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2018 (3) TMI 1965 - AT - Income TaxDeduction u/s 80P(2) - assessee was disbursing loans through its member primary banks which were treated as associate members - HELD THAT:- Neither ld. Assessing Officer nor other authorities had the benefit of the judgment of Hon’ble Apex Court in the case of The Citizen Co-Operative Society Ltd [2017 (8) TMI 536 - SUPREME COURT ] while deciding whether assessee was eligible for claiming deduction u/s.80P(2)(a) (i) of the Act. In fact ld. Commissioner of Income Tax (Appeals) had allowed the claim of the assessee u/s.80P(2)(a) (i) of the Act, considering an alternative ground of the assessee. In the circumstances, we are of the opinion that the issue requires a fresh look by the ld. Assessing Officer. We therefore set aside the orders of the lower authorities and remit the issue back to the file of the ld. Assessing Officer for consideration afresh in accordance with law. Appeal of the Revenue for both the years are allowed for statistical purpose.
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