Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2020 (2) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2020 (2) TMI 615 - AT - Income TaxReduction of deduction claimed by the assessee u/s 80P - assessee is a Souharda Cooperative registered under Karnataka Souharda Sahakari Act 1997 who provides credit facilities to its members - HELD THAT:- The Hon’ble Karnataka High Court in the case of M/s Swambhimani Souhard Credit Cooperative Society Ltd. [2020 (1) TMI 831 - KARNATAKA HIGH COURT] has examined the issue of applicability of provision of sec. 80P of the Act to the cooperative registered under Karnataka Souhards Sahakari Act 1997 and held that assessee is entitled for deduction u/s 80P of the Act. However as rightly pointed by ld DR there was no occasion for the AO to examine the claim of the assessee in terms of provisions of sec. 80P of the Act. Accordingly we set aside the order passed by the ld CIT(A) and restore the issue to the file of the AO for examining the same in accordance with the provisions of sec. 80P of the Act. The assessee should be provided adequate opportunity of being heard.
|