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| The Tax Publishers2021 TaxPub(DT) 1656 (Bang-Trib) INCOME TAX ACT, 1961
Section 80P
Where AO merely denied the benefit of deduction under section 80P(2)(a)(i) for the reason that assessee was also dealing with associate / nominal members, which was against the dictum laid down by Apex Court in case of Mavilayi Service Cooperative Bank Ltd. & Ors. v. CIT & Anr. (2021) 431 ITR 1 (SC) : 2021 TaxPub(DT) 273 (SC) and instant case was needed to be examined by AO in light of the principles enunciated by Apex Court in case of Mavilayi Service Co-operative Bank Ltd. & Ors. (supra), therefore, matter was remanded back to AO for examination afresh.
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Deduction under section 80P - Interest received from other Co-operative Banks - Remand of matter -
Assessee claimed deduction under section 80P. AO treated the interest received from other Co-operative Banks as income from other sources assessable under section 56 by placing reliance on the judgment of High Court in the case of Pr. CIT & Anr. v. Totagars Co-operative Sale Society 2017 395 ITR 611 (Karn-HC) : 2017 TaxPub(DT) 1748 (Karn-HC). Held: AO merely denied the benefit of deduction under section 80P(2)(a)(i) for the reason that the assessee was also dealing with associate / nominal members, which was against the dictum laid down by Apex Court in case of Mavilayi Service Cooperative Bank Ltd. & Ors. v. CIT & Anr. (2021) 431 ITR 1 (SC) : 2021 TaxPub(DT) 273 (SC). Instant case was needed to be examined by AO in light of the principles enunciated by Apex Court in case of Mavilayi Service Co-operative Bank Ltd. & Ors. (supra). Accordingly, matter was remanded back to AO for examination afresh.
Followed:Mavilayi Service Cooperative Bank Ltd. & Ors. v. CIT & Anr. (2021) 431 ITR 1 (SC) : 2021 TaxPub(DT) 273 (SC).
REFERRED :
FAVOUR : Matter remanded.
A.Y. : 2016-2017
INCOME TAX ACT, 1961
Section 80P(2)
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