K D LITE DEVELOPERS PRIVATE LIMITED,MUMBAI vs. DY. COMMISSIONER OF INCOME TAX, TDS CIRCLE 1(3), MUMBAI

In the result, all the five appeals filed by the assessee are allowed

Bench: Shri Sandeep Gosain & Shri Prabhash Shankar

disallowance under section 40(a)(ia) would not arise - Held, yes [Para 10] [In favour of assessee] IN THE ITAT Section 194A, read with section 263, of MUMBAI BENCH the Income-tax Act, 1961 - Deduction of 'B' tax at source - Interest other than Neo Sports interest on securities (Reimbursement of Broadcast (P.) commission to holding company) - Ltd. Assessment years

K D LITE DEVELOPERS PRIVATE LIMITED,MUMBAI vs. DY. COMMISSIONER OF INCOME TAX, TDS CIRCLE 1(3), MUMBAI

In the result, all the five appeals filed by the assessee\nare allowed

3), Mumbai the Ld. Assessing Officer is of the view that\nthe assessee has prima facie committed default in\ndeduction of TDS and consequently proceedings u/s 201(1)\n/ 201(1A) of the Income Tax Act, 1961 (IT Act') were\ninitiated against the various group entities & the assessee.\n\n5.\nThe AO after serving notices and seeking reply

SAI PRERNA CO-OP. CREDIT SOCIETY LTD,MUMBAI vs. ITO WD 17(3) (2) , MUMBAI

In the result, appeals of the assessee and the Revenue are In the result, appeals of the assessee and the Revenue are In the result, appeals of the assessee and the Revenue are decided as under:

Bench: Shri Kuldip Singh () & Shri Om Prakash Kant () Ita Nos. 217, 220 & 221, 218 & 219, 215, 214/Mum/2023 Assessment Years: 2013-14, 2016-17, 2017-18, 2018-19, 2020-21 Sai Prerana Co-Op Credit Ito-17(3)(2), Society Ltd., Room No. 126, 1St Floor, Vs. 317, Puran Aasha Bldg, Gr. Fl. Kautilya Bhavan, C-41 To C- Narashi Natha Street, Katha 43, G Block Bandra Kurla Bazar Masjid Bunder (W), Complex, Bandra (East), Mumbai-400 009. Mumbai-400051. Pan No. Aadts 5638 M Appellant Respondent

section 80(P)(2)(d) of the Act provides for deduction in section 80(P)(2)(d) of the Act provides for deduction in section 80(P)(2)(d) of the Act provides for deduction in respect of income of a coop society by way of interest or dividend of income of a coop society by way of interest

ITO-26(2)(1) , MUMBAI vs. SAI PRERANA CO-OP CREDIT SOCIETY LTD, MUMBAI

In the result, appeals of the assessee and the Revenue are In the result, appeals of the assessee and the Revenue are In the result, appeals of the assessee and the Revenue are decided as under:

Bench: Shri Kuldip Singh () & Shri Om Prakash Kant () Ita Nos. 217, 220 & 221, 218 & 219, 215, 214/Mum/2023 Assessment Years: 2013-14, 2016-17, 2017-18, 2018-19, 2020-21 Sai Prerana Co-Op Credit Ito-17(3)(2), Society Ltd., Room No. 126, 1St Floor, Vs. 317, Puran Aasha Bldg, Gr. Fl. Kautilya Bhavan, C-41 To C- Narashi Natha Street, Katha 43, G Block Bandra Kurla Bazar Masjid Bunder (W), Complex, Bandra (East), Mumbai-400 009. Mumbai-400051. Pan No. Aadts 5638 M Appellant Respondent

section 80(P)(2)(d) of the Act provides for deduction in section 80(P)(2)(d) of the Act provides for deduction in section 80(P)(2)(d) of the Act provides for deduction in respect of income of a coop society by way of interest or dividend of income of a coop society by way of interest

ITO-26(2)(1), MUMBAI vs. SAI PRERANA CO-OP CREDIT SOCIETY LTD, MUMBAI

In the result, appeals of the assessee and the Revenue are In the result, appeals of the assessee and the Revenue are In the result, appeals of the assessee and the Revenue are decided as under:

Bench: Shri Kuldip Singh () & Shri Om Prakash Kant () Ita Nos. 217, 220 & 221, 218 & 219, 215, 214/Mum/2023 Assessment Years: 2013-14, 2016-17, 2017-18, 2018-19, 2020-21 Sai Prerana Co-Op Credit Ito-17(3)(2), Society Ltd., Room No. 126, 1St Floor, Vs. 317, Puran Aasha Bldg, Gr. Fl. Kautilya Bhavan, C-41 To C- Narashi Natha Street, Katha 43, G Block Bandra Kurla Bazar Masjid Bunder (W), Complex, Bandra (East), Mumbai-400 009. Mumbai-400051. Pan No. Aadts 5638 M Appellant Respondent

section 80(P)(2)(d) of the Act provides for deduction in section 80(P)(2)(d) of the Act provides for deduction in section 80(P)(2)(d) of the Act provides for deduction in respect of income of a coop society by way of interest or dividend of income of a coop society by way of interest

SAI PRERNA CO-OP. CREDIT SOCIETY LTD,MUMBAI vs. ITO WD 17(3) (2) , MUMBAI

In the result, appeals of the assessee and the Revenue are In the result, appeals of the assessee and the Revenue are In the result, appeals of the assessee and the Revenue are decided as under:

Bench: Shri Kuldip Singh () & Shri Om Prakash Kant () Ita Nos. 217, 220 & 221, 218 & 219, 215, 214/Mum/2023 Assessment Years: 2013-14, 2016-17, 2017-18, 2018-19, 2020-21 Sai Prerana Co-Op Credit Ito-17(3)(2), Society Ltd., Room No. 126, 1St Floor, Vs. 317, Puran Aasha Bldg, Gr. Fl. Kautilya Bhavan, C-41 To C- Narashi Natha Street, Katha 43, G Block Bandra Kurla Bazar Masjid Bunder (W), Complex, Bandra (East), Mumbai-400 009. Mumbai-400051. Pan No. Aadts 5638 M Appellant Respondent

section 80(P)(2)(d) of the Act provides for deduction in section 80(P)(2)(d) of the Act provides for deduction in section 80(P)(2)(d) of the Act provides for deduction in respect of income of a coop society by way of interest or dividend of income of a coop society by way of interest

INCOME TAX OFFICER-26(2)(1), MUMBAI vs. SAI PRERANA CO-OP CREDIT SOCIETY LTD., MUMBAI

In the result, appeals of the assessee and the Revenue are In the result, appeals of the assessee and the Revenue are In the result, appeals of the assessee and the Revenue are decided as under:

Bench: Shri Kuldip Singh () & Shri Om Prakash Kant () Ita Nos. 217, 220 & 221, 218 & 219, 215, 214/Mum/2023 Assessment Years: 2013-14, 2016-17, 2017-18, 2018-19, 2020-21 Sai Prerana Co-Op Credit Ito-17(3)(2), Society Ltd., Room No. 126, 1St Floor, Vs. 317, Puran Aasha Bldg, Gr. Fl. Kautilya Bhavan, C-41 To C- Narashi Natha Street, Katha 43, G Block Bandra Kurla Bazar Masjid Bunder (W), Complex, Bandra (East), Mumbai-400 009. Mumbai-400051. Pan No. Aadts 5638 M Appellant Respondent

section 80(P)(2)(d) of the Act provides for deduction in section 80(P)(2)(d) of the Act provides for deduction in section 80(P)(2)(d) of the Act provides for deduction in respect of income of a coop society by way of interest or dividend of income of a coop society by way of interest

SAI PRERNA CO-OP. CREDIT SOCIETY LTD,MUMBAI vs. ITO WD 17(3) (2) , MUMBAI

In the result, appeals of the assessee and the Revenue are In the result, appeals of the assessee and the Revenue are In the result, appeals of the assessee and the Revenue are decided as under:

Bench: Shri Kuldip Singh () & Shri Om Prakash Kant () Ita Nos. 217, 220 & 221, 218 & 219, 215, 214/Mum/2023 Assessment Years: 2013-14, 2016-17, 2017-18, 2018-19, 2020-21 Sai Prerana Co-Op Credit Ito-17(3)(2), Society Ltd., Room No. 126, 1St Floor, Vs. 317, Puran Aasha Bldg, Gr. Fl. Kautilya Bhavan, C-41 To C- Narashi Natha Street, Katha 43, G Block Bandra Kurla Bazar Masjid Bunder (W), Complex, Bandra (East), Mumbai-400 009. Mumbai-400051. Pan No. Aadts 5638 M Appellant Respondent

section 80(P)(2)(d) of the Act provides for deduction in section 80(P)(2)(d) of the Act provides for deduction in section 80(P)(2)(d) of the Act provides for deduction in respect of income of a coop society by way of interest or dividend of income of a coop society by way of interest

INCOME TAX OFFICER-26(2)(1), MUMBAI vs. SAI PRERANA CO-OP CREDIT SOCIETY LTD., MUMBAI

In the result, appeals of the assessee and the Revenue are In the result, appeals of the assessee and the Revenue are In the result, appeals of the assessee and the Revenue are decided as under:

Bench: Shri Kuldip Singh () & Shri Om Prakash Kant () Ita Nos. 217, 220 & 221, 218 & 219, 215, 214/Mum/2023 Assessment Years: 2013-14, 2016-17, 2017-18, 2018-19, 2020-21 Sai Prerana Co-Op Credit Ito-17(3)(2), Society Ltd., Room No. 126, 1St Floor, Vs. 317, Puran Aasha Bldg, Gr. Fl. Kautilya Bhavan, C-41 To C- Narashi Natha Street, Katha 43, G Block Bandra Kurla Bazar Masjid Bunder (W), Complex, Bandra (East), Mumbai-400 009. Mumbai-400051. Pan No. Aadts 5638 M Appellant Respondent

section 80(P)(2)(d) of the Act provides for deduction in section 80(P)(2)(d) of the Act provides for deduction in section 80(P)(2)(d) of the Act provides for deduction in respect of income of a coop society by way of interest or dividend of income of a coop society by way of interest

INCOME TAX OFFICER , MUMBAI vs. IDBI STAFF CO-OPERATIVE CREDIT SOCIETY LTD , MUMBAI

In the result, all the appeals in ITA Nos

v. ITO [2010] 322 ITR 283/188 Taxman 282 (SC). However, the said case dealt with the\ninterpretation, and the deduction, which would be applicable under Section 80P(2)(a)(i) of the\nI.T. Act. For, in the present case the interpretation that is required is of Section 80P(2)(d) of the\nI.T. Act and not Section

K D LITE DEVELOPERS PRIVATE LIMITED,MUMBAI vs. DY. COMMISSIONER OF INCOME TAX, TDS CIRCLE 1(3),, MUMBAI

In the result, all the five appeals filed by the assessee\nare allowed

3), Mumbai the Ld. Assessing Officer is of the view that\nthe assessee has prima facie committed default in\ndeduction of TDS and consequently proceedings u/s 201(1)\n/ 201(1A) of the Income Tax Act, 1961 ('IT Act') were\ninitiated against the various group entities & the assessee.\n5. The AO after serving notices and seeking reply of the\nassessee

ACIT (LTU)-1, MUMBAI vs. UNION BANK OF INDIA, MUMBAI

In the result, appeal of the assessee is allowed

disallowed Rs.471,05,05,075/-.\n5. 1. The assessee agitated the matter before ld. CIT(A) and vehemently\ncontended that the assessee had written off bad debts of Rs.923.67 Crore\nafter reducing the opening credit balance in the provision for bad and\ndoubtful debts account u/s 36(1)(viia) of Rs.452.61 Crores and claimed\nthe balance amount of Rs.471.06 Crores

M/S UNION BANK OF INDIA,MUMBAI vs. DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE-(LTU)-2, MUMBAI, MUMBAI

In the result, the appeal of the revenue is dismissed

disallowing exclusion of profits of branches of the Appellant\nBank situated in countries with whom India has entered into a Double\nTaxation Avoidance Agreement (DTAA) namely United Kingdom, France,\nBelgium, Kenya, Japan, United States of America, Singapore, China and\nSouth Africa (herein after referred to as \"foreign branches of the Appellant\nBank\") aggregating to Rs.1408

ACIT CIRCLE ,3(4), MUMBAI, MUMBAI vs. UNION BANK OF INDIA, MUMBAI

In the result, the appeal of the revenue is dismissed

disallowing exclusion of profits of branches of the Appellant\nBank situated in countries with whom India has entered into a Double\nTaxation Avoidance Agreement (DTAA) namely United Kingdom, France,\nBelgium, Kenya, Japan, United States of America, Singapore, China and\nSouth Africa (herein after referred to as \"foreign branches of the Appellant\nBank\") aggregating to Rs.1408

K D LITE DEVELOPERS PRIVATE LIMITED,MUMBAI vs. DY. COMMISSIONER OF INCOME TAX, TDS CIRCLE 1(3), MUMBAI, MUMBAI

In the result, all the five appeals filed by the assessee\nare allowed

disallowance could not be\nmade by invoking the provisions of section 40(a)(iii) for\nnon-deduction of tax from reimbursement.\n8. Linklaters LLP Vs ITO (Int.Tax) [2011] 9 ITR (Trib) 217\n(Mum)\nIt was, inter alia, held in this case that reimbursements\nreceived by the assessee were in respect of specific and\nactual expenses incurred by the assessee

DCIT-3(4), MUMBAI vs. M/S UNION OF BANK OF INDIA, MUMBAI

194A(3),\nmakes it clear that even Government of India considers the above entities\nseparate and distinct from banking companies. Once under the Income Tax\nAct, Legislature itself has made a distinction for the aforesaid banks including\nthe assessee are not covered as banking company, then, this further buttresses\nthe point that these banks are separate and distinct from other

UNION BANK OF INDIA,MUMBAI vs. DCIT, CIR - (LTU)-2, MUMBAI

194A(3),\nmakes it clear that even Government of India considers the above entities\nseparate and distinct from banking companies. Once under the Income Tax\nAct, Legislature itself has made a distinction for the aforesaid banks including\nthe assessee are not covered as banking company, then, this further buttresses\nthe point that these banks are separate and distinct from other

ACIT, CIRCLE -3(4), MUMBAI, MUMBAI vs. UNION BANK OF INDIA, MUMBAI

In the result, the appeal of the revenue is dismissed

disallowing exclusion of profits of branches of the Appellant\nBank situated in countries with whom India has entered into a Double\nTaxation Avoidance Agreement (DTAA) namely United Kingdom, France,\nBelgium, Kenya, Japan, United States of America, Singapore, China and\nSouth Africa (herein after referred to as \"foreign branches of the Appellant\nBank\") aggregating to Rs.1408