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2019 (8) TMI 1086 - AT - Income TaxDeduction u/s.80P(2) - Assessee is a co-operative society registered under the Karnataka Co-operative Societies Act, 1959 providing credit facilities to its members - HELD THAT:- We set aside the order of CIT(A) and restore the matter back to his file for fresh decision in the light of above discussion, by way of a speaking and reasoned order after providing adequate opportunity of being heard to both sides. CIT(A) is directed to pass a speaking and reasoned order after comparing the facts of present case with the facts in the case of The Citizen Co-operative Society Ltd. Vs. ACIT [2017 (8) TMI 536 - SUPREME COURT] He is also directed to examine the facts of present case in the light of these two judgments of Hon'ble Karnataka High Court rendered in the case of Tumkur Merchants Souharda Credit Cooperative Ltd. Vs. ITO [2015 (2) TMI 995 - KARNATAKA HIGH COURT] and PCIT and Another Vs. Totagars Co-operative Sale Society [2017 (7) TMI 1049 - KARNATAKA HIGH COURT] and pass necessary order as per law in the light of above discussion after providing adequate opportunity of being heard to both sides - Appeal filed by the assessee is allowed for statistical purposes.
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