High Court remands Revenue's appeal for assessment reconsideration under Income Tax Act Section 80P(2)(a)(i)

The High Court of Madras allowed the Revenue's appeal against the Tribunal's order for the assessment years 1987-1988 and 1992-1993. The case was remanded back to the Tribunal for reconsideration of exemption eligibility under Section 80P(2)(a)(i) of the Income Tax Act, following the Supreme Court's ruling in Commissioner of Income Tax Vs. Ponni Sugars and Chemicals Ltd.

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The High Court of Madras allowed the Revenue's appeal against the Tribunal's order for the assessment years 1987-1988 and 1992-1993. The decision was based on the Supreme Court's ruling in Commissioner of Income Tax Vs. Ponni Sugars and Chemicals Ltd., remanding the matter back to the Tribunal to consider exemption eligibility under Section 80P(2)(a)(i) of the Income Tax Act. The High Court set aside the Tribunal's order and remitted the matter back for further consideration.

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