CIT v. Adarsh Co-operative Housing Society Ltd.

DEV CASTE KTOY OWNERS ASSOCIATION,AHMEDABAD vs. THE ITO, WARD-3(2)(6), AHMEDABAD

In the result, the appeal filed by the assessee is partly allowed

Bench: Ms. Suchitra Kamble

…IN THE INCOME TAX APPELLATE TRIBUNAL “SMC” BENCH, AHMEDABAD BEFORE MS. SUCHITRA KAMBLE, JUDICIAL MEMBER I.T.A. No.200/Ahd/2022 (Assessment Year: 2017-18) Dev Castle Ktoy Owners Vs. ITO Association, Ward-3(2)(6), Dev Castle, Near Govindvadi Ahmedabad Isanpur, Ahmedabad [PAN No.AACTD1174E] (Appellant) .. (Respondent) Appellant by : Shri Sanjay R Shah, A.R. Respondent by: Shri M. Anand Kumar, Sr. D.R. Date of Hearing 21.12.2022 Date of Pronouncement 23.12.2022 O R D E R The appeal filed by the assessee is against the order passed by the Ld. CIT(Appeals), National Faceless Appeal Centre (in short “NFAC”), Delhi…

JILLA PANCHAYAT NA KARMACHARIONI DHIRAN ANE GRAHAK SAHAKARI MANDALI LTD.,BHAVANAGAR vs. THE ACIT CIRCLE-1, BHAVANAGAR

In the result appeal of the assessee is hereby allowed

Bench: Shri Waseem Ahmedआयकर अपील सं./Ita No.108/Ahd/2021 िनधा"रण वष"/Asstt. Year:2017-2018 Jilla Panchayat Na Karmacharioni Dhiran The A.C.I.T., Ane Grahak Sahakari Mandali Ltd., Vs. Circle-1, 0, Motibaug Road, Bhavnagar. Near Town Hall, Bhavnagar-364001. Pan: Aacaj3104B

…d extend credit facility to non- member also. Hence, the concept of mutuality lost in case of cooperative bank. The AO in this regard placed reliance on the judgment of Hon’ble Gujarat High Court in case of CIT vs. Adarsh Housing Co-op Society Ltd reported in 213 ITR 677. The AO also held that the cooperative bank expressly held outside the ambit of cooperative society by the provision of section 80P(4) of the Act. The AO in this regard also referred the judgment of Hon’ble Karnataka High Court in case of Totagars Co- operative Sale Society Ltd vs. PCIT reported in 83 taxmann.com 140. Thus, the AO in view of the…

M/S. INDRAPRASTH CO.OP. HOUSING SOCIETY LIMITED,,AHMEDABAD vs. THE PR. CIT-5,, AHMEDABAD

In the result, the matter is being restored to the file of A

…CIT the interest income. The ld. A.R. of the assessee placed reliance on the ITAT Ahmedabad decision in the case of M/s. Sakar Corporation Vs. DCIT (ITA No. 1831/Ahd/2003) and on Gujarat High Court decision in the case of CIT vs. Adarsh Co-operative Housing 213 ITR 677 (Gujarat) in support of his contention. 5. The ld. Pr. CIT however rejected the arguments of the assessee and held that the order passed by the ld. A.R. is erroneous and prejudicial to the interest of Revenue and gave a direction u/s. 263 of the Act to A.O. to frame the assessment afresh after allowing reasonable opportunity to the assessee. The…

M/S. ISCON MEGACITY MEMBERS ASSOCIATION ,,BHAVNAGAR vs. THE INCOME TAX OFFICER, (EXEMP. ), BHAVNAGAR

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

Bench: Shri Rajpal Yadav & Shri Amarjit Singhआयकर अपील सं./I.T.A. No.1290/Ahd/2014 ("नधा"रण वष" / Assessment Year : 2010-11)

…e appellant has relied upon the following case-laws: M/s.Iscon Mega City Members vs. ITO Asst.Year – 2010-11 (i) Hiralal Bhagwati Vs. CIT 246 ITR 188 (Guj.) (ii) ACIT vs. Surat City Gymkhana 300 ITR 214 (SC) (iii) CIT vs. Adarsh Co-operative Housing Soc.Ltd. 213 ITR 677 (Guj.) (iv) CIT vs. Manekbaug Co-operative Housing Soc.Ltd. 208 Taxman 5644 (Guj.) (v) Chelmsford Club vs. CIT [2000] 243 ITR 89/109 Taxman 215 (SC). 5.1. I have considered the assessment order and the submissions made by the appellant. It is evident from the income & expenditure statement that the appellant has credited Rs.54,87,950/- as a main…