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2020 (4) TMI 99 - HC - Income TaxDisallowance of deduction u/s 80P - specific argument raised by learned counsel for the petitioner is that that the ratio of the decisions of the Division Bench should be applicable in the petitioners’ case to assessment for the present year as well - HELD THAT:- Though the Supreme Court in the case of Parashuram Pottery Works Co. Ltd. Vs Income Tax Officer [1976 (11) TMI 1 - SUPREME COURT] has stated that there should be a finality in matters of assessment and stale issues should not be reactivated beyond a particular stage, the learned Senior Standing Counsel points out that the orders of appellate authorities for previous years have not been challenged on account of the low monetary effect. In the light of the specific plea of the Standing Counsel to the effect that the issue is now being agitated further before the Supreme Court it is of the view that the matter should be permitted to reach its logical conclusion and should not be nipped at the bud, at the stage of assessment. This writ petition is dismissed though granting liberty to the petitioner to file a statutory first appeal within a period of three weeks from today. Let recovery of the demand not be enforced till disposal of the appeals by the Commissioner of Income Tax (Appeals). No costs.
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