TMI Blog2016 (7) TMI 246X X X X Extracts X X X X X X X X Extracts X X X X ..... isions 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 cooperativ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f deduction under section 11(5) r.w.s. 13(1)(d) of the Act in respect of investment made by charitable institution in the shares of Bharati Sahakari Bank Ltd. 5. The learned Authorized Representative for 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. The activities of assessee trust were rela ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e 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-operative bank. 8. The issue arising before us is identical to the issue before the Tribunal in assessment year 2006-07. 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 s ..... X X X X Extracts X X X X X X X X Extracts X X X X
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