Judgment Search Results Home > Cases Phrase: banking regulation act 1949 maharashtra section 6 forms of business in which banking companies may engage Court: income tax appellate tribunal itat pune Page 1 of about 4 results (0.102 seconds)

Jalgaon Distt. Central Co-op. Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (2000)70ITD290(Pune.)

..... bank (supra) and has wrongly applied this judgment to the commission on collection of bills on behalf of mseb which is an all together different source and is not at all a normal part of the business of banking.according to the learned departmental representative, section 6(1) of the banking regulation act, 1949 itself makes it very clear that the banking companies in addition to business of banking are permitted to engage in any one or more of the activities enumerated in clauses (a) to (o) of sub-section (1) of section ..... while considering a similar issue the supreme court in the case of madhya pradesh co-op.bank ltd (supra), while interpreting section 81 of the income tax act, has held that only the income from the activity which can be regarded as essential part of the banking activity would be exempt and it may be noted that in both sections 81 and 80p the expression "derived from" which is considered not to have wider import is not used, yet the supreme court ..... section 6(2) specifically prohibits a banking company from engaging in any form of business other than those referred to in sub-section (1) of section ..... intention of allowing exemption to the co-operative banking and one keeps in mind the purposes for which exemption is granted, it is clear that in the assessee bank's case allowing exemption for activity of bill collection of mseb is one which deserves exemption.the assessee is a co-operative society registered under the maharashtra state co-operative societies act. .....

Jalgaon District Central Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (1999)70ITD290(Pune.)

..... 6(1) of the banking regulation act, 1949, itself makes it very clear that the banking companies in addition to business of banking are permitted to engage in any one or more of the activities enumerated in cls. ..... 6(1) of the banking regulation act, 1949, enumerates various activities which a banking company could carry on. ..... 6(1) of the banking regulation act, 1949, and the meaning of the words "in addition to the business of banking". ..... 6(1)(b) of the banking regulation act, 1949, under which a bank is permitted to act as agent for any government or local authority or any other person or persons.this activity is undertaken by the apex body, i.e. ..... 6(1) and 6(2) read together also provide a condition statutorily incorporated in the banking regulation act which is to say, equivalent to licence granted to an electric company. ..... , maharashtra state co-operative bank under an agreement between the mseb and it is on the directive of the apex bank that the assessee-bank is undertaking the activity of bill collection. ..... 6(2) specifically prohibits a banking company from engaging in any form of business other than those referred to in sub-s. (1) of s. 6. ..... 81 of the it act, has held that only the income from the activity which can be regarded as essential part of the banking activity would be exempt and it may be noted that in both ss. ..... (1993) 204 itr 412 (sc) has recently held that liberal interpretation of incentive provisions is not to do violence to plain language of the section. .....

Bhagani Nivedita Sah. Bank Ltd. Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (2003)87ITD569(Pune.)

..... paras 46.1 and 46.2 reads as under : on account of provisions contained in clause (vii) of sub-section (3) of section 194a income credited or paid in respect of deposits with a banking company to which banking regulation act, 1949 applies or with a co-operative society engaged in carrying on the business of banking is exempted from the requirement of deduction of income-tax at source. ..... to emphasize that assessee does not come within the purview of deductibility of tax at source being a co-operative society, so far as interest on fixed deposit to a member is concerned, because assessee is firstly a co-operative society registered under the maharashtra co-operative societies act, 1960 and it cannot be held to be liable for deduction of tax at source when there is clear exemption in this regard even if it exceeds the limit, as contained in proviso ..... reads as under : (b) time deposits with a co-operative society engaged in carrying on the business of banking; the provisions of this clause shall have effect as if for the words "two thousand five hundred rupees", the words "ten thousand rupees" had been substituted and the aforesaid amount shall be computed with reference to the income credited or paid by a branch of the banking company or the co-operative society, or the public company as the case may be;] 7. ..... , where declarations under form 15h are received by the co-operative bank, the assessing officer is directed not to recover tax and interest under section 201(1a) in such cases .....

Sharma Associates Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Pune

..... specified hereunder, namely : (i) in any other case, where the assessee satisfies the income-tax officer that the payment could not be made by a crossed cheque drawn on a bank or by a crossed bank draft -- (2) because payment in the manner aforesaid was not practicable, or would have caused genuine difficulty to the payee, having regard to the nature of the transaction and ..... maharashtra ownership flats act, 1963, makes it obligatory under section 10 for the promoter to take steps for formation of a co-operative society or company ..... intent and object of the payment has not been brought on record and for reasons best known to the parties, the assessee has agreed to disclose the amount under section 132(4) and the payee has offered to admit the income thereon.taking into account all these facts and circumstances of the case, we have to agree with the conclusion ..... of illegal business, while the present case is of business outside the books, which may or may not be ..... even though deposits were collected in the normal course of business, but the real nature of the deposits was nothing but liability and the assessee as a promoter has acted for and on behalf of the various flat owners so that he could complete the construction work and service connections and form the society to whom the balance of the various amounts ..... for installation of transformer in order to regulate the required amount of electricity for domestic consumption which is not practicable or feasible otherwise individually by .....

Shri Mahavir Nagari Sahakari Pat Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Pune

..... the assessee also submitted before the ao that it was a society registered under the maharashtra state co-operative societies act, 1960, and was engaged in carrying on the business of banking and also providing credited facilities to its members and therefore, it was eligible for deduction under section 80p(2)(a)(i) of the act. ..... it was submitted that most of the deposits which have been added in the past years by the ao were in the form of call deposits taken by the assessee in the month of march every year and repaid immediately in april/may. ..... ) 46 ttj (and) 105 : (1992) 43 itd 697 (and) wherein on similar facts, the tribunal held that merely because the assessee-society contravened the rules, regulations, directions of the reserve bank of india, so long as the registration was enjoyed by it, the ao was not justified in holding that the assessee is not a co-operative society.accordingly, the learned counsel concluded that the assessee-society continues to enjoy the status of a co- ..... in the case of a company where the cash credit is in the form of share application money, it has been held by the full bench of the delhi high court in the case of cit vs. ..... (supra), wherein on similar facts, the tribunal has held that merely because the assessee-society contravened the rules, regulations, directions of the reserve bank of india, so long as the registration was enjoyed by it, the ao was not justified in holding that the assessee is not a co-operative society. .....

Shri Mahavir Nagari Sahakari Pat Vs. Dy. Cit

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (2002)74TTJ(Pune.)793

..... assessing officer that it was a society registered under the maharashtra state co-operative societies act, 1960, and was engaged in carrying on the business of banking and also providing credited facilities to its members and, therefore, it was eligible for deduction under section 80p(2)(a)(i) of the act. ..... if the depositors have introduced their black money in some bogus/benami names, the assessee, as, a credit society, should not be punished just because it cannot discharge the burden under section 68 of the act.shri pathak further submitted that apart from the deposits in the year of search, the assessing officer has asked the assessee the list of the depositors in all past years and made ..... merely because the assessee-society contravened the rules, regulations, directions of the reserve bank of india, so long as the registration was enjoyed by it, the assessing officer was not justified in holding that the assessee is not a co-operative society.accordingly, we hold that the assessee-society will continue to enjoy the status of a co-operative society and, therefore, deduction under section 80p will be available to the assessee.as regards ..... deposits which have been added in the past years by the assessing officer were in the form of call deposits taken by the assessee in the month of march every year and repaid immediately in april/may. ..... in the case of a company where the cash credit is in the form of share application money, it has been held by the full bench of the delhi high .....

Shri Panzara-kan Sahakari Sakhar Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (1983)5ITD449(Pune.)

..... each year to the reserve fund ; and such reserve fund may, subject to the rules made in this behalf, if any, be used in the business of society or may, subject to the provisions of section 70, be invested, as the state government may by general or special order direct, or may, with the previous sanction of the state government, be used in part for some public purpose likely to promote the objects of this act, or for some such purpose of the state, or of ..... or any other fund, to payment of dividends to members on their shares, to the payment of bonus on the basis of support received from members and persons who are not members to its business, to payment of honoraria and towards any other purpose which may be specified in the rules or bye-laws : provided that no part of the profits shall be appropriate except with the approval of the annual general meeting and in conformity with the ..... the first item thereof refers to the maharashtra state co-operative bank for which the rate of contribution is one-tenth of the working capital ..... union shall maintain a separate account for this fund in accordance with regulations to be framed by the union with the approval of the registrar ..... of a non-physical person like a co-operative society or company under the act it could be possible to think of personal expenditure not entitled to deduction as a business expenditure. ..... be something incurred for and relevant to the real personality of the trader whether it be a co-operative society, a company, etc. .....

Maharashtra Arogya Mandal Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Pune

..... definition of "credit institution" under section 2(5a), the expression 'co-operative society engaged in carrying on the business of banking' appeared along with the expression 'a banking company to which the banking regulation act, 1949 applies. ..... as we part with the matter, we may mention that one of the pleas taken by learned counsel for the assessee was that as soon as the assessee learned about controversy on application of section 11(5)(iii) on the deposits with patsanstha (credit co-operative society), the assessee withdrew the monies from the same and deposited the monies with the institutions on which there were no doubts or controversies regarding eligibility under section 11(5). ..... section 11(5) provides that forms and modes of investing or depositing the money referred to in clause (b) of sub-section (2) will be inter alia "deposit in any account with a scheduled bank or a co-operative society engaged in carrying on the business of banking (including a co-operative land mortgage bank or a co-operative land development bank)" ..... the ao brushed aside this contention and observed that "with due respect to the judgment of the hon'ble madras high court, it may be mentioned that patsanstha, where such investment is made by the trust, is not a co-operative society engaged in the business of banking since it is not governed by the provisions of banking regulation act". ..... is after all a trite saying that on questions of construe;,"' different minds may come to different conclusions.... .....