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2020 (1) TMI 1041 - HC - Income TaxRevision u/s 263 - entitlement to deduction u/s 80P(2)(a) and (d) - HELD THAT - It has not been shown to us that the respondent has in any manner breached Section 80P(2)(a) and (d) of the Act. Whether Tribunal is right to allow the relief to the assessee by holding that the assessee being Co-operative Credit Society is not a Co-operative Bank hence entitled for deduction u/s 80P(4) ? - Tribunal dismissed the Revenue s appeal before it by relying upon the decision of its co-ordinate bench in the case of Kulswami Co-operative Society 2014 (4) TMI 355 - ITAT MUMBAI . For the reasons indicated in our order 2017 (3) TMI 1799 - BOMBAY HIGH COURT question as proposed does not give rise to any substantial question of law. - thus since on merits the issue is held in favour of the Respondent Assessee, the question of improper exercise of Commissioner in Revision under Section 263 of the Act is rendered academic.
Issues:
1. Challenge to the order of the Income Tax Appellate Tribunal (Tribunal) dated 23 September 2016 for the Assessment Year 2009-10. 2. Substantial questions of law framed by the Appellant - Revenue related to the denial of deductions under sections 80P(2)(a)(i) and 80P(2)(d) of the Income Tax Act, 1961. 3. Comparison of the Tribunal's decision with previous judgments and the acceptance of the appellate order for the Assessment Year 2010-11. Analysis: Issue 1: Challenge to Tribunal's Order The High Court heard an Appeal under Section 260A of the Income Tax Act, 1961 challenging the order of the Tribunal dated 23 September 2016 for the Assessment Year 2009-10. Issue 2: Substantial Questions of Law The Appellant - Revenue framed substantial questions of law regarding the denial of deductions under sections 80P(2)(a)(i) and 80P(2)(d) of the Income Tax Act, 1961. The questions raised the validity of the Tribunal's decision in light of previous judgments and the interest of Revenue. Issue 3: Comparison with Previous Judgments The Respondent - Assessee presented an order passed by the High Court in a similar case for the Assessment Year 2010-11. The Court considered questions related to the entitlement of deductions under sections 80P(2)(a) and 80P(2)(d) of the IT Act, 1961. The Court found no breach of the mentioned sections by the Respondent and dismissed the Revenue's appeal. The Court also highlighted the reliance on previous decisions to support the dismissal of the appeal. The High Court dismissed the present Appeal, noting that the questions of law regarding the denial of deductions had already been answered against the Revenue in previous judgments. The Court emphasized that since the issue was held in favor of the Respondent - Assessee on merits, the question of improper exercise of Revision under Section 263 of the Act became irrelevant. Consequently, the Appeal was dismissed based on the favorable outcome for the Respondent - Assessee on the substantive issues raised. This detailed analysis of the judgment from the High Court of Bombay highlights the key issues, questions of law, comparison with previous judgments, and the final decision rendered by the Court.
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