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2015 (10) TMI 74 - AT - Income TaxDenial of benefit available to them under Section 80-P - Held that:- Circulars and instructions issued by the Board are no doubt binding in law on the authorities under the respective statutes, but when the Supreme Court or the High Court declares the law on the question arising for consideration, it would not be appropriate for the Court to direct that the circular should be, given effect to and not the view expressed in a decision of this Court or the High Court. This Court is of the considered view hat what is provided under the statute cannot be denied by means of a circular and, thereby, deny the benefit to the assessees. The further objection of the department that the size of the cottage industries of the assessees with number of workers would go to show that the assessees are not co-operative societies cannot at all be sustained. The mere reason that the size of the industry is big and there are large number of workers employed, is no reason to deny the assessees the benefit available to them under Section 80-P of the Act, when there is no specific embargo imposed under the Act. Accordingly, this Court holds that as long as the assessees are cottage industries, they would be entitled to the benefit of Section 80-P of the Act. No further fetters, as is done by the Department, can be imposed on such a claim, by means of circulars, to the detriment of the assessees. - Decided in favour of assessee.
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