Appellate Tribunal recalls orders for further adjudication on deduction u/s. 80P & 80P(2)(d) related to interest income The Appellate Tribunal acknowledged an apparent error in failing to address specific grounds raised by the assessee regarding deduction u/s. 80P and ...
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Appellate Tribunal recalls orders for further adjudication on deduction u/s. 80P & 80P(2)(d) related to interest income
The Appellate Tribunal acknowledged an apparent error in failing to address specific grounds raised by the assessee regarding deduction u/s. 80P and 80P(2)(d) of the income tax act related to interest income from nationalized banks, cooperative societies, and cooperative banks. Consequently, both orders were recalled for further adjudication, with appeals directed to be listed for specific grounds in respective cases. Both miscellaneous applications were allowed, and the order was pronounced in open court on 13-02-2019.
Issues: Apparent error in the order dated 10th May, 2018 related to deduction u/s. 80P and 80P(2)(d) of the income tax act for interest income earned from nationalized banks, cooperative societies, and cooperative banks.
Analysis: The judgment delivered by the Appellate Tribunal ITAT Ahmedabad involved two miscellaneous applications filed by the assessee pointing out an apparent error in the order passed on their respective appeals. The counsel for the assessee argued that the claim for deduction u/s. 80P and 80P(2)(d) of the income tax act was made, specifically concerning interest income earned from deposits with nationalized banks. The issue regarding interest earned from other cooperative societies and cooperative banks had not been adjudicated, unlike the case of State Bank of India. Grounds related to the claim of deduction u/s. 80P(2)(d) were raised in the cases of Shree Ram Co-op. Credit Society and Lunawada Taluka Primary School Teachers Co-op. Credit Society. The Departmental representative, however, relied on the Tribunal's order. Upon considering the arguments, the Tribunal acknowledged the apparent error in failing to address the specific grounds raised by the assessee. Consequently, both orders were recalled for further adjudication. The appeals were directed to be listed for adjudicating ground no. 3 in the case of Shree Ram Co-op. Credit Society and ground no. 5 in the case of Lunawada Taluka Primary School Teachers Co-op. Credit Society on 21st Feb, 2019, without issuing a separate notice to the parties. As a result, both miscellaneous applications were allowed, and the order was pronounced in the open court on 13-02-2019.
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