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2016 (3) TMI 168 - SUPREME COURT

2016 (3) TMI 168 - SUPREME COURT - [2015] 379 ITR 533 (SC) - Reopening of assessment - deduction under section 80P(2)(a)(i) of the Act was wrongly given inasmuch as the appellant is not a banking company registered under the Banking Regulation Act, 1949, and was not having any banking licence from the Reserve Bank of India - Held that:- As the appellant-bank at the outset apprised the court about certain subsequent developments by submitting that after the aforesaid order was passed by the High .....

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In view of the aforesaid events, it is clear that the present appeals have become infructuous. We, thus, dispose of these appeals as infructuous leaving the question of law open. - Civil Appeal Nos. 1502 and 1503 of 2008. - Dated:- 27-11-2015 - A. K. SIKRI and C. NAGAPPAN, JJ. Sudhir Walai, Ms. Niharika Ahluwalia and Dr. Abhishek Atrey, Advocates, for the appellant. Ms. Nisha Bagchi, Ms. Shweta Garg, Ms. Sujeeta Srivastava and B. V. Balaram Das, Advocates, for the respondents. JUDGMENT .....

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nder section 80P(2)(a)(i) of the Act was wrongly given inasmuch as the appellant is not a banking company registered under the Banking Regulation Act, 1949, and was not having any banking licence from the Reserve Bank of India. The reasons to believe that income as escaped assessment was furnished to the appellant to which the appellant filed the objections. However, these objections were rejected. Challenging that order, the appellant filed a writ petition in the High Court which has been dismi .....

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