CIT v. Common Effluent Treatment Plant (Thane Belapur) Association

DEPUTY COMMISSIONER OF INCOME TAX (EXEMPTION)-1(1), MUMBAI, MUMBAI vs. ALL INDIA GEM AND JEWELLERY DOMESTIC COUNCIL, MUMBAI

In the result, the appeal of the Revenue is dismissed

Bench: Shri Om Prakash Kant () & Shri Raj Kumar Chauhan () Assessment Year: 2015-16

…iew of the decision of the Hon'ble Bombay High Court in the case of CIT V/s. Common Effluent Treatment Plant (Thane in the case of CIT V/s. Common Effluent Treatment Plant ( in the case of CIT V/s. Common Effluent Treatment Plant ( Belapur) Association (2010) 328 ITR 362, the interest so received from Belapur) Association (2010) 328 ITR 362, the interest so received from Belapur) Association (2010) 328 ITR 362, the interest so received from the non members was held to be taxable and there is no application of the non members was held to be taxable and there is no application of the non members was held to be taxa…

POWER LOOM DEVELOPMENT AND EXPORT PROMOTION COUNCIL,MUMBAI vs. INCOME TAX OFFICER (EXEM) WARD 2(2), MUMBAI

In the result appeal filed by the assessee stands partly allowed for statistical purposes

Bench: Smt. Beena Pillai () & Shri Omkareshwar Chidara ()

…incipal of mutuality, and therefore is eligible to be tax in the hands of assessee. The Ld. AO also placed reliance on the decision of Hon’ble Bombay High Court in case of CIT vs. Common Effluent Treatment Plant (Theme- Belapur) Association reported in (2010) 328 ITR 362. 2.7. The Ld. AO thus, conducted that assessee is in the nature of advancement of any other objects of general public utility to cater to the needs of the members only. The Ld. AO thus, in so far as membership fees from members were concerned applied principal of mutuality and denied the benefit to following items. Amount Amount Interest income R…

M/S ASSOCIATION OF MUTUAL FUNDS IN INDIA,MUMBAI vs. DEPUTY DIRECTOR INCOME TAX (E) I(1), MUMBAI

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

Bench: Shri S. Rifaur Rahman, Am & Ms. Kavitha Rajagopal, Jm M/S. Association Of Mutual Funds In India Dy. Director Income Tax(E)1(1) 701, 7Th Floor, One Indiabulls Centre, Mumbai Tower 2, Wing B, Vs. 841 Senapati Bapat Marg, Elphinstone Road, Mumbai-400 013

…ill not fall under the purview of particulars of mutuality and was liable to be taxed. The ld. A.O. also relied on the decision of the Hon'ble Jurisdictional High Court in the case of CIT vs. Common Effluent Treatment Plant (Thane-Belapur) Association [2010] 328 ITR 362 (Bom), which held that the interest on surplus funds invested in banks is not said to have been received from third parties, thereby principle of mutuality is not applicable for such cases. The ld. A.O. further stated that the income from registration fees of Rs.9,30,58,066/- and other income of Rs.3,69,95,728/-, aggregating to Rs.13,53,794/-…

ITO (E)-2(4), MUMBAI vs. THE PRANSUKHLAL MAFATLAL HINDU SWIMMING BATH AND BOAT CLUB TRUST, MUMBAI

In the result, appeal filed by the assessee is allowed

Bench: Shri M. Balaganesh () & Shri Ravish Sood () Ito (E)-2(4) The Pransukhlal Mafatlal Room No. 503, 5Th Floor, Vs. Hindu, Swimmimg Bath & Piramal Chambers, Boat Club Trust, Netaji Lal Baug, Parel, Subhash Road, Chowpatty, Mumbai – 400 012 Mumbai – 400 007

…squarely applicable to this case. 4. Whether on the facts and circumstances of the case and in law, the Ld.CIT(A) was right in ignoring the ratio involved in the case of CIT V/s. Common Effluent Treatment Plant (Thane- Belapur) Association reported at (2010) 328 ITR 362 (Bom) relied upon by the A.O., without even considering the same wherein the Hon'ble Bombay High Court has held that interest on surplus fund invested in fixed deposits in Banks is not income from receipt from members of the assessee but was from third party and therefore principle of the mutuality does not apply which is squarely applicable to t…

THE ASSOCIATION OF PHYSICIAN OF INDIA ,MUMBAI vs. ASST DIRECTOR OF INCOME TAX (E) II (2), MUMBAI

In the result, Ground No.1 of the assessee’s appeal is allowed

…ciple and will therefore, be eligible to Income-tax in the hands of the assessee. This view is also supported by the decision of the Hon’ble Bombay High Court in the case of CIT V/s Common Effluent Treatment Plan (Theme-Belapur) Association reported at (2010) 328 ITR 362 (Bom.) wherein it has been held that interest on surplus fund invested in fixed deposits in Banks is not income from receipt from members of the assessee but was from third party and therefore principle of mutuality does not apply. In the light of these judicial pronouncements, the rent received from Mobile Towers the donation received are also n…

THE BOMBAY PRESIDENCY GOLF CLUB LTD,MUMBAI vs. ITO (E) 2(4), MUMBAI

In the result, appeal of the Revenue is dismissed and the appeal of the assessee is allowed for statistical purpose

Bench: Shri C.N. Prasad & Shri Rajesh Kumarassessment Year: 2012-13

…e circumstances of the case and in law, the Ld.CIT(A) was right in directing the A.O to delete the addition, ignoring the ratio laid down by the Hon'ble Bombay High Court in the case of CIT v/s common Effluent Treatment Plant(Thane Belapur) Association (2010) 328 ITR 362. 2. Whether, on the facts and in the circumstances of the case and in law, the Ld.CIT(A) was right in deleting the order of A.O. without appreciating the fact that once the assessee trust got hit by proviso to section 2(15) it loses the character of charity therefore no exemption can be allowed to the trust u/s 11 of the Act. 3. Whether, on the…

ITO 17(1)(3), MUMBAI vs. THE BOMBAY SALES TAX STAFF CO OP CREDIT SOCIETY LTD, MUMBAI

Accordingly directed to allow the deduction claimed by the appellant. Grounds 1, 2 are allowed in favour of the appellant

Bench: Shri R.C.Sharma, Am & Shri Ravish Sood, Jm Ito 17(1)(3) The Bombay Sales Tax Staff 1St Floor, R. No. 114, Co-Op. Credit Society Ltd. बिधम/ Piramal Chambers, 18, Vikrikar Bhavan, Vs. Lalbaug, Parel, Balwant Singh Dhodi Marg, Mumbai-12 Mazgaon, Mumbai 400 010 स्थामी रेखा सं./ जीआइआय सं./ Pan No. Aaaat0006E (अऩीराथी /Revenue) (प्रत्मथी / Assessee) :

…efrom would not qualify for deduction under Sec. 80P(2)(a)(i). The A.O in support of his aforesaid view took support of the judgment of the Hon‟ble High Court of Bombay in the case of CIT Vs. Common Effluent Treatment Plant (Thane, Belapur) Association (2010) 328 ITR 362 (Bom). The High Court in the aforementioned case had observed that the interest income earned by an assessee co-operative society on money invested in fixed deposits of bank would not possess same character of mutuality as surplus fund derived by P a g e | 5 ITA No.7064/Mum/2013 A.Y 2010-11 ITO-17(1)(3) Vs. The Bombay Sales Tax Staff Co-op. the a…

PRABODHAN GOREGAON,MUMBAI vs. CIT (A) - 1, MUMBAI

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

Bench: Shri C.N Prasad & Shri Ramit Kocharआयकर अपीऱ सं./I.T.A. No.6490/Mum/2016 (नििाारण वर्ा / Assessment Year : 2011-12) Prabhodhan Goregaon बिाम/ Ito(E)-Ii(1),Mumbai Prabhodhan Kridabhavan Marg, V. Siddharth Nagar, Goregoan(W), Mumbai-400014 स्थायी ऱेखा सं./ Pan : Aaatp4398J (अपीऱाथी /Appellant) (प्रत्यथी / Respondent) ..

…e as the same is not covered under the principals of mutuality. He relied on the decision in the case of Rajpath Club Ltd. 17 ITD 192, Bangalore Club vs. CIT350 ITR 509 and CIT vs. Common Effluent Treatment Plant (Theme-Belapur) Association reported at (2010) 328 ITR 362 (Bom.). In view of the above, the AO brought to tax interest income of Rs.24,37,386/- and income from non-members of Rs.1,42,530/-. 4. Aggrieved by the order of the AO, the assessee filed an appeal before the Ld. CIT(A). We find that in the statement of facts filed before the CIT(A), the assessee- trust has stated that (i) it is registered as a…