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2015 (11) TMI 1002 - HC - Income TaxDisallowance of claim under Section 80P(2)(a)(iii) - Held that:- The Tribunal had relied upon the decision of this Court in the case of Karnal Cooperative Sugar Mills Ltd's case (2001 (9) TMI 78 - PUNJAB AND HARYANA High Court) to deny the benefit of deduction under Section 80P(2)(a)(iii) of the Act to the assessee. However, Full Bench of this Court in The Budhewal Co-op. Sugar Mills Ltd's case (2009 (5) TMI 63 - PUNJAB AND HARYANA HIGH COURT) had overruled the said judgment against which the Supreme Court in Deputy Commissioner of Income-Tax v. Budhewal Co-operative Sugar Mills Ltd. (2015 (8) TMI 520 - SUPREME COURT) following its judgment in Morinda Co-operative Sugar Mills Ltd. v. Commissioner of Income Tax (2012 (9) TMI 847 - SUPREME COURT ) remanded the matter back for adjudicating the issue afresh. Thus the matter is remitted to the Tribunal to adjudicate the issue afresh in accordance with law after affording an opportunity of hearing to the parties. The appeals stand disposed of accordingly.
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