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

disallowing this deduction in respect of the interest earned from bank deposits. While doing so, the AO relied upon the judgment of the Hon’ble Supreme Court in the case of Totgars Co- operative Sale Society Ltd. vs. ITO [2010] 188 taxman 282 . ITA Nos. 2036 & 4078/Del/2019 6 Mantola Cooperative Thrift & Credit Society Ltd. 8. The ld. CIT (A) confirmed

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

disallowing this deduction in respect of the interest earned from bank deposits. While doing so, the AO relied upon the judgment of the Hon’ble Supreme Court in the case of Totgars Co- operative Sale Society Ltd. vs. ITO [2010] 188 taxman 282 . ITA Nos. 2036 & 4078/Del/2019 6 Mantola Cooperative Thrift & Credit Society Ltd. 8. The ld. CIT (A) confirmed

THE VEER CO-OPERATIVE GROUP HOUSING SOCIETY LTD.,NEW DELHI vs. ITO, WARD- 39(4), NEW DELHI

In the result, ITA.No.2787/Del

Bench: Shri Bhavnesh Saini & Shri Prashant Maharishi

iv. Menasi Seemeya Group Gramagala Seva Sahakari Sanga Niyamitha vs., CIT, ITA No. 609 and 610/Bang/2014, dt. 06.02.2015 9. On the other hand, Ld. D.R. relied upon the orders of the authorities below. 10. We have considered the rival submissions. Section 80P(2)(d) of the I.T. Act provides “deduction in respect of income of a Cooperative Society

THYE VEER CO-OPERATIVE GROUP HOUSING SOCIETY LTD,NEW DELHI vs. ITO, WARD-39(4), NEW DELHI

In the result, ITA.No.2787/Del

Bench: Shri Bhavnesh Saini & Shri Prashant Maharishi

iv. Menasi Seemeya Group Gramagala Seva Sahakari Sanga Niyamitha vs., CIT, ITA No. 609 and 610/Bang/2014, dt. 06.02.2015 9. On the other hand, Ld. D.R. relied upon the orders of the authorities below. 10. We have considered the rival submissions. Section 80P(2)(d) of the I.T. Act provides “deduction in respect of income of a Cooperative Society

JANTA ADARSH CO-OPERATIVE THRIFT & CREDIT SOCIETY LTD.,NEW DELHI vs. ITO,WARD-52(1), NEW DELHI

In the result, appeal of the assessee is partly allowed

Bench: Shri Kul Bharat

disallowance of deduction claimed u/s 80P(2)(a)(i) of the Act. 4. Aggrieved against this, the assessee preferred appeal before Ld.CIT(A) who after considering the submissions, sustained this addition and dismissed the appeal of the assessee on this issue. 5. Aggrieved against the order of Ld.CIT(A), the assessee is in appeal before this Tribunal. 6. The assessee

THE JANTA ADARSH CO-OPERATIVE THRIFT & CREDIT SOCIETY LTD.,DELHI vs. ITO WARD-52(1), DELHI

In the result, appeal of the assessee is partly allowed

Bench: Shri Kul Bharat

disallowance of deduction claimed u/s 80P(2)(a)(i) of the Act. 4. Aggrieved against this, the assessee preferred appeal before Ld.CIT(A) who after considering the submissions, sustained this addition and dismissed the appeal of the assessee on this issue. 5. Aggrieved against the order of Ld.CIT(A), the assessee is in appeal before this Tribunal. 6. The assessee

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

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

SAINI CO-OPERATIVE THARIFT AND CREDIT SOCIETY LTD,DELHI vs. ITO WARD-48(1), DELHI

In the result, the appeal is allowed

Bench: Sh. Satbeer Singh Godara & Sh. S. Rifaur Rahman

iv e In D I N & o rde r N o. Thr ift an d ITB A /NF AC/ S /25 0 /20 24 - C red it So c ie t y 25 /1 067 76 652 3 (1 ) Da te d: Lt d. 20. 08 .2 024 2. Heard both the parties at length. Case files perused. Saini

SAINI CO-OPERATIVE THARIFT AND CREDIT SOCIETY LTD,DELHI vs. ITO WARD-48(1), DELHI

In the result, the appeal is allowed

Bench: Sh. Satbeer Singh Godara & Sh. S. Rifaur Rahman

iv e In D I N & o rde r N o. Thr ift an d ITB A /NF AC/ S /25 0 /20 24 - C red it So c ie t y 25 /1 067 76 652 3 (1 ) Da te d: Lt d. 20. 08 .2 024 2. Heard both the parties at length. Case files perused. Saini

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)

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 Ltd. [2002] 255 ITR 423 (SC). 3. The principle

ITO, WARD-3(2), BULANDSHAHR vs. SAHKARI GANNA VIKAS SAMITI, BULANDSHAHR

In the result, appeal of the Revenue is dismissed

Bench: Shri Chandra Mohan Garg & Shri Pradip Kumar Kediaassessment Year: 2014-15 Income Tax Officer, Sahkari Ganna Vikas Samiti, Ward-3(2), Dal Mandi, Distt. Bulandshahr. Vs. Bulandshahr, Uttar Pradesh. Pan Aahts8347R (Appellant) (Respondent) For Revenue : Shrikumar Pranvav, Sr.Dr For Assessee : None

disallowance of deduction made by the A.O. 3. The order of Ld. CIT(A) be set aside and the order of the A.O. be restorted. 4. Appellant craves leave to modify/amend or add any one or more grounds of appeal.” 3. When the case was called for hearing neither the assessee nor authorise representative appeared nor any adjournment application

DCIT, REWARI vs. M/S THE REWARI DISTRICT PRIMARY CO-OPERATIVE AGRICULTURE & RURAL DEVELOPMENT BANK LTD.,, REWARI

Appeal of the Revenue is dismissed

disallowed the claim u/s 80P. The CIT(A) was not right in allowing the appeal of the assessee. 6. The Ld. AR submitted that no credit facility was provided to any non members and the assessee exclusively deals with members of the assessee. The assessee submitted that as per the section 80P(2)(a)(i) of the Act the words

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. RURAL ELECTRIFICATION CORPORATION LIMITED,NEW DELHI vs. DCIT, NEW DELHI

In the result, the appeal of the Revenue is partly allowed, whereas the appeal of the assessees partly allowed for statistical purposes

Bench: Shri Bhavnesh Saini & Shri O.P. Kant

IV, Scope Complex, 7, Lodhi Road, New Delhi PAN :AAACR4512R (Appellant) (Respondent) Assessee by S/shri Nageshwar Rao & Purushottam Anand, Advocates Respondent by Smt. Sulekha Verma, CIT(DR) Date of hearing 07.03.2019 Date of pronouncement 29.03.2019 ORDER PER O.P. KANT, A.M.: These cross appeals by the assessee and the Revenue are directed against two different orders dated 11/07/2014 and ITA Nos.5060

DCIT, NEW DELHI vs. M/S. RURAL ELECTRIFICATION CORPN. LTD., NEW DELHI

In the result, the appeal of the Revenue is partly allowed, whereas the appeal of the assessees partly allowed for statistical purposes

Bench: Shri Bhavnesh Saini & Shri O.P. Kant

IV, Scope Complex, 7, Lodhi Road, New Delhi PAN :AAACR4512R (Appellant) (Respondent) Assessee by S/shri Nageshwar Rao & Purushottam Anand, Advocates Respondent by Smt. Sulekha Verma, CIT(DR) Date of hearing 07.03.2019 Date of pronouncement 29.03.2019 ORDER PER O.P. KANT, A.M.: These cross appeals by the assessee and the Revenue are directed against two different orders dated 11/07/2014 and ITA Nos.5060

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

iv) in computing the depreciation allowance under section 32, the written down value of any asset used for the purposes of the business of the industrial undertaking shall be computed as if the assessee had claimed and been actually allowed the deduction in respect of depreciation for each of the relevant assessment years. (5) Where an industrial undertaking

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

iv) in computing the depreciation allowance under section 32, the written down value of any asset used for the purposes of the business of the industrial undertaking shall be computed as if the assessee had claimed and been actually allowed the deduction in respect of depreciation for each of the relevant assessment years. (5) Where an industrial undertaking

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

iv) in computing the depreciation allowance under section 32, the written down value of any asset used for the purposes of the business of the industrial undertaking shall be computed as if the assessee had claimed and been actually allowed the deduction in respect of depreciation for each of the relevant assessment years. (5) Where an industrial undertaking