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2016 (12) TMI 560 - PUNJAB AND HARYANA HIGH COURT
Entitlement to the benefit of Section 80P(2)(a)(i) - interest received from employees - Held that:- Questions of law are decided in favour of the assessee but only on the basis that the assessee is engaged in carrying on the business of providing credit facilities to its members. The Tribunal shall decide the appeal afresh only on the question as to whether the assessee is also engaged in carrying on the business of banking. In the event of the finding being against the assessee, it would not be entitled to succeed on the issues before us, in any event. However, in the event of the Tribunal finding that the assessee is engaged in carrying on the business of banking, the Tribunal shall decide as to whether on that basis the assessee is entitled to the benefit of Section 80P(2)(a)(i) or under any other provision in respect of the claims that are the subject matter of this appeal.
Disallowance on provision of non-performing assets - Held that:- As it is admitted that the assessee would be entitled to the same only in the event of it being found that it is also engaged in carrying on the business of banking. It does not arise under Section 80P(2)(a)(i) on account of the business of providing credit facilities to the assessee's members. Question is, therefore, answered against the assessee insofar as the claim is based only on the assessee being engaged in carrying on the business of providing credit facilities to its members.