M/S. ANDHRA TRADE DEVELOPMENT - CORPORATION, PVT.LTD.,GUNTUR vs. THE ACIT,, GUNTUR

Bench: Shri V. Durga Rao& Shri D.S. Sunder Singhआयकर अपील सं./I.T.A.No.233/Viz/2017 (धििाारण िर्ा/ Assessment Year: 2013-2014) M/S Andhra Trade Development The Assistant Commissioner Corporation Pvt. Ltd., Of Income-Tax, Circle-1(1) Guntur Guntur [Pan : Aabca8777C] (अपीलार्थी/ Appellant) (प्रत्यर्थी/ Respondent) अपीलार्थी की ओर से/ Appellant By : Shri G.V.N.Hari, Ar प्रत्यार्थी की ओर से/ Respondent By : Shri D.K.Sonowal, Cit Dr

36,264/- and claimed the same to be allowed to be carried forward u/s 74 of the Act to the subsequent assessment years. The assessee has paid taxes under the provisions of section 115JB on the book profit arrived at Rs.79,743/-. During the course of assessment proceedings from the notes on accounts, forming part of financial statements, the Assessing

THE DY. CIT,, VIJAYAWADA vs. M/S. THE KRISHNA DISTRICT CO -OPERATIVE CENTRAL BANK LTD,, MACHILIPATNAM

In the result, the appeals of the revenue for the A

Bench: Shri V. Durga Rao & Shri D.S. Sunder Singhआयकर अपील सं./I.T.A.No.301 & 302 /Viz/2017 (धििाारण िर्ा/ Assessment Years: 2011-2012 & 2012-13) आयकर अपील सं./I.T.A.No.100 & 101 /Viz/2018 (धििाारण िर्ा/ Assessment Years: 2013-2014 & 2014-15) Deputy Commissioner Of Vs. M/S The Krishna District Co- Income Tax Operative Central Bank Ltd., Circle-2(1), Vijayawada Ysr Sahakar Bhavan Jagannadhapuram Machilipatnam [Pan : Aabtt0343E] (अपीलार्थी/ Appellant) (प्रत्यर्थी/ Respondent) Co Nos.70 & 71/Viz/2017 (Arising Out Of I.T.A.No.301 & 302 /Viz/2017 (धििाारण िर्ा/ Assessment Years: 2011-2012 & 2012-13) Co Nos.60 & 61/Viz/2018 (Arising Out Of I.T.A.No.100 & 101 /Viz/2018 (धििाारण िर्ा/ Assessment Years: 2013-2014 & 2014-15) M/S The Krishna District Co-Operative Deputy Commissioner Of Central Bank Ltd., Income Tax Ysr Sahakar Bhavan Circle-2(1), Vijayawada Jagannadhapuram Machilipatnam [Pan : Aabtt0343E] (अपीलार्थी/ Appellant) (प्रत्यर्थी/ Respondent) राजस्व की ओर से/ Revenue By : Sri D. K. Sonowal,Cit Dr निर्ााररती की ओर से/ Assessee By : Sri K.Siva Ram Kumar, Ar सुिवाई की तारीख / Date Of Hearing : 19.11.2018 घोषणा की तारीख/Date Of Pronouncement : 28.11.2018

section 37(1) has no application. Since the assessee failed to carry forward the loss on write off to the General Reserves below the line as prescribed by RBI and the amounts are mainly related to the period during which the income of the assessee was tax exempt, the claim of the assessee u/s 37(1) is not allowable

THE DY. CIT,, VIJAYAWADA vs. M/S. THE KRISHNA DISTRICT CO -OPERATIVE CENTRAL BANK LTD,, MACHILIPATNAM

In the result, the appeals of the revenue for the A

Bench: Shri V. Durga Rao & Shri D.S. Sunder Singhआयकर अपील सं./I.T.A.No.301 & 302 /Viz/2017 (धििाारण िर्ा/ Assessment Years: 2011-2012 & 2012-13) आयकर अपील सं./I.T.A.No.100 & 101 /Viz/2018 (धििाारण िर्ा/ Assessment Years: 2013-2014 & 2014-15) Deputy Commissioner Of Vs. M/S The Krishna District Co- Income Tax Operative Central Bank Ltd., Circle-2(1), Vijayawada Ysr Sahakar Bhavan Jagannadhapuram Machilipatnam [Pan : Aabtt0343E] (अपीलार्थी/ Appellant) (प्रत्यर्थी/ Respondent) Co Nos.70 & 71/Viz/2017 (Arising Out Of I.T.A.No.301 & 302 /Viz/2017 (धििाारण िर्ा/ Assessment Years: 2011-2012 & 2012-13) Co Nos.60 & 61/Viz/2018 (Arising Out Of I.T.A.No.100 & 101 /Viz/2018 (धििाारण िर्ा/ Assessment Years: 2013-2014 & 2014-15) M/S The Krishna District Co-Operative Deputy Commissioner Of Central Bank Ltd., Income Tax Ysr Sahakar Bhavan Circle-2(1), Vijayawada Jagannadhapuram Machilipatnam [Pan : Aabtt0343E] (अपीलार्थी/ Appellant) (प्रत्यर्थी/ Respondent) राजस्व की ओर से/ Revenue By : Sri D. K. Sonowal,Cit Dr निर्ााररती की ओर से/ Assessee By : Sri K.Siva Ram Kumar, Ar सुिवाई की तारीख / Date Of Hearing : 19.11.2018 घोषणा की तारीख/Date Of Pronouncement : 28.11.2018

section 37(1) has no application. Since the assessee failed to carry forward the loss on write off to the General Reserves below the line as prescribed by RBI and the amounts are mainly related to the period during which the income of the assessee was tax exempt, the claim of the assessee u/s 37(1) is not allowable

THE DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-2(1),, VIJAYAWADA vs. THE KRISHNA DISTRICT CO-OPERATIVE CENTRAL BANK LTD, MACHILIPATNAM

In the result, the appeals of the revenue for the A

Bench: Shri V. Durga Rao & Shri D.S. Sunder Singhआयकर अपील सं./I.T.A.No.301 & 302 /Viz/2017 (धििाारण िर्ा/ Assessment Years: 2011-2012 & 2012-13) आयकर अपील सं./I.T.A.No.100 & 101 /Viz/2018 (धििाारण िर्ा/ Assessment Years: 2013-2014 & 2014-15) Deputy Commissioner Of Vs. M/S The Krishna District Co- Income Tax Operative Central Bank Ltd., Circle-2(1), Vijayawada Ysr Sahakar Bhavan Jagannadhapuram Machilipatnam [Pan : Aabtt0343E] (अपीलार्थी/ Appellant) (प्रत्यर्थी/ Respondent) Co Nos.70 & 71/Viz/2017 (Arising Out Of I.T.A.No.301 & 302 /Viz/2017 (धििाारण िर्ा/ Assessment Years: 2011-2012 & 2012-13) Co Nos.60 & 61/Viz/2018 (Arising Out Of I.T.A.No.100 & 101 /Viz/2018 (धििाारण िर्ा/ Assessment Years: 2013-2014 & 2014-15) M/S The Krishna District Co-Operative Deputy Commissioner Of Central Bank Ltd., Income Tax Ysr Sahakar Bhavan Circle-2(1), Vijayawada Jagannadhapuram Machilipatnam [Pan : Aabtt0343E] (अपीलार्थी/ Appellant) (प्रत्यर्थी/ Respondent) राजस्व की ओर से/ Revenue By : Sri D. K. Sonowal,Cit Dr निर्ााररती की ओर से/ Assessee By : Sri K.Siva Ram Kumar, Ar सुिवाई की तारीख / Date Of Hearing : 19.11.2018 घोषणा की तारीख/Date Of Pronouncement : 28.11.2018

section 37(1) has no application. Since the assessee failed to carry forward the loss on write off to the General Reserves below the line as prescribed by RBI and the amounts are mainly related to the period during which the income of the assessee was tax exempt, the claim of the assessee u/s 37(1) is not allowable

THE DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-2(1),, VIJAYAWADA vs. THE KRISHNA DISTRICT CO-OPERATIVE CENTRAL BANK LTD, MACHILIPATNAM

In the result, the appeals of the revenue for the A

Bench: Shri V. Durga Rao & Shri D.S. Sunder Singhआयकर अपील सं./I.T.A.No.301 & 302 /Viz/2017 (धििाारण िर्ा/ Assessment Years: 2011-2012 & 2012-13) आयकर अपील सं./I.T.A.No.100 & 101 /Viz/2018 (धििाारण िर्ा/ Assessment Years: 2013-2014 & 2014-15) Deputy Commissioner Of Vs. M/S The Krishna District Co- Income Tax Operative Central Bank Ltd., Circle-2(1), Vijayawada Ysr Sahakar Bhavan Jagannadhapuram Machilipatnam [Pan : Aabtt0343E] (अपीलार्थी/ Appellant) (प्रत्यर्थी/ Respondent) Co Nos.70 & 71/Viz/2017 (Arising Out Of I.T.A.No.301 & 302 /Viz/2017 (धििाारण िर्ा/ Assessment Years: 2011-2012 & 2012-13) Co Nos.60 & 61/Viz/2018 (Arising Out Of I.T.A.No.100 & 101 /Viz/2018 (धििाारण िर्ा/ Assessment Years: 2013-2014 & 2014-15) M/S The Krishna District Co-Operative Deputy Commissioner Of Central Bank Ltd., Income Tax Ysr Sahakar Bhavan Circle-2(1), Vijayawada Jagannadhapuram Machilipatnam [Pan : Aabtt0343E] (अपीलार्थी/ Appellant) (प्रत्यर्थी/ Respondent) राजस्व की ओर से/ Revenue By : Sri D. K. Sonowal,Cit Dr निर्ााररती की ओर से/ Assessee By : Sri K.Siva Ram Kumar, Ar सुिवाई की तारीख / Date Of Hearing : 19.11.2018 घोषणा की तारीख/Date Of Pronouncement : 28.11.2018

section 37(1) has no application. Since the assessee failed to carry forward the loss on write off to the General Reserves below the line as prescribed by RBI and the amounts are mainly related to the period during which the income of the assessee was tax exempt, the claim of the assessee u/s 37(1) is not allowable

ASSISTANT COMMISSIONER OF INCOME TAX, CIRCLE-4(1),, VISAKHAPATNAM vs. SRI Y VENKANA CHOUDARY,, VISAKHAPATNAM

In the result, appeal filed by the Revenue as well as the cross objection filed by the assessee are partly allowed

Bench: Shri V. Durga Rao, Hon’Ble & Shri D.S. Sunder Singh, Hon’Bleacit, Circle-4(1), Vs. Y. Venkanna Choudary, Visakhapatnam. D.No. 1-1-2, C/O Anuradha Auto Centre, Sheela Nagar, Nh-5, Visakhapatnam. Pan No. Aanpy 3003 G (Appellant) (Respondent) C.O.No. 108/Viz/2019 (Arising Out Of Ita No. 272/Viz/2018) (Asst. Year : 2014-15) Y. Venkanna Choudary, Vs. Acit, Circle-4(1), D.No. 1-1-2, C/O Anuradha Visakhapatnam. Auto Centre, Sheela Nagar, Nh-5, Visakhapatnam. Pan No. Aanpy 3003 G (Appellant) (Respondent)

36,503 Paid up value of equity capital Rs. 3,85,05,600 Fair market value (A-L)*PE/PV Rs. 13.46 per share Value of 4,25,000 shares Rs. 57,20,500/- Face value of shares Rs. 42,50,000 Difference being income u/s 56 Rs. 14,70,500/- d) Similarly, the value of shares as on 26/03/2014 would

SRI UMA KAMANDALESWARA CO - OPERATIVE RURAL BANK LTD.,ATHREYAPURAM vs. THE ADDL. CIT,, KAKINADA

In the result, appeal filed by the assessee is allowed

Bench: Shri V. Durga Rao, Hon’Blesri Uma Kamandaleswara Vs. Addl.Cit, Kakinada Co-Op Rural Bank Ltd., Ryali, Range, Kakinada. Athreyapuram Mandalm, East Godavari District. Pan No. Aadas 4663 B (Appellant) (Respondent)

capital among its members in the course of their banking business. Adverting to the fact that the phrase "business of banking" is not defined in the Income-tax Act, this court referred to the definition of the expression "banking" appearing in section 5(b) of the Banking Regulation Act to come to the conclusion that the income received

THE SRI GOWRI COOPERATIVE SOCIETY,VISAKHAPATNAM vs. PRINCIPAL COMMISSIONER OF INCOME TAX-1,, VISAKHAPATNAM

In the result, appeal filed by the assessee is allowed

Bench: Shri V. Durga Rao, Hon’Ble & Shri D.S. Sunder Singh, Hon’Blem/S. The Sri Gowri Vs. Pr.Cit-1, Co-Operative Society, Visakhapatnam. D.No.49-34-32/1, Konathala Complex, Akkayyapalem Main Road, Visakhapatnam. Pan No. Aaaat 8140 M (Appellant) (Respondent)

capital among its members in the course of their banking business. Adverting to the fact that the phrase "business of banking" is not defined in the Income-tax Act, this court referred to the definition of the expression "banking" appearing in section 5(b) of the Banking Regulation Act to come to the conclusion that the income received

THE VISAKHAPATNAM CO-OPERATIVE BANK LTD,,VISAKHAPATNAM vs. THE ACIT,, VISAKHAPATNAM

Bench: Shri V. Durga Rao, Hon’Ble & Shri D.S. Sunder Singh, Hon’Blem/S. The Visakhapatnam Vs. Acit, Circle-1(1), Co-Operative Bank Ltd., Visakhapatnam. Near Town Kotha Road, Main Road, Visakhapatnam. Pan No. Aaaat 0844 L (Appellant) (Respondent) Acit, Circle-1(1), Vs. M/S. The Visakhapatnam Visakhapatnam. Co-Operative Bank Ltd., Near Town Kotha Road, Main Road, Visakhapatnam. Pan No. Aaaat 0844 L (Appellant) (Respondent) C.O.No. 58/Viz/2017 (Ita No. 308/Viz/2017) (Asst. Year : 2013-14) M/S. The Visakhapatnam Vs. Acit, Circle-1(1), Co-Operative Bank Ltd., Visakhapatnam. Near Town Kotha Road, Main Road, Visakhapatnam. Pan No. Aaaat 0844 L (Appellant) (Respondent)

capital only upon determination of the surplus arising from the business i.e. net profit. This is nothing but appropriation of profits but not an expenditure incurred for carrying on the business. The Ld. CIT(A) by following the decision of the coordinate bench of the Tribunal in assessee’s own case for the assessment year 2007-08 in & 19/Vizag/2011

THE ASST. CIT,, VISAKHAPATNAM vs. THE VISAKHAPATNAM CO -OPERATIVE BANK LIMITD,, VISAKHAPATNAM

Bench: Shri V. Durga Rao, Hon’Ble & Shri D.S. Sunder Singh, Hon’Blem/S. The Visakhapatnam Vs. Acit, Circle-1(1), Co-Operative Bank Ltd., Visakhapatnam. Near Town Kotha Road, Main Road, Visakhapatnam. Pan No. Aaaat 0844 L (Appellant) (Respondent) Acit, Circle-1(1), Vs. M/S. The Visakhapatnam Visakhapatnam. Co-Operative Bank Ltd., Near Town Kotha Road, Main Road, Visakhapatnam. Pan No. Aaaat 0844 L (Appellant) (Respondent) C.O.No. 58/Viz/2017 (Ita No. 308/Viz/2017) (Asst. Year : 2013-14) M/S. The Visakhapatnam Vs. Acit, Circle-1(1), Co-Operative Bank Ltd., Visakhapatnam. Near Town Kotha Road, Main Road, Visakhapatnam. Pan No. Aaaat 0844 L (Appellant) (Respondent)

capital only upon determination of the surplus arising from the business i.e. net profit. This is nothing but appropriation of profits but not an expenditure incurred for carrying on the business. The Ld. CIT(A) by following the decision of the coordinate bench of the Tribunal in assessee’s own case for the assessment year 2007-08 in & 19/Vizag/2011

INCOME TAX OFFICER, WRD-1, BHIMAVARAM vs. YENDANGANDHI LARGE SIZED CO-OPERATIVE SOCIETY LTD, VISAKHAPATNAM

In the result, appeal of the Revenue is dismissed

Bench: Shri Duvvuru Rl Reddy, Hon’Ble & Shri S Balakrishnan, Hon’Bleआयकर अपील सं./I.T.A.No.243/Viz/2022 (निर्धारण वर्ा / Assessment Year : 2018-19) Income Tax Officer Vs. M/S Yendagandhi Large Sized Ward-1 Co-Operative Society Ltd. Bhimavaram D.No.4-13, K.K.Road Yendagandi, West Godavari Dist [Pan : Aacat0967G] (अपीलार्थी/ Appellant) (प्रत्यर्थी/ Respondent) Cross Objection No.01/Viz/2023 (Arising Out Of I.T.A.No.243/Viz/2022) (निर्धारण वर्ा / Assessment Year : 2018-19) M/S Yendagandhi Large Sized Co- Income Tax Officer Operative Society Ltd. Ward-1 D.No.4-13, K.K.Road Bhimavaram Yendagandi, West Godavari Dist [Pan : Aacat0967G] (अपीलार्थी/ Appellant) (प्रत्यर्थी/ Respondent) Assessee By : Shri G.V.N.Hari, Ar Revenue By : Shri Madhukar Aves, Dr सुिवधई की तधरीख / Date Of Hearing 10.10.2023 : घोर्णध की तधरीख/Date Of Pronouncement : 22.11.2023 आदेश /O R D E R Per Shri Duvvuru Rl Reddy: This Appeal Is Filed By The Revenue Against The Order Of Commissioner Of Income Tax (Appeals) [Cit(A)], National Faceless

capital is eligible for deduction u/s 80P of the Act. The assessee also submitted that the interest income received from other banks is also eligible for deduction u/s 80P of the Act. The AO completed the assessment vide order dated 16.02.2021 u/s 143(3) of the Act by disallowing to the extent of Rs.2,59,54,906/-, the deduction claimed