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PUNJAB STATE CO-OPERATIVE AGRICULTURAL DEVELOPMENT BANK LTD. Versus COMMISSIONER OF INCOME-TAX AND ANOTHER

2016 (3) TMI 168 - SUPREME COURT

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 .....

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lding that the appellant-assessee was not entitled to any deduction under the aforesaid provisions of the Act. Against that assessment order the appellant preferred an appeal before the Commissioner of Income-tax (Appeals) which was allowed by the Co .....

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resent 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. Nihar .....

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ad been filing income-tax returns claiming exemption from tax under section 80P(2)(a)(i) of the Income-tax Act, 1961, for the last 40 years prior to the assessment year in question, i.e., the assessment year 1999-2000. For this year also, though the .....

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ch 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 appel .....

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18, 2006 Punjab State Co-operative Agricultural Development Bank Ltd. v. CIT [2008] 305 ITR 156 (P&H). Against that order a special leave petition was filed in which leave was granted and that is how the present appeal has come before us. 2. Lea .....

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