TMI Blog2013 (10) TMI 1341X X X X Extracts X X X X X X X X Extracts X X X X ..... t and its interest claimed under Section 36(1)(viia)delted by CIT(A) - Held that:- The assessee is enjoying the benefit of Section 80P of the Act and as such the tax on an income is exempted. Even if the addition is sustained, there will be no tax demand as the tax effect will be NIL. In view of the Instruction No.5 of the CBDT dated 10.7.2014, the present appeal is not maintainable. In the cas ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n of law:- Whether the Tribunal has committed substantial illegality while interpreting instruction No. 5 of 2008 dated 15th May, 2008 without taking into account the loss, notional tax effect in case of loss? The brief facts of the case are that the assessee is a Cooperative Bank. For the assessment year under consideration, the assessee has filed the return declaring the loss of ₹ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the parties and on perusal of the record, it appears that the assessee is enjoying the benefit of Section 80P of the Act and as such the tax on an income is exempted. Even if the addition is sustained, there will be no tax demand as the tax effect will be NIL. In the case of CIT v. Manglam Ricinus Ltd. [2008] 174 Taxman 186 Delhi, the Hon'ble Delhi High Court observed that in such type of c ..... X X X X Extracts X X X X X X X X Extracts X X X X
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