Court : Karnataka Dharwad
..... /57 date of judgment:16. 06.2017 ita no.100066/2016 & connected cases the pr. commissioner of income tax, c r building, navanagar, hubballi. & anr. vs. the totagars co-operative sale society, sirsi. by the provisions of the banking regulation act, 1949. only the primary agricultural credit societies with their limited work of providing credit facility to its members continued to be governed by ..... date of judgment:16. 06.2017 ita no.100066/2016 & connected cases the pr. commissioner of income tax, c r building, navanagar, hubballi. & anr. vs. the totagars co-operative sale society, sirsi. part v of the banking regulation act, 1949 (10 of 1949); (b) primary co-operative agricultural and rural development bank means a society having its area of operation confined to a taluk .....
Tag this Judgment!Court : Karnataka Dharwad
..... limited in the present case is admittedly not such a primary agricultural credit society. 15. the amendment of section 194a(3)(v) of the act excluding the co-operative banks from the definition of "co-operative society" by finance act, 2015 and requiring them to deduct income tax at source under section 194a of the act also makes the legislative intent clear that the co-operative ..... co- operative society, is not deductible under section 80p(2)(d) of the act. " 22. again, the division bench of punjab and haryana high court in still a later decision reported in the same volume of itr in the case of commissioner of income-tax vs. punjab state co-operative agricultural development bank limited, reported in [2016] 389 itr 607 (pandh) concurred with the .....
Tag this Judgment!Court : Karnataka Dharwad
..... -operative bank is exclusively carrying on banking business, then the income derived from the said business cannot be deducted in computing the total income of the assessee. the said income is liable for tax. a co-operative bank 11 as defined under the banking regulation act includes the primary agricultural credit society or a primary co-operative agricultural and rural development bank. the legislature did not want ..... to deny the said benefits to a primary agricultural credit society or a primary co-operative .....
Tag this Judgment!Court : Karnataka Dharwad
..... impugned order.7. tribunal, by the impugned order upheld the contentions of assessee and deleted the addition made by the assessing authority: (i) under section 41(1) of the income tax act, 1961 ( act for short) towards unclaimed stale drafts and pay orders whereunder assessing authority had disallowed a sum of rs.58,31,851/-; (ii) disallowance of rs.17,59,00,087/- ..... on the facts and circumstances of the case and in law the tribunal was right in deleting the addition made by the assessing authority u/s.41(1) of the income tax act, towards the unclaimed stale draft and pay orders , and as such there was cessation of liability on an amount of rs.58,31,581/-?. 4 2. whether on ..... . briefly stated the facts of the case are, assessee is a regional rural bank registered under the schedule of reserve bank of india. it caters to the needs of agricultural and cottage industry sectors. it makes investment in government and other securities. for the assessment year 2007-08, assessee declared a taxable .....
Tag this Judgment!Court : Karnataka Dharwad
..... for the first time that the revenue has issued a notice under section 147 of the act and adjudicated after hearing the assessee- society.16. learned counsel for the assessee-society has placed reliance on the following judgments in support of his contentions:1. commissioner of agricultural income tax v. m.l.bagla, reported in (1971)80 itr173 placing reliance on the following portion ..... society. therefore, this :19. : judgment does not support the case of the assessee in any manner.2. b.t.manjappa gowda and others v. state of karnataka (through commissioner of agricultural income tax) reported in (1984) 150 itr303 in the above case, this court has recorded a specific finding which reads as follows: there is absolutely no indication to hold that they had .....
Tag this Judgment!Court : Karnataka Dharwad
..... coming on for admission this day, ram mohan reddy, j.delivered the following: judgment the assessee has come up in appeal invoking section 260a of the income tax act, 1961 (for short the act ), calling in question the assessment order dated 31.10.2012, annexure b , the order dated 07.10.2013 of the first appellate authority, annexure c ..... operative societies, or any other central or state law relating to co-operative societies for the time being in force;]. (cciii) 4[(cciiia) 5[(cciiib) (cciv) "primary agricultural credit society" x x x x x x ;]. x x x ;]. means a co-operative society, (1) the primary object or principal business of which is to ..... provide financial accommodation its members for agricultural purposes or for purposes connected with agricultural activities (including the marketing of crops); and to (2) the bye-laws of which do not permit admission of any other co-operative society .....
Tag this Judgment!Court : Karnataka Dharwad
..... -operative bank is exclusively carrying on banking business, then the income derived from the said business cannot be deducted in computing the total income of the assessee. the said income is liable for tax. a co-operative bank as defined under the banking regulation act includes the primary agricultural credit society or a primary co-operative agricultural and rural development bank. the legislature did not want to ..... deny the said benefits to a primary agricultural credit society or a primary co-operative .....
Tag this Judgment!Court : Karnataka Dharwad
..... tribunal, panaji bench, paimaji, appeal filed by the assessee is dismissed.) 1. the assessee has come up in appeal invoking section 260a of the income tax act, 1961 (for short the act'), calling in question the assessment order dated 31.10.2012, annexure 'b', the order dated 07.10.2013 of the first appellate authority, annexure 'c' and ..... society" means a co-operative society, (1) the primary object or principal business of which is to provide financial accommodation to its members for agricultural purposes or for purposes connected with agricultural activities (including the marketing of crops); and (2) the bye-laws of which do not permit admission of any other co-operative society as a member: ..... credit, business, industry, consumer durables to its members; (f-2) xxx]" section 2(h-2) of the kcs act defines 'primary agricultural credit co-operative society', thus: "6(1 clauses (f-1) and (f-2) inserted by act no.6 of 2010 and shall be deemed to have come into force w.e.f. 3-11-2009.)[(h-2) .....
Tag this Judgment!Court : Karnataka Dharwad
..... and in the circumstances of the case, the tribunal is justified in law in setting aside the disallowance of rs.5,89,49,503/- claimed as transport creditors by following decisions in cases of cit v/s usha stud agricultural ..... 6/4, ennoble house, raghavachari road, belary-583101 pan: afjpa5974p respondent (by sri. mayank jain, advocate) this ita is filed under section260a of the income tax act, 1961 arising out of order dated2711.2015 passed in ita no.449/bang/2014, for the assessment year20092010 praying to decide the foregoing question of law ..... transport creditors, is set at naught, and to that extent the assessee has been relieved of tax liability.2. the revenue in its memorandum of appeal filed under section 260a of the income tax act, 1961 (hereinafter 1961 act ) had framed the following question, as the substantial question of law: whether on the facts .....
Tag this Judgment!Court : Karnataka Dharwad
..... impugned order. 7. tribunal, by the impugned order upheld the contentions of assessee and deleted the addition made by the assessing authority: (i) under section 41(1) of the income tax act, 1961 ( actfor short) towards unclaimed stale drafts and pay orderswhereunder assessing authority had disallowed a sum of rs.58,31,851/-; (ii) disallowance of rs.17,59,00,087 ..... on the facts and circumstances of the case and in law the tribunal was right in deleting the addition made by the assessing authority u/s.41(1) of the income tax act, towards the unclaimed stale draft and pay orders', and as such there was cessation of liability on an amount of rs.58,31,581/-? 2. whether on the ..... briefly stated the facts of the case are, assessee is a regional rural bank registered under the schedule of reserve bank of india. it caters to the needs of agricultural and cottage industry sectors. it makes investment in government and other securities. for the assessment year 2007-08, assessee declared a taxable .....
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