High Court rules in favor of assessee on exemption claim under section 80P(2)(a)(iv)

The High Court of Allahabad ruled in favor of the assessee in a case regarding exemption claimed under section 80P(2)(a)(iv) of the Income-tax Act, based on a previous Division Bench decision.

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The High Court of Allahabad heard a case referred by the Tribunal under section 256(1) of the Income-tax Act regarding the exemption claimed under section 80P(2)(a)(iv). The Court ruled in favor of the assessee based on a previous Division Bench decision.

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