Madhya Pradesh Madhyam v. CIT

Credit Gurantee Fund Trust, Mumbai vs. ITO (E) 1(1), Mumbai

In the result, the appeal of the assessee is allowed, as above

Bench: Shri G.S.Pannu & Shri Amit Shuklacredit Guarantee Fund Trust For Micro & Small Enterprises, 7Th Floor, Sme Development Centre, G-Block, Bandra Kurla Complex, Bandra(E), Mumbai 400 051 Pan:Aaatc 2613D ...... Appellant Vs. The Income Tax Officer (Exemptions), Pirmal Chambers, Parel, Mumbai 400 012 .... Respondent

…ed in section 2(15) of the Act. In support, reliance has been placed on the following judgments: (i) Hira Lal Bhagwati V CIT 246 ITR 188(Guj) (ii) Sonepat Hindu Educational and Charitable Society vs. CIT, 278 ITR 262(P&H) (iii) Madhya Pradesh Madhyam vs. CIT, 256 ITR 277(M.P) 11 5.2 On this aspect of the matter, the Ld. CIT-DR has merely reiterated the stand of the CIT(A), while not joining issues so far as the ratio laid down in the above judgments relied upon by the appellant assessee is concerned. 5.3 At the time of hearing, it was specifically put to the parties as to whether the registration granted under…

ITO (E) 1(1), Mumbai vs. Brahman Sabha Malad, Mumbai

Bench: Shri Joginder Singhassessment Year: 2009-10 Income Tax Officer M/S. Brahman Sabha Malad (Exemption) 1(1) Brahman Sabha Marg बनाम/ Room No. 508, 5Th Floor Opp. Malad Police Station Vs. Piramal Chamber, Lalbaug Malad (W), Mumbai 40064 Mumbai 400012 (राज"व /Revenue) ("नधा"रती /Assessee) Pan. No. Aaatb0053A

…12A of the Act, therefore, it cannot be presumed that the assessee was indulged in non-charitable activities. Therefore I find no infirmity in the conclusion of the learned CIT(A). The decision in the case of 5 M/s. Brahman Sabha Malad Madhya Pradesh Madhyam 256 ITR 277 further supports the case of the assessee. Hon’ble Gujarat High Court in Hiralal Bhagawati 246 ITR 188 (Guj.) examined the effect of registration under section 12A and held that registration under section 12A is not an ideal or empty formality. It requires that the CIT has to examine the objects of the creation of the trust and also whether the a…

Dy D.I.T. (E)-I(1), Mumbai vs. The Mumbai Metropolitan Region Development Authority (Mmrda), Mumbai

In the result, both the appeals filed by Revenue and Assessee are dismissed

Bench: Shri R.C. Sharma & Shri Sanjay Garg

…y vs. ACIT, 30 SOT 151 (Lucknlow) iv) Stock Exchange of Ahmedabad vs. ACIT 74, lTD 1 Surat City Gymkhana vs. ACIT 106 Taxmann, 114 Ahd (Mag.)” V) The learned CIT (A) also relied on the following High Court judgments: a) Madhya Pradesh Madhyam vs. CIT (2002), 256 ITR 277 (MP) b) Hiralal Bhagwat vs.CIT (2000) 246 ITR 188 (Guj.) 4. Following the decisions quoted above of various High Courts and different Benches of the Tribunal, the CIT (A) held that in the assessment proceedings, AO has to give effect to the registration granted under section 12A after satisfying himself to the correctness of application of income…

M/S. Mumbai Metropolitan Region Development Authority, Mumbai vs. The ADIT(E) RG- 1, Mumbai

In the result, both the appeals filed by Revenue and Assessee are dismissed

Bench: Shri R.C. Sharma & Shri Sanjay Garg

…y vs. ACIT, 30 SOT 151 (Lucknlow) iv) Stock Exchange of Ahmedabad vs. ACIT 74, lTD 1 Surat City Gymkhana vs. ACIT 106 Taxmann, 114 Ahd (Mag.)” V) The learned CIT (A) also relied on the following High Court judgments: a) Madhya Pradesh Madhyam vs. CIT (2002), 256 ITR 277 (MP) b) Hiralal Bhagwat vs.CIT (2000) 246 ITR 188 (Guj.) 4. Following the decisions quoted above of various High Courts and different Benches of the Tribunal, the CIT (A) held that in the assessment proceedings, AO has to give effect to the registration granted under section 12A after satisfying himself to the correctness of application of income…