2015 (10) TMI 2669 - SCH - Income Tax

Entitlement to the benefit of Section 80P(2)(a)(i)denied - whether assessee is a Primary Co-operative Bank, thus hit by the exclusion provided in Section 80P(4)? - HC held that the three conditions as provided under Section 5 (CVV) of the Banking Regulation Act, 1949, are to be satisfied cumulatively and except condition (2) the other two qualifying conditions are not satisfied. Ergo, appellant cannot be considered to be a co-operative bank for the purposes of Section 80P(4) of the Act. Thus, the appellant is entitled to the benefit of deduction available under Section 80P(2)(a)(i) - Held that - Delay condoned. Leave granted.

Summary

The Supreme Court of India in 2015 (10) TMI 2669 - SC Order, condoned delay and granted leave for the case to be heard along with Civil Appeal No. 5103 of 2015, as per the reference to the Bombay High Court's 2015 (6) TMI 573. Judges were Mr. A.K. Sikri and Mr. Rohinton Fali Nariman, with representation by Mr. Mukul Rohatgi, AG, and other advocates.