2016 (7) TMI 246

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....he Revenue on similar issue were heard together 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 ....

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.... 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 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 furt....