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

1. That on the facts and circumstances of the case, the CIT(A) erred in upholding action of the assessing officer in sustaining disallowance of deduction under section 80P

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

1. That on the facts and circumstances of the case, the CIT(A) erred in upholding action of the assessing officer in sustaining disallowance of deduction under section 80P

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

1. That on the facts and circumstances of the case, the CIT(A) erred in upholding action of the assessing officer in sustaining disallowance of deduction under section 80P

THOMSON PRESS (INDIA) LTD vs. COMMISSIONER OF INCOME TAX-II

80P - and exemptions under Chapter III of the Act. He submitted that in the case of deductions under Chapter VI-A of the Act, the total income of the Assessee is computed and, thereafter, the deductions in respect of certain incomes as are allowed; but, incomes exempt under provisions of Chapter III of the Act are excluded from the stream

THOMSON PRESS (INDIA) LTD. vs. COMMISSIONER OF INCOME TAX-II

80P - and exemptions under Chapter III of the Act. He submitted that in the case of deductions under Chapter VI-A of the Act, the total income of the Assessee is computed and, thereafter, the deductions in respect of certain incomes as are allowed; but, incomes exempt under provisions of Chapter III of the Act are excluded from the stream

THOMSON PRESS (INDIA) LTD. vs. COMMISSIONER OF INCOME TAX-II

80P - and exemptions under Chapter III of the Act. He submitted that in the case of deductions under Chapter VI-A of the Act, the total income of the Assessee is computed and, thereafter, the deductions in respect of certain incomes as are allowed; but, incomes exempt under provisions of Chapter III of the Act are excluded from the stream

THOMSON PRESS (INDIA) LTD vs. COMMISSIONER OF INCOME TAX-II

80P - and exemptions under Chapter III of the Act. He submitted that in the case of deductions under Chapter VI-A of the Act, the total income of the Assessee is computed and, thereafter, the deductions in respect of certain incomes as are allowed; but, incomes exempt under provisions of Chapter III of the Act are excluded from the stream

M/S THOMSON PRESS (INDIA) LTD. vs. COMMISSIONER OF INCOME TAX -II

80P - and exemptions under Chapter III of the Act. He submitted that in the case of deductions under Chapter VI-A of the Act, the total income of the Assessee is computed and, thereafter, the deductions in respect of certain incomes as are allowed; but, incomes exempt under provisions of Chapter III of the Act are excluded from the stream

M/S THOMSON PRESS (INDIA) LTD. vs. COMMISSIONER OF INCOME TAX- II

80P - and exemptions under Chapter III of the Act. He submitted that in the case of deductions under Chapter VI-A of the Act, the total income of the Assessee is computed and, thereafter, the deductions in respect of certain incomes as are allowed; but, incomes exempt under provisions of Chapter III of the Act are excluded from the stream

ACIT, MEERUT vs. M/S. SARVA UP GRAMIN BANK, MEERUT

In the result, the appeal of the Revenue is dismissed

Bench: Sh. Bhavnesh Saini & Dr. B. R. R. Kumar

disallowance on this ground alone. LD AO has also not fully understood the scheme of the Act with respect to introduction of the provision of section 36(1) (viia) which is a specific incentive given to baking industry by legislature in his own wisdom to promote rural banking and assist the banks in making .adequate 16 M/s Sarva UP Gramin

DCIT, MORADABAD vs. M/S. PRATHMA BANK, MORADABAD

In the result, appeal of the department is dismissed

Bench: Shri Bhavnesh Saini & Shri L.P. Sahuasstt. Year: 2012-13

80P(2)(a)(i), the profits and gains of a co- operative society engaged in the business of banking or providing credit facilities to its members are completely exempt from income –tax. Finance Act, 1979 13.3 It may be relevant to mention that the provision of new clause (viia) of section 36(1) relating to the deduction on account

PR.COMMISSIONER OF INCOME TAX-6 vs. NATIONAL HOUSING BANK

Bench: HON'BLE MR. JUSTICE SANJIV KHANNA,HON'BLE MR. JUSTICE CHANDER SHEKHAR

disallowed while computing the total income is not deemed to be income in respect of which particulars have been concealed. 6. In the context of the present case, we would like to first reproduce clause (viii) of Section 36(1) of the Act as applicable in the Assessment Years 2003-2004 to 2009-2010, which reads:- “36. (1) The deductions

PR. COMMISSIONER OF INCOME TAX-6 vs. NATIONAL HOUSING BANK

Bench: HON'BLE MR. JUSTICE SANJIV KHANNA,HON'BLE MR. JUSTICE CHANDER SHEKHAR

disallowed while computing the total income is not deemed to be income in respect of which particulars have been concealed. 6. In the context of the present case, we would like to first reproduce clause (viii) of Section 36(1) of the Act as applicable in the Assessment Years 2003-2004 to 2009-2010, which reads:- “36. (1) The deductions

PR.COMMISSIONER OF INCOME TAX -6 vs. NATIONAL HOUSING BANK

Bench: HON'BLE MR. JUSTICE SANJIV KHANNA,HON'BLE MR. JUSTICE CHANDER SHEKHAR

disallowed while computing the total income is not deemed to be income in respect of which particulars have been concealed. 6. In the context of the present case, we would like to first reproduce clause (viii) of Section 36(1) of the Act as applicable in the Assessment Years 2003-2004 to 2009-2010, which reads:- “36. (1) The deductions

PR.COMMISSIONER OF INCOME TAX-6 vs. NATIONAL HOUSING BANK

Bench: HON'BLE MR. JUSTICE SANJIV KHANNA,HON'BLE MR. JUSTICE CHANDER SHEKHAR

disallowed while computing the total income is not deemed to be income in respect of which particulars have been concealed. 6. In the context of the present case, we would like to first reproduce clause (viii) of Section 36(1) of the Act as applicable in the Assessment Years 2003-2004 to 2009-2010, which reads:- “36. (1) The deductions

PR. COMMISSIONER OF INCOME TAX -6 vs. NATIONAL HOUSING BANK

Bench: HON'BLE MR. JUSTICE SANJIV KHANNA,HON'BLE MR. JUSTICE CHANDER SHEKHAR

disallowed while computing the total income is not deemed to be income in respect of which particulars have been concealed. 6. In the context of the present case, we would like to first reproduce clause (viii) of Section 36(1) of the Act as applicable in the Assessment Years 2003-2004 to 2009-2010, which reads:- “36. (1) The deductions

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

1) of the Act, deduction of that expenditure is not to be allowed which has been incurred by the assessee "in relation to income which does not form part of the total income under this Act". Axiomatically, it is that expenditure alone which has been incurred in relation to the income which is (not) includible in total income that

THE KANGRA CO-OPERATIVE BANK LTD.,NEW DELHI vs. JCIT, NEW DELHI

In the result, the appeal filed in ITA No

80P of the Act and also on the ground that the deduction claimed under Section 36(1)(viia) is more than the deduction claimed under Section 36(1)(vii) of the Act. The reasoning of the Assessing Officer does not stand test of the law laid down by the Hon’ble Apex Court in the case of Catholic Syrian Bank

THE KANGRA CO-OPERATIVE BANK LTD.,NEW DELHI vs. ACIT, NEW DELHI

In the result, the appeal filed in ITA No

80P of the Act and also on the ground that the deduction claimed under Section 36(1)(viia) is more than the deduction claimed under Section 36(1)(vii) of the Act. The reasoning of the Assessing Officer does not stand test of the law laid down by the Hon’ble Apex Court in the case of Catholic Syrian Bank