TMI Blog2021 (4) TMI 610X X X X Extracts X X X X X X X X Extracts X X X X ..... 2021 (1) TMI 488 - SUPREME COURT] has in several such matters have directed the appellate authority to decide the appeal without insisting for either pre- deposit or for payment of tax in pursuant to the Assessment Orders. In this view of the matter as the statutory appeal is pending for consideration before the 2nd respondent, the second respondent is directed to decide the appeal expeditious ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... -allowed in the Assessment Order, Exhibit P1 passed under Section 143 of the Income Tax Act, 1961, the petitioner preferred statutory appeal, Exhibit P3 which is pending for adjudication before the 2nd respondent. However, during pendency of the appeal, the Assessing Officer had issued order at Exhibit P4, informing the petitioner that the petition for stay filed by the assessee is rejected since ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t to the Assessment Order at Exhibit P1. 5. I have considered the submissions so advanced and also perused the materials produced before me. The claim for deduction under Section 80P of the Income Tax Act, 1961 is rejected while passing the assesement order at Ext.P1. At this juncture observation of the Honourable Supreme Court in the Paragraph 45 of the judgment in Mavilayi Service Cooperative ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e co-operative societies engaged in banking business i.e. engaged in lending money to members of the public, which have a licence in this behalf from the RBI. Judged by this touchstone, it is clear that the impugned Full Bench judgment is wholly incorrect in its reading of Citizen Cooperative Society Ltd.(supra). Clearly, therefore, once Section 80P(4) is out of harm's way, all the assessees i ..... X X X X Extracts X X X X X X X X Extracts X X X X
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