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2018 (3) TMI 1095 - AT - Income TaxExemption under Section 80P(2)(a)(i) allowability - interest on the deposits earned in the course of the activity of the Appellant-Society and the income was attributable to the said activity - Held that:- If it is found that the facts of the present case are similar to the facts in the case of Tumkur Merchants Souharda Credit Cooperative Ltd. Vs. ITO (2015 (2) TMI 995 - KARNATAKA HIGH COURT), then issue should be decided in favour of the assessee. If the facts of the present case are similar to the facts in the case of PCIT and Another Vs. Totagars Co-operative Sale Society (2017 (7) TMI 1049 - KARNATAKA HIGH COURT) then the issue should be decided against the assessee. On a specific query from the bench, as submitted by assessee that necessary facts on this aspect are not readily available and there is no finding of any of the authorities below on this aspect. Under these facts, feel it proper to restore the matter back to the file of AO for fresh decision after examining this aspect of the facts of the present case in the light of these two judgments and in the light of above observations. Hence set aside the order of CIT (A) and restore the matter back to the file of AO for fresh decision - Decided in favour of assessee for statistical purposes.
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