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Documents citing Cit vs Institute Of Banking Personnel ... on 9 July, 2003

Dy. Cit (E) -I(1), Mumbai vs His Holiness Dr. Syedna Taher Saifuddin ... on 1 March, 2019

"8. Ground nos. 3 to 5 relate to the disallowance of carry forward of deficit of Rs. 65,41,073/-. In the return of income, the said amount was claimed as set-off against the accumulated carried forward deficit of earlier years. AO did not consider the same and made a disallowance. On appeal, After considering the submissions of the assessee, CIT (A) granted relief vide paras 4.3 and 4.4 of the impugned order. Aggrieved with the said decision of the CIT (A) Revenue is in appeal before the Tribunal vide ground nos. 3 to 5 of the appeal.
Income Tax Appellate Tribunal - Mumbai Cites 44 - Cited by 1 - Full Document

Dcit (E) 2(1), Mumbai vs The Executive Board Of The Methodist ... on 13 February, 2019

However, as provided by Hon‟ble Bombay High Court in the case of Institute of Banking Personnel Selection(IBPS)(supra), the assessee will be entitled for carry forward of excess of expenditure incurred towards objects of the trust in excess of income from property 50 I.T.A. No.6544/Mum/2017 CO. No.354/Mum/2018 held for charitable purposes , as is allowable as provided under first limb of provisions of Section 11(1)(a). Both Revenue appeal as well assessee‟s CO stood dismissed. We order accordingly.
Income Tax Appellate Tribunal - Mumbai Cites 51 - Cited by 1 - Full Document

Income Tax Officer (E) 2(3), Mumbai vs Society Of Franciscan Brothers, Mumbai on 30 January, 2019

110. The CIT(A) has passed the order on the basis of the decision of Bombay High Court in the above mentioned cases. The necessary finding has been reproduced by the CIT(A) in his order mentioned above. The facts are not distinguishable at this stage also. This issue has been squarely covered by the decision of Bombay High Court in the case of CIT Vs. Institution of Banking Personnel 264 ITR 110 (supra). Therefore, in the said circumstances, we are of the view that the CIT(A) has decided the matter of controversy judiciously and correctly which is not liable to be interfere with at this appellate stage. Accordingly, we decide these issues in favour of the assessee against the revenue.
Income Tax Appellate Tribunal - Mumbai Cites 15 - Cited by 0 - Full Document

Income Tax Officer(E)-2(3), Mumbai vs Society Of Congregation Of Franciscan ... on 30 January, 2019

110. The CIT(A) has passed the order on the basis of the decision of Bombay High Court in the above mentioned case. The necessary finding has been reproduced by the CIT(A) in his order mentioned above. The facts are not distinguishable at this stage also. This issue has been covered by the decision of Bombay High Court in the case of CIT Vs. Institution of Banking Personnel 264 ITR 110 (supra). Therefore, in the said circumstances, we are of the view that the CIT(A) has decided the matter of controversy judiciously and correctly which is not liable to be interfere with at this appellate stage. Accordingly, we decide these issues in favour of the assessee against the revenue.
Income Tax Appellate Tribunal - Mumbai Cites 15 - Cited by 0 - Full Document

Dcit (E) 2(1), Mumbai vs National Institute Of Consgtruction ... on 29 October, 2018

9. As the issue is squarely covered by the decision of Hon'ble Bombay High Court in the case of Institute of Banking Personnel Services (supra) and in assessee's own case by Tribunal's decision in earlier year, respectfully following the same we confirm the order of CIT(A) disallowing the claim. The issue of Revenue's appeal is dismissed.
Income Tax Appellate Tribunal - Mumbai Cites 12 - Cited by 1 - Full Document

Ito (E) 2(3), Mumbai vs Shree Manav Seva Sangh, Mumbai on 20 March, 2019

In view of the above discussions, there is no error on the part of ld CIT(A) in following the decision of Jurisdictional High Court in CIT Vs Banking Personnel Selection (supra). The objection of assessing officer that the revenue filed SLP before Supreme Court is pending is of no consequence as the decision of Jurisdictional High Court is binding till it is either set aside or its operation is stayed either by Larger Bench of High Court or by Apex Court.
Income Tax Appellate Tribunal - Mumbai Cites 17 - Cited by 0 - Full Document

Income Tax Officer (E)-1(4), Mumbai vs M/S.Kaivlaya Education Foundation, ... on 8 February, 2019

We have also observed that Hon'ble Bombay High court has dismissed the appeal of the Revenue in DIT(E) v. Gem & Jewellery Exports Promotion Council in ITA(LOD) No. 1113 of 2010 vide judgment dated 15.02.2011 by following the decision of Hon'ble Bombay High Court in the case of CIT v. Institute of Banking Personnel Selection(IBPS) (supra) on the issue of set off of deficit of earlier years against surplus of the impugned assessment year. The Revenue filed an SLP with Hon'ble Supreme Court which was dismissed by Hon'ble Apex Court vide orders dated 09.09.2011 in SLP(Civil) CC 13512/2011. The AO has referred to in his assessment orders in the instant case before us that SLP is filed by the Revenue against Hon'ble Bombay High Court judgment but as is observed , the said SLP also stood dismissed by Hon'ble Apex Court. Thus we have observed that the Hon'ble Courts/Tribunal had taken consistent stand that in case of Charitable Trust excess expenditure over income is to be allowed to be carried forward for setting off against income of subsequent years . We do not find any reason to deviate from the consistent stand taken by the Hon'ble Courts/ Tribunal and Respectfully following aforesaid decision(s) as enumerated in preceding para's of this order, we allow the carry forward of excess expenditure over income of Rs. 2,33,03,449/- to be carried forward to subsequent years . Thus, we 14 I.T.A. No.5575/Mum/2017 confirm/affirm decision of learned CIT(A) and dismiss the appeal of the Revenue. We order accordingly.
Income Tax Appellate Tribunal - Mumbai Cites 24 - Cited by 2 - Full Document

Ito (E) - 2(2), Mumbai vs Punjab Kesari Charitable Trust, Mumbai on 16 January, 2019

9. Similarly, the second issue raised by the Revenue is with regard to carry forward of the deficit of Rs.15,71,262/- to be set-off against the future income. On this aspect also, CIT(A) has allowed the claim following the judgment of the Hon'ble Bombay High Court in the case of Institute of Banking Personnel Selection (supra); in fact, similar situation has been further affirmed by the Hon'ble Bombay High Court in the case of M/s. Mumbai Education Trust (supra). Therefore, on this aspect also, we find no error on the part of the CIT(A) in allowing the claim of the assessee, which we hereby affirm.
Income Tax Appellate Tribunal - Mumbai Cites 23 - Cited by 3 - Full Document

Income Tax Officer (E)-2(3), Mumbai vs Mahavira Jain Vidyalaya, Mumbai on 20 March, 2019

In view of the above discussions, there is no error on the part of ld CIT(A) in following the decision of Jurisdictional High Court in CIT Vs Banking Personnel Selection (supra). The objection of assessing officer that the revenue filed SLP before Supreme Court is pending is of no consequence as the decision of Jurisdictional High Court is binding till it is either set aside or its operation is stayed either by Larger Bench of High Court or by Apex Court.
Income Tax Appellate Tribunal - Mumbai Cites 17 - Cited by 0 - Full Document

Dcit (E) 2(1), Mumbai vs Society Of Congregation Of Franciscan ... on 20 December, 2018

9. On appraisal of the above said finding, we noticed that the CIT(A) has applied the law in the case of CIT Vs. Institute of Banking Personnel 264 ITR 110 and CIT v. Shri Plot Swetamber Murti Pujak Jam Mandai (1995) 211 ITR 293 (Guj). The same has been allowed by the Hon'ble ITAT in the assessee's own case in ITA. No. 3311/M/2017 for the A.Y. 2010-11, in ITA. No. 3312/M/2017 for the A.Y.201-12 & in ITA. No. 3313/M/2017 for the A.Y. 2011-12 dated 1.09.2017. The issue is fully covered by the above mentioned orders. Accordingly, we are of the view that the CIT(A) has decided the matter of controversy judiciously and correctly which is not liable to be interfere with at this appellate stage. Accordingly, this issue is decided in favour of the assessee against the revenue.
Income Tax Appellate Tribunal - Mumbai Cites 13 - Cited by 2 - Full Document
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