INCOME TAX ACT, 1961

Section 147

Reassessment - Denial of benefit of section 80P - Issue as to benefit of section 80P to co-operative societies being carried further to Supreme Court by way of SLP -

Assessee-cooperative society was issued notices under section 148 for reopening assessments for various assessment years on account of denial of benefit of section 80P. Aggrieved, assessee filed writ petition to quash the said notices on the ground that Division Bench of this Court in (Tax Case Appeal Nos. 484 to 487 and 490 of 2016, dt. 2-8-2016), held that cooperative societies akin to the assessee are entitled to the benefit of section 80P. Revenue submitted that the said order of the Division Bench as well as other orders passed by Division Benches of this Court on the same aspect, i.e., benefit of section 80P to cooperative societies were being carried further to Supreme Court by way of SLP. Held: There was no disputation that the said order of Division Bench of High Court in (Tax Case Appeal Nos. 484 to 487 and 490 of 2016, dt. 2-8-2016) had neither been stayed nor reversed. Therefore, it would hold the field. Though it could be the end of the matter and this Court would have been inclined to set aside the impugned notices. However, it might be too late in the day for the Revenue to issue notices under section 148 afresh, if they were set aside and ultimately if the Revenue would succeed in the SLP. Hence, the impugned notices were kept in abeyance and there would be no further proceedings pursuant to the same until disposal of the SLP filed by Revenue.

REFERRED :

FAVOUR : Directions issued

A.Y. :

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