TaxTMI 
TaxTMI 
2021 (6) TMI 312
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.... facts and in law in upholding the impugned order of the learned assessing officer which is contrary to law, passed without application of mind and without complying with the procedure and rules, is against equity and justice and facts of the assessee and material on record. 2. The appellant denies his liability to tax as upheld by the learned CIT(A) and determined and computed by the learned assessing officer and the manner in which it has been so determined or computed. 3. The learned CIT(Appeals) has erred in law and on facts in sustaining the impugned additions of interest of Rs. 3,83,278/- earned from Cooperative Bank' and Commercial Bank by treating the same under the head of Income from other sources." 4. During the course o....
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....rative banks do perform. All co-operative societies may not be banks but all co-operative banks are deemed to be cooperative societies. According to banking Regulations Act, a co-operative society bank as the same meaning of the co-operative society. 17. Further, we have also given a thought as to the interest earned by the surplus funds. As per the Income Tax Act, there is no such stipulation or prerequisite as to the nature of the funds. So far as the principles of interpretation to a taxing statue is concerned, we derive it from Cape Brandy Syndicate Vs. IRC 1 KB 64 as quoted by the Hon'ble High Court of Punjab & Haryana, Hon'ble J. Iqbal Singh that "In a taxing Act, one has to look merely at what is clearly said. There is no....
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....way of interest from the co-operative societies. Expenditure-u/s. 57: 21. The assessee has taken a plea that the expenditure incurred in earning of interest from the commercial banks be allowed while computing the taxable income. The provision of Section 57 reads as under: "Section 57: The income chargeable under the head "Income from other sources" shall be computed after making the following deductions, namely:-- (i) in the case of [dividends, 94[other than dividends referred to in section 115-O,]] [or interest on securities], any reasonable sum paid by way of commission or remuneration to a banker or any other person for the purpose of realising such dividend [or interest] on behalf of the assessee; [(ia) in the case of income ....