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2018 (12) TMI 758 - AT - Income TaxDeduction u/s 80P(2)(a)(i) - AO rejected the assessee's claim for the reason that the primary / principal business of the assessee is transacting in banking business, therefore the assessee is a primary co-operative bank and it does not fall under the second category of co-operative credit societies as envisaged under Section 80P - Held that:- Respectfully following the decision of the co-ordinate bench of this Tribunal in the case of Udaya Souharda Credit Co-operative Society Ltd. [2018 (8) TMI 1063 - ITAT BANGALORE] we accordingly set aside the impugned order of the CIT (Appeals) for Assessment Year 2014-15 and restore the matter of the eligibility of the assessee's claim for deduction under Section 80P(2) to the file of the AO for re-examination of all aspects thereof by causing necessary enquiries to be made in the matter and to adjudicate thereon by way of a reasoned and speaking order in term of the observations and directions issued by the co-ordinate bench in the case of Udaya Souharda Credit Co-operative Society Ltd. (supra). Since the impugned order of the learned CIT (Appeals) has been set aside and the matter restored to the file of the Assessing Officer for re-examination and adjudication, we refrain from adjudicating the issues / grounds raised by the assessee on merits. - Revenue’s appeal allowed for statistical purposes.
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