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2014 (8) TMI 1008 - ITAT AHMEDABADDisallowance of claim u/s.80P(4) - income earned for the activity of credit society to grant finance to its members is parallel to Banking Business - Held that:- On perusal of the orders of authorities below, it is evident that they did not have the benefit of the precedents. Due to this reason, we are restoring this issue back to the file of the AO to be decided de novo after ascertaining that the facts of this assessee are identical with the facts of these precedents. Specially the AO shall examine the profit and loss account of the assessee along with balance sheet to exactly ascertain the nature of business of this assessee and if found that the same is matching with the business activity of the cited cases then the ratio laid down can be applied. The AO is also directed to verify the aims and objects of this assessee.- Decided in favour of assessee only for statistical purpose.
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