(Sports Club of Madras Ltd. v. CIT

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 ()

…Association-180 ITR 160 (Punjab & Haryana High Court) iii. CIT v. Cochin Oil Merchants' Association -168 ITR 240 (Kerala High Court) English & Scottish Joint Co-operative Wholesale Soc. Ltd. v. C. Ag IT -16 ITR 270 (Privy Council) iv. CIT v. Ranchi Club Ltd.- 196 ITR 137 (Patna High Court - Full Bench) 2.6. The Ld.AO however, placed reliance on the decision of Hon’ble Supreme Court in case of Bangalore Club vs CIT & ANR reported in (2013) 5SCC 509 wherein it was held that interest earned from bank out of surplus deposited will fall out of principal of mutuality, and therefore is eligible to be tax in the hands of…

M/S FEDERATION OF FREIGHT FORWARDERS ASSOCIATIONS IN INDIA,MUMBAI vs. ITO 1(3), MUMBAI

In the result, ground no.1 of the assessee is allowed and additions amounting to Rs

Bench: Shri Pavan Kumar Gadale & Shri Gagan Goyalm/S Federation Of Freight Forwarders Associations, 311/313, Mahinder Chambers, W.T. Patil Marg, Opp. Dukes Factory, Chembur, Mumbai-400071 Pan: Aaatf0039J ...... Appellant Vs. Ito (Exemption)-1(3), Piramal Chambers 4Th Floor, Dr. S.S. Road, Parel, Mumbai-400012. ..... Respondent Appellant By : Sh. Nitesh Joshi Respondent By : Sh. Indira Adakil, Cit-Dr Date Of Hearing : 13/04/2022 Date Of Pronouncement : 07/07/2022 Order Per Gagan Goyal, A.M:

…om the accounts or at any rate by estimate if it should become necessary (CIT v/s Madras Race Club 105 ITR 433 Madras) and the profits derived from non-members can be brought to tax (Sports Club of Madras Ltd. v/s CIT 171 ITR 504). iv. CIT v/s Ranchi Club Ltd 196 ITR 137 (Patna Full Bench), Spl Leave petition granted by the Supreme Court 194 ITR (ST) 236 (SC). The surplus receipts of members over its expenses have been sought to be exempted from Income tax on the principle of Mutuality. This principle is based on the premise that no man can make profit out of himself, but this principle cannot have any applicatio…

ALL INDIA LIQUID BULK IMPOERTERS & EXPORTERS ASSSOCIATION,MUMBAI vs. ADIT(E)-II(2), MUMBAI, MUMBAI

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

Bench: Shri Om Prakash Kant & Shri Pavan Kumar Gadaleall India Liquid Bulk Vs. Adit(E)-Ii(2) Importers & Exporters Piramal Chambers, Association Lalbaug, Parel, 501- Mulratna, Mumbai – 400012. 334- Katha Bazar, Masjid, Mumbai – 400009. "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aagca5018F Appellant .. Respondent Appellant By : Mr.Paresh Shaparia.C.A. Ar Respondent By : Mr.Kailash Mangal.Sr.Dr Date Of Hearing 08.02.2022 Date Of Pronouncement 14.02.2022 आदेश / O R D E R Per Pavan Kumar Gadale Jm: The Assessee Has Filed The Appeal Against The Order Of The Cit(A)-3, Mumbai Passed U/S 143(3) & 250 Of The Income Tax Act, 1961.The Assessee Has Raised The Fallowing Grounds Of Appeal: I. Confirmation Of Treatment Of The Non-Profit Organisation As A Mutual Concern & Denying Exemption U/S 11: 1. The Learned C1.T(A) Erred In Confirming Treatment Of The All Inida Liquid Bulk Importers & Exporters Association, Mumbai. Appellant As A Mutual Association Created Exclusively For The Benefit Of Its Members. 2. The Learned Cit(A) Failed To Appreciate The Fact That The Basic Conditions Of The Concept Of Mutuality Are Not Satisfied, Hence The Same Is Not Applicable To The Appellant.

…the accounts or at any rate by estimate if it should become necessary (CIT Vs madras Race Race Club 105 ITR 433 Madras) and the profits derived from non members can be brought to tax (Sports Club of Madras Ltd. v./ s CIT 171 rat 504). CIT Vs. Ranchi Club Ltd 196 ITR 137 (Patna Full Bench), Spl Vi. Leave pdration granted by the Supreme Court 194 ITR (ST) 236 (SC). The s---rplus receipts of members over its expenses have been sought to be from Income tax on the principle of Mutuality. This principle is based on the premise that no men can make profit out of himself, but this principle cannot have any application i…

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

…rom the accounts or at any rate by estimate if it should become necessary (CIT v/s Madras Race Club 105 ITR 433 Madras) and the profits derived from non-members can be brought to tax (Sports Club of Madras Ltd. v/s CIT 171 ITR 504). v. CIT v/s Ranchi Club Ltd 196 ITR 137 (Patna Full Bench), Spl Leave petition granted by the Supreme Court 194 ITR (ST) 236 (SC). The surplus receipts of members over its expenses have been sought to be exempted from Income tax on the principle of Mutuality. This principle is based on the premise that no'man can make profit out of interest, but this principle cannot have any applicati…