CIT v. Institute of Banking Personnel Selection

Navjbai Ratan Tata Trust, Mumbai vs. Assistant Commissioner of Income Tax 17(2)), Mumbai

In the result, appeal by the Revenue being ITA No

Bench: Shri G.S. Pannu & Shri Sandeep Singh Karhail

…tan Tata Trust Assessment Years: 2011-12, 2012-13, 2013-14 and 2014-15 19.3 In appeal, the CIT(A) vide order dated 19.12.2017, inter-alia, following decision of Hon‟ble Jurisdictional High Court in the case of CIT v. Institute of Banking Personnel Selection: 264 ITR 110 directed the AO to allow carry forward of the deficit as may be available. 19.4 Being aggrieved by aforesaid findings of the CIT(A), Revenue is in appeal before us. We find that on similar issue Hon‟ble Supreme Court in the case of CIT(Exemption) v. Subros Education Society: [2018] 303 CTR 1 held that any excess expenditure incurred by trust/cha…

Navjbai Ratan Tata Trust, Mumbai vs. Assistant Commissioner of Income Tax 17(2)), Mumbai

In the result, appeal by the Revenue being ITA No

Bench: Shri G.S. Pannu & Shri Sandeep Singh Karhail

…tan Tata Trust Assessment Years: 2011-12, 2012-13, 2013-14 and 2014-15 19.3 In appeal, the CIT(A) vide order dated 19.12.2017, inter-alia, following decision of Hon‟ble Jurisdictional High Court in the case of CIT v. Institute of Banking Personnel Selection: 264 ITR 110 directed the AO to allow carry forward of the deficit as may be available. 19.4 Being aggrieved by aforesaid findings of the CIT(A), Revenue is in appeal before us. We find that on similar issue Hon‟ble Supreme Court in the case of CIT(Exemption) v. Subros Education Society: [2018] 303 CTR 1 held that any excess expenditure incurred by trust/cha…

Assistant Commissioner of Income Tax 17(2)), Mumbai vs. Navjbai Ratan Tata Trust, Mumbai

In the result, appeal by the Revenue being ITA No

Bench: Shri G.S. Pannu & Shri Sandeep Singh Karhail

…tan Tata Trust Assessment Years: 2011-12, 2012-13, 2013-14 and 2014-15 19.3 In appeal, the CIT(A) vide order dated 19.12.2017, inter-alia, following decision of Hon‟ble Jurisdictional High Court in the case of CIT v. Institute of Banking Personnel Selection: 264 ITR 110 directed the AO to allow carry forward of the deficit as may be available. 19.4 Being aggrieved by aforesaid findings of the CIT(A), Revenue is in appeal before us. We find that on similar issue Hon‟ble Supreme Court in the case of CIT(Exemption) v. Subros Education Society: [2018] 303 CTR 1 held that any excess expenditure incurred by trust/cha…

Assistant Commissioner of Income Tax 17(2)), Mumbai vs. Navjbai Ratan Tata Trust, Mumbai

In the result, appeal by the Revenue being ITA No

Bench: Shri G.S. Pannu & Shri Sandeep Singh Karhail

…tan Tata Trust Assessment Years: 2011-12, 2012-13, 2013-14 and 2014-15 19.3 In appeal, the CIT(A) vide order dated 19.12.2017, inter-alia, following decision of Hon‟ble Jurisdictional High Court in the case of CIT v. Institute of Banking Personnel Selection: 264 ITR 110 directed the AO to allow carry forward of the deficit as may be available. 19.4 Being aggrieved by aforesaid findings of the CIT(A), Revenue is in appeal before us. We find that on similar issue Hon‟ble Supreme Court in the case of CIT(Exemption) v. Subros Education Society: [2018] 303 CTR 1 held that any excess expenditure incurred by trust/cha…

Navjbai Ratan Tata Trust, Mumbai vs. Additional Director of Income Tax (Exemptions) Range-II(Now Assessed by the Assistant Commissioner of Income Tax 17(2)), Mumbai

In the result, appeal by the Revenue being ITA No

Bench: Shri G.S. Pannu & Shri Sandeep Singh Karhail

…tan Tata Trust Assessment Years: 2011-12, 2012-13, 2013-14 and 2014-15 19.3 In appeal, the CIT(A) vide order dated 19.12.2017, inter-alia, following decision of Hon‟ble Jurisdictional High Court in the case of CIT v. Institute of Banking Personnel Selection: 264 ITR 110 directed the AO to allow carry forward of the deficit as may be available. 19.4 Being aggrieved by aforesaid findings of the CIT(A), Revenue is in appeal before us. We find that on similar issue Hon‟ble Supreme Court in the case of CIT(Exemption) v. Subros Education Society: [2018] 303 CTR 1 held that any excess expenditure incurred by trust/cha…

Navjbai Ratan Tata Trust, Mumbai vs. Additional Director of Income Tax (Exemptions) Range-II(Now Assessed by the Assistant Commissioner of Income Tax 17(2)), Mumbai

In the result, appeal by the Revenue being ITA No

Bench: Shri G.S. Pannu & Shri Sandeep Singh Karhail

…tan Tata Trust Assessment Years: 2011-12, 2012-13, 2013-14 and 2014-15 19.3 In appeal, the CIT(A) vide order dated 19.12.2017, inter-alia, following decision of Hon‟ble Jurisdictional High Court in the case of CIT v. Institute of Banking Personnel Selection: 264 ITR 110 directed the AO to allow carry forward of the deficit as may be available. 19.4 Being aggrieved by aforesaid findings of the CIT(A), Revenue is in appeal before us. We find that on similar issue Hon‟ble Supreme Court in the case of CIT(Exemption) v. Subros Education Society: [2018] 303 CTR 1 held that any excess expenditure incurred by trust/cha…

Dy CIT-CC-7(1), Mumbai vs. Dr. D Y Patil Educational Academy, Mumbai

Bench: Shri Pramod Kumar & Shri Kuldip Singh

…y Apex Court, Jurisdictional High Court and other High Courts to support the case of the appellant. 8.2.4. I find that the Hon'ble Jurisdictional High Court has considered this issue in the case of CIT vs. Institute of Banking Personnel Selection reported in 264 ITR 110, wherein following substantial question of law was admitted by Hon'ble High Court : "3. Whether, on the facts and in the circumstances of the case, the tribunal was justified in law forward the deficit of earlier year and set it off against the surplus of subsequent years when the same was not allowable in the case of assessee trust in whose cas…

Dy CIT-CC-7(1), Mumbai vs. Dr. D Y Patil Educational Academy, Mumbai

Bench: Shri Pramod Kumar & Shri Kuldip Singh

…y Apex Court, Jurisdictional High Court and other High Courts to support the case of the appellant. 8.2.4. I find that the Hon'ble Jurisdictional High Court has considered this issue in the case of CIT vs. Institute of Banking Personnel Selection reported in 264 ITR 110, wherein following substantial question of law was admitted by Hon'ble High Court : "3. Whether, on the facts and in the circumstances of the case, the tribunal was justified in law forward the deficit of earlier year and set it off against the surplus of subsequent years when the same was not allowable in the case of assessee trust in whose cas…

Dy CIT-CC-7(1), Mumbai vs. Dr. D Y Patil Educational Academy, Mumbai

Bench: Shri Pramod Kumar & Shri Kuldip Singh

…y Apex Court, Jurisdictional High Court and other High Courts to support the case of the appellant. 8.2.4. I find that the Hon'ble Jurisdictional High Court has considered this issue in the case of CIT vs. Institute of Banking Personnel Selection reported in 264 ITR 110, wherein following substantial question of law was admitted by Hon'ble High Court : "3. Whether, on the facts and in the circumstances of the case, the tribunal was justified in law forward the deficit of earlier year and set it off against the surplus of subsequent years when the same was not allowable in the case of assessee trust in whose cas…

Dy CIT (Exemption)-2(1), Mumbai vs. M/S. Uti Institute of Capital Markets (Now Known M/S. National Institute Securities Markets), Mumbai

In the result, the appeal filed by the department is dismissed

Bench: Sri Kuldip Singh, Jm & Sri Prashant Maharishi, Am आयकर अऩीऱ सुं./ Ita No. 17/Mum/2021 (ननधधायण वर्ा / Assessment Year 2011-12) Dy. Commissioner Of Income M/S Uti Institute Of Capital Tax (Exemption)-2(1), Markets Room No. 519, 5Th Floor, (Now Known As M/S National Piramal Chambers, Lalbaug, Institute Securities Markets) बनाम/ Lower Parel, Nism Bhavan, Plot No. 82, Vs. Mumbai-400 012 Sector 17, Vashi, Navi Mumbai-400 705 (अऩीऱाथी / Appellant) (प्रत्यथी/ Respondent) स्थायी ऱेखा सुं./Pan No. Aaaan4685M अऩीरधथी की ओय से / Appellant By : None प्रत्मथी की ओय से / Respondent By : Shri Achal Sharma, Dr सुनवधई की तधयीख / Date Of Hearing: 30.12.2021 घोर्णध की तधयीख / Date Of Pronouncement : 06.01.2022 आदेश / O R D E R प्रशाुंत महर्षि, ऱेखा सदस्य के द्वारा / Per Prashant Maharishi, Am: 01. This Appeal Is Filed By The Dy. Commissioner Of Income Tax (Exemption) 2(1), Mumbai Against The Order Passed By The Commissioner Of Income Tax (Appeals)-1, Mumbai [In Short ‘The Cit(A)’] On 19.08.2020, Wherein The Appeal Filed By The Assessee Against The Assessment Order Passed Under Section 143(3) Of The Income-Tax Act, 1961 (Hereafter Referred As ‘Act’) Dated 19.03.2014 Was Allowed. M/S Uti Institute Of Capital Markets; Ay 11-12 02. The Only Issue Raised By The Learned Assessing Officer Is Allowance Of Carry Forward Of Deficit To The Assessee’S Trust.

…he claim of the assessee following the decision of the Hon’ble Jurisdictional High Court in the case of DIT(Exemption) vs. MIDE in ITA No. 2652 of 2011 dated 20.03.2013, wherein following the decision of CIT vs. Institute of Banking Personnel Selection (2003) 264 ITR 110 (Bom), the claim of the assessee was allowed. The learned CIT(A) also noted that Hon’ble Supreme Court in the case of CIT(E) Vs. Subros Educational Society in Misc. Appeal No. 941 of 2018 in Civil Appeal No.5171 of 2016 has allowed the M/s UTI Institute of Capital Markets; AY 11-12 claim of the assessee. Therefore, he passed an order allowing the…

Dy CIT, CC-7(1), Mumbai vs. Dr. D.Y. Patil Sports Academy, Mumbai

In the result, all the appeals of the Revenue are dismissed

Bench: Shri Rajesh Kumar & Shri Ravish Sood

…e Apex Court, Jurisdictional High Court and other High Courts to support the case of the appellant. 7.3.3. I find that the Hon'ble Jurisdictional High Court has considered this issue in the case of CIT vs. institute of Banking Personnel Selection reported in 264 ITR 110, wherein following substantial question of law was admitted by Hon'ble High Court : “ 3. Whether, on the facts and in the circumstances of the case, the tribunal was justified in law forward the deficit of earlier year and set it off against the surplus of subsequent years when the same was not allowable in the case of assessee trust in whose cas…

Dy CIT (Exemption)-2(1), Mumbai vs. Saifee Burhani Upliftment Trust, Mumbai

In the result, appeal filed by the Revenue stands dismissed

…Act which allows carry forward of such deficit. The AO took note of the assessee's reliance on the decision of Bombay High Court in the case of DIT(E) vs. MIDC (ITA No.2652 of 2011) [wherein reliance was placed on the decision of CIT vs. Institute of Banking (264 ITR 110)J but the AO noted that the department has filed SLP before the Apex Court in Civil Appeal No.9891 of 2014 and the matter was pending final decision. In view of the above, the AO disallowed the carry forward of assessed loss. 6.2 During the course of appellate proceedings, the AR of the appellant has made written submissions. The relevant extrac…

Dy CIT CC-7(1), Mumbai vs. Dr. D.Y. Patil International Academy, Mumbai

The appeal stands dismissed

Bench: Hon’Ble Shri Saktijit Dey, Jm & Hon’Ble Shri Manoj Kumar Aggarwal, Am 1. आयकरअपील सं./ I.T.A. No. 06/Mum/2021 (धििाारण वर्ा / Assessment Year: 2011-12) 2. आयकरअपील सं./ I.T.A. No. 07/Mum/2021 (धििाारण वर्ा / Assessment Year: 2012-13) 3. आयकरअपील सं./ I.T.A. No. 08/Mum/2021 (धििाारण वर्ा / Assessment Year: 2013-14) 4. आयकरअपील सं./ I.T.A. No. 09/Mum/2021 (धििाारण वर्ा / Assessment Year: 2015-16) 5. आयकरअपील सं./ I.T.A. No. 10/Mum/2021 (धििाारण वर्ा / Assessment Year: 2016-17) Dcit Cen Cir. 7(1) Dr. D. Y. Patil International Academy R. No. 676B, 6Th Floor बिाम/ Dr. D. Y. Patil Knowledge City Aaykar Bhavan, M. K. Road Charholi Bk, Via Lohegaon Vs. Mumbai-400 020 Pune-412 105. स्थायीलेखासं./ जीआइआरसं./ Pan/Gir No. Aaatd-9542-N (अपीलाथी/Appellant) (प्रत्यथी / Respondent) : & 6. आयकरअपील सं./ I.T.A. No. 05/Mum/2021 (धििाारण वर्ा / Assessment Year: 2014-15) Dcit Cen Cir. 7(1) Dr. D. Y. Patil Educational R. No. 676B, 6Th Floor Enterprises Charitable Trust बिाम/ Aaykar Bhavan, M. K. Road, B-502, Blue Hills Society Vs. Mumbai-400 020 Pune Nagar Road, Yerawada, Pune-411 006 स्थायीलेखासं./ जीआइआरसं./ Pan/Gir No. Aabtd-3063-B (अपीलाथी/Appellant) (प्रत्यथी / Respondent) : & 7. आयकरअपील सं./ I.T.A. No. 1966/Mum/2020 (धििाारण वर्ा / Assessment Year: 2011-12) 8. आयकरअपील सं./ I.T.A. No. 1967/Mum/2020 (धििाारण वर्ा / Assessment Year: 2012-13) 9. आयकरअपील सं./ I.T.A. No. 1968/Mum/2020 (धििाारण वर्ा / Assessment Year: 2013-14)

…Hon'ble apex Court with Diary No. 20745/2020." 2. The learned counsel for assessee (AR), at the outset, submitted that the appellate order merely follows the order of jurisdictional High Court in the case of CIT V/s Institute of Banking Personnel Selection (264 ITR 110) against which Special Leave Petition (SLP) has already been dismissed by Hon’ble Apex Court. The Ld. CIT-DR submitted that the issue has not yet attained finality. In the above background, our adjudication would be as given in succeeding paragraphs. 3. The material facts are that the assessee being resident Trust was subjected to search action o…

ITO (E)- 1(1), Mumbai vs. Anusandhan Trust, Mumbai

In the result, assessee’s appeals are partly allowed

Bench: Shri Shamim Yahya (Am) & Shri Amarjit Singh (Jm)

…92,62,164/- (Rs.1,43,40,656/- of previous year and balance deficit of Rs. 2,49,21,508/- brought forward deficit of earlier years) relying upon the decision of the Hon'ble Bombay High Court in the case of CIT v/s. Institute of Banking Personnel Selection(IBPS)(264 ITR 110). 2. "Whether, on the facts and in circumstances of the case and in law the Ld.CIT(A), Mumbai was justified in deleting the disallowance of claim of deficit of Rs.1,43,40,656/- of previous year relying upon the decision of the Hon'ble Bombay High Court in the case of CIT v/s. Institute of Banking Personnel Selection(IBPS)(264 ITR 110) when there…

Anusandhan Trust, Mumbai vs. ITO (E) 1 (1), Mumbai

In the result, assessee’s appeals are partly allowed

Bench: Shri Shamim Yahya (Am) & Shri Amarjit Singh (Jm)

…92,62,164/- (Rs.1,43,40,656/- of previous year and balance deficit of Rs. 2,49,21,508/- brought forward deficit of earlier years) relying upon the decision of the Hon'ble Bombay High Court in the case of CIT v/s. Institute of Banking Personnel Selection(IBPS)(264 ITR 110). 2. "Whether, on the facts and in circumstances of the case and in law the Ld.CIT(A), Mumbai was justified in deleting the disallowance of claim of deficit of Rs.1,43,40,656/- of previous year relying upon the decision of the Hon'ble Bombay High Court in the case of CIT v/s. Institute of Banking Personnel Selection(IBPS)(264 ITR 110) when there…