MANTOLA COOPERATIVE THRIFT & CREDIT SOCIETY,NEW DELHI vs. ITO WARD-62(5), NEW DELHI

In the result, all the appeals of the assessee are allowed

Bench: Sh. Amit Shukladr. B. R. R. Kumar(E-Court Module) Ita No. 4078/Del/2019 : Asstt. Year : 2012-13 Ita No. 6935/Del/2018 : Asstt. Year : 2013-14 Ita No. 2036/Del/2019 : Asstt. Year : 2014-15 The Mantola Cooperative Vs Income Tax Officer, Thrift & Credit Society Ltd., Ward-62(5), 541, Mantola, Phar Ganj, New Delhi New Delhi-110055 (Appellant) (Respondent) Pan No. Aaajt1976A Assessee By : Sh. Gaurav Jain, Adv. Revenue By : Ms. Rakhi Vimal, Sr. Dr Date Of Hearing: 22.06.2020 Date Of Pronouncement: 27.07.2020

B. R. R. Kumar, Accountant Member: The present appeals have been filed by the assessee against the order of the ld. CIT(A)-18, New Delhi dated 06.03.2019 for A.Y. 2012-13, order of the ld. CIT(A)-27, New Delhi dated 17.08.2018 for A.Y. 2013-14 and order of the ld. CIT(A)-20, New Delhi dated

THE MANTOLA COOPERATIVE THRIFT & CREDIT SOCIETY,NEW DELHI vs. ITO WARD-62(5), NEW DELHI

In the result, all the appeals of the assessee are allowed

Bench: Sh. Amit Shukladr. B. R. R. Kumar(E-Court Module) Ita No. 4078/Del/2019 : Asstt. Year : 2012-13 Ita No. 6935/Del/2018 : Asstt. Year : 2013-14 Ita No. 2036/Del/2019 : Asstt. Year : 2014-15 The Mantola Cooperative Vs Income Tax Officer, Thrift & Credit Society Ltd., Ward-62(5), 541, Mantola, Phar Ganj, New Delhi New Delhi-110055 (Appellant) (Respondent) Pan No. Aaajt1976A Assessee By : Sh. Gaurav Jain, Adv. Revenue By : Ms. Rakhi Vimal, Sr. Dr Date Of Hearing: 22.06.2020 Date Of Pronouncement: 27.07.2020

B. R. R. Kumar, Accountant Member: The present appeals have been filed by the assessee against the order of the ld. CIT(A)-18, New Delhi dated 06.03.2019 for A.Y. 2012-13, order of the ld. CIT(A)-27, New Delhi dated 17.08.2018 for A.Y. 2013-14 and order of the ld. CIT(A)-20, New Delhi dated

CAIRN UK HOLDING LTD.,AHMEDABAD vs. DCIT (INTERNATIONAL TAXATION), NEW DELHI

In the result ground No. 5 of the appeal of the assessee is allowed

Bench: Shri H. S. Sidhu & Shri Prashant Maharishi

2)/2Q13-14/453 dated ' 25.02.2014" (Emphasis added) 6.8 Further, in the said reasons, at various places reference was given of the February 2014. This goes to prove that the survey report was received by the AO in the month of February 2014 only. 6.9 In view of the above, the Appellant submits that since the survey report had been received

ITO, WARD- 63(5), NEW DELHI vs. THE JWALA COOPERATIVE URBAN THRIFT AND CREDIT SOCIETY LTD., NEW DELHI

In the result, appeal of the assessee is allowed

Bench: Sh. Amit Shukladr. B. R. R. Kumarita No. 5623/Del/2018 : Asstt. Year : 2012-13 Income Tax Officer, Vs The Jwala Cooperative Urban Ward-63(5), Thrift & Credit Society Ltd., New Delhi-110002 218, Dda Cycle Market, Jhandewalan Extn. New Delhi-110055 (Appellant) (Respondent) Pan No. Aabat0924C Assessee By : Ms. Gunjan Jain, Ca Revenue By : Sh. Ratan Singh, Sr. Dr Date Of Hearing: 20.10.2021 Date Of Pronouncement: 20.01.2022

B. R. R. Kumar, Accountant Member: This appeal has been filed by the Revenue against the order of the ld. CIT(A)-18, New Delhi dated 07.06.2018. 2. Following grounds have been raised by the Revenue: “1. On the facts and in the circumstances of the case, the Ld. CIT(A) has erred in deleting the addition

THE MANTOLA COOPERATIVE THRIFT & CREDIT SOCIETY LTD.,NEW DELHI vs. ITO, NEW DELHI

In the result the appeals filed by the assessee stands partly allowed

Bench: Shri S. V. Mehrotra & Smt. Beena A. Pillai

b) The allowability of deduction of expenses under section 57 regarding income from other sources.” 4.1 It has been submitted by the Ld.AR that the assessee is engaged in the business of banking exclusively with its members by way of mobilising thrift money from them and providing credit facility exclusively to its members. The surplus / ideal funds lying with

DCIT, NEW DELHI vs. M/S. R.J. CORP LTD., NEW DELHI

In the result, the appeal of the assessee on this ground is allowed

Bench: Dr. B. R. R. Kumarsh. Yogesh Kumar Us

B. R. R. Kumar, Accountant Member: The cross appeals filed by the assessee and the Revenue are directed against the orders of ld. CIT(A)-24 dated 08.06.2015. ITA Nos. 4971, 4972, 5310 & 5311/Del/2015 2 RJ Corp Ltd. ITA No. 5310/Del/2015 : A.Y. 2011-12 (Revenue Appeal) Revised grounds filed on 26.07.2022 “2. On the facts and circumstances of the case

DCIT, NEW DELHI vs. M/S. R.J. CORP LTD., NEW DELHI

In the result, the appeal of the assessee on this ground is allowed

Bench: Dr. B. R. R. Kumarsh. Yogesh Kumar Us

B. R. R. Kumar, Accountant Member: The cross appeals filed by the assessee and the Revenue are directed against the orders of ld. CIT(A)-24 dated 08.06.2015. ITA Nos. 4971, 4972, 5310 & 5311/Del/2015 2 RJ Corp Ltd. ITA No. 5310/Del/2015 : A.Y. 2011-12 (Revenue Appeal) Revised grounds filed on 26.07.2022 “2. On the facts and circumstances of the case

M/S. RJ CORP LTD.,NEW DELHI vs. ACIT, NEW DELHI

In the result, the appeal of the assessee on this ground is allowed

Bench: Dr. B. R. R. Kumarsh. Yogesh Kumar Us

B. R. R. Kumar, Accountant Member: The cross appeals filed by the assessee and the Revenue are directed against the orders of ld. CIT(A)-24 dated 08.06.2015. ITA Nos. 4971, 4972, 5310 & 5311/Del/2015 2 RJ Corp Ltd. ITA No. 5310/Del/2015 : A.Y. 2011-12 (Revenue Appeal) Revised grounds filed on 26.07.2022 “2. On the facts and circumstances of the case

M/S. RJ CORP LTD.,NEW DELHI vs. ACIT, NEW DELHI

In the result, the appeal of the assessee on this ground is allowed

Bench: Dr. B. R. R. Kumarsh. Yogesh Kumar Us

B. R. R. Kumar, Accountant Member: The cross appeals filed by the assessee and the Revenue are directed against the orders of ld. CIT(A)-24 dated 08.06.2015. ITA Nos. 4971, 4972, 5310 & 5311/Del/2015 2 RJ Corp Ltd. ITA No. 5310/Del/2015 : A.Y. 2011-12 (Revenue Appeal) Revised grounds filed on 26.07.2022 “2. On the facts and circumstances of the case

GREAT EASTERN EXPORTS vs. ASSISTANT COMMISSIONER OF INCOME TAX

Bench: CASES PERTAINING TO SPL.DIVISION BENCHES

capital gains and Part F deals with the income from other sources. Remaining Part A and Part C dealing with income from salaries and from house property respectively. Part B of Chapter IV which dealt with the income from interest on securities has since been deleted. Part

CIT vs. KRIBHCO

80P(2)(d) of the Act and, therefore, has to be disallowed under Section 14A. 5. The assessee succeeded in the first appeal and before the tribunal. We may notice that in the first appeal, the assessee had raised several contentions on merits as to the quantum of disallowance of the expenditure under the head “interest” and had pointed

COMMISSIONER OF INCOME TAX

80P(2)(d) of the Act and, therefore, has to be disallowed under Section 14A. 5. The assessee succeeded in the first appeal and before the tribunal. We may notice that in the first appeal, the assessee had raised several contentions on merits as to the quantum of disallowance of the expenditure under the head “interest” and had pointed

M/S THE ORIENTAL INSSURANCE CO.LTD.,,NEW DELHI vs. DCIT, NEW DELHI

Bench: Shri Anil Chaturvedi & Shri Anubhav Sharmam/S. The Oriental Insurance Co. Ltd, Vs. The Dcit, A 25/27, Asaf Ali Road, Ltu, New Delhi New Delhi-110002 (Appellant) (Respondent) Pan: Aaact0627R

b) of the IA clarifies that "assets" means all assets required to be shown in the balance-sheet as per Form A, in Part II of the First Schedule but excludes any items against the head "Other Accounts (to be specified)". Section 27D of the IA also specifies the manner and conditions of investment. Section 28 of the IA pertains

DCIT, CIRCLE- 1, LTU, NEW DELHI vs. THE ORIENTAL INSURANCE CO. LTD., NEW DELHI

Bench: Sh. Anil Chaturvedi & Sh.Anubhav Sharmaita No. 1952/Del/2018, A.Y. 2013-14 M/S. The Oriental Insurance Co. Vs. Dcit, Ltd. Circle-1, Ltu, A-25/27, Asaf Ali Road, New Delhi New Delhi- 110002 Pan :Aaact0627R

b) of the IA clarifies that "assets" means all assets required to be shown in the balance-sheet as per Form A, in Part II of the First Schedule but excludes any items against the head "Other Accounts (to be specified)". Section 27D of the IA also specifies the manner and conditions of investment. Section 28 of the IA pertains

THE ORIENTAL INSURANCE CO. LTD.,NEW DELHI vs. DCIT, CIRCLE- 1, LTU, NEW DELHI

Bench: Sh. Anil Chaturvedi & Sh.Anubhav Sharmaita No. 1952/Del/2018, A.Y. 2013-14 M/S. The Oriental Insurance Co. Vs. Dcit, Ltd. Circle-1, Ltu, A-25/27, Asaf Ali Road, New Delhi New Delhi- 110002 Pan :Aaact0627R

b) of the IA clarifies that "assets" means all assets required to be shown in the balance-sheet as per Form A, in Part II of the First Schedule but excludes any items against the head "Other Accounts (to be specified)". Section 27D of the IA also specifies the manner and conditions of investment. Section 28 of the IA pertains

M/S. RELIGARE SECURITIES LTD.,NEW DELHI vs. ACIT, NEW DELHI

The appeal of the assessee stands allowed in terms of our directions contained in the preceding

Bench: Shri N.K. Billaiya & Shri Sudhanshu Srivastavaasstt. Year: 2008-09

2)(iii) of I.T. Rules . 6. Thus, in light of above, Central Board of Direct Taxes, in exercise of its powers under section 119 of the Act hereby clarifies that Rule 8D read with section 14A of the Act provides 24 M/s. Religare Securities Ltd. vs ACIT for disallowance of the expenditure even where taxpayer in a particular year

M/S. SHIVALIK PRINTS LTD.,NEW DELHI vs. DCIT, NEW DELHI

In the result, assessees’ appeals in ITA nos

Bench: Shri Kul Bharat & Shri Avdhesh Kumar Mishraassessment Year: 2011-12 & Assessment Year: 2012-13

capital receipt and cannot be included in the taxable income. Though this ground raised by the assessee before the CIT(A) has been recorded in the order, the CIT(A) did not take a decision on the same. Similar ground was raised by the assessee before the Tribunal, which was not considered by the Tribunal, though the Tribunal refers

SHIVALIK PRINTS LTD.,NEW DELHI vs. JCIT, SPECIAL RANGE-8, NEW DELHI

In the result, assessees’ appeals in ITA nos

Bench: Shri Kul Bharat & Shri Avdhesh Kumar Mishraassessment Year: 2011-12 & Assessment Year: 2012-13

capital receipt and cannot be included in the taxable income. Though this ground raised by the assessee before the CIT(A) has been recorded in the order, the CIT(A) did not take a decision on the same. Similar ground was raised by the assessee before the Tribunal, which was not considered by the Tribunal, though the Tribunal refers

DCIT (LTU), NEW DELHI vs. M/S. THE ORIENTAL INSURANCE CO. LTD., NEW DELHI

In the result, the grounds raised by the Revenue are dismissed

Bench: Shri R.K. Panda & Shri Amit Shukla

capital gains' or 'income from other sources', the profits and gains of any business of insurance shall be computed in accordance with rules contained in the First Schedule of the Act. Therefore, in the case of the Assessee which is carrying on general insurance business, the profits and gains of its business have to be computed only in terms