLE-1(1 ) , KOCHI

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singh

68 (Del)  Infrastructure Logistics P Ltd. 141 Taxmann.com 24 (Panaji)(ITAT) (ii) It was further submitted that interest expenditure cannot be disallowed when sufficient interest free funds are available with the Assessee. It was submitted that the Assessee had sufficient interest funds. It was submitted that even where the Assessee had mixed funds made up of own interest free funds

FEDERAL BANK LTD,KOCHI vs. ACIT CORP. CIRCLE-1(1 ) , KOCHI

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singh

68 (Del)  Infrastructure Logistics P Ltd. 141 Taxmann.com 24 (Panaji)(ITAT) (ii) It was further submitted that interest expenditure cannot be disallowed when sufficient interest free funds are available with the Assessee. It was submitted that the Assessee had sufficient interest funds. It was submitted that even where the Assessee had mixed funds made up of own interest free funds

AROOR CO-OP URBAN SOCIETY LTD,KOZHIKKODE vs. ITO, KOZHIKKODE

In the result, the appeal filed by the assessee is partly allowed

Bench: Shrigeorge George K.And Shrilaxmi Prasad Sahuaroor Co-Operative Urbn Society Dcit, Central Prossing Centre Aroor P.O., Kakkattil 673507 Bangalore Vs.

68 taxmann.com 298). He has submitted a copy of the P&L account in Annexure-2 which reads as follows: - S.No. Loss Rs. S.No. Profit Rs. 1 Total loss as per 1 Total profit as per trading account trading account 2 Interest 7359077 2 Interest receivable 5978097 outstanding 3 Establishment 1304782 3 expenses 4 Contingency 1231087 4 Miscellaneous 4242442 expenses

M/S.PERRORKADA SERVICE CO-OP BANK LTD,TRIVANDRUM vs. THE ITO, TRIVANDRUM

In the result, the appeal of the Revenue in I

Bench: S/Shri Chandra Poojari, Am & George George K., Jm

36(1)(viia) had to be allowed. 7. The assessment order was served on 03/01/2017 resulting in time barred assessment. 10.1. Ground No. 5 is with regard to treatment of interest income received from deposits as income from other sources and denying deduction of proportionate expenses incurred to earn the interest income. 10.2 The facts of the case are that

M/S.PEROORKADA SERVICE CO-OP BANK LTD,TRIVANDRUM vs. THE ITO, WD-2(1), TRIVANDRUM, TRIVANDRUM

In the result, the appeal of the Revenue in I

Bench: S/Shri Chandra Poojari, Am & George George K., Jm

36(1)(viia) had to be allowed. 7. The assessment order was served on 03/01/2017 resulting in time barred assessment. 10.1. Ground No. 5 is with regard to treatment of interest income received from deposits as income from other sources and denying deduction of proportionate expenses incurred to earn the interest income. 10.2 The facts of the case are that

THE ITO, TRIVANDRUM vs. M/S.PERRORKADA SERVICE CO-OP BANK LTD, TRIVANDRUM

In the result, the appeal of the Revenue in I

Bench: S/Shri Chandra Poojari, Am & George George K., Jm

36(1)(viia) had to be allowed. 7. The assessment order was served on 03/01/2017 resulting in time barred assessment. 10.1. Ground No. 5 is with regard to treatment of interest income received from deposits as income from other sources and denying deduction of proportionate expenses incurred to earn the interest income. 10.2 The facts of the case are that

M/S.PERRORKADA SERVICE CO-OP BANK LTD,TRIVANDRUM vs. THE ITO, TRIVANDRUM

In the result, the appeal of the Revenue in I

Bench: S/Shri Chandra Poojari, Am & George George K., Jm

36(1)(viia) had to be allowed. 7. The assessment order was served on 03/01/2017 resulting in time barred assessment. 10.1. Ground No. 5 is with regard to treatment of interest income received from deposits as income from other sources and denying deduction of proportionate expenses incurred to earn the interest income. 10.2 The facts of the case are that

M/S.PEROORKADA SERVICE CO-OP BANK LTD,TRIVANDRUM vs. THE ITO, WD-2(1), TRIVANDRUM, TRIVANDRUM

In the result, the appeal of the Revenue in I

Bench: S/Shri Chandra Poojari, Am & George George K., Jm

36(1)(viia) had to be allowed. 7. The assessment order was served on 03/01/2017 resulting in time barred assessment. 10.1. Ground No. 5 is with regard to treatment of interest income received from deposits as income from other sources and denying deduction of proportionate expenses incurred to earn the interest income. 10.2 The facts of the case are that

M/S.STATE BANK OF INDIA(SUCCESSOR TO STATE BANK OF TRAVANCORE),TRIVANDRUM vs. THE ACIT, TRIVANDRUM

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singh

36(1) (viia), due to AO's erroneous observation that no provision for doubtful debts were made in books, whereas on facts a sum of Rs.145.86 Crores was actually made towards provision for bad and doubtful debts for the relevant year. Hence no disallowance is called for. 2. Your appellant craves leave to add, to amend, and/or vary the grounds

M/S.STATE BANK OF INDIA(SUCCESSOR TO STATE BANK OF TRAVANCORE),TRIVANDRUM vs. THE ACIT, TRIVANDRUM

Bench: Shri Satbeer Singh Godara & Shri Amarjit Singh

36(1) (viia), due to AO's erroneous observation that no provision for doubtful debts were made in books, whereas on facts a sum of Rs.145.86 Crores was actually made towards provision for bad and doubtful debts for the relevant year. Hence no disallowance is called for. 2. Your appellant craves leave to add, to amend, and/or vary the grounds

THE THALIPARAMBA CO-OP URBANK BANK LTD,TALIPARAMABA vs. THE PR.CIT, KOZHIKKODE

In the result, the appeal filed by the assessee is allowed

Bench: S/Shri Chandra Poojari, Am & George George K., Jm

68 of 2014. High Court of Judicator of Bombay, Bench at Aurangabad) and other decisions on this point. The Ld. AR also submitted that section 43D of the Income tax Act had been amended subsequently by Finance Act 2017, by including therein the words "Co-op. banks" for the purpose of deduction with effect from 01/04/2018. Though this amendment