THE JYOTI CO-OPERATIVE NON AGRICULTURAL THRIFT & CREDIT SOCIETY LTD.,SIRMOUR vs. ITO, WARD, NAHAN

In the result, the assessee is not eligible for deduction on interest on deposits placed with scheduled commercial banks under section 80(P)(2)(a)(i) of the Act and the appeal of the assessee is di...

viia) to sub-section (24) to section 2 would have application, Even otherwise, on the principle of mutuality, the Hon’ble Supreme Court in Bangalore Club v. CIT [2013] 350 ITR 509/29 taxmann.com 29 has held that the interest earned on FDRs with banks would not be covered by the principle of mutuality as the transactions were not between

ACIT, PATIALA vs. M/S THE STATE BANK OF PATIALA, PATIALA

The appeal of the Revenue is dismissed

Bench: Shri Sanjay Garg & Ms. Annapurna Guptathe State Bank Of India, Vs. The A.C.I.T., (Successor Of State Bank Of Patiala) Circle Patiala, The Mall, Patiala. Pan: Aaccs0143D & The A.C.I.T., Vs. The State Bank Of India, Circle Patiala, The Mall, Patiala. Pan: Aaccs0143D The A.C.I.T., Vs. The State Bank Of India, Circle Patiala, The Mall, Patiala. Pan: Aaccs0143D The State Bank Of India, Vs. The A.C.I.T., (Successor Of State Bank Of Patiala) Circle Patiala, The Mall, Patiala. Pan: Aaccs0143D & The A.C.I.T., Vs. The State Bank Of India, Circle Patiala, The Mall, Patiala. Pan: Aaccs0143D The State Bank Of India, Vs. The A.C.I.T., (Successor Of State Bank Of Patiala) Circle Patiala, The Mall, Patiala. Pan: Aaccs0143D

disallowance, holding that the assessee was duty bound to create and maintain the special reserve out of the profits of the eligible business during the relevant financial year itself and having not done so he held that the Assessing Officer had rightly denied the said claim of the assessee. The Ld.CIT(Appeals) distinguished all the case laws relied upon

THE STATE BANK OF INDIA,PATIALA vs. ASSTT.COMMISSIONER OF INCOME TAX, PATIALA

The appeal of the Revenue is dismissed

Bench: Shri Sanjay Garg & Ms. Annapurna Guptathe State Bank Of India, Vs. The A.C.I.T., (Successor Of State Bank Of Patiala) Circle Patiala, The Mall, Patiala. Pan: Aaccs0143D & The A.C.I.T., Vs. The State Bank Of India, Circle Patiala, The Mall, Patiala. Pan: Aaccs0143D The A.C.I.T., Vs. The State Bank Of India, Circle Patiala, The Mall, Patiala. Pan: Aaccs0143D The State Bank Of India, Vs. The A.C.I.T., (Successor Of State Bank Of Patiala) Circle Patiala, The Mall, Patiala. Pan: Aaccs0143D & The A.C.I.T., Vs. The State Bank Of India, Circle Patiala, The Mall, Patiala. Pan: Aaccs0143D The State Bank Of India, Vs. The A.C.I.T., (Successor Of State Bank Of Patiala) Circle Patiala, The Mall, Patiala. Pan: Aaccs0143D

disallowance, holding that the assessee was duty bound to create and maintain the special reserve out of the profits of the eligible business during the relevant financial year itself and having not done so he held that the Assessing Officer had rightly denied the said claim of the assessee. The Ld.CIT(Appeals) distinguished all the case laws relied upon

M/S STATE BANK OF PATIALA,,PATIALA vs. ACIT,, PATIALA

Bench: Shri Sanjay Garg & Dr. B.R.R. Kumar

viia) amounting to Rs. 36,50,900/- 4 That the learned Commissioner of Income-tax (Appeals) has erred in dismissing the ground with regard to charging of interest u/s 234D amounting to Rs. 2,24,885/- despite the fact that the provisions are not applicable. 5 That the whole order is against the provisions of law and facts

M/S STATE BANK OF PATIALA,,PATIALA vs. ACIT,, PATIALA

Bench: Shri Sanjay Garg & Dr. B.R.R. Kumar

viia) amounting to Rs. 36,50,900/- 4 That the learned Commissioner of Income-tax (Appeals) has erred in dismissing the ground with regard to charging of interest u/s 234D amounting to Rs. 2,24,885/- despite the fact that the provisions are not applicable. 5 That the whole order is against the provisions of law and facts

SH. MARTIN EKKA S/O SH. LALSAY EKKA,PANCHKULA vs. ITO, WARD -1, PANCHKULA

In the result, the ground no

Bench: SH. SANJAY GARG (Judicial Member)

viia) an institution, having importance throughout India or in any State or States, as the Central Government may, by notification in the Official Gazette, specify in this behalf, or (viii) such institute of management as the Central Government may, by notification in the Official Gazette, specify in this behalf, at the time of his voluntary retirement or voluntary separation shall

SATINDER PAUL THROUGH L/H NEELAM SAINI,PINJORE vs. INCOME TAX OFFICER, PANCHKULA

In the result, the ground no

Bench: SH. SANJAY GARG (Judicial Member)

viia) an institution, having importance throughout India or in any State or States, as the Central Government may, by notification in the Official Gazette, specify in this behalf, or (viii) such institute of management as the Central Government may, by notification in the Official Gazette, specify in this behalf, at the time of his voluntary retirement or voluntary separation shall

SH. SOHAN LAL,PINJORE vs. ITO, WARD -3, PANCHKULA

In the result, the appeal of the assessee is partly allowed

Bench: SHRI. AAKASH DEEP JAIN (Vice President), SHRI. VIKRAM SINGH YADAV (Accountant Member)

24 of its order which read as under: “6. We have heard the rival contentions and perused the material available on the record. The issue under consideration relates to whether the assessee is eligible for exemption under section 10(10B) or under section 10(10C) of the Act and it would therefore be necessary to refer to the relevant provisions

NIRMALA RANI L/H OF SH. AZAD SINGH,PINJORE vs. ITO, WARD -1, , PANCHKULA

In the result, Ground No. 2 of the assessee is allowed

Bench: The Appeal Is Finally Heard & Disposed Of.

24 of its order which read as under: “6. We have heard the rival contentions and perused the material available on the record. The issue under consideration relates to whether the assessee is eligible for exemption under section 10(10B) or under section 10(10C) of the Act and it would therefore be necessary to refer to the relevant provisions

NARESH KUMAR KAMBOJ,ZIRAKPUR vs. INCOME TAX OFFICER , PANCHKULA

In the result, the appeal of the assessee is allowed

Bench: Shri Sanjay Garg

viia) an institution, having importance throughout India or in any State or States, as the Central Government may, by notification in the Official Gazette, specify in this behalf, or (viii) such institute of management as the Central Government may, by notification in the Official Gazette, specify in this behalf, at the time of his voluntary retirement or voluntary separation shall

DAYAL SINGH,VILL FATEHPUR PO BUREWALA vs. ITO WARD-1, PANCHKULA

In the result, the ground no

Bench: Shri Sanjay Gargआयकर अपील सं./ Ita No. 519/Chd/2024 "नधा"रण वष" / Assessment Year : 2017-18 बनाम Dayal Singh, The Ito, Vill Fatehpur Ward -1, Po Burewala Panchkula Distt.Amabla 134204 "थायी लेखा सं./Pan No: Acdps7697G अपीलाथ"/Appellant ""यथ"/Respondent ( Physical Hearing ) "नधा"रती क" ओर से/Assessee By : Shri Y.R. Saini, Adv. राज"व क" ओर से/ Revenue By : Sh. Vivek Vardhan, Jcit सुनवाई क" तार"ख/Date Of Hearing : 11.11.2024 उदघोषणा क" तार"ख/Date Of Pronouncement : 03.12.2024 आदेश/Order The Present Appeal Has Been Preferred By The Assessee Against The Order Dated 20.03.2024 Passed By The Ld. Addl. / Jcit(A), National Faceless Appeal Centre (Nfac), Delhi, For The Assessment Year 2017-18. 2. The Assess Ee In This Appeal H As Taken Foll Owing Groun Ds Of Appeal: 1 That In The F Acts & Circumstance Of The Case The Id. Addl/Jcit (A)-9 Mumbai Of Cit (A)( Nfac) Has Erred In Law By Placing Reliance On Judgement Of Hon'Ble Apex Court In The Case Of Maji Sinneman Vs Reddy

viia) an institution, having importance throughout India or in any State or States, as the Central Government may, by notification in the Official Gazette, specify in this behalf, or (viii) such institute of management as the Central Government may, by notification in the Official Gazette, specify in this behalf, at the time of his voluntary retirement or voluntary separation shall