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

gains of business attributable to anyone are more of such activities.” 9. Since, it has been held by the Hon’ble High Court that the assessee is a thrift & credit society and its functions should not be constituted as “banking”. The Hon’ble High Court has clearly held that the assessee is not a banking company and the expression “business

THE MANTOLA COOPERATIVE THRIFT & CREDIT SOCIETY LTD,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

gains of business attributable to anyone are more of such activities.” 9. Since, it has been held by the Hon’ble High Court that the assessee is a thrift & credit society and its functions should not be constituted as “banking”. The Hon’ble High Court has clearly held that the assessee is not a banking company and the expression “business

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

gains of business”. Such interest income cannot be said also to be attributable to the activity of the society, namely carrying on the business of providing credit facilities to its members. When the assessee society provides credit facilities to its members and it earns interest there from, is eligible for deduction u/s 80-P(2)(a)(i), which has been

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

d) of the I.T. Act and assessee was also eligible for deduction under section 80P(2)(a)(i) of the I.T. Act. The order of the Tribunal has become final because Departmental Appeal have been dismissed by the Hon’ble Delhi High Court, though, on tax effect. Thus, assessee has been able to prove that it has invested surplus fund

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

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

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 D

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

d) Disallowance u/s 14A - Rs. 49,84,91,810/- (e) Guest House Expenses - Rs. 47,43,236/- (f) Provision for Standard Assets - Rs. 2,94,82,474/- 3. The Id. Assessing Officer has made an addition of a sum of Rs. 10,27,94,88,259/- on account of gains from transfer of long term capital asset being equity shares

ITO, WARD-63(5), NEW DELHI vs. THE JAWALA CO-OPERATIVE URBAN THRIFT AND CREDIT SOCIETY LTD, NEW DELHI

In the result, the appeal of the Revenue is dismissed

Bench: Shri G.S. Pannu, Hon’Ble & Ms. Astha Chandraasstt. Year : 2014-15 Ito, Ward-63(5), Vs. The Jawala Co-Operative New Delhi. Urban Thrift & Credit Society Ltd. 218, Dda Comml Complex, Cycle Market, Jhandewalan Extn., New Delhi – 110 055 Pan Aabat0824C (Appellant) (Respondent)

section 80P stands deleted with observations contained in para 6.2.2 and 6.2.3 of the appellate order reproduced herein below :- “6.2.2. The appellant during appeal hearing submitted that the issues have been decided in favour of the appellant through the order of the Hon’ble ITAT 2 Delhi for A.Ys. 2010-11 and 2011-12 vide ITA No. 2900 & 2901/Del/2015 date

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

THE JEEVAN SANCHAY COOPERATIVE URBAN THRIFT AND CREDIT SOCIETY LTD,NEW DELHI vs. ITO, WARD-53(1), NEW DELHI

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

Bench: Shri H. S. Sidhui.T.A. No. 8070/Del/2018 Assessment Year: 2015-16 The Jeevan Sanchay Cooperative Vs. Income Tax Officer, Urban Thrift & Credit Society Ltd., Ward-53(1), New Delhi B-66, Bk Dutt Colony, New Delhi (Pan:Aadat6757F) (Assessee) (Respondent)

80P (2) (d) in the Income tax Return duly filed. 5. That on the facts and the circumstances of the case the Learned Assessing officer has erred in initiating penalty proceedings u/s 271 (1) (c) read with section 274 of the Income tax act 1961. 6. That the assessee is a cooperative society providing credit facility to its members

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

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

In the result, the appeal of the revenue is dismissed

Bench: Shri O.P. Kant & Ms. Suchitra Kambleasstt. Year 2013-14 Ito, Ward-63(5) Vs. The Jwala Cooperative Urban New Delhi. Thrift & Credit Society Ltd. 218, Dda Cycle Market, Jhandewalan Extn., New Delhi. Pan Aabat0924C (Appellant) (Respondent)

d) of Rs. 60,76,431/-, net taxable income was shown at Rs. 59,733/-. During the assessment proceedings, the AO observed that the following interest income earned by the assessee is not allowable as deduction u/s 80P of the Income Tax Act, 1961 :- 1 Interest on FDR with Bombay Rs. 3,26,09,237/- Mercantile Bank Ltd. 2. Interest

MUFG BANK LTD,NEW DELHI vs. ACIT (INTERNATIONAL TAXATION) CIRCLE-2(2)(1), NEW DELHI

In the result appeal of the assessee is partly allowed

Bench: Shri Amit Shukla & Shri Prashant Maharishi(Through Video Conferencing) Mufg Bank Ltd, Vs. Acit (International Taxation), 5Th Floor, Worldmark 2, Asset 8, Circle-2(2)(1), Aerocity, Nh-8, New Delhi New Delhi Pan: Aabct3880D (Appellant) (Respondent)

gains of business" and thus deductible under section 80P(2)(a)(i) of the Income-tax Act, 1961. This has been so held in Bihar State Co-operative Bank Ltd. v. CIT [1960] 39 ITR 114 (SC), CIT v. Karnataka State Co-operative Apex Bank [2001] 251 ITR 194 (SC) and CIT v. Ramanathapuram District Co-operative Central Bank

CENTRAL WAREHOUSING CORPORATION,NEW DELHI vs. ACIT, NEW DELHI

In the result, all the appeals filed by the Revenue, i

Bench: Shri O.P. Kant, Accountantmember & Shri K.N. Chary[Through Video Conferencing]

80P(2)(a)(i) of the Act but would also be applicable to all banks/commercial banks, to which Banking Regulation Act, 1949 applies. 38. From this, Punjab and Haryana High Court pointed out that this circular carves out a distinction between ‘stock-in-trade' and ‘investment' and provides that if the motive behind purchase and sale of shares

DCIT, NEW DELHI vs. M/S. CENTRAL WAREHOUSING CORP., NEW DELHI

In the result, all the appeals filed by the Revenue, i

Bench: Shri O.P. Kant, Accountantmember & Shri K.N. Chary[Through Video Conferencing]

80P(2)(a)(i) of the Act but would also be applicable to all banks/commercial banks, to which Banking Regulation Act, 1949 applies. 38. From this, Punjab and Haryana High Court pointed out that this circular carves out a distinction between ‘stock-in-trade' and ‘investment' and provides that if the motive behind purchase and sale of shares

DCIT, NEW DELHI vs. M/S. CENTRAL WAREHOUSING CORPORATION, NEW DELHI

In the result, all the appeals filed by the Revenue, i

Bench: Shri O.P. Kant, Accountantmember & Shri K.N. Chary[Through Video Conferencing]

80P(2)(a)(i) of the Act but would also be applicable to all banks/commercial banks, to which Banking Regulation Act, 1949 applies. 38. From this, Punjab and Haryana High Court pointed out that this circular carves out a distinction between ‘stock-in-trade' and ‘investment' and provides that if the motive behind purchase and sale of shares