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2016 (7) TMI 246 - AT - Income TaxDeduction under section 11(5) r.w.s. 13(1)(d) - investment made by charitable institution in the shares of Bharati Sahakari Bank Ltd. - Held that:- The assessee had made investments in shares of Bharati Sahakari Bank Ltd. in earlier years which are being held by the assessee in the years under consideration also. The said investment was made by the assessee for availing the loan from said bank. However, since the loan was repaid by the assessee, but was still continues to hold the shares in Bharati Sahakari Bank Ltd., the Assessing Officer was of the view that the assessee had violated the provisions of section 13(1)(d) r.w.s. 11(5) of the Act. Further, the Tribunal noted the contention of assessee relating to assessment year 2006-07 and allowed the claim of assessee after considering the issue at length, since the assessee was still enjoying the overdraft facilities from the bank. The learned Authorized Representative for the assessee pointed out that for the year under consideration also, the assessee was availing overdraft facilities from the bank. In view thereof and following the order of Tribunal in assessment year 2006-07, we uphold the order of CIT(A) in allowing the claim of assessee and holding that there is no violation of provisions of section 11(5) r.w.s. 13(1)(d) of the Act on account of holding shares of cooperative bank, from which the assessee had raised overdraft facilities. - Decided against revenue
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