Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2021 (8) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2021 (8) TMI 68 - AT - Income TaxDeduction u/s 80P(2)(a)(i) - HELD THAT:- Hon’ble Apex Court in the case of Mavilayi Service Co-operative Bank Ltd. and Ors. v. CIT & Anr. [2021 (1) TMI 488 - SUPREME COURT] had held that expression “Members” is not defined under the Income-tax Act, hence, it is necessary to construe the expression “Members” in section 80P(2)(a)(i) in the light of the definition of that expression as contained in the respective State Co-operative Societies Acts. The Hon’ble Apex Court had settled many issues in the decision rendered by it in the case of Mavilayi Service Co-operative Bank Ltd. and Ors. v. CIT & Anr. (supra). Facts prevailing in the instant case needs to be examined afresh in the light of the principles enunciated by the Hon’ble Apex Court. We are of the view that the issue of deduction u/s 80P(2)(a)(i) of the I.T.Act requires de novo consideration by the A.O. Accordingly, we set aside the orders of the CIT(A) for the assessment years 2015-2016 and 2016-2017 and restore them to the files of the A.O. for fresh consideration. A similar view has been held by the Bangalore Bench of the Tribunal in the case of M/s.Kadaba Sahakari Vyavasayika Bank Ltd.[2021 (8) TMI 1 - ITAT BANGALORE] - It is ordered accordingly. Deduction u/s 80P(2)(d) - HELD THAT:- We noticed that the issue raised is an alternative contention to the claim of deduction u/s 80P(2)(d). Since we have already restored the issue of claim of deduction u/s 80P(2)(d) to the files of the A.O., the issue raised in ground No.8 relating to the allowability of expenditure on income assessed as income from other sources is also restored to the files of the A.O.
|