Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2003)262ITR1(Ahd.)
..... any net balance in current accounts. explanation.--for the purposes of this sub-section, (a) approved securities, or a portion thereof, representing investment of moneys of agricultural credit stabilisation fund of a co-operative bank shall not be deemed to be unencumbered approved securities, (b) in case a co-operative bank has taken an, advance ..... v. addl. cit (1974) 93 itr 168 (ori);cit v. co-op. cane development union ltd. (1979) 118 itr 770 (all); andcit v. orissa state co-op. housing corporation ltd. (1976) 104 itr 157 (ori). the decision of the hon'ble gujarat high court in the case of addl. cit v. ahmedabad distt. co-op. ..... ) the effecting, insuring, guaranteeing, underwriting, participating in managing and carrying out of any issue, public or private, of state, municipal or other loans or of shares, stock, debentures, or debenture stock of any company, corporation or association and the lending of money for the purpose of any such issue; (e) carrying on and transacting every .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (1984)8ITD354(Ahd.)
..... of the bank may be raised by (a) shares, (b) debentures, (c) government loans and deposits, (d) borrowing from state bank of saurashtra or state bank of india or any other bank or agricultural refinance and development corporation or any other financial institution under government guarantee, (e) non-government deposits, (f) other borrowings, (g) fees, and (h ..... the case of the assessee unless it is proved that the profits earned by investment in government securities have been derived in its business of providing credit facilities to its members. the assessee in the instant case failed to prove the same. the tribunal, therefore, was justified in bifurcating the amounts pertaining ..... 80p(2)(a)(i) and pointed out that the said section exempted income of a co-operative society engaged in carrying on business of banking or providing credit facilities to its members. the expression 'banking' was not defined under the act, therefore, according to the ito, the definition of the said expression .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2006)99ITD259(Ahd.)
..... to be included. this decision therefore does not help the appellant in any way. sri agarwal then relied oh a decision of the supreme court in regional director, employees' state insurance corporation v. high land coffee works of p.f. x. saldanha and sons . in our opinion that decision too has no relevance to the present case as the supreme ..... not agree.firstly, all that has been held by the supreme court in the case of krishi utpadan mandi samiti [1993] supp 3 scc 361 (ii) is that agricultural produce in section 2(a) of the u. p. krishi utpadan mandi adhiniyam will not only include the items mentioned in that provision but also such items in the ..... ) defines interest only to mean interest on loans and advances. no doubt two other categories have also been included, i.e., commitment charges on unutilised portion of any credit sanctioned for being availed of in india, and discount on promissory notes and bills of exchange drawn or made in india. we are not concerned with these two additional .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (1990)37TTJ(Ahd.)145
..... -1987 that the purchase price depended upon seasonal production, availability of milk depending on monsoon conditions during the year, prices of fodder, agricultural conditions within the state and other states, purchase price of milk by private traders, availability of milk throughout india, competitive market values of milk products available in the market. ..... and individual members, one nominee of the registrar of co-operative societies, one nominee each of the financial institutions like gujarat industrial & investment corporation, indian dairy corporation, national dairy development board, mehsana district central co-operative bank ltd. the managing director is the ex-officio member. one member is also drawn ..... , on commission basis or to purchase the milk products of its members or the members of its affiliated societies either on cash or on credit as the circumstances permit and dispose of them to the best advantage. also to purchase milk from private sources in case the supply from .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2005)93ITD321(Ahd.)
..... ownership of the project as such with all rights, liabilities and obligations of the government of gujarat was transferred to the appellant corporation and in lieu thereof, the appellant corporation had credited the government of gujarat with the share capital contribution of rs. 533.09 crores. the government of gujarat continued to develop and ..... upto the height of rl 300 it.the distribution system is planned to be completed in 10/20 years. on completion of the project annual additional agricultural production was estimated to be rs. 900 crores, power generation rs. 400 crores and water supply rs. 100 crores aggregating to about rs. 1400 ..... statutory body for developing, maintaining and operating a new infrastructure facility subject to the condition that such infrastructure facility shall be transferred to the central government, state government, local authority or such other statutory body, as the case may be, within the period stipulated in the agreement; (iii) the enterprise starts .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2005)98TTJ(Ahd.)357
..... regulation act, 1949 (10 of 1949) applies (including any bank or banking institution referred to in section 51 of that act); (a) deposits with a primary agricultural credit society or a co-operative land mortgage bank or a co-operative land development bank; (b) deposits (other than time deposits made on or after the 1st day ..... on the business of banking (including a co-operative land mortgage bank), or (b) any financial corporation established by or under a central, state or provincial act. or (c) the life insurance corporation of india established under the life insurance corporation act, 1956 (31 of 1956), or (d) the unit trust of india established under the unit ..... act. see also the answer given by the supreme court order dated 13-5-1998 to the question posed by the custodian regarding mortgaged property. the court stated that the property belonging to the notified person is the interest of the notified person in that mortgaged/pledged property and not the entire property. similarly, when .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2005)97TTJ(Ahd.)135
..... regulation act, 1949 (10 of 1949) applies (including any bank or banking institution referred to in section 51 of that act); (a) deposits with a primary agricultural credit society or a cooperative land mortgage bank or a co-operative land development bank; (b) deposits (other than time deposits made on or after the 1-7-1995 ..... carrying on the business of banking (including a cooperative land mortgage bank), or (b) any financial corporation established by or under a central, state or provincial act, or (c) the life insurance corporation of india established under the life insurance corporation act, 1956 (31 of 1956), or (d) the unit trust of india established under the unit ..... deducted in a separate account under intimation to the custodian and the income tax department. the commissioner (appeals), in our opinion, therefore, was not right in stating by virtue of the word "now" that the assessees were exempted from liability to tds only from assessment year 2000-01 and not earlier. in fact, it .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (1998)66ITD386(Ahd.)
..... of in the following manner : (i) not less than 25 per cent. of the net profits shall be carried to reserve fund and 15 per cent. of the agricultural credit (stabilisation) fund. (ii) out of the remainder, a dividend may be paid not exceeding 12 per cent. per annum on shares held by members proportionately to the ..... a co-operative bank registered under the co-operative societies act, 1961. the business of the assessee-bank includes various activities to help other co-operative credit institutions in the state of gujarat; to render service in the nature of a banker's bank and to serve as an apex body.3. the first grievance of the ..... the registrar thinks proper. (b) a federal society with similar objects to which the cancelled society was eligible for affiliation or, where no federal society exists, the gujarat state federal society; and (c) any charitable purpose as defined in s. 2 of the charitable endowments act, 1890 (vi of 1986)." the learned departmental representative further submitted .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (1988)24ITD97(Ahd.)
..... securities, and (ii) the guarantees available from third parties, it any, and / or (iii) guarantee cover of deposit insurance and credit guarantee corporation (d. i. c. g. c.), is ascertained and the amount which is considered bad and irrecoverable is quantified and written off by making appropriate provision therefore ..... (operations). the final review is done at the highest level of authority in the bank, viz. the board of directors which includes the nominee directors of state bank of india, reserve bank of india and government of india. the amount considered good based on the evaluation of (i) the available primary and collateral ..... relevant act.(d) such evaluation of the debt undergoes critical examination by the reserve bank, internal auditors, statutory auditors, inspection department as also the state bank of india-the holding company of the assessee.(e) in the income-tax proceedings the assessee always furnishes every year to the income-tax officer .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2002)81ITD553(Ahd.)
..... the it act.5.6 shri dave then drew our attention to the judgment of the hon'ble supreme court in the case of cit v. u.p. state industrial development corporation [1997] 225 itr 703. it was held by the supreme court that in order to determine the question of taxability, well settled legal principle as well ..... relating to allowability thereof, this point is restored back to the assessing officer with a direction to examine the nature of all the expenditure (debits) and income (credits) shown in the details of prior period adjustment and decide the question relating to the allowability of such deduction. in case he finds that the expenditure claimed as ..... the export obligation has been fulfilled, export proceeds realised and the bank guarantee/lut redeemed. this facility shall not be available in cases where the modvat/proforma credit facility or excise relief under rule 191b of the central excise rules has been availed of.7.1 the assessee is availing modvat facility and therefore the licences .....
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