Court : Karnataka Dharwad
..... (including providing credit facilities) carried on by a co-operative society with its members shall be included in the definition of income . section 2(24(viia) of the income tax act inserted by the finance act, 2006, with effect from 1.4.2007 includes the following in its definition of income as under: profits and gains of any business of banking ..... budget speech explaining the reasons for withdrawal of tax benefits to some societies by way of insertion of sub-section 80p(4) and insertion of new sub-clause (viia) in clause (24) of section 2 definition of income by the finance act, 2006, with effect from 1.4.2007, is as under:20. the co-operative banks are functioning at par ..... and gains of business attributable to any one or more of such activities. section 80p(4) which came to be introduced in the statute by the finance act, 2006, with effect from 1.4.2007, reads as under:22. 80p(4) the provisions of this section shall not apply in relation to any co-operative bank other than a primary .....
Tag this Judgment!Court : Karnataka Dharwad
..... (including providing credit facilities) carried on by a co-operative society with its members shall be included in the definition of income ?. section 2(24(viia)) of the income tax act inserted by the finance act, 2006, with effect from 1.4.2007 includes the following in its definition of income as under: profits and gains of any business of ..... budget speech explaining the reasons for withdrawal of tax benefits to some societies by way of insertion of sub-section 80p(4) and insertion of new sub-clause (viia) in clause (24) of section 2 definition of income by the finance act, 2006, with effect from 1.4.2007, is as under: the co-operative banks are functioning at par ..... profits and gains of business attributable to any one or more of such activities. section 80p(4) which came to be introduced in the statute by the finance act, 2006, with effect from 1.4.2007, reads as under: 80p(4) the provisions of this section shall not apply in relation to any co-operative bank other than a primary .....
Tag this Judgment!Court : Karnataka Dharwad
..... the whole of such interest income is eligible for 100% deduction. (iii) it was also urged that the provisions of section 80p(4) of the act inserted by the finance act 2006 with effect from 01st april 2007, excluding the applicability of section 80p of the act to any co-operative bank other than a primary 30/57 date of judgment:16. 06.2017 ita no.100066 ..... . the totagars co-operative sale society, sirsi. of the act with effect from 01st april 2007 by finance act, 2006 excludes co-operative banks other than primary agricultural credit society or a primary co-operative agricultural and rural development bank as defined under the banking regulation act, 1949 from the applicability of section 80p of the act and therefore, even the interest income earned by the respondent .....
Tag this Judgment!Court : Karnataka Dharwad
..... .f, 1-4-1970).) [(4) the provisions of this section shall not apply in relation to any co-operative bank other than a primary ..... was dismissed. 5. sub-section (4) of section 80p of the act reads thus: [80p. deduction in respect of income of co-operative societies. (1) xxx (2) x x x (3) x x x (lns. by the finance act, 2006 (21 of 2006), sec.19 (w.e.f. 1-4-2007). earlier sub-section (4) was omitted by the finance act, 1969 (14 of 1969), sec. 10(b) (w.e ..... agricultural credit society or a primary co-operative agricultural and rural development bank. explanation. for the purposes of this sub-section, (a .....
Tag this Judgment!Court : Karnataka Dharwad
..... the whole of such interest income is eligible for 100% deduction. (iii) it was also urged that the provisions of section 80p(4) of the act inserted by the finance act 2006 with effect from 01st april 2007, excluding the applicability of section 80p of the act to any co-operative bank other than a primary agricultural credit society or a rural development bank, is not applicable ..... the revenue further urged that shifting of its claim for 100% deduction from section 80p(2)(a) of the act to 80p(2)(d) of the act does not make a difference because sub-section (4) inserted in section 80p(2)(d) of the act with effect from 01st april 2007 by finance act, 2006 excludes co-operative banks other than primary agricultural credit society or a primary co .....
Tag this Judgment!Court : Karnataka Dharwad
..... society shall have the meanings respectively assigned to them in part v of the banking regulation act, 1949 (10 of 1949); 2 ins. by the finance act, 2006 (21 of 2006), sec.19 (w.e.f. 1-4-2007). earlier sub-section (4) was omitted by the finance act, 1969 (14 of 1969), sec.10(b) (w.e.f. 1-4-1970). :5. : (b) primary ..... 10.2013, annexure c . the appellant preferred appeal before the tribunal, whence by order dated 17.04.2014, annexure a , the appeal was dismissed.5. sub-section (4) of section 80p of the act reads thus: [80p. deduction in respect of income of co-operative societies. (1) x x x (2) x x x (3) x x x 2[( ..... disentitles any co-operative bank other than a primary agricultural credit society or primary co- operative agricultural and rural development bank to the benefits of deduction under section 80p of the act. therefore, what is required to be noticed is whether the appellant multi-purpose co- operative credit society falls within the definition of either primary agricultural credit .....
Tag this Judgment!Court : Karnataka Dharwad
..... ) to the proviso, the second defect was removed, but not the first. in support of this argument, counsel relied upon section 23(5) as it stood, before it was amended by section 14 of the finance act, 1956. relying upon this scheme of levying tax, it was urged by counsel for the respondent that as the registered firm was ..... accordingly rejected, as contended by the standing counsel for the appellant/revenue. 11.the income tax department in the assessment order of the assessment year 2006-07, action under section 132 of the act, 1961, was carried on in the case of the assessee at no.6/4, ennoble house, raghavachari road, ballari along with other group ..... ennoble constructions, no.6/4, ennoble house, raghavachari road, ballari. in the instant case, it had filed the income tax return relating to the assessment year 2006-07 which dealt with the issues in respect of itat whereby the impugned order has been challenged under this appeal by the appellant/revenue. but the itat substantially considered .....
Tag this Judgment!Court : Karnataka Dharwad
..... facts noted above that the order of provisional attachment was passed before the proceedings against the appellant were initiated under section 74 of the hpgst act. section 83 of the act requires that there must be pendency of proceedings under the relevant provisions mentioned above against the taxable person whose ..... sri.v.raghuraman, senior counsel appointed as amicus curiae; sri.santosh pujari, advocate) and:1. the state of karnataka r/by the principal secretary, finance department, government of karnataka, bengaluru-560016.2. the assistant commissioner of commercial taxes, lgsto-395 belagavi and nodal officer dgsto, belagavi, club road, sumoulya ..... sri.v.raghuraman, senior counsel appointed as amicus curiae; sri.santosh pujari, advocate) and:1. the state of karnataka r/by the principal secretary, finance department, government of karnataka, bengaluru-560016.2. the assistant commissioner of commercial taxes, lgsto-395 belagavi and nodal officer dgsto, belagavi, club road, sumoulya .....
Tag this Judgment!Court : Karnataka Dharwad
..... facts noted above that the order of provisional attachment was passed before the proceedings against the appellant were initiated under section 74 of the hpgst act. section 83 of the act requires that there must be pendency of proceedings under the relevant provisions mentioned above against the taxable person whose ..... sri.v.raghuraman, senior counsel appointed as amicus curiae; sri.santosh pujari, advocate) and:1. the state of karnataka r/by the principal secretary, finance department, government of karnataka, bengaluru-560016.2. the assistant commissioner of commercial taxes, lgsto-395 belagavi and nodal officer dgsto, belagavi, club road, sumoulya ..... sri.v.raghuraman, senior counsel appointed as amicus curiae; sri.santosh pujari, advocate) and:1. the state of karnataka r/by the principal secretary, finance department, government of karnataka, bengaluru-560016.2. the assistant commissioner of commercial taxes, lgsto-395 belagavi and nodal officer dgsto, belagavi, club road, sumoulya .....
Tag this Judgment!Court : Karnataka Dharwad
..... facts noted above that the order of provisional attachment was passed before the proceedings against the appellant were initiated under section 74 of the hpgst act. section 83 of the act requires that there must be pendency of proceedings under the relevant provisions mentioned above against the taxable person whose ..... sri.v.raghuraman, senior counsel appointed as amicus curiae; sri.santosh pujari, advocate) and:1. the state of karnataka r/by the principal secretary, finance department, government of karnataka, bengaluru-560016.2. the assistant commissioner of commercial taxes, lgsto-395 belagavi and nodal officer dgsto, belagavi, club road, sumoulya ..... sri.v.raghuraman, senior counsel appointed as amicus curiae; sri.santosh pujari, advocate) and:1. the state of karnataka r/by the principal secretary, finance department, government of karnataka, bengaluru-560016.2. the assistant commissioner of commercial taxes, lgsto-395 belagavi and nodal officer dgsto, belagavi, club road, sumoulya .....
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