CIT v. ABG Heavy Industries Ltd.

Bharat Sanchar Nigam Employees Co-Operative Credit Society Limited, Kalyan vs. Income Tax Officer, National E Assessment Centre Delhi

In the result, appeal of the assessee is allowed

Bench: SHRI AMIT SHUKLA (Judicial Member)

…IN THE INCOME TAX APPELLATE TRIBUNAL, ‘B‘ BENCH MUMBAI BEFORE: SHRI AMIT SHUKLA, JUDICIAL MEMBER & SHRI OMKARESHWAR CHIDARA, ACCOUNTANT MEMBER Bharat Sanchar Nigam Vs. Income Tax Officer, Employees Co-operative National E-Assessment Credit Society Limited Centre Kalyan Telephone Delhi Exchange Kala Talao Kalyan West-421 301 Maharashtra PAN/GIR No.AAAAK8119K (Appellant) .. (Respondent) Assessee by Shri Shekhar Patwardhan Revenue by Shri Ashok Kumar Ambastha Date of Hearing 12/06/2024 Date of Pronouncement 29/08/2024 आदेश / O R D E R PER AMIT SHUKLA (J.M): The aforesaid appeal has been filed by the assessee a…

Kl Envitech Pvt Ltd, Thane vs. ITO Ward 1(3), Thane

In the result, the appeal of the assessee bearing ITA No

Bench: Shri Anikesh Banerjeeand Shri Girish Agrawal

…order passed by the co-ordinate bench of ITAT. There is no change in the scope of work and activity of the assessee. The Ld.AR respectfully relied on the order of the Hon’ble High Court of Bombay in the case of CIT vs ABG Heavy Industries Ltd & Others (2010) 322 ITR 323 (Bom). The relevant paragraphs are reproduced as below: - “In view which we have taken, all the assessment years in question to which this batch of appeals relates would be governed by the same principle. The subsequent amendment of s. 80-1A (4A) of the Act to clarify that the provision would apply to an enterprise engaged in (1) developing, or…

Aashirwad (1) Co-Operative Housing Society Limited, Mumbai vs. Deputy Director of Income Tax, CPC Bengaluru

In the result, appeal of the assessee is allowed

Bench: SHRI AMIT SHUKLA (Judicial Member), SHRI RATNESH NANDAN SAHAY (Accountant Member)

…IN THE INCOME TAX APPELLATE TRIBUNAL, ‘SMC‘ BENCH MUMBAI BEFORE: SHRI AMIT SHUKLA, JUDICIAL MEMBER & SHRI RATNESH NANDAN SAHAY, ACCOUNTANT MEMBER Aashirwad (1) Co- Vs. ITO Ward 24(1)(1), operative Housing Mumbai Society Limited Near Kokilaben Hispital Ambivali Village Andheri (West) Mumbai-400 058 PAN/GIR No.AAGAA9749R (Appellant) .. (Respondent) Assessee by None Revenue by Shri R.R. Makwana Date of Hearing 20/06/2024 Date of Pronouncement 28/06/2024 आदेश / O R D E R PER AMIT SHUKLA (J.M): The aforesaid appeal has been filed by the assessee against order dated 20/12/2023 passed by Additional / JCIT(A)-2, Su…

Kumkum Kavita Cooperative Housing Society Limited, Mumbai vs. Income Tax Officer -27(1)(1), Mumbai (Current Jurisdiction), It-Office, Vasi Railway Station Building, Navi Mumbai

In the result, appeal of the assessee is allowed

Bench: SHRI AMIT SHUKLA (Judicial Member), SHRI RATNESH NANDAN SAHAY (Accountant Member)

…u/s.80P(2)(d) which CPC has disallowed vide its intimation dated 25/11/2021. The ld. CIT(A) held that deduction u/s.80P(2)(d) is not allowable in view of the decision of the Hon’ble Supreme Court in the case of Totagars Cooperative Societies Ltd. reported in 322 ITR 323 and decision of the Hon’ble Karanataka High Court in the case of PCIT vs. Totagars Cooperative Sale Society (395 ITR 611). 3. The issue, whether disallowance can be made u/s 80P (2) (d) within the scope of adjustment u/.s143(1)(a). First of all, the primafacie adjustment for disallowance u/s.143(1) has been made on the ground that assessee has n…

Aashna Enclave Co-Operative Housing Society Limited, Mumbai vs. CIT- Appeals, Delhi

In the result, appeal of the assessee is allowed

Bench: SHRI AMIT SHUKLA (Judicial Member), SHRI RATNESH NANDAN SAHAY (Accountant Member)

…le High Court was, whether the interest income earned from deposits with the banks is eligible for deduction u/s 80P(2). The Hon’ble Kerala High Court has also considered the judgment of Hon’ble Supreme Court in the case of Totagars Cooperative Societies Ltd. 322 ITR 323, wherein the Hon’ble High Court has held that interest income earned from district cooperative bank or state cooperative bank, come within the ambit of section 80P (2)(d), therefore the income constitutes income from other sources and it is eligible for deduction covered u/s 80P(2)(d). Otherwise section 80P(2)(d) specifies any income by way of in…

Su Prabhat Co Operative Housing Society Ltd, Mumbai vs. Income Tax Officer, Mumbai

In the result, both the appeals of the assessee are allowed

…le High Court was, whether the interest income earned from deposits with the banks is eligible for deduction u/s 80P(2). The Hon’ble Kerala High Court has also considered the judgment of Hon’ble Supreme Court in the case of Totagars Cooperative Societies Ltd. 322 ITR 323, wherein the Hon’ble High Court has held that interest income earned from district cooperative bank or state cooperative bank, come within the ambit of section 80P (2)(d), therefore the income constitutes income from other sources and it is eligible for deduction covered u/s 80P(2)(d). Otherwise section 80P(2)(d) specifies any income by way of in…

Su Prabhat Co Operative Housing Society Ltd, Mumbai vs. Income Tax Officer, Mumbai

In the result, both the appeals of the assessee are allowed

…le High Court was, whether the interest income earned from deposits with the banks is eligible for deduction u/s 80P(2). The Hon’ble Kerala High Court has also considered the judgment of Hon’ble Supreme Court in the case of Totagars Cooperative Societies Ltd. 322 ITR 323, wherein the Hon’ble High Court has held that interest income earned from district cooperative bank or state cooperative bank, come within the ambit of section 80P (2)(d), therefore the income constitutes income from other sources and it is eligible for deduction covered u/s 80P(2)(d). Otherwise section 80P(2)(d) specifies any income by way of in…

Shubham Nagri Sahakari Patsanstha Maryadit, Mumbai vs. Income Tax Officer, Ward 41(2)(5), Mumbai

In the result, appeal of the assessee is allowed

Bench: SHRI AMIT SHUKLA (Judicial Member), SHRI RATNESH NANDAN SAHAY (Accountant Member)

…IN THE INCOME TAX APPELLATE TRIBUNAL, ‘SMC’ BENCH MUMBAI BEFORE: SHRI AMIT SHUKLA, JUDICIAL MEMBER & SHRI RATNESH NANDAN SAHAY, ACCOUNTANT MEMBER Shubham Nagri Vs. Income Tax Officer, Sahakari Patsanstha Ward 41(2)(5) Maryadit Kautilya Bhavan, 997, 2/2 Aadarsh Mumbai – 400051 Housing Society, Parksite, Vikhroli (West), Mumbai – 400079 PAN/GIR No.AAGTS9805F (Appellant) .. (Respondent) Assessee by None Revenue by Ms. Kakoli Ghosh Date of Hearing 27/06/2024 Date of Pronouncement 28/06/2024 आदेश / O R D E R PER AMIT SHUKLA (J.M): The aforesaid appeal has been filed by the assessee against order dated 08/01/2024…

ACIT, Cir 8(2)(1), Mumbai vs. Star Track Terminals Pvt. Ltd., Greater Noida

In the result, both the appeals of the revenue are dismissed

Bench: Shri B.R. Baskaran & Shri Anikesh Banerjeeassessment Year :2016-17 Assessment Year : 2017-18

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “G”, MUMBAI BEFORE SHRI B.R. BASKARAN, ACCOUNTANT MEMBER AND SHRI ANIKESH BANERJEE, JUDICIAL MEMBER Assessment Year :2016-17 Assessment Year : 2017-18 ACIT, CIR 8(2)(1),Mumbai, Room No.481, 4th Floor, Aaykar Bhavan, M.K.Road, Mumbai 400 020 ---- Appellant Vs. Star Track Terminals Pvt. Ltd. ICD Dadri, Tilpata Road, Gautam Budh Nagar, Greater Noida – 201 307 PAN: AAHCS-5182-K --- Respondent Appellant by : Shri Manish Kant Respondent by : Ms. Sujatha Iyangar, Sr.AR Date of Hearing : 21/05/2024 Date of Pronouncement : 22/05/2024 O R D E R PER B.R. BASKARAN, AC…

ACIT, Cir 8(2)(1), Mumbai vs. Star Track Terminals Pvt. Ltd., Greater Noida

In the result, both the appeals of the revenue are dismissed

Bench: Shri B.R. Baskaran & Shri Anikesh Banerjeeassessment Year :2016-17 Assessment Year : 2017-18

…IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCH “G”, MUMBAI BEFORE SHRI B.R. BASKARAN, ACCOUNTANT MEMBER AND SHRI ANIKESH BANERJEE, JUDICIAL MEMBER Assessment Year :2016-17 Assessment Year : 2017-18 ACIT, CIR 8(2)(1),Mumbai, Room No.481, 4th Floor, Aaykar Bhavan, M.K.Road, Mumbai 400 020 ---- Appellant Vs. Star Track Terminals Pvt. Ltd. ICD Dadri, Tilpata Road, Gautam Budh Nagar, Greater Noida – 201 307 PAN: AAHCS-5182-K --- Respondent Appellant by : Shri Manish Kant Respondent by : Ms. Sujatha Iyangar, Sr.AR Date of Hearing : 21/05/2024 Date of Pronouncement : 22/05/2024 O R D E R PER B.R. BASKARAN, AC…

Income Tax Officer, Mumbai vs. Larsen Toubro Kamgar Sahakari Patpedni Marydit, Mumbai

In the result, appeal of the Revenue is dismissed

Bench: SHRI AMIT SHUKLA (Judicial Member), SMT RENU JAUHRI (Accountant Member)

…le High Court was, whether the interest income earned from deposits with the banks is eligible for deduction u/s 80P(2). The Hon’ble Kerala High Court has also considered the judgment of Hon’ble Supreme Court in the case of Totagars Cooperative Societies Ltd. 322 ITR 323, wherein the Hon’ble High Court has held that interest income earned from district cooperative bank or state cooperative bank, come within the ambit of section 80P (2)(d), therefore the income constitutes income from other sources and it is eligible for deduction covered u/s 80P(2)(d). Otherwise section 80P(2)(d) specifies any income by way of in…