Court : Karnataka Dharwad
..... 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 (including providing ..... 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 with other commercial ..... 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
..... 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 (including providing ..... 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 with other commercial banks ..... 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
..... 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
..... .f, 1-4-1970).) [(4) the provisions of this section shall not apply in relation to any co-operative bank other than a ..... 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) 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 .....
Tag this Judgment!Court : Karnataka Dharwad
..... revise the rent 4 years after expiry of the lease. therefore it was nothing but waiver of its right to revise. the trial court also referred to sec. 474 of karnataka municipality act to further hold that if at all a demand could have been made for arrears of rent, it should be within 6 years after the amount fell ..... a given an opportunity before effecting revision after expiry of lease period. the claim for arrears of ground rent was barred by time and that the standing committee for finance and taxation of the defendant was not competent to determine the ground rent. therefore, the plaintiff by filing a suit challenged this demand notice seeking declaration that it was ..... , it had full power to increase the rent, more so in view of the order of the government of karnataka. for this reason, the standing committee for finance and taxation passed a resolution on 10.04.1992, increasing the rent by effecting revision periodically. the amount of rent revised and fixed by the standing committee was .....
Tag this Judgment!Court : Karnataka Dharwad
..... :15. before proceeding to examine the rival contentions, it would be apposite to state that vide amendment act no.23 of 2007, section 72-a to 72-e were inserted into the said act of 1966 w.e.f 16.08.2007. section 72-a prohibited establishment of 3 categories of persons / entities unless they possessed a valid licence issued ..... it expanded the meaning of the word further in modern sense by extending it to even such facilities as are available to a consumer in connection with banking, financing etc. each of these are wide-ranging activities in day to day life. they are discharged both by statutory and private bodies. in absence of any indication ..... it as under: service means service of any description which is made available to potential users and includes the provision of facilities in connection with banking, financing, insurance, transport, processing, supply of electrical or other energy, board or lodging or both, housing construction, entertainment, amusement or the purveying of news or .....
Tag this Judgment!Court : Karnataka Dharwad
..... :15. before proceeding to examine the rival contentions, it would be apposite to state that vide amendment act no.23 of 2007, section 72-a to 72-e were inserted into the said act of 1966 w.e.f 16.08.2007. section 72-a prohibited establishment of 3 categories of persons / entities unless they possessed a valid licence issued ..... it expanded the meaning of the word further in modern sense by extending it to even such facilities as are available to a consumer in connection with banking, financing etc. each of these are wide-ranging activities in day to day life. they are discharged both by statutory and private bodies. in absence of any indication ..... it as under: service means service of any description which is made available to potential users and includes the provision of facilities in connection with banking, financing, insurance, transport, processing, supply of electrical or other energy, board or lodging or both, housing construction, entertainment, amusement or the purveying of news or .....
Tag this Judgment!Court : Karnataka Dharwad
..... note was also sent recommending the name of the petitioner to be the vice-chancellor of the respondent-university (annexure-c). exercising powers under sub-section (4) of section 14 of the act, the chancellor, having regard to merit, equity and social justice appointed the third respondent as vice-chancellor and a notification to that effect was ..... himself or through any officer of the university authorised in writing by him, convene the meetings of the academic council, the syndicate and the finance committee and shall perform all such acts as may be necessary to carry out and give effect to the decisions of the authorities. (5) in case of emergency which, in ..... he exercises all powers necessary for maintenance of discipline in the university. he is the ex officio chairman of the academic council and the syndicate and the finance committee. he would preside over convocations, in the absence of the chancellor and pro-chancellor. he presides over the meetings of the authorities or bodies of .....
Tag this Judgment!Court : Karnataka Dharwad
..... revenue had field an application for condonation of delay of 1942 day in filing the appeal (vide misc.cvl.109896/2010 filed under section 5 of limitation act read with section 206(a) of the act). in view of huge tax liability as well as public interest and in the light of the ratio laid down by the honble ..... principles regarding the distribution of the remaining amount are determined by the finance commission, which is appointed every five years. the board is constituted under the central board of revenue act, 1963. it is one of the six authorities constituted under the act (vide sections 116 of the act). this is the highest executive authority for administering the direct tax. ..... apex court in the case of commissioner of income tax vs. west bengal infrastructure development finance corporation limited (order dated 10.12.2010 .....
Tag this Judgment!Court : Karnataka Dharwad
..... our analysis and findings recorded above, we are unable to agree with the said view; at any rate, having regard to the fact that section 129 and 130 has been substantially amended vide finance act 2021 w.e.f. 01.01.2022, findings recorded in the present order as well as the findings recorded by the learned single judge ..... to the said judgments while passing the impugned order. 4.2 it was also submitted that prior to sections 129 and 130 being amended vide finance act 2021 w.e.f. 01.01.2022, the non- obstante clause contained in section 130 makes it clear that it was permissible to initiate confiscation proceedings even before completion of detention proceedings and ..... our considered opinion, in the facts of the instant case, having regard to the amendment to sections 129 and 130 of the cgst act vide finance act 2021 w.e.f. 01.01.2022, the said issue / question with regard to conflict between the circular and section 129 / 130 and as to which would prevail has been rendered academic and we - 34 .....
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