Bangalore Club v. CIT

350 ITR 509Supreme Court of India2013#351 most cited

What is Bangalore Club v. CIT authority for?

The Supreme Court affirmed the doctrine of mutuality, holding that contributions received from and returned to members for a common purpose do not constitute taxable profits. However, income from transactions with non-members or interest earned from investments in external entities (like cooperative banks) may break the mutuality chain and be taxable under Section 56, falling outside the scope of Section 80P deductions.

247

judgments rely on this decision, according to BharatTax’s citation analysis of 366,470 Indian tax judgments — from 2014 to 2026.

Also referred to as

Bangalore Club v. CIT · mutuality principle · doctrine of mutuality · Section 80P · Section 80P(2)(d) · Section 56 · cooperative society income · interest income taxability · income from other sources · mutual undertaking · members club · taxation of clubs

Also reported as

29 Taxmann.com 295 SCC 509212 Taxmann 566

Sections most often in play

Section 143(3)Section 80P(2)(a)(i)Section 56Section 80P(2)(d)Section 254Section 142(1)Section 80PSection 80P(1)
Read the full judgment

Issues it is cited on

mutuality principledoctrine of mutualitysection 11(4a)proviso to section 2(15)section 80p(1)section 80p(4)section 2(15)section 80p(2)(d)section 10(23c)section 80p(2)(a)section 80p(2)(a)(i)section 80p(2)

Judgments citing Bangalore Club v. CIT

The ITO, Trivandrum vs. M/S.Perrorkada Service Co-Op Bank Ltd, Trivandrum

In the result, the appeals are disposed on the afore-stated terms

ITA 48/COCH/2019[2015-16]Status: DisposedITAT Cochin31 Aug 2023AY 2015-16

Bench: Shri Sanjay Arora, Am &Shri Manomohan Das, Jm

For Respondent: Shri Sajith Kumar Das, CI
Section 80P(1)Section 80P(4)

…co- operative banks, including, inter alia, lending to the members of the public, i.e., goes ITA No.134/Coch/2019 & Ors. ITO v. The Adichanalloor Farmers SCB Ltd. & Ors. into the banking system. The close circuit, as explained in Bangalore Club v. CIT[2013] 350 ITR 509 (SC), which is further in agreement with a series of decisions by the Hon’ble Apex Court on mutuality, gets ruptured. Investment in a co-operative society, on the other hand, would restrict the access to it’s funds only to members thereof, either directly by provision of credit thereto, or get channelized to the activities in which the lendee co-…

The ITO, Ward-2(3), Trivandrum vs. M/S.Mundela Serviceco-Op Bank Ltd, Trivandrum

In the result, the appeals are disposed on the afore-stated terms

ITA 143/COCH/2019[2011-12]Status: DisposedITAT Cochin31 Aug 2023AY 2011-12

Bench: Shri Sanjay Arora, Am &Shri Manomohan Das, Jm

For Respondent: Shri Sajith Kumar Das, CI
Section 80P(1)Section 80P(4)

…co- operative banks, including, inter alia, lending to the members of the public, i.e., goes ITA No.134/Coch/2019 & Ors. ITO v. The Adichanalloor Farmers SCB Ltd. & Ors. into the banking system. The close circuit, as explained in Bangalore Club v. CIT[2013] 350 ITR 509 (SC), which is further in agreement with a series of decisions by the Hon’ble Apex Court on mutuality, gets ruptured. Investment in a co-operative society, on the other hand, would restrict the access to it’s funds only to members thereof, either directly by provision of credit thereto, or get channelized to the activities in which the lendee co-…

The ITO, WD-4, Kollam vs. M/S. the Adichanalloor Farmers Service Co-Op Bank Ltd, Kollam

In the result, the appeals are disposed on the afore-stated terms

ITA 134/COCH/2019[2015-16]Status: DisposedITAT Cochin31 Aug 2023AY 2015-16

Bench: Shri Sanjay Arora, Am &Shri Manomohan Das, Jm

For Respondent: Shri Sajith Kumar Das, CI
Section 80P(1)Section 80P(4)

…co- operative banks, including, inter alia, lending to the members of the public, i.e., goes ITA No.134/Coch/2019 & Ors. ITO v. The Adichanalloor Farmers SCB Ltd. & Ors. into the banking system. The close circuit, as explained in Bangalore Club v. CIT[2013] 350 ITR 509 (SC), which is further in agreement with a series of decisions by the Hon’ble Apex Court on mutuality, gets ruptured. Investment in a co-operative society, on the other hand, would restrict the access to it’s funds only to members thereof, either directly by provision of credit thereto, or get channelized to the activities in which the lendee co-…

The ITO, WD-2(5), Trivandrum vs. Pazhayakunnumel Service Co-Op Bank Ltd, Trivandrum

In the result, the appeals are disposed on the afore-stated terms

ITA 121/COCH/2019[2015-16]Status: DisposedITAT Cochin31 Aug 2023AY 2015-16

Bench: Shri Sanjay Arora, Am &Shri Manomohan Das, Jm

For Respondent: Shri Sajith Kumar Das, CI
Section 80P(1)Section 80P(4)

…co- operative banks, including, inter alia, lending to the members of the public, i.e., goes ITA No.134/Coch/2019 & Ors. ITO v. The Adichanalloor Farmers SCB Ltd. & Ors. into the banking system. The close circuit, as explained in Bangalore Club v. CIT[2013] 350 ITR 509 (SC), which is further in agreement with a series of decisions by the Hon’ble Apex Court on mutuality, gets ruptured. Investment in a co-operative society, on the other hand, would restrict the access to it’s funds only to members thereof, either directly by provision of credit thereto, or get channelized to the activities in which the lendee co-…

M/S.Pidavoor Service Co-Op Bank Ltd, Kollam vs. The ITO, WD-4, Kollam

In the result, the appeals are disposed on the afore-stated terms

ITA 414/COCH/2018[2014-15]Status: DisposedITAT Cochin31 Aug 2023AY 2014-15

Bench: Shri Sanjay Arora, Am &Shri Manomohan Das, Jm

For Respondent: Shri Sajith Kumar Das, CI
Section 80P(1)Section 80P(4)

…co- operative banks, including, inter alia, lending to the members of the public, i.e., goes ITA No.134/Coch/2019 & Ors. ITO v. The Adichanalloor Farmers SCB Ltd. & Ors. into the banking system. The close circuit, as explained in Bangalore Club v. CIT[2013] 350 ITR 509 (SC), which is further in agreement with a series of decisions by the Hon’ble Apex Court on mutuality, gets ruptured. Investment in a co-operative society, on the other hand, would restrict the access to it’s funds only to members thereof, either directly by provision of credit thereto, or get channelized to the activities in which the lendee co-…

The ITO, Ward-2(3), Trivandrum vs. M/S.Mundela Serviceco-Op Bank Ltd, Trivandrum

In the result, the appeals are disposed on the afore-stated terms

ITA 151/COCH/2018[2014-15]Status: DisposedITAT Cochin31 Aug 2023AY 2014-15

Bench: Shri Sanjay Arora, Am &Shri Manomohan Das, Jm

For Respondent: Shri Sajith Kumar Das, CI
Section 80P(1)Section 80P(4)

…co- operative banks, including, inter alia, lending to the members of the public, i.e., goes ITA No.134/Coch/2019 & Ors. ITO v. The Adichanalloor Farmers SCB Ltd. & Ors. into the banking system. The close circuit, as explained in Bangalore Club v. CIT[2013] 350 ITR 509 (SC), which is further in agreement with a series of decisions by the Hon’ble Apex Court on mutuality, gets ruptured. Investment in a co-operative society, on the other hand, would restrict the access to it’s funds only to members thereof, either directly by provision of credit thereto, or get channelized to the activities in which the lendee co-…

International Copper Association India, Mumbai vs. ITO (Exemp)- II (1), Mumbai

In the result, appeal filed by the assessee is allowed

ITA 7885/MUM/2019[2011-12]Status: DisposedITAT Mumbai23 Aug 2023AY 2011-12

Bench: Shri Pavan Kumar Gadale, Hon'Ble & Shri S. Rifaur Rahman, Hon'Ble

Section 11Section 11(1)Section 11(2)Section 11(5)Section 12ASection 143(2)Section 143(3)

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “SMC”, MUMBAI BEFORE SHRI PAVAN KUMAR GADALE, HON'BLE JUDICIAL MEMBER AND SHRI S. RIFAUR RAHMAN, HON'BLE ACCOUNTANT MEMBER ITA NOs. 7884 & 7885/MUM/2019 (A.Ys: 2010-11 & 2011-12) International Copper Association India v. ITO (EXEMPTION)- II(1) Unit Nos. 1401 to 1403 5th Floor Piramal chambers, Lalbaug Wing “A”, Kailas Business Park Parel, Mumbai - 400012 Veer Sawarkar Road, Parksite Vikroli (W), Mumbai - 400079 PAN: AAACI9045G (Appellant) (Respondent) Assessee Represented by : Ms. Krupa Gandi & Shri Ayushi Modani Department Represented by : Ms. Deepika Arora D…

International Copper Association India, Mumbai vs. ITO (Exemp)- II (1), Mumbai

In the result, appeal filed by the assessee is allowed

ITA 7884/MUM/2019[2010-11]Status: DisposedITAT Mumbai23 Aug 2023AY 2010-11

Bench: Shri Pavan Kumar Gadale, Hon'Ble & Shri S. Rifaur Rahman, Hon'Ble

Section 11Section 11(1)Section 11(2)Section 11(5)Section 12ASection 143(2)Section 143(3)

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “SMC”, MUMBAI BEFORE SHRI PAVAN KUMAR GADALE, HON'BLE JUDICIAL MEMBER AND SHRI S. RIFAUR RAHMAN, HON'BLE ACCOUNTANT MEMBER ITA NOs. 7884 & 7885/MUM/2019 (A.Ys: 2010-11 & 2011-12) International Copper Association India v. ITO (EXEMPTION)- II(1) Unit Nos. 1401 to 1403 5th Floor Piramal chambers, Lalbaug Wing “A”, Kailas Business Park Parel, Mumbai - 400012 Veer Sawarkar Road, Parksite Vikroli (W), Mumbai - 400079 PAN: AAACI9045G (Appellant) (Respondent) Assessee Represented by : Ms. Krupa Gandi & Shri Ayushi Modani Department Represented by : Ms. Deepika Arora D…

Aryanad Service Co-Op Bank Ltd, Trivandrum vs. ITO Ward -2(3), Trivandrum

In the result, the assessee’s appeal is allowed on the foregoing terms

ITA 922/COCH/2022[2017-18]Status: DisposedITAT Cochin31 Jul 2023AY 2017-18

Bench: Shri Sanjay Arora, Am &Shriabyt.Varkey, Jm

For Appellant: Sri.Arun Raj S, AdvocateFor Respondent: Smt.J.M.Jamuna Devi, Sr. DR
Section 143(3)Section 28Section 36(1)(viii)Section 56Section 80PSection 80P(2)(d)Section 80P(4)

…nly where both the lender (depositor)and the borrower (depositee) is a co-operative society. This is as in that case income is derived from an eligible source, with the funds continuing to remainin a closed circuit, as explained in Bangalore Club v. CIT[2013] 350 ITR 509 (SC). A co-operative bank, on the other hand, is a public entity, and the money deposited with it on being further advanced to it’s customers, goes in the public domain, rupturing this circuit. A cooperative society, it may be noted, is, as indeed in the instant case, assessable as an ‘Association of Persons’. It may here also be emphasized that…

The Saturday Club Limited vs. Principal Commissioner of Income Tax, Kolkata -3

The appeals are disposed of

ITA/127/2019HC Calcutta07 Jul 2023

Bench: HON'BLE JUSTICE I. P. MUKERJI,HON'BLE JUSTICE BISWAROOP CHOWDHURY

Section 22Section 23Section 260A

…rty”. The reasons in support of this decision were sought to be advanced in paragraph 5 of the tribunal’s order which is set out below:- “5. The law in this regard has been recently laid down by the Hon’ble Supreme Court in the case of Bangalore Club v/s. CIT 350 ITR 509 (SC), where the question for determination before the Hon’ble Supreme Court was as to whether or not the interest earned by the assessee on the surplus funds invested in fixed deposits with the corporate member banks is exempt from levy of Income Tax, based on the doctrine of mutuality? The Hon’ble Supreme Court answered the aforesaid question in…

The Saturday Club Limited vs. Principal Commissioner of Income Tax - 3

The appeals are disposed of

ITA/138/2019HC Calcutta07 Jul 2023

Bench: HON'BLE JUSTICE I. P. MUKERJI,HON'BLE JUSTICE BISWAROOP CHOWDHURY

Section 22Section 23Section 260A

…rty”. The reasons in support of this decision were sought to be advanced in paragraph 5 of the tribunal’s order which is set out below:- “5. The law in this regard has been recently laid down by the Hon’ble Supreme Court in the case of Bangalore Club v/s. CIT 350 ITR 509 (SC), where the question for determination before the Hon’ble Supreme Court was as to whether or not the interest earned by the assessee on the surplus funds invested in fixed deposits with the corporate member banks is exempt from levy of Income Tax, based on the doctrine of mutuality? The Hon’ble Supreme Court answered the aforesaid question in…

State Bank of India Employees Devangini Cooperative Housing Society Ltd., Mumbai vs. ADIT, CPC, (Jao Ward Mum-W-212-4), Mumbai

In the result, the appeal of the assessee is allowed

ITA 3059/MUM/2022[2020-21]Status: DisposedITAT Mumbai31 Mar 2023AY 2020-21

Bench: Shri Aby T. Varkey, Jm आयकर अपील सं/ I.T.A. No.3059/Mum/2022 (निर्धारण वर्ा / Assessment Years: 2020-21) State Bank Of India बिधम/ Adit, Cpc (Jao Ward, Employees Devangini Co- Mum-W-212-4) Vs. Operative Housing Soc. Ltd. Mumbai-400020. Plot No. 4, Irani Wadi, Shahaji Raje Marg, Vile Parle (E), Mumbai-400057. स्थधयी लेखध सं./जीआइआर सं./Pan/Gir No. : Aaoas5438D (अपीलार्थी /Appellant) .. (प्रत्यर्थी / Respondent) Assessee By: Shri P. G. Deshprabhu (Secretary) Revenue By: Shri Anil Gupta सुनवाई की तारीख / Date Of Hearing: 02/03/2023 घोषणा की तारीख /Date Of Pronouncement: 31/03/2023 आदेश / O R D E R Per Aby T. Varkey, Jm: This Is An Appeal Preferred By The Appellant/Assessee State Bank Of India Employees Devangini Co-Operative Housing Society Ltd. Against The Order Of The Ld. Commissioner Of Income Tax (Appeals)/Nfac, Delhi Dated 04.10.2022 For The Assessment Year 2020-21. 2. Assessee Is A Co-Operative Housing Society, Registered Under The Maharashtra Co-Op Society Act 1960. The Grounds Of Appeal Of The Assessee Is Against The Action Of The Ld. Cit(A) Confirming The Action Of Ao/Cpc Not Allowing The Claim Of The Assessee On The Interest Income U/S 80P(2)(D) Of The Income Tax Act, 1961 (Hereinafter “The Act”) Which It Had Received From Maharashtra State Co-Operative Bank Ltd To The Tune Of Rs.1,89,143/-.

For Appellant: Shri P. G. Deshprabhu (Secretary)For Respondent: Shri Anil Gupta
Section 143(1)Section 80P(2)(d)

…IN THE INCOME TAX APPELLATE TRIBUNAL “SMC” BENCH, MUMBAI BEFORE SHRI ABY T. VARKEY, JM आयकर अपील सं/ I.T.A. No.3059/Mum/2022 (निर्धारण वर्ा / Assessment Years: 2020-21) State Bank of India बिधम/ ADIT, CPC (JAO Ward, Employees Devangini Co- Mum-W-212-4) Vs. operative Housing Soc. Ltd. Mumbai-400020. Plot No. 4, Irani Wadi, Shahaji Raje Marg, Vile Parle (E), Mumbai-400057. स्थधयी लेखध सं./जीआइआर सं./PAN/GIR No. : AAOAS5438D (अपीलार्थी /Appellant) .. (प्रत्यर्थी / Respondent) Assessee by: Shri P. G. Deshprabhu (Secretary) Revenue by: Shri Anil Gupta सुनवाई की तारीख / Date of Hearing: 02/03/2023 घोषणा की तारीख /Da…

Cricket Club of India P.Ltd, Mumbai vs. CIT 1, Mumbai

Accordingly, concise Ground No. 1 raised by the Appellant in appeal for the Assessment Year 2012-13 is allowed while all the other grounds raised by the Appellant are dismissed as being infructuous

ITA 3652/MUM/2016[2011-12]Status: DisposedITAT Mumbai30 Mar 2023AY 2011-12
For Appellant: Shri R. MurlidharFor Respondent: Shri Sandeep Raj
Section 142(1)Section 143(2)Section 143(3)Section 14ASection 263

…e revised return, 2 ITA No.4033/Mum/2017 (AY 2012-13) the Appellant declared income of INR 3,30,35,884/- offering to tax interest income and capital gains income to tax as per the judgment of Hon’ble Supreme Court in the case of Bangalore Club vs. CIT & Anr.: 350 ITR 509 (SC). The case of the Appellant was selected for scrutiny and notice under Section 143(2) and Section 142(1) of the Act were issued/served upon the Appellant. In response thereto the Appellant filed replies, and the assessment was completed by the Assessing Officer under Section 143(3) of the Act vide order, dated 27/03/2014 at total income of IN…

Galleria Condominium Association, Gurgaon vs. Income Tax Officer, Ward-1(3), Gurgaon

In the result, the appeal of the assessee is allowed for statistical purposes

ITA 1054/DEL/2021[2014-15]Status: DisposedITAT Delhi19 Sept 2022AY 2014-15

Bench: Shri Chandra Mohan Garg[Assessment Year : 2014-15] Galleria Condominium Vs Ito, Association, Galleria Building, Ward-1(3), Dlf Phase Iv, Dlf City, Gurgaon. Gurgaon, Haryana-122002. Pan-Aaaag3018P Appellant Respondent Appellant By Shri Rishabh Aggarwal, Ca & Ms. Jaishree, Ca Respondent By Shri Mithalesh Kumar Pandey, Sr. Dr Date Of Hearing 13.09.2022 Date Of Pronouncement 19.09.2022

Section 140Section 147Section 194Section 80P(2)(d)

…essing Officer has taxed the interest income from the deposit from the bank and stated that it is not covered under principal of mutuality following the judgement of the Hon’ble Supreme Court in the case of Bangalore Club Vs. Commissioner of Income Tax (2013) 350 ITR 509 (SC) and also has computed income from house property under Section 23 and also taxed the professional fee as business income. 9. The ld. CIT (Appeals) in its consolidated order has noted that assessee has not pressed the grounds relating to taxing of income under the house property, interest income and income from professional charges, albeit ha…

Amar Ambience Sahkari Gruhrachna Sanstha Maryadit, Pune vs. ITO Ward 7(1), Pune

Appeal is partly allowed for statistical purposes in above terms

ITA 83/PUN/2020[2014-15]Status: DisposedITAT Pune11 Aug 2022AY 2014-15
For Appellant: Shri Kishor PhadkeFor Respondent: Shri M.G. Jasnani
Section 143(3)Section 57

…nce expenses against the interest income on a proportionate basis. 5. The appellant craves leave to add/modify/delete/amend all/any of the grounds of appeal. “ 3. Mr. Phadke submitted at the outset that hon‟ble apex court in Bangalore Club Ltd. Vs. CIT (2013) 350 ITR 509 (SC) has settled the law that such interest income derived from deposits made in nationalised banks/non- members is not entitled for “mutuality”. His only case is once both the learned lower authorities have assessed the impugned interest income of Rs.31,65,456/- under the residuary head of income from „other sources‟, they ought to have granted…

ITO 7(3)(4), Mumbai vs. Prabhadevi Properties & Trading Company Ltd., Mumbai

In the result, appeal filed by the Revenue is dismissed

ITA 5873/MUM/2016[2012-13]Status: DisposedITAT Mumbai08 Aug 2022AY 2012-13

Bench: Shri Amit Shukla, Hon'Ble & Shri S. Rifaur Rahman, Hon'Bleincome Tax Officer – 7(3)(4) V. M/S. Prabhadevi Properties & Trading Company Ltd., Cgo Building, 8Th Floor, Room No. 805 “The Peregrine” 400 Pratishtha Bhavan, M.K. Road Veer Savarkar Marg Mumbai - 400020 Mumbai - 400025 Pan: Aaacp4718R (Appellant) (Respondent) Assessee By : Shri Madhur Agarwal & Shri Atul Suraiya Department By : Shri Jagdish Jangid

For Appellant: Shri Madhur Agarwal &For Respondent: Shri Jagdish Jangid
Section 143(1)Section 143(2)Section 68

…IN THE INCOME TAX APPELLATE TRIBUNAL “C” BENCH, MUMBAI BEFORE SHRI AMIT SHUKLA, HON'BLE JUDICIAL MEMBER AND SHRI S. RIFAUR RAHMAN, HON'BLE ACCOUNTANT MEMBER Income Tax Officer – 7(3)(4) v. M/s. Prabhadevi Properties & Trading Company Ltd., CGO Building, 8th Floor, Room No. 805 “The peregrine” 400 Pratishtha Bhavan, M.K. Road Veer Savarkar Marg Mumbai - 400020 Mumbai - 400025 PAN: AAACP4718R (Appellant) (Respondent) Assessee by : Shri Madhur Agarwal & Shri Atul Suraiya Department by : Shri Jagdish Jangid Date of Hearing : 05.07.2022 Date of Pronouncement : 08.08.2022 O R D E R PER S. RIFAUR RAHMAN (AM) 1. This…

Amar Ambience Sahkari Gruhrachna Sanstha Maryadit, Pune vs. ITO Ward 7(1), Pune

Appeal is partly allowed for statistical purposes in above terms

ITA 84/PUN/2020[2015-16]Status: DisposedITAT Pune28 Jul 2022AY 2015-16

Bench: Shri S. S. Godaraआयकर अपील सं. / Ita No.84/Pun/2020 िनधा"रण वष" / Assessment Year: 2015-16 Amar Ambience Sahkari Vs. Ito, Ward-7(1), Pune. Gruhrachna Sanstha Maryadit, Sr. No.61/46/461/ 3A 3B, Ghorpadi, Pune- 411001. Pan : Aabaa5618G Appellant Respondent Assessee By : Shri Kishor B. Phadke Revenue By : Shri M. G. Jasnani Date Of Hearing : 28.07.2022 Date Of Pronouncement : 28.07.2022 आदेश / Order Per S. S. Godara, Jm: This Assessee’S Appeal For Assessment Year 2015-16 Arises Against The Cit(A)-5, Pune’S Order Dated 03.10.2019 Passed In Case No.Pn/Cit(A)-5/Ito, Ward 7(1), Pune/10202/2017-18 Involving Proceedings U/S 143(3) Of The Income Tax Act, 1961; In Short “The Act”. Heard Both The Parties. Case File Perused. 2. The Assessee Raises The Following Substantive Grounds In The Instant Appeal :- “1. The Learned Cit(A) Erred In Law & On Facts In Confirming The Total Income Of The Appellant At Rs. 31,18,830/- Instead Of The Returned Income Of Rs. 5,34,820/-.

For Appellant: Shri Kishor B. PhadkeFor Respondent: Shri M. G. Jasnani
Section 143(3)Section 57

…nying mutuality benefit qua assessee’s fixed deposits made in nationalized banks resulting in interest income of Rs.25,84,008/- in issue. This assessee’s stand hardly carries any merit as hon’ble apex court’s landmark decision in Bangalore Club vs. CIT (2013) 350 ITR 509 (SC) has denied the very mutuality benefit claimed against interest income derived from such fixed deposits kept with non-members’ banks. The impugned disallowance stands upheld in principle therefore. 4. The fact also remains that once the learned lower authorities have invoked section 57 of the Act for assessing the assessee’s interest income u…

Principal Commissioner of Income Tax, Kolkata-2 vs. M/S. Expert Jewellers Pvt Ltd

The appeals are disposed of

ITAT/138/2019HC Calcutta26 Jul 2022

Bench: HON'BLE JUSTICE T. S. SIVAGNANAM,HON'BLE JUSTICE BIVAS PATTANAYAK

Section 22Section 23Section 260A

…rty”. The reasons in support of this decision were sought to be advanced in paragraph 5 of the tribunal’s order which is set out below:- “5. The law in this regard has been recently laid down by the Hon’ble Supreme Court in the case of Bangalore Club v/s. CIT 350 ITR 509 (SC), where the question for determination before the Hon’ble Supreme Court was as to whether or not the interest earned by the assessee on the surplus funds invested in fixed deposits with the corporate member banks is exempt from levy of Income Tax, based on the doctrine of mutuality? The Hon’ble Supreme Court answered the aforesaid question in…

Shoppers Orbit Apartments, Pune vs. Income-Tax Officer - 7(4), Pune

Appeal is dismissed in above terms

ITA 330/PUN/2021[2017-18]Status: PendingITAT Pune26 Jul 2022AY 2017-18
For Respondent: Shri M. G. Jasnani
Section 143(3)

…IN THE INCOME TAX APPELLATE TRIBUNAL PUNE BENCH “SMC”, PUNE BEFORE SHRI S. S. GODARA, JUDICIAL MEMBER आयकर अपील सं. / ITA No.330/PUN/2021 िनधा"रण वष" / Assessment Year: 2017-18 Shoppers Orbit Apartments, Vs. ITO, Ward-7(4), Pune. S. No.44, Alandi Road, Vishrantwadi, Pune- 411015. PAN : AAITS3785P Appellant Respondent Assessee by Shri Suhas Bora : Revenue by : Shri M. G. Jasnani Date of hearing : 26.07.2022 Date of pronouncement : 26.07.2022 आदेश / ORDER PER S. S. GODARA, JM: This assessee’s appeal for assessment year 2017-18 arises against the National Faceless Appeal Centre, Delhi’s order dated 24.06.2021 passe…

Cricket Club of India P.Ltd, Mumbai vs. CIT 1, Mumbai

In the result, the appeal of the assessee is allowed

ITA 3282/MUM/2015[2010-11]Status: DisposedITAT Mumbai15 Jul 2022AY 2010-11

Bench: Us:-

Section 143(3)Section 263Section 263(1)

…ssessee has also submitted revised computation of total income of Rs. 5,71,00,430/- by offering interest 8 M/s. Cricket Club of India Pvt. Ltd., income & capital gains to tax pursuant to decision of Hon’ble Supreme Court in Bangalore Club Vs CIT reported in 350 ITR 509 (SC). 3.2. The ld. AO after due application of mind has added catering income by treating the said receipt being not covered under principle of mutuality. Thus, the ld. AO has accepted the applicability of Principle of Mutuality in respect of the majority receipts claimed by the assessee. However, the Ld. PCIT has issued vide show cause notice u…