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| The Tax Publishers2020 TaxPub(DT) 0898 (SC) INCOME TAX ACT, 1961
Section 261 Section 80P(2)
Where the Department preferred SLP to appeal against the judgment of Madras High Court in Pr. CIT v. M/s. S-1308 Ammapet Primary Agricultural Cooperative Bank Ltd. [Tax Case Appeal Nos. 882 and 891 of 2018, dt. 6-12-2018] : 2019 TaxPub(DT) 0254 (Mad-HC), whereby the High Court held that AO fell into an error in not granting any relief to the assessee-society, which was rightly granted by CIT(A) as confirmed by Tribunal, that in addition to that, AO had not pointed out that loans have been disbursed to all and in terms of Clause (b) to sub-section (4) of section 80P, society had an area of operation, operates within the taluk and will provide long-term credit for agricultural and rural development activities as well, the Supreme Court dismissed the SLP and pending applications therein as withdrawn due to low tax effect, however, leaving the question of law open.
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Appeal (Supreme Court) - Special leave petition - Deduction under section 80P(2)(a)(i) - Providing credit facility of its members and associate members
Department preferred SLP to appeal against the judgment of Madras High Court in Pr. CIT v. M/s. S-1308 Ammapet Primary Agricultural Cooperative Bank Ltd. [Tax Case Appeal Nos. 882 and 891 of 2018, dt. 6-12-2018] : 2019 TaxPub(DT) 254(Mad-HC), whereby the High Court held that AO fell into an error in not granting any relief to the assessee society, which was rightly granted by CIT(A) as confirmed by Tribunal, that in addition to that, AO had not pointed out that loans have been disbursed to all and in terms of clause (b) to sub-section (4) of section 80P, society had an area of operation, operates within the taluk and will provide long-term credit for agricultural and rural development activities as well. Held: The Supreme Court dismissed the SLP and pending applications therein as withdrawn due to low tax effect, however, leaving the question of law open.
REFERRED :
FAVOUR : SLP dismissed.
A.Y. :
IN THE SUPREME COURT OF INDIA
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