2014 (9) TMI 1161 - HC - Income Tax

Revision u/s 263 - assessee is not a Co-operative Bank and Section 80P(4) has no application - Tribunal set aside order u/s 263 denying benefit of exemption granted - Held that - Order liable to be set aside and the matter requires to be reconsidered by respondent No.2 in the light of the judgment rendered by a Division Bench of this Court in 2015 (1) TMI 821 - KARNATAKA HIGH COURT The matter is remitted to respondent no.2-Commissioner of Income-Tax for reconsideration in accordance with law and in the light of the judgment of the Division Bench referred to above. All contentions of both the parties are kept open.

Summary

The High Court of Karnataka set aside two impugned orders and remitted the matter to the Commissioner of Income-Tax for reconsideration in accordance with the law and a specific judgment. All contentions of both parties are kept open.