DARJEELING DISTRICT CENTRAL CO.OP. BANK LTD. ,DARJEELING vs. ACIT(OSD)(TDS)WD-5(3), DARJEELING, , DARJEELING.

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

Bench: Shri Sanjay Garg & Shri Rakesh Mishra

disallowed u/s. 40(a)(ia) of the Act for non-deduction of TDS u/s. 194A of the Act. In response to show cause notice, the appellant again reiterated that interest paid by a co- operative society to another co-operative society is exempt from TDS u/s. 194A of the Act and objected the proposed addition. But again submission

DARJEELING DISTRICT CENTRAL CO-OPERATIVE BANK LTD. ,DARJEELING vs. ACIT(OSD)(TDS),WD-5(3),DARJEELING, DARJEELING.

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

Bench: Shri Sanjay Garg & Shri Rakesh Mishra

disallowed u/s. 40(a)(ia) of the Act for non-deduction of TDS u/s. 194A of the Act. In response to show cause notice, the appellant again reiterated that interest paid by a co- operative society to another co-operative society is exempt from TDS u/s. 194A of the Act and objected the proposed addition. But again submission

MEGA ENGINEERS & BUILDERS,PORT BLAIR vs. DCIT, CIR. 3(2) , PORT BLAIR

In the result, the appeal of assessee is allowed

Bench: Shri Rajesh Kumar&Shri Pradip Kumar Choubey]

194A of the Act. Finally, the AO disallowed 30% of the above interest payment being disallowance u/s 40a(ia) of the Act. In our opinion the provisions of Section 40a(ia) cannot be invoked where there is a short deduction of tax at source but in a case, where there is a complete non- deduction of tax at source

BIBHISANPUR SAMABAY KRISHI UNNAYAN SAMITY LTD.,KOLKATA vs. I.T.O., WARD - 27(4), HALDIA/ WBG-W-176(3), HALDIA

Bench: Shri Sonjoy Sarma & Shri Rakesh Mishra

194A of the Act also makes the legislative intent clear that the Co-operative Banks are not that specie of genus co-operative society, which would be entitled to exemption or deduction, under the special provisions of Chapter VIA in the form of Section 80P of the Act. 16. If the legislative intent is so clear, then it cannot contended

THE DCIT, CIR-3(2) GANGTOK, GANGTOK SIKKIM vs. SIKKIM STATE COOPERATIVE SUPPLY AND MARKETING FEDERATION LIMITED , GANGTOK SIKKIM

Bench: Shri Pradip Kumar Choubey & Shri Rakesh Mishra

disallowed the claim of deduction under section 80P (2) (d) and held that the entire interest income of Rs. 2,59,49,002/-, was taxable as Income from Other Sources under section 56, as the assessee has failed to produce any evidence to show that it has incurred any expenditure wholly and exclusively to earn such interest income.” 3.3. During

DEPUTY COMMISSIONER OF INCOME TAX, CIR-3(2), GANGTOK, GANGTOK SIKKIM vs. SIKKIM STATE COOPERATIVE SUPPLY AND MARKETING FEDERATION LIMITED, GANGTOK SIKKIM

Bench: Shri Pradip Kumar Choubey & Shri Rakesh Mishra

disallowed the claim of deduction under section 80P (2) (d) and held that the entire interest income of Rs. 2,59,49,002/-, was taxable as Income from Other Sources under section 56, as the assessee has failed to produce any evidence to show that it has incurred any expenditure wholly and exclusively to earn such interest income.” 3.3. During

D.C.I.T.,CIRCLE-1(4), KOLKATA vs. EDMOND FINVEST PVT. LTD., KOLKATA

In the result, the appeal filed by the Revenue is dismissed

Bench: Sri Sanjay Garg & Dr. Manish Borad

disallowing the corresponding interest expenditure of Rs. 1,94,958/-. In order to understand issue under consideration, it would be appropriate to bring on record the facts of the case in brief. The appellant is a non- banking financial company. In the course of its business, the appellant receives inter-corporate deposits from various entities and bodies corporate which

M/S STANDARD FINANCIAL CONSULTANTS PVT. LTD. ,KOLKATA vs. DCIT, CIR.7(2), KOLKATA

In the result, assessee’s appeal stands allowed

Bench: Sri Rajesh Kumar & Sonjoy Sarma

disallowable u/s 40(a)(ia) of the Act and accordingly Rs. 24,68,080/- was added to the income of the assessee. Ld. CIT(A) simply upheld the order of the AO. 4. After hearing the rival contentions and perusing the material on record, we find that in this case the interest payments have been made to the broker