9911796707
TMI Blog2016 (7) TMI 246X X X X Extracts X X X X X X X X Extracts X X X X ..... her and are being 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 case and in law the Ld. CIT(A) did not err in failing to appreciate that the sec.11(5) is an unambiguous provision and investment in shares of Sahakari bank, for whatever reasons and of whatever amount, is not permitted thereunder ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 of section 11(5) of the Act and hence, the assessee was held to be not eligible to claim the aforesaid deduction under section 11 of the Act. 7. The CIT(A) noted the explanation of assessee that the investment in the shares of co-operative bank were made under compulsion for obtaining loan for the purpose of activity of trust and should be treated as application for money and not investment. The assessee further pointed out that the loan was taken much before current year a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r 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. The relevant findings of the Tribunal are reproduced by the CIT(A) at pages 15 and 16 and for the sake of brevity, the same are not being reproduced. The grounds of appeal raised by the Revenue in both the appeals are thus, dismissed. 9. In the result, both the appeals of Revenue are dismissed. Order pronounced on ..... X X X X Extracts X X X X X X X X Extracts X X X X
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