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2021 (10) TMI 609 - ITAT DELHIDisallowance on account of contribution made by the assessee bank to LIC on account of gratuity fund - HELD THAT:- We are of the considered view that when application for granting approval for the gratuity trust with the Life Insurance Corporation of India has been filed well within time i.e. 02-01-2009, it is to be allowed from the date of application itself and not prospectively as Ld. Pr. CIT has done in this case. Following the order passed by Coordinate Bench of Tribunal, we remit this issue back to the AO to decide afresh after getting decision from the Pr. Commissioner of Income Tax on the application of the assessee. Application of the assessee is reportedly pending with Pr. CIT who shall decide the same expeditiously in accordance with law from the date of application and thereafter AO shall decide the issue afresh accordingly. Disallowance on account of dividend received by the assessee bank from UP Cooperative Federation u/s. 80P(4) of the Act - HELD THAT:- Undisputedly, assessee bank has received dividend income for the years under consideration from the investment made with UP Cooperative Federation. It is also not in dispute that assessee bank is a cooperative bank registered with Reserve Bank of India. When we peruse the provisions contained u/s. 80P(4), 80P(2)(d) of the Act, this deduction is not available to the cooperative bank.
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