The Commissioner of Income Tax-II vs. The Andhra Bank Employees Co.Operative Bank Limited

In the result, for the above reasons, these appeals fail and

Bench: V.V.S.RAO,RAMESH RANGANATHAN

17] the Supreme Court considered the conditionalities for availing exemption under Section 80P(2)(a)(i) of the IT Act. The relevant observations are as follows. Under Section 80P(1), where the gross total income of a co- operative society includes any income referred to in Sub-section (2) then the sums specified in Sub-section (2) shall be deducted

Commissioner of Income Tax -II vs. The Agrasen Coop. Urban Bank Ltd.,

In the result, for the above reasons, these appeals fail and

Bench: V.V.S.RAO,RAMESH RANGANATHAN

17] the Supreme Court considered the conditionalities for availing exemption under Section 80P(2)(a)(i) of the IT Act. The relevant observations are as follows. Under Section 80P(1), where the gross total income of a co- operative society includes any income referred to in Sub-section (2) then the sums specified in Sub-section (2) shall be deducted

Commissioner of Income Tax-II, vs. M/S The A.P.Mahesh Coop. Urban Bank Ltd,

In the result, for the above reasons, these appeals fail and

Bench: V.V.S.RAO,RAMESH RANGANATHAN

17] the Supreme Court considered the conditionalities for availing exemption under Section 80P(2)(a)(i) of the IT Act. The relevant observations are as follows. Under Section 80P(1), where the gross total income of a co- operative society includes any income referred to in Sub-section (2) then the sums specified in Sub-section (2) shall be deducted

PRL COMMR OF INCOME TAX, TIRUPATI, CHITTOOR DIST vs. V DWARAKANATH REDDY, CHITTOOR

The appeals are hereby dismissed

Bench: RAMESH RANGANATHAN,KONGARA VIJAYA LAKSHMI

17. On the other hand, learned counsel for the assessee argued that the activities of the assessee-Trust are for charitable purpose and the matter is covered by the decision of the Division Bench of this Court in similar cases of Trusts, in the case of Commissioner Income Tax (Exemptions) vs. Improvement Trust, Moga reported

Samaj Seva Nidhi, vs. ACIT [Inv] circle-II

Bench: A RAMALINGESWARA RAO,DILIP B. BHOSALE

disallowing the benefit of accumulation under Section 11(2) of the Act for the amount of Rs.3,00,000/- and demanded the tax at Rs.1,27,676/-. Against the said order, the assessee preferred an appeal before the Commissioner of Income Tax (Appeals), Vijayawada, who, by his order dated 29.08.1997, allowed the appeal by placing reliance on Director of Income

The Commissioner of Income Tax vs. M/s GRK Prasad AND others

In the result, for the above reasons, we set aside the orders

Bench: V.V.S.RAO,RAMESH RANGANATHAN

2) When best judgment assessment is undertaken it cannot be as per the whims and fancies of the assessing officer and it should base on some material either produced by the assessee or gathered by the Taxing Officer. If for any reason the material like books of accounts produced by the assessing is rejected as unreliable or unsatisfactory, there should

The Commissioner of income tax, vs. M/s.Y.Ramulu and Others

In the result, for the above reasons, we set aside the orders

Bench: V.V.S.RAO,RAMESH RANGANATHAN

2) When best judgment assessment is undertaken it cannot be as per the whims and fancies of the assessing officer and it should base on some material either produced by the assessee or gathered by the Taxing Officer. If for any reason the material like books of accounts produced by the assessing is rejected as unreliable or unsatisfactory, there should

The Commissioner of Income Tax-II vs. m/S.M.Ventakteswara Rao AND Others

In the result, for the above reasons, we set aside the orders

Bench: V.V.S.RAO,RAMESH RANGANATHAN

2) When best judgment assessment is undertaken it cannot be as per the whims and fancies of the assessing officer and it should base on some material either produced by the assessee or gathered by the Taxing Officer. If for any reason the material like books of accounts produced by the assessing is rejected as unreliable or unsatisfactory, there should

Commissioner of Income Tax, Rajahmundry. vs. m/s Ganesh Arrack Contractors,

In the result, for the above reasons, we set aside the orders

Bench: V.V.S.RAO,RAMESH RANGANATHAN

2) When best judgment assessment is undertaken it cannot be as per the whims and fancies of the assessing officer and it should base on some material either produced by the assessee or gathered by the Taxing Officer. If for any reason the material like books of accounts produced by the assessing is rejected as unreliable or unsatisfactory, there should

Commissioner of Income Tax vs. Ms. B.krishna Murthy AND Others

In the result, for the above reasons, we set aside the orders

Bench: V.V.S.RAO,RAMESH RANGANATHAN

2) When best judgment assessment is undertaken it cannot be as per the whims and fancies of the assessing officer and it should base on some material either produced by the assessee or gathered by the Taxing Officer. If for any reason the material like books of accounts produced by the assessing is rejected as unreliable or unsatisfactory, there should

COMMR.OF I.T. RKAJAHMUNDRY vs. T.RAMI REDDY AND ORS

In the result, for the above reasons, we set aside the orders

Bench: V.V.S.RAO,RAMESH RANGANATHAN

2) When best judgment assessment is undertaken it cannot be as per the whims and fancies of the assessing officer and it should base on some material either produced by the assessee or gathered by the Taxing Officer. If for any reason the material like books of accounts produced by the assessing is rejected as unreliable or unsatisfactory, there should

Commissioner of Income Tax, vs. M/s Y.Ramakrishna and Others

In the result, for the above reasons, we set aside the orders

Bench: V.V.S.RAO,RAMESH RANGANATHAN

2) When best judgment assessment is undertaken it cannot be as per the whims and fancies of the assessing officer and it should base on some material either produced by the assessee or gathered by the Taxing Officer. If for any reason the material like books of accounts produced by the assessing is rejected as unreliable or unsatisfactory, there should

The Commissioner of Income Tax vs. M/s.B.Satyanarayana AND Others

In the result, for the above reasons, we set aside the orders

Bench: V.V.S.RAO,RAMESH RANGANATHAN

2) When best judgment assessment is undertaken it cannot be as per the whims and fancies of the assessing officer and it should base on some material either produced by the assessee or gathered by the Taxing Officer. If for any reason the material like books of accounts produced by the assessing is rejected as unreliable or unsatisfactory, there should

COMMISSIONER OFINCOEMETAX vs. M/S. V.SATYANARAYANA AND OTHERS

In the result, for the above reasons, we set aside the orders

Bench: V.V.S.RAO,RAMESH RANGANATHAN

2) When best judgment assessment is undertaken it cannot be as per the whims and fancies of the assessing officer and it should base on some material either produced by the assessee or gathered by the Taxing Officer. If for any reason the material like books of accounts produced by the assessing is rejected as unreliable or unsatisfactory, there should

The commissioner of Income Tax vs. M/s.M.Narayana Choudary and Others

In the result, for the above reasons, we set aside the orders

Bench: V.V.S.RAO,RAMESH RANGANATHAN

2) When best judgment assessment is undertaken it cannot be as per the whims and fancies of the assessing officer and it should base on some material either produced by the assessee or gathered by the Taxing Officer. If for any reason the material like books of accounts produced by the assessing is rejected as unreliable or unsatisfactory, there should

The Commissioner of Income tax vs. M/s.V.Satyanrayana AND Others

In the result, for the above reasons, we set aside the orders

Bench: V.V.S.RAO,RAMESH RANGANATHAN

2) When best judgment assessment is undertaken it cannot be as per the whims and fancies of the assessing officer and it should base on some material either produced by the assessee or gathered by the Taxing Officer. If for any reason the material like books of accounts produced by the assessing is rejected as unreliable or unsatisfactory, there should

The Commissioner of Income Tax vs. M/s.G.V.Krishna Reddy AND Others

In the result, for the above reasons, we set aside the orders

Bench: V.V.S.RAO,RAMESH RANGANATHAN

2) When best judgment assessment is undertaken it cannot be as per the whims and fancies of the assessing officer and it should base on some material either produced by the assessee or gathered by the Taxing Officer. If for any reason the material like books of accounts produced by the assessing is rejected as unreliable or unsatisfactory, there should

COMMISSISONER OF I.T. RAJAHMUNDRY vs. M/S.Y RAMAKRISHNA AND OTHERS

In the result, for the above reasons, we set aside the orders

Bench: V.V.S.RAO,RAMESH RANGANATHAN

2) When best judgment assessment is undertaken it cannot be as per the whims and fancies of the assessing officer and it should base on some material either produced by the assessee or gathered by the Taxing Officer. If for any reason the material like books of accounts produced by the assessing is rejected as unreliable or unsatisfactory, there should