SHREE AMBEY FORGING PRIVAT LIMITED,PANAJI vs. ITO, WARD - (4), PANAJI

In the result, both appeals of the assessee are allowed

68,545/- based on the order of the AO-TP u/s 92CA of the Income Tax Act'1961, in spite of the fact that the assesse or their AE has not taken any benefit or exemption / deduction under the Income Tax Act. The Id AO(TP) and Dispute Resolution Panel-2, Bangalore, 4) has willfully ignored that the assesee

SCORPIO IRON LTD,PANAJI vs. ITO, WARD - 1(4), PANAJI

In the result, both appeals of the assessee are allowed

68,545/- based on the order of the AO-TP u/s 92CA of the Income Tax Act'1961, in spite of the fact that the assesse or their AE has not taken any benefit or exemption / deduction under the Income Tax Act. The Id AO(TP) and Dispute Resolution Panel-2, Bangalore, 4) has willfully ignored that the assesee

ACIT, CENTRAL CIRCLE, PANAJI vs. M/S SOCIADADE DE FOMENTO INDUSTRIAL P. LTD, MARGAO

In the result, the appeal of the assessee is partly allowed and that of the Revenue is dismissed

Bench: Shri Chandra Mohan Garg & Shri Girish Agrawal

68 ITR 585 c. Matheson Bosanquet Enterprises Ltd., Vs. DCIT (Mad) 316 ITR 375 V) Transaction in exchange traded derivatives - life of short duration and they do not yield any income like dividend - Income can be derived only on their purchases and sales and so they are held only as stock-in-trade - Hence the income from such transactions

SOCIEADADE DE FOMENTO INDL. PVT. LTD.,MARGAO vs. JOINT COMMISSIONER OF INCOME TAX, MARGAO RANGE, MARGAO

In the result, the appeal of the assessee is partly allowed and that of the Revenue is dismissed

Bench: Shri Chandra Mohan Garg & Shri Girish Agrawal

68 ITR 585 c. Matheson Bosanquet Enterprises Ltd., Vs. DCIT (Mad) 316 ITR 375 V) Transaction in exchange traded derivatives - life of short duration and they do not yield any income like dividend - Income can be derived only on their purchases and sales and so they are held only as stock-in-trade - Hence the income from such transactions

SHRI VARDHAMAN URBAN CREDIT SOUHARDA SAHAKARI NIYAMIT,KUDCHI vs. INCOME TAX OFFICER, WARD - 1, BELAGAVI

In the result, the appeal filed by the assessee in ITA

Bench: Shri Inturi Rama Rao & Shri Partha Sarathi Chaudhuryआयकर अपील सं. / Ita No.91/Pan/2023 िनधा"रण वष" / Assessment Year : 2017-18 Shri Vardhaman Urban Vs. Ito, Ward-1, Belgaum. Credit Souharda Sahakari Niyamit, Post- Kudchi, Tal- Raibag, Dist.- Belgaum, Karnataka- 591005. Pan : Aaaas5599R Appellant Respondent S.A. No.07/Pan/2023 (Arising Out Of Ita No.91/Pan/2023) िनधा"रण वष" / Assessment Year : 2017-18 Shri Vardhaman Urban Vs. Ito, Ward-1, Belgaum. Credit Souharda Sahakari Niyamit, Post- Kudchi, Tal- Raibag, Dist.- Belgaum, Karnataka- 591005. Pan : Aaaas5599R Appellant Respondent Assessee By : Shri U. G. Ammangi Revenue By : Shri Ashwini D. Hosmani Date Of Hearing : 04.09.2023 Date Of Pronouncement : 08.09.2023 आदेश / Order Per Inturi Rama Rao, Am: This Is An Appeal Filed By The Assessee Directed Against The Order Of The National Faceless Appeal Centre, Delhi [‘Nfac’] Dated

Section 21 B of Karnataka Souharda Sahakari Act, 1997 permits “Associate Member”. Hence eligible for deduction U/s 80P(2)(a)(i). Apex Court decision in case of The Citizen Co-operative Society Ltd is not applicable. Hence Appeal is to be allowed. 2. Interest Income earned from Co-op Bank is eligible for deduction