Subscription   Feedback   New User   Login      
Tax Management India .com
TMI - Tax Management India. Com
Articles Highlights TMI Notes SMS News Newsletters Calendar Imp. Links Database Experts Contact us More....
Extracts
Home List
← Previous Next →

The Dharti Nagrik Sarafi Sahkari Mandali Limited Versus ACIT, B.K. Circle, Palanpur

Rejection of claim under section 80P(2)(a)(i) - AO denied exemption on the ground that as per sub-section (4) of section 80P, the provision of section 80P is not applicable in relation to any co-operative bank other than a primary agricultural credit society or a primary co-operative agricultural and rural development bank - Held that:- As decided in case of Jafari Momin Vikas Co-op. Credit Society Ltd [2014 (2) TMI 28 - GUJARAT HIGH COURT] section 80P, sub-section (4), would be applicable only .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

et the ends of justice if the orders of the authorities below are set aside and the matter is restored back to the file of the Assessing Officer for re-examination in the light of the decision of the hon'ble jurisdictional High Court in the case of Jafari Momin Vikas Co-op. Credit Society Ltd. (supra). - Decided in favour of assessee for statistical purposes. - ITA No. 912/Ahd/2011 - Dated:- 5-6-2015 - SHRI G.D. AGRAWAL AND SHRI KUL BHARAT, JJ. For the Appellant : Shri Vivek N. Chavda, AR For th .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ficer under section 80P(2)(a)(i) of the Income-tax Act, 1961 and treating the co-operative credit society as a co-operative bank under section 80P(4) of the Income-tax Act, 1961 and the deduction under section 80P(2)(a)(i) of the Income-tax Act, 1961 is required to be allowed against the appellant income. 3. At the time of hearing before us, it is submitted by learned counsel that the issue is now covered in favour of the assessee by the decision of the hon'ble jurisdictional High Court in t .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

s examined this aspect in detail and after considering the definition of co-operative bank as per the Banking Regulation Act has arrived at the conclusion that the assessee-society would fall within the definition of co-operative bank. He, therefore, submitted that the order of the learned Commissioner of Income-tax (Appeals) should be sustained. 5. In rejoinder, learned counsel also referred to the decision of the Income- tax Appellate Tribunal, Ahmedabad Bench in the case of Shri Jay Ambe Naga .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 

what is new what is new
  ↓     bird's eye view     ↓  


|| Home || Acts and Rules || Notifications || Circulars || Schedules || Tariff || Forms || Case Laws || Manuals ||

|| About us || Contact us || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members || Site Map ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.

Go to Mobile Version