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The Dy. Commissioner of Income Tax, Central Circle 2 (2) , Pune Versus Bharati Vidyapeeth Medical Foundation

2016 (7) TMI 246 - ITAT PUNE

Deduction 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 Bhar .....

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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 - ITA Nos. 14 & 15/PN/2016 - Dated:- 5-5-2016 - Ms. Sushma .....

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ng disposed of by this consolidated order for the sake of convenience. 3. The Revenue in ITA No. 14/PN/2016 has raised the following grounds of appeal:- 1. Whether on the facts and in the circumstances of the case and in law the Ld. CIT(A) did not err in holding that the investment made by the assessee in shares of Bharati Sahakari Bank Ltd. was not in violation of the provisions of sec.11(5) and there of sec.13(1)(d) would not attracted? 2. Whether on the facts and in the circumstances of the c .....

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or the assessee at the outset pointed out that the issue raised in both the appeals is identical to the issue in assessment year 2006-07 and the CIT(A) has allowed the claim of assessee following the decision of Tribunal. 6. Briefly, in the facts of the present case, the assessee trust was established through a Trust Deed dated 23.03.1990. The assessee trust obtained certificate of registration under section 12A(a) of the Act from the Commissioner of Income Tax, Pune vide order dated 05.11.1990. .....

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Sahakari Bank Ltd. totaling ₹ 25,250/- and further advanced money to Bharati Vidyapeeth and other concerns. Since the assessee continues to hold the shares of Bharati Vidyapeeth Sahakari Bank in the year itself apart from the amounts advanced to Bharati Vidyapeeth and its other organizations, show cause notice was issued to the assessee and after considering the reply of assessee, the Assessing Officer held that the investment in shares of co-operative bank was in violation of provisions .....

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ion of provisions of section 11(5) of the Act. The CIT(A) noted that similar issue arose before the Pune Bench of Tribunal in assessment year 2006-07 and the Tribunal in ITA Nos.969 and 970/PN/2010, relating to assessment year 2006 -07 vide order dated 31.12.2012 allowed the claim of assessee. The relevant observations of the Tribunal are reproduced at pages 15 and 16 of the appellate order and the CIT(A) decided the issue in favour of the assessee in respect of investment in shares of co-operat .....

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